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Major reforms coming to HDB flats in Singapore
Dec 14, 2022
Major reforms coming to HDB flats in Singapore Singapore
By   Internet
  • City News
  • Housing Policy
  • HDB Policy
  • HDB Reform
Abstract: The authorities are discussing a number of reforms to public housing policies and ensuring that they are in line with the realities and expectations of the public.

Lee Chee San said that the current confusion between the classification of mature and non-mature municipalities has led to problems with the public housing programme, which if not addressed in a timely manner will slow down the overall progress.

 

So the priority for next year is to discuss how the public housing programme should be changed.

 

At the same time, more Singaporeans are expected to provide their input, which will determine the direction of change.

 

Location, allocation and price of housing will all be taken into account so that a reasonable solution can be reached.

 

Should supply and demand change as the gap between Singapore's towns and cities narrow?

 

At present, some of the public housing projects in non-mature towns have higher take-up rates.

 

Some of the public housing projects in mature towns are not as popular, or even have lower market prices than those in non-mature towns.

 

This is most likely due to the concentration of public housing projects in established towns.

 

As municipalities develop, many non-mature municipalities are moving closer to mature municipalities but are still defined as non-mature municipalities.

 

For example, the immature towns of Hougang, Sengkang, Jurong East and Jurong West.

 

The gap between these municipalities and the mature ones in terms of physical conditions is decreasing, and if they are still defined as immature municipalities, it will affect the price and supply of public housing.

 

In his interview, Li Zhisheng replied that this cannot be solved by simply changing the classification of mature and non-mature municipalities, and that other policies are needed to improve the situation.

 

Therefore, the question that needs to be considered is: do municipalities still need to be classified? How can we better reflect the situation of municipalities? How should policies be changed?

 

These people may be prioritised for urgent housing needs + first-time buyers, but once the allocation of public housing projects has been determined, the purchase will also be on the agenda.

 

The authorities are also considering whether to give first-time buyers in urgent need of housing priority in accessing HDB flats.

 

For example, low-income families, the elderly seeking retirement protection, the physically or mentally challenged, and newly married couples in need of housing may all fall into the category of first-time buyers with urgent housing needs.

 

Lee Chee Seng also called for more Singaporeans to give their input to the authorities so that they can discuss the direction of policy changes for next year.

 

Even if the issue of public housing construction is resolved, there is still a problem that lies ahead of buyers - can they afford the home loans?

 

Land costs, construction costs and building consultancy fees in Singapore have soared in the last two years, and housing rents and prices have fluctuated dramatically.

 

If, however, the price of public housing increases in line with the cost of construction, many people will have to consider whether they can afford a mortgage on their salaries.

 

However, in his interview, Lee Chi San made it clear that the authorities would increase subsidies to keep the prices of public housing projects at affordable levels.

 

A summary of the data shows that the sale prices of public housing projects were relatively stable before and after the epidemic.

 

The same non-established townhouse HDB flats were $348,000 in 19 and $348,000 in the third quarter of this year - not much difference!

 

Singapore to launch public housing project in 2 years Waiting period is less than 3 years.

 

If the policy moves in the direction everyone wants, won't this demand for housing drift up again?

 

There are people who have not bought public housing before due to various circumstances, but now might be a good opportunity instead.

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Major reforms coming to HDB flats in Singapore
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