The Singapore government is taking active measures to address the “temporary imbalance” in the housing market, said National Development Minister Khaw Boon Wan.
“We commit to house all Singaporeans and to help them own their homes. Our home ownership programme is world renowned: 90 percent of Singaporeans own their homes, the vast majority in public housing. Unlike public housing elsewhere, our new HDB towns are comparable to, and often surpass, private housing in quality and amenities,” he said.
In an addendum to President Tony Tan’s address in Parliament, Mr Khaw noted that a sudden increase in home prices after a sharp economic recovery has worried many Singaporeans.
“We are building more HDB flats and speeding up their completion. We have adjusted the income ceilings, so that higher income couples and singles can also qualify for public housing,” he said.
He noted that the government will also release more land for private homes and will “calibrate” its measures to ensure that prices move sustainably with the economy.
Among other measures implemented by the government was the raising of the monthly income ceiling for buying new executive condominium (EC) flats, from $10,000 to $12,000.
Mr Khaw said the Housing and Development Board (HDB) has received a total of 140 EC bookings from flat-buyers within this income group as of end-September and so far, the CPF Housing Grant has disbursed around S$130,000 to this group.
He also reiterated that the HDB is building more subsidised rental flats to help families who are unable to afford their own homes.
As the HDB moves into the next phase of building new flats, Mr Khaw said it “will strive for even better-designed and sustainable towns that have ample public spaces and community facilities so that residents can enjoy cleaner, greener and better living. HDB will tap on private sector expertise and public feedback to develop such sustainable towns.”
“For the mature estates, we will upgrade and rejuvenate them. As we complete the lift upgrading programme, we are accelerating the home improvement programme and neighbourhood renewal programme,” he said.
“We will also identify suitable sites for more intensified redevelopment so as to inject more housing in mature towns.”
He also stressed that some of the new flats will be built in mature estates whenever possible to “widen choices and meet aspirations”, as well as in sites around MRT stations to take full advantage of their amenities.
“As we push on with new developments, we will collaborate with the community to preserve our key physical and social markers. These will anchor our treasured memories, and make Singapore an endearing home.”
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