More Affordable Housing As Heated Market Cools

Minister for National Development Khaw Boon Wan said in parliament yesterday that:
"Public flats have become more affordable in recent years, with many Singaporeans able to buy a home within their budget."

"The Government is committed to keep quality housing within most Singaporeans reach - Every generation will be able to afford their own HDB homes. This is our promise."

"Measured against the median household income increase of 38%, we can see that public housing affordability has substantially improved since 2011."

‘His ministry has achieved results in taming the red hot housing market with its cooling measures.’

Mr Khaw also outlined plans to help different segments, from singles to public rental tenants.

Measures announced by MND
•    Half of all new two-room flats in non-mature estates to be set aside for singles, starting from the Build-to-Order exercise in May.

•    Instead of having two-room flats on a 99-year lease and studio apartments with a 30-year lease, two-room flats could be offered with varying lease lengths.

•    $10,000 income ceiling for public flats could be raised as incomes rise.

•    Government will look for ways to help resale buyers get flats near their parents.

•    Possible new scheme to help rental tenants of public flats to buy their own homes.

•    $450 million to boost construction productivity.

•    New committee to help heartland shops.

•    Toa Payoh, Woodlands and Pasir Ris towns to be rejuvenated.

Since their low in 2009, resale housing prices have risen by about 37%, while new flat prices rose by just 15% without grants and 6% with grants.

1,491 families with household incomes below $1,000 had booked two-room or larger BTO flats for the period March 2012 to July 2014.

source: Straits Times