Singapore needs to develop “tens of thousands” of subsidised rental flats to meet the demand and the sooner, the better, said new National Development Minister Khaw Boon Wan.
“For rental flats, we are studying, but all I know is we need to build more. How fast we can meet the supply — that depends on industry capacity, which I need to study,” said Minister Khaw yesterday in The Straits Times.
Citing neither a timeframe nor figures, Mr. Khaw noted that it would take “several years” to meet the goal.
His remarks came during an announcement that the Housing & Development Board (HDB) will build 25,000 new flats in 2011 so that young couples can have their own flats. He said that this pace of development will continue into the next year.
About 45,000 public rental flats are present in Singapore, with tenants paying between S$26 and S$275 per month for such flats. Mr. Khaw noted that first-time home buyers are one group which needs housing urgently along with single mothers or divorcees, who need rental flats with subsidised rents.
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