The unveiling of Singapore’s new cabinet at a press conference on Monday, 28 September, saw existing National Development Minister Khaw Boon Wan replace Lui Tuck Yew as the new Transport Minister.
Mr Lui announced his retirement from politics just before this month’s general election.
Mr Khaw will relinquish his position at the Ministry of National Development to 42-year-old Lawrence Wong (pictured) who will have big shoes to fill. Mr Wong is currently Minister at the Ministry of Culture, Community and Youth and Second Minister, Ministry of Communications and Information.
Mr Khaw is credited for helping to implement policies to cool down Singapore’s once red hot property market since taking up the post of MND Minister in 2011.
For resale HDB flats, these include cutting the loan tenure and mortgage servicing limits, allowing singles to buy 2-room Build-To-Order (BTO) flats in non-mature estates, and instituting a three-year wait for new PRs before they can purchase resale flats.
At the same time, the government ramped up the supply of new flats between 2011 to 2014 to 26,000 units on average per year to relieve pressure in the resale market. Less focus on Cash-Over-Valuations (COVs) in the HDB resale price negotiation process also means COVs have fallen significantly.
Meanwhile, private home prices have been falling for almost two years due to a slew of cooling measures implemented since 2011, such as the additional buyer’s stamp duty (ABSD) and loan-to-value limits. In the second quarter of 2015, prices of private units dipped 0.9 percent from the previous three-month period.
Here’s the complete list of Cabinet appointments which take effect from 1 October:
PRIME MINISTER’S OFFICE
Mr Lee Hsien Loong – Prime Minister
Mr Teo Chee Hean – Deputy Prime Minister and Coordinating Minister for National Security
Mr Tharman Shanmugaratnam – Deputy Prime Minister and Coordinating Minister for Economic and Social Policies
Mr Chan Chun Sing – Minister, PMO
Mr Heng Chee How, Mrs Josephine Teo – Senior Minister of State
Mr Sam Tan – Minister of State
DEFENCE
Dr Ng Eng Hen – Minister
Dr Maliki Osman, Mr Ong Ye Kung – Senior Minister of State
FOREIGN AFFAIRS
Dr Vivian Balakrishnan – Minister
Mrs Josephine Teo, Dr Maliki Osman – Senior Minister of State
HOME AFFAIRS
Mr K Shanmugam – Minister
Mr Desmond Lee – Senior Minister of State
Mr Amrin Amin – Parliamentary Secretary
TRADE AND INDUSTRY
Mr Lim Hng Kiang – Minister (Trade)
Mr S Iswaran – Minister (Industry)
Dr Koh Poh Koon – Minister of State from Jan 1, 2016
Ms Low Yen Ling – Parliamentary Secretary
FINANCE
Mr Heng Swee Keat – Minister
Ms Indranee Rajah, Ms Sim Ann – Senior Minister of State
MANPOWER
Mr Lim Swee Say – Minister
Mr Teo Ser Luck, Mr Sam Tan – Minister of State
TRANSPORT
Mr Khaw Boon Wan – Minister
Mrs Josephine Teo, Mr Ng Chee Meng – Senior Minister of State
NATIONAL DEVELOPMENT
Mr Lawrence Wong – Minister
Mr Desmond Lee – Senior Minister of State
Dr Koh Poh Koon – Minister of State from Jan 1, 2016
COMMUNICATIONS AND INFORMATION
Dr Yaacob Ibrahim – Minister
Mr Chee Hong Tat – Minister of State
Dr Janil Puthucheary – Minister of State from Jan 1, 2016
ENVIRONMENT AND WATER RESOURCES
Mr Masagos Zulkifli – Minister
Dr Amy Khor – Senior Minister of State
LAW
Mr K Shanmugam – Minister
Ms Indranee Rajah – Senior Minister of State
HEALTH
Mr Gan Kim Yong – Minister
Dr Amy Khor – Senior Minister of State
Dr Lam Pin Min, Mr Chee Hong Tat – Minister of State
EDUCATION
Mr Ng Chee Meng – Acting Minister (Schools)
Mr Ong Ye Kung – Acting Minister (Higher Education and Skills)
Dr Janil Puthucheary – Minister of State from Jan 1, 2016
Assoc Prof Muhammad Faishal Ibrahim, Ms Low Yen Ling – Parliamentary Secretary
SOCIAL AND FAMILY DEVELOPMENT
Mr Tan Chuan-Jin – Minister
Assoc Prof Muhammad Faishal Ibrahim – Parliamentary Secretary
CULTURE, COMMUNITY AND YOUTH
Ms Grace Fu – Minister
Ms Sim Ann – Senior Minister of State
Mr Baey Yam Keng – Parliamentary Secretary
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
