Singapore Introduces Curbs On Public Housing To Ease Price Gains
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.
(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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