The resale market for public housing, which provides homes for 80 per cent of Singapore's population, has remained exceptionally buoyant despite various policy measures taken by the Government. This trend is partly attributed to the blockage of new condominium construction during the pandemic. With the end of the pandemic, overseas funds have poured into Singapore, further pushing up property prices.

Prime Minister Lee Hsien Loong emphasised in his annual policy speech that the government will ensure that prices of public housing built and rented by HDB are maintained at affordable levels. At the National Day Rally, he noted that housing is more than just a basic housing need, it is an important asset for the people of Singapore as they strive for their country and their future.

To better meet the housing needs of low- and middle-income families, the Government plans to introduce more means-tested housing grants. New rules will be introduced to restrict the sale and stabilise the price of condominiums in "premium" locations, such as those close to the city centre or suburban town centres. The additional subsidy for these flats will be recouped when they are sold in the future, while the new rules will require owners to stay in their homes for at least 10 years before they can be resold, as opposed to the five-year minimum occupancy period for most flats. Specific income ceilings for buyers have not yet been announced.

Currently, there are no income limits in the public housing secondary market, but there are requirements for first-time buyers to purchase new HDB flats: a couple's total income must not exceed S$14,000, or S$7,000 for singles aged 35 and above.

The new measure means that single residents will have a wider variety of flats to choose from after the age of 35. Lee Hsien Loong's remarks are particularly significant against the backdrop of public housing affordability and supply issues that are once again hotly debated in the community.

In June this year, a three-bedroom flat with a 49-year lease in the Tiong Bahru area near the city centre was sold for S$1.5 million, setting a new record in the public housing secondary market.

Overall, Singapore's public housing policy is undergoing an important restructuring, which is aimed at addressing the current housing problem and ensuring that all citizens have a fair deal in the public housing market.