(Bloomberg) -- Singapore will introduce new curbs on public housing purchases as its new prime minister seeks to tame years of price increases that threaten to become a political flashpoint for his ruling party in upcoming elections.
The measures, which include a lower loan-to-value limit, are aimed at promoting a “stable and sustainable” market, according to a joint statement late Monday from the Ministry of National Development and the Housing & Development Board.
The affordability of public housing is a potential hot potato for the ruling People's Action Party, with nearly four-in-five households living in subsidized properties known as HDB flats.
Prices have surged in recent years — in some cases topping S$1 million ($764,000) — driven by pandemic-induced construction delays and changing demand among the young for faster-built flats.
“From time to time, we read media headlines about the prices of HDB resale flats — I know it's a big concern for home buyers,” Prime Minister Lawrence Wong said on Sunday in a National Day speech.
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