In a recent dialogue session at the National University of Singapore, Prime Minister Lawrence Wong emphasized the government’s commitment to keeping public housing affordable for Singaporeans. He stated, “HDB will continue to price new Build-to-Order (BTO) in relation to income, not in relation to the resale market.”
Regarding the issue of rising resale prices, PM Wong acknowledged that the disruptions caused by Covid-19 have led to an increase in resale flat prices. He highlighted the government’s efforts to address this challenge by ramping up the construction of public housing, aiming to stabilize prices in the long run.
PM Wong revealed that about 19,600 BTO flats will be launched in 2025, with nearly 20 percent of them having a shorter waiting time of under three years. He also mentioned the significance of increasing the supply of private housing through government land sales, recognizing the close link between the public and private markets.
Addressing concerns over the affordability of public housing, PM Wong pointed out that while prices have risen significantly compared to past decades, more than 80% of first-time BTO buyers can afford their homes using only their CPF, with little or no cash involved. He explained, “Back in the 1960s to 1980s, flats were cheaper, but people had to fork out a bigger chunk of their take-home pay.”
The government’s proactive measures to ensure the affordability of HDB housing reflect its commitment to meeting the housing needs of Singaporeans, both now and in the future.
