16 Apr '11, 8am

Lowering land prices is like taking money from reserves

Lowering land prices is like taking money from reserves

SINGAPORE: National Development Minister Mah Bow Tan has said that lowering the price of state land is equivalent to taking money from Singapore's reserves. Mr Mah was rebutting comments made by Workers' Party (WP) Secretary-General Low Thia Khiang, who had suggested that if the government was prepared to collect less money from land sales, homes can be cheaper. Speaking to reporters on the sidelines of a community event on Saturday, Mr Mah stressed that state land is a part of Singapore's reserves which cannot be raided. He said: "That is precisely what the elected presidency was meant to do, to protect our reserves, to prevent political parties during election time from coming up with all sorts of promises to say, 'oh, I'm going to take money from the reserves to do this, that and the other'." Mr Mah also stressed that the number of new HDB flats is not small, and the lo...

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

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