HDB flat supply will meet demand: Mah
But onus is on S'poreans to buy within their means
By Rachel Chang
The Housing Board sold about 13,500 new flats last year. -- ST PHOTO: DESMOND WEE
ABOUT 13,500 HDB flats were sold last year, half of which were launched in the last three months to meet strong demand, said Minister of National Development Mah Bow Tan.
He also said that about 12,000 new build-to-order (BTO) flats will be offered this year if demand continues to be strong.
These will be supplemented by premium flats under the Design, Build and Sell scheme and executive condominiums, added Mr Mah in a written reply to a question from Madam Ho Geok Choo (West Coast GRC).
He assured her that HDB is committed to ensuring a sufficient supply of new flats and keeping flats affordable, especially for those setting up their first home.
The minister noted that eight out of 10 new flat buyers pay for their home loans entirely from their CPF monies, without having to fork out any further cash.
His remarks were made amid concerns that the supply of HDB flats is not keeping pace with growing demand.
Noting that HDB has progressed from the mass production of basic flats to offering variety in design and price, Mr Mah said the onus is on Singaporeans to play their part by buying a home within their means.
To illustrate, he said a family with a monthly income of $3,000 can buy a flat worth up to $250,000 and spend only 30 per cent of their income every month on the mortgage.
The $250,000 ceiling covers all the new three-room flats in HDB's most recent BTO projects in Choa Chu Kang and Hougang, and some four-room units.
Similarly, a family with a monthly income of $4,000 can afford to buy a new flat worth up to $333,000 without spending more than 30 per cent a month on the mortgage.
This means they can comfortably buy any of the flats offered in the latest BTO projects this month, said Mr Mah.
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