When faced with challenges in the housing market after the pandemic, the Singapore government has taken a series of proactive measures, yielding significant results. During the pandemic, the delivery of pre-purchased HDB projects was delayed, directly impacting the supply of new homes and prompting many prospective homeowners to turn to the resale and private residential markets. This led to continuous price increases in resale HDB flats and widespread public concerns about housing affordability. To address this issue, the government implemented a series of regulatory measures targeting the housing market.
shicheng.news
Among these measures, the government stipulated that private residential property owners must wait 15 months after selling their property before they can purchase resale HDB flats to curb speculative behavior. Additionally, the government introduced HDB classification reforms to promote more choices and increase housing affordability. Furthermore, the government expedited HDB project deliveries and employed other measures to balance supply and demand, stabilize housing prices, and enhance housing affordability.
The implementation of these policies and the gradual delivery of delayed HDB projects have led to positive changes in the housing market. In 2024, the Ministry of National Development faced reduced criticism in expenditure budget debates, with significantly fewer proposed amendments from MPs, dropping to 47. The keyword "BTO" appeared 41 times, half as much as last year, while "resale" appeared nine times, an 80% decrease from last year. This demonstrates initial recognition of the government's response measures by the market, as well as improved market sentiment and optimistic expectations for the future housing market.
shicheng.news
These changes indicate that the government's efforts have yielded some results, instilling confidence in the government's regulation and future development of the market. Government initiatives contribute to improving the current state of the housing market, providing more housing choices for the public, and are expected to further stabilize the housing market and enhance housing affordability. Therefore, the government will continue to work towards promoting the healthy development of the housing market to meet the housing needs of the people, and to promote social stability and economic development.
