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.