HDB will remain affordable: SM Goh‏

HDB will remain affordable: SM Goh

He said home prices must remain within the reach of Singaporeans. -AsiaOne

Thu, Nov 05, 2009
AsiaOne

At the Real Estate Developers' Association of Singapore (REDAS) 50th anniversary dinner tonight, Senior Minister Goh Chok Tong said housing board flats will remain the foundation of Singapore's home ownership scheme.

This is in line with his vision for Singapore: 'A Distinctive City, A Harmonious Home'.

"The Government will continue to ensure that public housing remains affordable to the vast majority of Singaporeans. The current household income ceiling of $8,000 means that about eight in ten Singaporean families are eligible for HDB subsidies. We will also continue to factor in the increasing demand from Permanent Residents in the resale market," he said.

He added: " I know that with the recent recovery of the property market after the lows of the financial crisis, many Singaporeans are concerned that they will be priced out. This anxiety is understandable. Every generation of young Singaporeans feel the angst of not being able to buy their first home. But our public housing policy, based on affordability, will ensure that they will be able to. This pledge had been kept in the past and it will be kept in the future."

The senior minister also addressed the growing concerns of many regarding affordability of flats.

SM Goh said: "For those who are worried over the recent price increases, MND tells me that there is adequate supply of homes in the pipeline both in the central region as well as outside it. The Government is also committed to releasing more land through the Government Land Sales Programme to ensure that property prices do not fall out of sync with economic fundamentals."

In his speech, SM Goh also underlined the importance of remaining a competitive location for businesses.

"For businesses, we must be able to offer two things. First, we will keep our rentals competitive compared to key financial hubs like Hong Kong, Shanghai, London, and New York.

Second, our city must be able to offer not just Grade A offices in the Central Business District but also cheaper office solutions at the fringe of the city centre. This will give companies greater flexibility and cater to their different business needs."