“Property prices need correction, not moderation” — S’poreans react to Desmond Lee’s comments on signs of moderation in public & private housing markets

In response to Minister for National Development and Minister-in-charge of Social Services Integration Desmond Lee’s recent statement on the apparent moderation of private and public housing markets, Singaporeans are putting their two cents in.

In recent news, Mr Lee cited the property cooling measures that the government rolled out, such as stricter housing loans and 15-month wait times for HDB flats in order to address issues with the stark rise in interest rates. He discussed the cooling measures when talking about the apparent moderation in both public and private housing markets. Given that the latest cooling measures were rolled out just at the end of September, he stressed the importance of keeping a close watch on their effects.

In response to this news, a handful of online users shared their two cents on the moderation. “With due respect, sir, the property prices need a correction, not a moderation,” one wrote. Another asked the Minister to “open his eyes wide to see.”

Still, one user took the news a different way, saying, “Ownself praise ownself policy.”

Another netizen said, “Moderation just means it’s still increasing but not as fast as before. As long as no price cap is imposed on resale flats and BTO itself is pegged to the price of transacted resale pricing means PAP is selling public housing like they are private developers.”