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Affordability of HDB flats have improved, says DPM Wong in Budget 2024

During the budget debate, DPM Wong asserted that affordability for four-room BTO flat prices in non-mature estates has improved. This is despite ongoing concern especially among the younger generation about the affordability of public housing.

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SINGAPORE: Over the last 10 years, the average price of a four-room BTO flat in non-mature estates has remained relatively stable, even with rising median household incomes, according to Deputy Prime Minister and Finance Minister Lawrence Wong.

He emphasized that, in real terms, the affordability of these flats has improved.

Despite concerns, particularly among the younger generation, about the affordability of public housing for achieving home ownership, DPM Wong defended the accessibility of owning a house in his Budget 2024 wrap-up speech on Wednesday (28 February).

“The challenge we faced was with the prices of BTO flats in choicer locations, which are more expensive, ” he explained

To address the issue, the government earlier introduced a new Standard, Plus and Prime framework. The framework aims to keep the BTO flats in these better locations affordable through more upfront subsidies.

“but it will be a fair system because the additional subsidies will be clawed back when the first owners sell the flats, ” added DPM Wong.

WP MP raises alarming concerns on housing affordability

Earlier, during his budget speech on Tuesday, Mr Muhamad Faisal Bin Abdul Manap, Workers’ Party MP for Aljunied GRC, highlighted two primary concerns, particularly for young Singaporeans from low-income households: affordability and availability.

He pointed out that the support of underemployment and savings packages is capped at S$30,000, resulting in challenges for households trying to purchase their own homes.

“If we assume a 50/50 split in the amounts a household receives for each section, the maximum amount a household receives for purchasing their own home is $15,000. ”

“After including the grants, the price of a three-room flat in the February 2024 launch of BTO projects ranges between $127,000 and $172,000. Assuming the household successfully applies for a housing loan, the downpayment involved would range between $25,400 and $34,400. ”

Mr Manap highlighted that this insufficient support makes it challenging for families, especially those with children, to save for their homes due to immediate daily needs.

Furthermore, he addressed the extended wait times for BTO units, affecting both middle-income and lower-income families.

For lower-income families with children, the living environments in rental flats may not be conducive for young children, impacting their development.

Mr Manap suggested a more proactive approach, such as prioritizing households ready to purchase their own homes in Sales of Balance Flats exercises or providing assistance in purchasing resale flats at subsidized prices.

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LaoLan Wong talking thru his A55 again. Drugs are illegal in SG so I don’t know what this fella is high on?

Following LawLanWong’s speech and statement, … public housing in SillyPore is now even MORE affordable and accessible !!!

So, what are you people waiting, … go grab yourself a stake in the nation and declare yourselves, now a part of the SillyPoreDream as a “homeowner”, … although your name/s ain’t gonna be on the title deeds !!!

The PAP Administration is mindful why Sheeps do NOT treat their flats as Castles in the Air.

These Multi Millionaire PAP Administration Politicians are A BUNCH of Truly GREAT LIARS END to END.

They cannot increase the prices of bricks and mortars BUT THEY INCREASE Flat Prices once all PLANNING on Paper is completed.

Affordability by PAP GREAT LIARS come out from their UNBRUSHED mouths WITH NO NO NO NO PROOFS of what Affordability become better is.

There ARE NO calculations NO worksheets to COMPARE AFFIRSABILITY6of the 70s and NOW the 2020s.

PAP is A BUNCH of ARSONISTS to destroy Sheeps hopes.

Hello, if you never upgrade yourself and contend to deliver food on bicycle, of course you will never earn enough to afford a flat lah. Blame who? Please don’t blame the government!

Hey how do you improve affordability?

You either increase my pay or decrease the flat cost!

Did you do that ……..You ONLY increase the flat together with land cost……..so thIs is called

UNAFFORDABLITY!

if subsidies have to be given, public housing is unaffordable so LW is lying. The other lie is the returning of monies from Public Housing land sales to the reserves as revenue. How can it be revenue when it is paid from taxpayers’ monies and given as subsidies and recycled back to the reserves? Revenue must be from investment returns or on sale of land that is not sold after subsidies are given. So is including the land price in Public Housing another ponzi scheme so the foreign population is hurriedly being increased and given public housing?We are losing almost… Read more »

“Affordability” has improved. But has it made any effective DIFFERENCE? TFR is now at 0.97 …

One pineapple skinhead said household income $1k can afford hdb flat!

How come no pofkima on this bullsh*ter?

Their measurement of affordability is based on Minister’s salary?

I loss hope in him to becoming SG next PM instantly when he made this gravity defying statement

Last edited 1 month ago by Singapore Fooled Again n Again

A CONVOLUTED mind speaks CONVOLUTED trash into minds that they believe are convoluted, easily manipulated.

But that might be just truth bcz a convoluted edn system breeds voters voting PAP for ages.

Housing in Singapore is centrally planned, by the ruling government. Thus, all locations should be treated equally when it comes to public housing. The price difference between a flat in Queenstown versus a flat in the distant reaches of “Canberra” or “Punggol” should not exist. Why? Because the difference in pricing will induce economic stratification. Think about it critically. How much time is lost commuting from the far flung reaches of “Canberra” or Punggol to the CBD area versus a person staying in Queenstown or Dawson? If only wealthier families can afford to purchase public housing in “choicer” locales. Would… Read more »

Don’t Bluff LW,
I apply for HDB loan never get.
Employed for 10years straight.
Pay shit loads of Taxes & Income Tax as well.
Your HDB is A Scumbag, Department or Board.
You Lying C**k Su*ksers.

Black and White houses are more affordable. tsk tsk tsk

Affordability?

Will HDB later say they are losing money?

Selling BTO’s at $800K at AMK will lose money? What do you think? tsk tsk tsk

Sell the dafties Tengah BTO with swimming pool inside each unit at such prices!!
The selling prices of slum housing sure do looked ‘improved’!😆😆😆😆

Compare to your house, HDB flares very affordable and very chip!

Grants are like a RANSOM, a BOULDER tied over the necks of SGpns.

A devilish leverage the PAP Administration used to strangle Sheeps. Take away grants, remove PSEUDO, FAKE subsidies and SURFACE the true PICTURE to see WTF the PAP Administration is up to – to free Sheeps the choices of how they live, where they want to live amd HOW THEY WANT to RETIRE, WITHOUT any PAP patronising and INTERVENTIONS.

Once all these EXPOSED, it is so blooody easy to spot HOUSING is a Weapon of Mass Destruction of PAP to destroy SG freedoms of living.

Grants are not f.o.c…
Have to pay back in full plus interest if u sell your flat later on…
Nothing is as as it seems …

I simply cannot see how affordability has improved.

Affordability??? Using Debts to enslave others. One generation before me, less than 100k my generation a quarter of a million, haven’t reach next generation already at a million and you are talking about affordability. I never smell a quarter of a million in my bank acct. Mind you!

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