Jamus Lim Highlights the Importance of Affordable Public Housing and Fair Land Pricing Strategy

SINGAPORE: As property prices continue to rise, concerns about affordable housing have become more pressing for many Singaporeans, particularly for younger generations. The topic was a significant point of discussion in Parliament earlier this year.

During a recent house visit, Workers’ Party Member of Parliament Jamus Lim (Sengkang GRC) engaged with a resident who expressed worry over the increasing cost of housing. The resident highlighted the challenge of balancing land pricing that protects the country’s reserves while not burdening younger generations with exorbitant housing prices.

In a Facebook post on Monday (Apr. 17), Assoc. Prof. Lim shared his conversation with the resident and explained how land pricing policies impact housing affordability. He noted that feedback from residents at 321B Anchorvale also included suggestions for estate improvements, such as sheltered drop-off points and enhanced road safety measures.

In Parliament, Workers’ Party MPs have advocated for more rational land pricing strategies, especially for public housing. Assoc. Prof. Lim pointed out that relying solely on market pricing for public land can lead to issues. “Public housing deserves a discount of its own,” he said, emphasizing that Singaporeans have a right to affordable housing in their own country.

He also warned that using current resale transactions to set land prices could inflate a housing bubble, as seen in Japan in the 1990s and during the 2007 subprime crisis. While private housing may tolerate such risks, public housing should not. Instead, Lim suggests using alternative valuation methods, like those based on expected rental streams, to prevent bubble dynamics and ensure fair pricing for public land.

These insights reflect the Workers’ Party’s ongoing efforts to address the challenges of housing affordability in Singapore, ensuring fair and sustainable options for all citizens.