Lifting restrictions on foreigners purchasing landed properties will harm S’poreans
The recent report and recommendation by an American bank that the restrictions on foreigners to purchase landed property be lifted is something which I feel the majority of Singaporeans would be up against.
Additionally the economic arguments are flawed. The report seems to imply that lifting the restrictions will reduce the supply crunch and help control prices.
I think lifting the restrictions will have detrimental effects - landed property prices will experience sharp jumps leading to an even greater frenzy in the property sector. Cost of living and cost of business will jump again, leading to higher inflation and further reduce our cost-competitiveness.
However, the most important factors against it are the sociopolitical effects.
Singapore is a country owned by Singaporeans. If the restrictions are lifted very soon, Singaporeans will be renting from foreigners to live in Singapore, leading to alienation and resentment among the population.
Lifting the restrictions belittles the privileges of citizenship too.
In the same way that National Service is expected only from citizens, certain rights and privileges should continue to be reserved for citizens.
David Ng Boon Kiong
Source : Straits Times - 28 Jun 2007
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