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http://www.straitstimes.com/GeneralElectio...ory_657477.html LOWERING land cost as a way to reduce new Housing Board flat prices is tantamount to raiding Singapore's reserves, warned National Development Minister Mah Bow Tan on Saturday. This is because all land is sold at prices set by the Chief Valuer, and the land sale proceeds go into the reserves. In the latest salvo on the hot-button housing issue, Mr Mah stressed that as the number of new HDB flats is not a small, any lowering of prices will inevitably affect the value of existing HDB flats. Mr Mah was responding to a call from Workers' Party chief Low Thia Khiang who had suggested that if the Government was prepared to collect less money for land sales, the savings could be passed on to first-time home buyers. Speaking to reporters on the sidelines of a ground-breaking ceremony for an upgrading programme for Tampines, which will see a new town hub with facilities such as a sports hall and a new park, Mr Mah said: 'When he says that I'm going to finance this by lowering the value of land, basically what he's doing is taking money from the reserves. 'It is not a matter of left pocket to right pocket, it's a matter of taking, dipping into the reserves.' Mr Mah declined a debate with the National Solitary Party, which has announced it is contesting the GRC. He said there is 'nothing to debate' as his positions on housing and various policies are well known. With the minister at the community event on Saturday morning were newly-introduced People's Action Party (PAP) candidates Heng Swee Keat and Steve Tan.