Correction regarding a false statement of fact in the Facebook post published by Mr Kenneth Jeyaretnam on 3 March 2025

Mr Kenneth Jeyaretnam published a Facebook post on 3 March 2025, which falsely claims that the Government uses its monopoly control over the supply of land and control over demand of land through immigration policies to intentionally drive up land prices, including the prices of HDB flats, so as to increase the value of the reserves.

Facts

The Government’s land sales and immigration policies are not used to drive up land prices, including the prices of HDB flats. It is also untrue that the Government is intentionally driving up land prices and prices of HDB flats so as to increase the value of the reserves. These policies are also not used for reserves management purposes.

• First, the Government’s approach to land management is based on Singapore’s planning and development needs, and not to intentionally increase land prices and prices of HDB flats.

• Second, the Government’s immigration policies are intended to moderate the impact of ageing and low birth rates on our citizen population, and not to intentionally increase land prices and prices of HDB flats. 

• Third, the Chief Valuer (“CV”) determines the fair market value of land based on established valuation principles, taking into consideration relevant resale transactions on the open market, and other relevant factors such as specific parameters of the site. The CV makes her assessment independently, without influence from the Government.

Additional Clarifications

The Immigration and Checkpoints Authority does not grant Singapore citizenship or Permanent residency on the basis of an individual’s wealth or net worth.

• Each Singapore citizenship and Permanent residency application is assessed on a broad range of factors, such as the applicant’s family ties to Singapore, economic contributions, qualifications, age, family profile and length of residency, to assess the applicant’s ability to contribute to Singapore and integrate into our society, as well as the applicant’s commitment to sinking roots.

The Government provides housing subsidies to make public housing affordable.

• New BTO flats are priced for affordability. The Housing Development Board (“HDB”) assesses the market value of comparable resale flats, and applies a significant market discount to bring the prices of new BTO flats to affordable levels for a wide range of Singaporeans. HDB releases the selling prices of BTO flats and recently transacted prices of comparable nearby resale flats. The difference in price between BTO flats and comparable resale flats broadly reflects the housing subsidies.

• Housing subsidies have also helped to make housing affordable for Singaporeans. In 2024, more than eight in 10 first-timer families who collected keys to their BTO flats were able to service their monthly mortgage repayments using their CPF, with little to no cash outlay.

• State land is protected as part of the reserves. Paying fair market value (“FMV”) for State land preserves the value of the reserves. In turn, returns from investing the reserves directly benefit Singaporeans.

  • When the State disposes of land, it does so at FMV to preserve the value of the reserves. This transaction is effectively a conversion of a physical asset to financial assets.

  • Likewise, when HDB purchases public housing land from the State, HDB has to pay the State the FMV of the land. The proceeds paid by HDB accrue to past reserves, to preserve the value of the reserves.

  • The reserves are invested for the benefit of all Singaporeans. Returns from investing the reserves supplement the annual Budget through the Net Investment Returns Contribution (“NIRC”) and help to fund public programmes that directly benefit Singaporeans.

  • If the State were to receive less than FMV for disposals of land (including to HDB), the value of the reserves will be eroded over time. This would result in less NIRC, which contributes to approximately 20% of the annual Budget.

POFMA is used to address falsehoods, not to suppress dissenting views.

• The Protection from Online Falsehoods and Manipulation Act 2019 (“POFMA”) is not used to silence those who raise their views on the rent for 26 Ridout Road, or any issue for that matter. Members of the public are encouraged to read up about POFMA at https://www.pofmaoffice.gov.sg/resources/.

• The Government issues a POFMA Correction Direction (“CD”) when a false statement of fact has been communicated, and if it is in the public interest to do so.

• It should be emphasised that a CD does not require the recipient to remove the original post. What it requires is for the government’s clarification to be carried alongside the original post. Readers can still read the post containing the falsehoods, and also see the government’s clarification, to come to their own conclusion. Indeed, nearly all of the posts for which Mr Jeyaretnam was issued a CD continue to be on his website and social media accounts, and remain available for the public to read.

• POFMA also provides for a mechanism to warn the public that a communicator has a history of putting up falsehoods. Mr Jeyaretnam has been issued 9 CDs since July 2023, and his website and social media pages have been declared as Declared Online Locations (“DOL”) from 12 December 2023 to 11 December 2025 (the “Declaration”). While the Declaration is in effect, Mr Jeyaretnam’s website, as well as his accounts on Facebook, Instagram, X and LinkedIn, are each required to carry a notice stating that multiple falsehoods had been communicated on these online locations.

• Finally, some may not just spread falsehoods, but also do so knowingly, causing harm to the public interest. A tougher stance has to be taken against people who intentionally harm Singapore’s interests. It is only if such persons are convicted in a court, following the due process of the law, that they may face penalties set out in POFMA. 

• Thus, POFMA provides a range of tools to deal with falsehoods, and can only be used against falsehoods that harm the public interest. 

• Mr Jeyaretnam has received multiple POFMA directions due to his attempts to spread falsehoods. Mr Jeyaretnam was invited to assist with investigations into his multiple falsehoods but he had informed the POFMA Office that he was overseas and unable to travel back to Singapore due to a medical condition. Mr Jeyaretnam remains abroad.

• On clarifications pertaining to the falsehoods that Mr Jeyaretnam has published previously, please refer to:

  • http://www.factually.gov.sg/corrections-and-clarifications/factually180224

  • http://www.factually.gov.sg/corrections-and-clarifications/factually290524

  • http://www.factually.gov.sg/corrections-and-clarifications/factually040724

The Minister for Transport and Second Minister for Finance, Mr Chee Hong Tat, has instructed the POFMA Office to issue a POFMA Correction Direction to Mr Kenneth Jeyaretnam. The Correction Direction requires the recipient to insert a notice against the original post, with a link to the Government’s clarification. We advise members of the public not to speculate and/or spread unverified rumours.