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The Singapore Democrats will launch our housing policy plan for Singapore on 4 November 2012. The paper will present concrete measures to bring the runaway housing market under control and make the system sustainable for Singaporeans in the long run.$CUT$
One of the key features of the SDP’s plan is to make the purchase of HDB flats affordable. Many Singaporeans indicate that flat prices today are beyond their reach. Flats in the Whampoa/Kallang area, for example, are sold at nearly $800,000 by the HDB.
Another key aspect of the SDP’s housing policy that Singaporeans will welcome is that the people can have their homes without sacrificing their retirement plans. Presently, homeowners spend almost all their CPF savings servicing their housing loans leaving them with little to retire on when they are old.
The SDP plan ensures that Singaporeans are not confronted by this Hobson’s choice of either having a home and not having enough retirement savings. Our alternative system allows citizens the security of both.
Housing A Nation: Holistic Policies For Affordable Homes, the title of our paper, also addresses the question of current HDB flat prices and what happens to them with the introduction of measures to make new flats affordable. The SDP’s proposal will tackle this problem.
In addition, it also diffuses the time bomb that the PAP’s housing system has created: With prices skyrocketing, especially over the the last few years, there is a distinct danger of a property market collapse.
It is a delusion to think that housing and property prices can continue to increase without end. The American and Japanese scenarios have provided important lessons. Unfortunately, the PAP Government does not seem to be paying attention. When the bubble bursts, there will be much pain for everyone.
The problems are clear: One, HDB flats have become unaffordable. Two, Singaporeans are spending most of their pension savings on their flats. Three, the current escalation of property prices creating a dangerous bubble.
Solutions to these problems will be presented at the public launch of Housing A Nation on 4 November, Sunday, at Diamond Room, Quality Hotel from 2-5pm.
The problems regarding our public housing are grave and urgent. We invite Singaporeans to participate in the SDP’s effort to address and resolve these issues by attending this launch. It is the first time that concrete alternative proposals have been made to address our housing system.
Launch: Housing A Nation: Holistic Policies For Affordable Homes
Date: 4 Nov 2012, Sunday
Venue: Diamond Room, Quality Hotel
Read also: Objectives of the SDP housing plan