SDP chief Chee Soon Juan: Success is measured by whether young couples can afford a home

SINGAPORE: In a video published on his social media this week, Chee Soon Juan, the secretary-general of the Singapore Democratic Party, took on the issue of high land prices, weighing in on how these affect Singaporeans’ quality of life.

Dr Chee first talked about how properties in Singapore regularly make headlines when they are sold for millions, or even more than one billion, while at the same time, some local businesses struggle to pay their rent.

“Is this simply the market at work? Or have we designed an economy that is making land more expensive for its own sake?” he asked, before going on to read such examples of the issue from headlines, such as Wheelock Palace getting sold to Hong Kong Land Fund for $1.1 billion and one of the tallest skyscrapers in Singapore being eyed by billionaires in a $1.8 billion sale.

“Our precious land is sold to foreigners for their financial gain, rather than used for productive economic investment for locals,” opined Dr Chee, who called this a “serious problem.”

He explained that rising property prices cause commercial landlords to raise retail rents, sometimes even “to spike wildly,” such as the rentals in Haji Lane that doubled or even tripled in price.

In turn, businesses pass on these increases to consumers when they raise prices. The alternative, when companies can no longer afford higher rental rates, is for them to close down.

The SDP chief noted that more than 60,000 businesses closed in 2025, the highest in eight years. He suggested that this causes consumers to end up paying more, which drives up the cost of living.

However, it should be noted that these are not all failed businesses. This figure may include companies that voluntarily shut down, were dormant entities, or were subject to other forms of deregistration.

He asked viewers to think about what really creates prosperity, whether it’s higher rental rates or businesses that innovate and employ people and create value.

Higher rental rates, Dr Chee continued, do not cause restaurants or startups to become more productive, nor does manufacturing become more competitive because industrial land becomes more expensive.

On the contrary, when land prices are high, this may in fact reduce productivity as capital is diverted into real estate “instead of productive investment.”

The SDP chief said, Ultimately, success is measured by whether young couples can afford a home without enslaving themselves to a lifetime of housing debt. 

Whether local entrepreneurs can afford to start a business. Whether families can enjoy a decent quality of life without constant financial anxiety.” /TISG

Read also: Chee Soon Juan: Serving Singapore should not depend on how much you’re paid