Obscene profits at the Pinnacles
The craziness of the $200k increase in the price of the second launch of Pinnacle Duxton flats is again in the news. See Leong Kit wrote to The New Paper asking HDB to justify the hefty increase. Silence. I think this was casually raised in Parliament, or some MPs did asked a few questions about it and the answer was given. So case closed. The fact that it was raised in Parliament and no further follow up action is taken can be seen as an approval, that everyone in Parliament agreed with the increase. So it is an acceptable thing to do. So, all the kpkb in cyberspace will be pointless and there is no need for HDB to reply. And many like See Leong Kit still could not see the point and were asking for the costing. The costing is no longer an issue. It is market pricing. If HDB can provide data to show that similar flats are sold at those prices, that is good enough. OK HDB should at least put up some data to prove that similar public flats, not private flats are sold at those prices and how many were transacted. The logic of market pricing is not to be questioned any more. It is a govt policy. Oops, it is a HDB policy.