THE red-hot property market in Singapore will come under scrutiny on Monday when Parliament sits.At least two MPs – Madam Ho Geok Choo (West Coast GRC) and Ms Jessica Tan (East Coast GRC) – have put in questions on the impact of rising property prices.
Madam Ho is worried that the buying frenzy could result in a property bubble. She told The Straits Times yesterday: ‘If you look at what is happening in Singapore today, everybody is happily going shopping for property. Nobody seems to have concerns that there might be a risk in just going forward like that. It’s very much like what happened in the United States before the sub-prime crisis.’
Ms Tan is concerned about how the price spike may affect affordability. With HDB prices also rising, many have asked if the income ceiling for government housing grants could be raised. Now, any household earning more than $8,000 a month does not qualify for a grant when buying a resale flat.
Ms Tan is bringing up the issue in Parliament, asking when the income ceiling was last reviewed. The property boom, coming amid a global economic crisis, has caught the eye of many, including those in the Government.
National Development Minister Mah Bow Tan had said in July that signs of speculation were reappearing. He stressed that the Government would monitor the situation closely. Continue reading
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