Prime Minister Lee Hsien Loong has reiterated for the second time in a month that his administration has no control over property prices.
“We can try to influence it, but whether it goes up or goes down depends on sentiment, depends on what happens in the region and the world…,” he said.
“Property is for people to buy to live in, not for speculating,” he added.
PM Lee urged Singaporeans to treasure their homes and not to sell them prematurely to settle a debt or make a quick buck.
“Please take good care of it. It’s for you to live in, it’s for you as an investment, and it’s for you for your old age. Don’t think of selling prematurely to make a quick buck,” he advised.
However, some Singaporeans feel that HDB can easily control the prices by increasing or decreasing the supply of BTO flats or the number of new flats being released into the market.
The high prices are partially attributed to a lack of proper planning, to increase the number of new flats to meet the expected growth in the population spurred by immigration.
Based on figures released by the Ministry of Home Affairs, there were nearly 100,000 immigrants, including both PRs and new citizens in 2008 alone, but only 3,183 new flats were built over the same period.