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2/22/2008

High property prices

How to help Singaporeans when property prices are destined to go higher? I dreamt of a good scheme to ensure that all Singaporeans will have money to buy their dream flats. I mean HDB flat. The private sector high end flat is a different kind of dream. So how does this work out? My premise is that all the young men and women at the age of 25 must have at least $100k in their CPF accounts. This money can come from a CPF insurance scheme paid by their parents on the day of their birth. For a start, the day a baby is registered, $30k of one of the parent's CPF accounts should be deducted and set aside for a Housing Endowment Fund. This fund will simply grow and by the time the child is 25, it should be around $100k or more. If the parents have two or more children, the equivalent amount should be set a side for the respective children. With such a scheme, no young people will have problem paying for a HDB flat in the future. Not bad idea huh.

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