As I've just mentioned a post earlier, it's ok to let flat owners buy private properties if the govt had gotten their polices right. The problem now is, 1, flat prices have increased too high too quickly and 2, many 1st timers can't even ballot successfully. So they need to rethink and tweak their policies about owning a flat and private property at the same time.
Yes, I don't think those who have already bought HDB flats should have to give them up before buying a private property. Not fair to penalize those who become richer later on in life.
But the govt should look into having an income cap eligibility for those who wish to buy resale flats. They have admitted many rich immigrants here who are now PR or citizens. What some of these people have done is, buy HDB flat first. $900k? No problem. Pay in cash. 5 years later, buy a $1.5 mill condo.
Now imagine many such buyers doing this. Naturally the prices of BOTH public and private housing will increase. We need to go back to the fundamentals and ask, is it justified for the rich to even buy a flat in the first place? Won't they throw the whole public housing market off-balance as it is happening now?
As many argue, this govt under Lee Hsien Loong has lost track of the fundamental purpose of HDB flats.
) can easily set up a company to buy a private property and then buy a HDB flat in his own name. It would be hard to put an income cap on resale properties since the price has no limit.
