SINGAPORE – Opposition politician Kenneth Jeyaretnam has been issued a correction order under Singapore’s fake news law, after he published an online post claiming that the Government uses its control over land sales to increase the value of its reserves.
The Reform Party leader said in a Facebook post on March 3 that the People’s Action Party (PAP) uses its control over land supply, and its control over demand for this land through immigration, to drive up land prices.
He claimed this also forced Housing Board flat prices to rise, which increased the value of the reserves.
The Ministry of Finance (MOF) said on March 14 that Mr Chee Hong Tat, who is Minister for Transport and Second Minister for Finance, issued the instruction under the Protection from Online Falsehoods and Manipulation Act (Pofma) to Mr Jeyaretnam.
MOF said his claims were untrue, and pointed out that the Government’s land sales and immigration policies are not used to drive up land prices or used for managing the reserves.
The ministry said the Government’s approach to land management is based on Singapore’s planning and development needs, and not to intentionally raise land prices and prices of HDB flats.
It said immigration policies are not intended to increase land and HDB prices, and are not informed by reserves considerations. Instead, they are meant to moderate the impact of ageing and low birth rates on the population.
Lastly, it said the Chief Valuer independently determines the fair market value of land based on established valuation principles, taking into consideration relevant resale transactions on the open market and other factors such as specific parameters of the site.
MOF noted that these facts were made known to Mr Jeyaretnam on July 4, 2024, when he was issued a correction direction for false statements on government land sale prices and the transparency of its endowment and trust funds.
This is the ninth correction order that the Government has issued to Mr Jeyaretnam.
It added that Mr Jeyaretnam’s website The Ricebowl Singapore, and his accounts on Facebook, Instagram, X and LinkedIn have been earmarked as Declared Online Locations (DOL) under Pofma till Dec 11, 2025, for carrying three or more different false statements of fact.
Each of these sites have to carry a notice stating that it is a DOL so that visitors will be warned that Mr Jeyaretnam has a history of communicating falsehoods on these online locations. The DOL also prevents him from benefiting financially on these platforms during this period.
“Notwithstanding these actions, Mr Jeyaretnam has continued to make false and misleading statements about government policies and the operations of public agencies despite publicly available facts and having the falsehoods and their corresponding facts pointed out to him,” MOF said.
“He also has not returned to Singapore to account for his actions, and remains overseas.”
The ministry advised the public to exercise caution if accessing information on Mr Jeyaretnam’s platforms.
In his post, Mr Jeyaretnam referred to an article about the profitability of executive condominiums (ECs) and drew comparisons between the profits on some ECs in prime areas and the gains made by “PAP ministers and MPs” who bought good class bungalows (GCB).
He said ECs, like HDB flats, are sold on a 99-year lease, and home owners’ returns will decline as the lease depreciates, unlike GCBs, which are freehold. He claimed that Singaporeans who can only afford HDB flats cannot pass on wealth to their children.
He also claimed that the Government had introduced “an easy route to citizenship for wealthy foreigners” to drive up land prices.
Mr Jeyaretnam mentioned Law and Home Affairs Minister K. Shanmugam’s GCB transaction and Ridout Road property rentals in his post.
Mr Jeyaretnam is required to put up a correction notice on his Facebook page, which must state that the post contain false statements of fact and provide a link to the Government’s clarification on its fact-checking website Factually, which “will allow readers to read both versions and draw their own conclusions”.
In the Factually article, the Government said the Immigration and Checkpoints Authority does not grant Singapore citizenship or permanent residency on the basis of an individual’s wealth or net worth.
It said that Build-To-Order (BTO) flats are priced for affodability. The 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.
It added that Pofma is not used to silence those who raise their views on the rent for 26 Ridout Road.
The Government noted that Mr Jeyaretnam had informed the Pofma office that he was unable to travel back to Singapore to assist with its investigations due to a medical condition.
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