The Singapore Democratic Alliance (SDA) is suggesting a rental scheme to help first-time flat buyers become home owners.
In its first rally for the 2011 General Election, the SDA cited issues such as increasing HDB flat prices and the high cost of living as the main reasons why changes to government policies are essential.
To address the issue on increasing HDB flat prices, one of the SDA’s proposals is to allow young couples to rent their HDB flats for an initial period of five years, instead of requiring them to make down payments. After this period, when they are more financially stable, they can then make a deal to own the unit.
Mr. Haminder Pal Singh, a member of the SDA’s team of six contesting in Pasir Ris-Punggol GRC, noted that help should be extended to young families.
“We don’t want your home prices to go down, we want your assets to remain. But for the young people, maybe they don’t even have to put down a down payment. Maybe start by being a rental person in that same house, pay your monthly rents and over the next few years, let’s say five years, save up enough to have an opportunity to own that same roof over your head,” he said.
Most of the speakers of SDA emphasised that the People’s Action Party’s (PAP) pursuit of economic progress and political stability have become the main reasons for some of the problems in the country today.
Mr. Goh Kim Seng, adviser to the Pasir Ris-Punggol team, praised the PAP for helping build Singapore up to the city it is today, while noting that success came at a high social cost.
He cited the widening income gap, increasing property prices and the influx of foreign talent as some examples where Singaporeans were made to pay.
Mr. Goh also wondered if the PAP served the best interests of the people when it built elaborate sports and arts centres and hosted main events such as the Youth Olympic Games.
“They built outstanding theatres, sports complexes and won accolades. But to the people, do they really care? Do they really care if we stage the Youth Olympic Games? To many, it was an inconvenience,” Mr. Goh said.