Govt Should Intervene In Property Market

Source : The Straits Times, Aug 08, 2007

NATIONAL Development Minister Mah Bow Tan said on TV last week that the Government does not need to intervene in the property market yet, because prices have not risen to 1996 levels.

I disagree. In that year, we were forced to leave our home because of an en-bloc sale.

We spent many months looking for a replacement flat. At that time an HDB executive maisonette in Bishan was going for $650,000; a Lakeview HUDC unit, $800,000; and one at Braddell View, $640,000.

A private freehold flat of 1,600 sq feet in Devonshire Road was advertised at $1.05 million while a Cavenagh Court high-floor unit was selling for $750,000.

We are now obliged to find a new home again.

HDB five-room flats and executive maisonettes are going for over $750,000; the point blocks near the Farrer Road market, $800,000; Braddell View is now being offered for $1.25 million.

Private 99-year-leasehold property like Queens on Commonwealth Avenue are priced at $1.1 million, while prime developments like the one at Orchard Turn opposite Tangs are being booked at over $4,000 per sq ft.

All these are way above the 1996 prices.

Thousands are being turned out of their homes because of the en-bloc craze. The money paid to us means either a downgrade or a move to the very borders of Singapore. It is time for government intervention.

Lucy Huang (Ms)