If you can’t tell already, the Gahmen is doing its bestest best to improve the accessibility and affordability of HDB flats, they also know that policies cannot remain the same as people’s needs and goals change. National Development Minister, Desmond Lee, said this in Parliament yesterday as he moved a motion on the housing issue.
So how has the Gahmen been helping Singaporeans when it comes to public housing?
- By building public housing in step with demand;
- By pricing new flats affordably and providing generous grants to first-time buyers; and
- By maintaining a stable and sustainable property market, where asset values increase in tandem with economic growth.
HDB flats no enough leh
Desmond Lee also say, HDB is ramping up supply till 2025 to meet increased demand. He further promised they will launch more Shorter Waiting Time flats from 2024 onwards and progressively ensure that these form a larger proportion of the supply of new flats. Can propose and hint hint your GF or BF this Valentine Day already!
The Gahmen will also continue to review how to better allocate flat supply to meet the most urgent housing needs. But then hor, everybody also say urgent how leh?
So far the consensus from public engagement is that first-timers should be prioritised. You know those want to get married, have babies kind? Can fulfil “national Service” – Singapore fertility rate very low leh! You just look at Japan, aging society will have a lot of economic implications one, don’t play play!
The Gahmen is studying how to:
- Provide even more support for such families
- Reduce the high rejection rate for BTO applications
- give more support to first-timers buying a resale flat
HDB is also building more flats in mature estates and consciously moderating prices of such units.
Over the past three pandemic years, flat supply has become tight and resale prices have risen. However, even with rising construction costs, BTO prices, which are set based on affordability outcomes, have been kept almost constant.
Do you know that close to 70% of BTO flats launched in 2022 across all estates could be affordably purchased with the median household income of S$8,400, at a mortgage servicing ratio of 25 per cent or less?
Around 85 per cent of low-income households in Singapore own their homes! Something to be proud of leh. For comparison, in Singapore, it takes four to five years of total household income to buy a home, versus 8 to 15 years in other major cities such as London, Los Angeles and Sydney. Want to know the number of years of total household income to buy a home in Hong Kong? 20. TWENTY! Almost impossible to own your own home in Hong Kong sia!
