Resale flat prices may begin moderating from 2026 as new units reach MOP: Chee Hong Tat , Singapore News
Resale flat prices may begin to moderate starting from 2026, National Development Minister Chee Hong Tat said during his first site visit to Toa Payoh Ridge on Wednesday (May 28).
Minister Chee, who was sworn in as Minister for National Development (MND) last Friday (May 23), was previously Minister for Transport.
Speaking with media at a playground in the newly developed Toa Payoh Ridge, Chee acknowledged that the increase flat prices has been a concern for Singaporeans.
"This is also an important area for my ministry and we want to see how we can help to address this concern," he said.
He explained that one contributing reason for these price hikes is the Build-To-Order flat (BTO) delays that occurred during the Covid-19 pandemic, which drove demand for resale flats.
Chee stated that he believes this situation will improve come 2026 as more new flats built over the past few years reach their five-year minimum occupation period (MOP).
"Once we see more supply coming in and also coupled with more new BTO flats entering the market, I think we will see moderation," he said.
Minister Chee also highlighted the 15-month waiting period for private property owners aged below 55 who have sold their private property and are looking for resale flats.
This restriction was set as a temporary measure to deal with concerns of higher resale flat prices, he said.
"But this is not meant to be a permanent measure, so I hope that when the situation improves and the resale flat prices within moderate, we would be able to consider reviewing or even removing this restriction." Better moving-in experience and rejuvenated estates
Chee also hopes to improve the moving-in experience of those who are moving into new BTO estates.
"We need to work closely together with other government agencies so that when the first batches of residents move into these new estates, the move-in and the live-in experience will be better," he stated.
For this "important area of work", Chee has sought assistance from Senior Minister of State Sun Xueling, who is also SMS for the Ministry of Transport (MOT), Chee shared.
Another key concern is the rejuvenation of older HDB estates and towns.
Speaking about the residents in these estates, Chee commented: "When they first bought the flats, they were young couples. Today they are seniors. Some of them have children, and the children then also want to stay near parents."
Due to this, it is necessary for the ministry to look at estate and population ages and consider how rejuvenation can continue to provide good homes for residents of all ages, he said.
Aside from new BTO projects, the ministry also aims to "spruce up" the estates, making the living environment more conducive for seniors and young families, as well as for residents of other age groups.
"We also want to make sure that… all our towns in Singapore will be good homes for them, and this requires a dedicated focus by various agencies, whether it's MND, MOT or many others."
He added: "As PM Lawrence Wong said, we are not done building Singapore." From one hot seat to another
As the Minister for National Development, he recognised that both Transport Ministry and MND have "hot portfolios", adding that there's still a lot for him to learn.
"I think that's why it's very important for my colleagues and I to keep cool and to remain steady as we tackle these challenges together as a team," he stated.
He highlighted how the two ministries have similarities, in that they both require long term planning and close work with tripartite partners in the industry and unions.
"This requires a team effort, and I hope to be able to work closely with my colleagues, our partners, and importantly, with all Singaporeans as we build a good living environment for everybody," Chee said.
He also expressed interest in hearing from industry partners in the future, so that he can better understand their perspective.
"I think it's not possible for the Government to be able to agree to and to implement all ideas all in one go, but I think it's important for us to engage, to listen and then to see what are some of the good ideas that we can work together for our partners."
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khooyihang@asiaone.com
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