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Lee Chee Sing: Valuing HDB sites at historical prices is a plunder of our national reserves
Jan 12, 2023
By   Internet
  • City News
  • HDB sites
  • HDB sale prices
  • HDB expenditure
Abstract: Minister for National Development Lee Chee Seng has said that Singapore Forward's non-constituency MP Leung Man Fai's proposal to value the land sold to the Housing Development Board (HDB) at historical prices is a plunder of the country's national reserves.

Responding to MPs' queries on the valuation of pre-purchased HDB flats in Parliament, Lee Chee Seng also responded to Leong's proposal by saying that while this approach sounds appealing, it does not take into account market valuation principles and is illogical.


Mr Lee said the proposal put forward by Mr Leung sounded like a promise that the sale price of HDB flats could be lowered, but in reality it did not take into account our reserves.


The minister said other countries and regions met their expenses by selling land, but in our country, state-owned land is part of the national reserve, and state-owned land has value that will continue to grow in value if properly managed.


If the national reserve is properly managed and grows, it will provide greater security for the next generation of the country's people, who will have more resources to deal with crises such as epidemics, wars, economic downturns and climate change, said Mr Lee.


The minister said that the government's revenue from land sales would go into the national reserve, which could be used to meet expenses in areas such as healthcare and housing.

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