Workers’ Party MP Louis Chua queried on housing affordability views
IN AN exchange in Parliament on Wednesday (Apr 19), People’s Action Party member of parliament Saktiandi Supaat said it was “odd” that Louis Chua of the opposition Workers’ Party (WP) appeared to take two different positions on whether housing in Singapore continues to be affordable.
During the third day of the debate on the President’s Address, Saktiandi (Bishan-Toa Payoh GRC) referenced a January 2023 report that Chua (Sengkang GRC) had co-authored in his professional capacity as a Credit Suisse research analyst.
In that 58-page report, titled Singapore Property Sector 2023 Outlook: A beacon of light comes into view, the point was made that affordability continues to be healthy for the average household, given wage growth momentum amid a tight labour market.
Saktiandi noted that this differed from Chua and the WP’s stance in Parliament that public housing is unaffordable.
Saktiandi also cited one segment in the Credit Suisse report that said: “Contrary to the private market, we find a more favourable and resilient situation in (the) public housing market. This is largely attributed to the rise in average income in relation to the price of a flat.”
Chua replied that the report was produced for institutional investors for investment purposes. He also said that while high prices may benefit investors, it may not be favourable from a national interest perspective.
Chua added that he had been consistent in framing the issue as one of an imbalance between demand and supply.
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