Debated in Parliament on 9 Jan 2023.
Mr Pritam Singh asked the Minister for National Development (a) what is the total dollar value of (i) estimated housing grants and (ii) subsidies that will be required for the up to 100,000 new HDB BTO flats the Ministry is prepared to launch from 2021 to 2025 in mature and non-mature estates respectively; and (b) what is the total number of apartments to be constructed for each category respectively.
The Member has asked for the same figures from 2010 to 2022 in a separate Parliamentary Question and we have provided the Central Provident Fund (CPF) housing grants given out for new Housing and Development Board (HDB) flats and the number of flats that commenced development in each Financial Year from 2010 to 2021.
To provide guidance to prospective flat buyers, HDB currently provides broad information on upcoming Build-To-Order (BTO) launches in the HDB Flat Portal. To retain flexibility in BTO supply planning, we do not provide estimates beyond this timeframe, as sites are subject to further staging and review, for instance, there could be development constraints, such as delays to vacating interim uses and the need for environmental or heritage studies at some planned sites.
The Government has kept BTOs affordable for flat buyers. First-time home buyers generally can service their mortgage payments fully using their CPF contributions with little or no cash outlay, and home price to income (HPI) ratios are generally around four to five. This is compared to international mortgage servicing ratio (MSR) benchmarks of 30% to 35%, and HPIs of global cities which range from eight to over 20. We will continue to ensure public housing is affordable to Singaporeans.
PAPERCUTS