ST Forum: HOME > ST FORUM > STORY; Jul 30, 2011
Entitlement
'Because landed properties are a testament to our stake in the country, we should not open them for foreigners.'
MR HUANG YANGXUAN: 'I was rather perplexed after reading Mr Frankie Mao's opinion on landed home values ('Landed home values stifled by property law'; Wednesday).
Currently, only Singaporeans can own landed properties. Mr Mao seems to be suggesting that yet another Singaporean entitlement be whittled away. First, are we forgetting the pledge our incumbent Government has made to develop policies to further differentiate the entitlements due to Singaporeans against those of foreigners? Second, it is widely believed that the surge in non-landed home prices is due to the influx of foreigners, a problem the Government is grappling with. Letting foreigners own landed property will result in the same thing happening. It would be better for Singaporeans if housing prices - both landed and non-landed - stabilise rather than spike further. It is precisely because landed properties are a testament to our stake in the country that we should not open them for speculation by foreigners. If Mr Mao is not a speculator, as he claims, the value of his property should be immaterial, as a home is a place where his grown-up children and their families can gather under one roof on special occasions for years to come.'
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Not quite a joke
'Singapore might end up being owned by non-citizens should they be allowed to buy landed property.'
MR ALEXS CHUA, managing director, AC MacGyver: 'There are two sides of the coin ('Landed home values stifled by property law' by Mr Frankie Mao; Wednesday). If one is a seller, one would want to allow non-citizens to buy because they are the ones who would pay a premium and not merely buy at valuation. If one is a buyer, the preference would be to cap eligibility to citizens. A joke making the rounds, which isn't far-fetched, is that Singapore might end up being owned by non-citizens should they be allowed to buy landed property as well. We know that only a small percentage of high-end condominiums in town, which sell for more than $4,500 per sq ft, are owned by citizens. Would we want that to happen to the landed market as well? That may happen if we open the floodgates.'
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Protect citizens
'In fact, the regulations should be extended to the sale of condos.'
MADAM KOH CHIN CHIN: 'The spike in the number of permanent residents (PRs) is commonly believed to be a reason for the rising open market prices of public housing, because PRs are eligible to buy resale HDB flats ('Landed home values stifled by property law' by Mr Frankie Mao; Wednesday). As for the spike in private property prices, the common belief is that foreigners, including PRs, are buying condominiums. If landed properties are opened to foreigners as well, what then is left for Singaporeans? Are we then building a Singapore where citizens can afford to stay only in HDB flats, while foreigners live in the lap of luxury in landed homes and condos? In fact, the regulations for landed homes should be extended to the sale of condos and similar properties to non-citizens. The Australian government, pressured by reports that foreigners were buying property and driving up prices beyond the reach of Australians, set up an investment review board last year to regulate and restrict sales to foreigners. It is ironic that a land-scarce country like ours has no such bar while land-wealthy nations like Australia does, to protect its citizens.'
http://www.straitstimes.com/STForum/Story/STIStory_696321.html
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