16 Jan '12, 7am

Priority is to help S'poreans own first flat: Khaw

Priority is to help S'poreans own first flat: Khaw

SINGAPORE: National Development Minister Khaw Boon Wan has said imposing an income ceiling for resale flats will deprive flat owners of the full market value of their flats. He was answering a question in Parliament on Monday on whether the ministry would consider limiting the sale of 3-room or smaller flats to lower income Singaporeans. Chua Chu Kang GRC MP Zaqy Mohamad noted that the Cash-Over-Valuation (COV) for 3-room flats is much higher than that for 4- and 5-room flats in recent years. He added that the huge COV is a barrier for those who need to downgrade from a bigger flat. Mr Khaw said: "Our priority is to help Singaporean families own their first flat. But here, the member is obviously talking about second-timers, somebody who has bought it and then sold the flat for whatever reason, and then try to come back, and face difficulties. "The data do not quite sugges...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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