The government is looking to adjust the Housing Development Board’s (HDB) housing schemes to ensure that public housing is “accessible and affordable” for Singaporeans across all income groups, says Prime Minister Lee Hsien Loong in his National Day Message on Aug 8.
Lee was referring to the higher prices of flats in mature estates such as Queenstown, which are in “higher demand and so generally cost more” due to their better amenities and locations.
Meanwhile, he added that existing non-mature estates are also steadily maturing as their transport links and amenities improve.
“So in time to come, more and more new HDB flats will be built in existing estates, like here in Dawson. Such flats will naturally be in greater demand. Their launch prices and resale prices will reflect that,” he says.
“But even amidst this changing landscape, we must still ensure public housing is accessible and affordable for Singaporeans of all income groups. We must also keep our housing schemes fair and inclusive for all. This is how we keep our national housing story going strong for current and future generations,” he adds.
In the 2Q2023, HDB resale prices grew to 1.5%, faster than the 1% growth seen in the 1Q2023. This marks the 13th straight quarter of growth, although it remains lower than the average of 2.5% in 2022.
See also: HDB prices mark 13th straight quarterly increase, rising 1.5% in 2Q2023
Lee also talked about the rapidly ageing population in Singapore where nearly one in five Singaporeans is a senior aged 65 years or older. Come 2030, this proportion will increase to one in four Singaporeans being defined as a senior citizen.
Beyond making the country’s estates and homes more liveable for seniors as well as improving community spaces, Lee said that the government will be providing some older workers – now in their 50s and early 60s and who have not amassed enough savings for their retirement – with “some extra help”.
Both points – on public housing prices and CPF savings – will be elaborated at the National Day Rally.
Finally, Lee noted that inflation is “still a problem” for the country with households and businesses feeling the pinch of rising prices.
“The government has enhanced the assurance package and many other support measures to cushion the impact… especially [for] the middle- and lower-income households,” he says.
For 2023, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) have projected Singapore’s headline inflation to average 4.5% - 5.5% while core inflation is expected to average 3.5% - 4.5%.
Singapore’s latest headline and core inflation numbers as at June this year stood at 4.5% and 4.2% respectively.
