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11 Dec 2019
Out of the box
Feedback View - 562
Do not be jealous of permanent residents who made a profit on HDB flats

Many Singaporeans are unhappy that many permanent residents made a profit when they sell their HDB flats to return to their countries. 

There permanent residents were allowed to buy the resale HDB flats at the market price from the original owners, who were Singaporeans. 

During the past two decades, property prices in Singapore had gone up by a lot. The permanent residents benefited from this increase. 

We should not overlook the fact that many Singaporeans also benefited from the increase in prices of HDB flats during the same period. 

This increase in property prices is not confined to Singapore. In many countries, the property prices also increased. 

The permanent residents who worked in Singapore and many years and pocketed a large profit on their HDB flats would have to pay a higher price to buy a property in their home country, compared to the price many years earlier. 

They might have made a better deal from the HDB flats, which probably increased more than property prices in other countries, but this difference might not be very much.

It was the purchasing power of the permanent residents that helped to boost the prices of HDB flats, but the higher prices did benefit the  Singaporeans owners who had bought the HDB flats as well.

The higher prices of HDB flats do pose a problem to young people who find them to be too expensive. They should blame the PAP government for failing to keep the prices under control. They should not blame the permanent residents for buying the flats to live in.

I hope that my view helps to keep this matter in a proper perspective.

Tan Kin Lian

 


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