ST Forum : Nothing wrong in having it both ways

Sep 4, 2010

PROPERTY

Nothing wrong in having it both ways

ASSISTANT money editor Fiona Chan analysed the Government's tough measures to cool the red-hot property market well in her commentary on Tuesday (''Targeted' cooling has wider implications').

Her assessment suggests that almost every home owner - upgraders, downgraders or simply people who want to make an HDB-to-HDB flat switch - is affected bar two categories: the wealthy and owners who own only one home and stay in it for the rest of their lives.

Most of us are not in the wealthy club and many of us move home at least once, for several reasons.

The multiple restrictions on home ownership affect most Singaporeans. Most of us aspire to own a dream home and we work for it.

A dream home could be a luxurious condominium or a modest HDB flat located near parents or children's schools.

The new property measures, as Ms Chan pointed out, target those who already own a home and are buying another for investment or speculative purposes.

Is it fair to inconvenience the majority of us who are not speculative?

What if we have plans to use property investment for future retirement or future educational funds for our children?

Should such plans be discouraged?

With the influx of foreigners increasing the pressure on housing, demand may well negate the economic gain ordinary Singaporeans should enjoy because of the new restrictions.

Why shouldn't Singaporeans be allowed to use property investment as a vehicle for growing wealth for future needs while living a modest life as an HDB dweller?

Many of us who are not wayward speculators will not benefit from the many restrictions on home ownership.

Joan Teo (Ms)