Reply by Leong Mun Wai after debate on public housing motions

The main advantage of the Progress Singapore Party’s (PSP) proposed Affordable Homes Scheme is to stop the depletion of Singaporeans’ CPF savings from buying an HDB flat. NCMP Leong Mun Wai said this in Parliament on Tuesday (Feb 7), in his reply to the debate on two motions on public housing policy brought by PSP and by the National Development Minister. Mr Leong said PSP’s proposal increases owner-occupation intent without having to tighten current rules or the Minimum Occupation Period. He also said it is aimed at engineering a soft landing of the surging HDB resale market, and explained why PSP believes resale prices will not collapse. As for the complementary Millennial Apartments Scheme, he said it will increase the number of housing units in prime locations by building smaller units for rent. This will give young Singaporeans more choice, reduce the profit motive of speculating on HDB flats in mature estates and help to moderate social inequality. On criticism that PSP’s plans amount to raiding the national reserves, Mr Leong said not all the land costs will be lost, while giving the present generation a leg-up which is “the best inheritance to pass on to future generations”. As part of clarifications after Mr Leong spoke, there were exchanges on several issues including the Net Investment Returns Contribution and the Workers’ Party’s position on PSP’s motion and housing proposals.