LIFE in Singapore is getting harder. That is a common refrain I hear from people I know.

The rising cost of living, escalating housing prices, lower pay, longer working hours and a later retirement age are cited as reasons.

The HDB has said that the high cost of land purchased from the Singapore Land Authority is a factor in the rising prices of public housing.

The exponential rise in land prices in Moscow prompted many speculators to demand that historical landmarks be demolished to make room for buildings.

Would the same happen in Singapore? It is already known as a concrete jungle. Are we willing to let go of greenery and parks for the sake of profit?

Do Singaporeans care only about money, and is property speculation the only way to make it?

Why can't speculators or investors go for equity investments, which are far more transparent in terms of cost?

If they wish to leverage on speculation, they should go for derivatives.

I urge people to avoid speculating on commodities or essentials, which will cause the cost of living to spike. Rising costs would severely handicap the middle and lower classes.

Speculators and the financiers backing them are living in a bubble. One such bubble burst last year, causing the global financial crisis.

I would like to stress the importance of keeping public housing affordable.

It would keep heartlanders sane and help them avoid getting caught in the rat race just so that they can afford the basic necessities.

People need to have affordable choices.

Public housing, which is on leasehold land, can cost as much as $400,000, and loan repayments can take up to 30 per cent of an average HDB dweller's monthly income.

Such a price cannot be called affordable, and those who earn an income would find it hard to save for their retirement.

Mr Ng Teck Wee

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