House in Singapore

I was just thinking about the house price in Singapore. HDBs are meant to enable every Singaporean to own a house when it was first initated. I guess it has achieved its aim. But nowadays the price of the houses are artifically escalated by the very locals staying here!

If you read on local newspapers you'll hear about the balloting system where people will put their name in for a chance to buy a new HDB flats. Its a no obligation system where non serious buyers can just put their name in for fun. Then if they get the option to purchase the flat, they can just reject it! Its an abuse of the system and this is just one part of the problem.

With this, locals who already own a house (and have nothing else but making profit in their mind), would try to ballot and if they get a good location and view etc, they'd purchase it for the sake of selling it out later for a quick buck!

Thus the saying the richer becomes richer and the poorer can just eat dust. The richer have extra cash so they'd just keep doing this to earn more. I could use the word 'investment' but I guess this is plain abuse of the system. So, did the HDB's policy changed now that they think everybody had owned their own house?

The other thing I heard is that locals move every 5 years if possible. They'd buy a new HDB, then when the price picks up for that house, they'd sell it off and move to another place. Perhaps another new HDB and then they keep repeating the same process over and over again until one day the price of HDBs will become unreasonably high and then what?

Just a gripe when you have too much time alone having just moved into a resale HDB....