Henry Kwek on public housing motions

The value of "every square foot of Singapore" is anchored on sound governance and stable policy, said MP Henry Kwek. Speaking in Parliament on Tuesday (Feb 7), he pointed out this means pursuing stable and reasonable policies that evolve over time, instead of making a radical shift to catch prevailing political winds. It also means using targeted measures, as well as adding, instead of depleting, the country's national reserves. He also stressed the importance of trust in the system of governance. If trust vanishes, so will the value of land, no matter how many miles of fibre optics or MRT lines are buried underneath, he said. Mr Kwek pointed out that Singapore is now at a particularly difficult part of the property cycle, where the "animal spirit" of the market is colliding with the crushing forces of surging interest rates, economic slowdown and uncertain global politics. It must work to ensure a "soft landing", he said. At the same time, Singapore is still trying to catch up on the delayed construction of Build-to-Order (BTO) flats. Mr Kwek urged the Ministry of National Development to focus on finetuning its policies to improve the accessibility and affordability of new BTO flats in attractive locations, while staying clear of sudden destabilising actions. "Our housing policies are broadly effective, visible and equitable. Let us build on them and make them better," he said.