Singapore’s red-hot property market will be put under scrutiny when the Parliament sits in on Monday.
Two members of the Parliament, Ms. Jessica Tan of the East Coast GRC and Madam Ho Geok Choo of the West Coast GRC, have presented questions regarding the impact of the rising prices of property in the country.
Madam Ho worries that the buyers’ craze could lead to a property bubble. In an article of Singapore-based The Straits Times yesterday, she said: “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”.
Meanwhile, another MP, Ms. Tan, is also concerned on the said issue because of the possible effect of the price spike on the property’s affordability. With the selling prices of the Housing and Development Board (HDB) also on the rise, many people have come out with a question as to whether the income ceiling for the housing grants of the government could also be raised or not.. At present, a household, with an earning of just over $8,000 per month, is not qualified for any housing grant if buying a flat for a resale price.
Miss Tan will bring up the controversial issue to the Parliament by asking the when the latest income ceiling review was.
The property growth in the country, which comes amidst the worldwide economic crisis, catches the attention of many people as well as the government officials.
Mah Bow Tan, minister of the National Development, had said last July that speculation signs were reappearing. He also stressed out that the Government itself would closely monitor the present situation.
Aside from the property issue, a wide array of domestic issues, like the Formula One race in the final weekend of the month and the hotels that offer rooms with an hourly rate, are also included in the discussion list of the House.