In the last two decades, there were some who bought Housing and Development Board flats with two intentions — shelter and capital gain — and this has pushed up prices and created affordability issues.

As the Government re-examines its public housing policies, one question that needs to be cleared up is what would be considered affordable now and in 2030.

Many buyers select housing type based on how much monthly mortgage they can afford. While not wrong, there are risks down the road, such as one losing one’s job.

We should aim to build homes that can be fully paid up in 10 years. Allowing mortgages to stretch to 25 years or more is dangerous and could create a debt-ridden society.

Also, homes should be valuated based on cost, as opposed to looking at recent sales, which drive up prices.

We can also look at building no-frills starter homes that cost around S$100,000 and can be paid for in 10 years. To keep costs down, these estates can do without high-cost amenities.

In addition, we can consider studying whether the co-op model — which has worked well in high-density cities in the United States and Canada — could work here.

Finally, we should mandate cost audits for public housing projects and make them public, so that runaway costs and unfair pricing can be identified and arrested early.