Affordable and Accessible Public Housing
- The Minister for National Development affirmed the government's commitment to keeping HDB flats affordable and accessible, citing policies such as building supply in step with demand, pricing flats affordably with grants, and maintaining a stable property market, while noting that COVID-19 disruptions caused temporary supply tightness and higher resale prices.
- He highlighted that before the pandemic, HDB resale prices had been stable or declining for years, and BTO flat prices have remained nearly unchanged despite rising construction costs, with nearly 70% of 2022 BTO flats affordable to median-income households using less than a quarter of income for mortgage payments.
- The government is ramping up supply by launching up to 100,000 new flats from 2021 to 2025 and increasing shorter-wait-time flats, while prioritizing first-timer couples and considering measures to better allocate flats to those with urgent needs.
- He addressed concerns about mature estate flat access by noting the Prime Location Public Housing model and plans to moderate locational premiums, while cautioning against policies that could increase windfall gains or undermine long-term sustainability, including the trade-offs with national reserves.
- The minister emphasized that housing policies must balance current and future generations' needs, rejecting proposals that ignore fiscal trade-offs, and reiterated the government's goal of improving affordability and accessibility through ongoing reviews and future announcements.