SHAMmugam contradicted by Lee Kuan Yew

From: "cluedo"

Subject: Re: SHAMmugam contradicted by Lee Kuan Yew

LKY is right to say it was the huge influx of PRs and FT that caused the
surge in HDB price.

Way back in 2004/2005, HDB selling price was still reasonable since
Singapore was coming out of a recession. In Jurong, Sengkang and Puggol,
many new flats are empty. Likewise, some newly built SERS HDB block was
empty too. Hence, HDB decided to slow down its building programme in order
to clear some excess housing stock.

However, after the opening of the low budget air terminal in Changi, there
was a huge influx of foreign tourist, as well FT looking for jobs and since
the govt like these FT so much, they decided to grant a record number of
citizenship (14,000 in 2005) and PR.

Once these FT became PR, they stopped renting HDB flat or condos and decided
to buy them instead. In addition, they started to bring their own family
members to Singapore. Suffice to say, HDB resale price start moving up.

LKY only mentioned there are presently 50,000 HDB flats out of 1 million
owned by PR. This is a very number. But, he failed to mentioned there are
also 250,000 HDB flats owned by FT whom are now Singapore citizens. From
2004-2008, 30,000 new FT citizens have already bought their 1st HDB flat.

In the end, why do some Singaporean keep complaining they can't get a new
flat despite constant balloting ?

The answer is quite simple. If Sg govt keep approving record number of PR
and Singapore citizenship, realistically HDB need to build 25,000 HDB per
year. But why is HDB building only 1/2 that number every year ?

Singaporean should know the answer very well.

"truth" wrote in message

news:3Au8n.4161$pv.1529@news-server.bigpond.net.au...

> Ha ha ha.
> I told u this SHAMmugam is a liar.
> Now the old man has publicly contradicted him.

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