SDP chief Chee Soon Juan: Success is measured by whether young couples can afford a home
The SDP chief pointed to rising rents in places such as Haji Lane, where he said rental prices have doubled or tripled, as an example of the wider impact of high land prices. This article ( SDP chief Chee Soon Juan: Success is measured by whether young couples can afford a home ) first appeared on The Independent Singapore News .
In a recent video, Chee Soon Juan, the secretary-general of the Singapore Democratic Party, addressed the pressing issue of soaring land prices in Singapore and their impact on the nation's residents. He highlighted how expensive properties regularly make headlines, with some sales surpassing the billion-dollar mark, while local businesses grapple with exorbitant rental costs. Dr. Chee questioned whether this economic model was intentionally designed to inflate land values, regardless of its consequences.
He cited examples such as the Wheelock Palace sale to Hong Kong Land Fund for $1.1 billion and plans to sell Singapore's tallest skyscraper for $1.8 billion, emphasizing that these sales benefit foreigners rather than contributing to local economic growth. Dr. Chee emphasized that this practice is a "serious problem."
The Singapore Democratic Party chief pointed out that high property prices force commercial landlords to raise retail rents, leading to significant price increases in areas like Haji Lane, where rents have doubled or tripled. In response, businesses may pass on these higher costs to consumers, resulting in an overall increase in the cost of living.
According to Dr. Chee, over 60,000 businesses closed in 2025, the highest number in eight years. He argued that this number likely includes dormant entities or those that voluntarily closed, rather than all failed businesses. He asked his audience to consider whether high rental rates or businesses that innovate, create jobs, and add value truly drive prosperity.
Dr. Chee concluded that higher rental rates do not necessarily lead to more productive restaurants or startups, nor do more expensive industrial land make manufacturing more competitive. In fact, high land prices may reduce productivity, as capital gets diverted into real estate instead of productive investments.
Ultimately, Dr. Chee asserted that the success of Singapore hinges on whether young couples can afford homes without being burdened by lifetime housing debt, whether local entrepreneurs can start businesses, and whether families can enjoy a decent quality of life without constant financial stress.
Written by urgent.news from The Independent Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
