National Development Minister Khaw Boon Wan has clarified that the new housing policies announced on Sunday targeting home buyers from different income groups has little to do with the upcoming general election, reported The Business Times.
“If you have been watching what we have been doing since I entered MND (Ministry of National Development) more than four years ago, we have been making adjustments practically every year. My objectives are quite clear – that home ownership is a very important part of the governance of Singapore,” said Mr Khaw who spoke to reporters at the HDB Hub on Monday.
He noted that he focuses on certain groups of people in turn. The latest policies benefit middle to higher-income groups, home renters and singles, after the Build-To-Order (BTO) backlog for first-time newlyweds was resolved.
“That is how I approach the problem. Has it got to do with GE? I do not care less when the GE is, but problems need to be resolved and when I am ready, I come up with a scheme and discuss it with Singaporeans. And once I am convinced that those are practical schemes, I will launch it as soon as we can do so,” he shared.
When asked if the higher income ceiling could result in more competition for BTO flats, Mr Khaw stated that he expects the market to adjust by itself.
Nonetheless, he acknowledged that there will be movements in the market. “Some EC buyers may move into BTO applications; some BTO applications may go up to ECs and so on. At the borders of ECs and condos, there will also be movements. The key point is we have leverage over the supply and we can adjust the supply, expanding and reducing as necessary.”
On whether private homeowners who previously exceeded the income cap will now look towards the public housing market, Mr Khaw said this is a matter of personal choice which the government leaves to the hands of Singaporeans.
“We make options available, so they are then free to choose.”
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
