Latest news with #NationalDevelopment
Business Times
4 days ago
- Business
- Business Times
URA to unveil Draft Master Plan 2025 in June: Chee Hong Tat
[SINGAPORE] The Urban Redevelopment Authority (URA) will be unveiling the Draft Master Plan 2025 on Jun 25, Minister for National Development Chee Hong Tat on Thursday (May 29). The long-awaited draft masterplan, which will map out Singapore's detailed land plans for the next 10 to 15 years, is being introduced at an exhibition after city planners gathered public feedback following the launch of the engagement exercise in October 2023. More homes are being planned in various locations in the Central Region such as Bukit Timah Turf City, Mount Pleasant, the former Keppel Golf Course and Marina South. The government is also focusing on decentralisation, with Jurong Lake District set to become the largest mixed-use district outside the Central Business District. Plans are underway to further develop Changi Aviation Park and Changi City as well as regional hubs such as Tampines and Punggol Digital District. The public was also consulted on a recreation masterplan which will spotlight Singapore's parks, public spaces and attractions as well as 'Long Island', a 800 hectare land reclamation project along the eastern coast of Singapore. Chee was speaking at the opening ceremony for i Light Singapore, the light art festival held in Marina Bay since 2010. The festival was launched by URA to mark the opening of Marina Bay. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Chee said: 'Our vision for Marina Bay started as early as the 1970s, when our pioneer generation of leaders and planners foresaw the need to expand the city centre to support and sustain Singapore's long-term growth as a global business and financial hub.' 'Plans were set in motion, to reclaim some 360 hectares of prime waterfront land around a new waterbody that is seamlessly connected to the existing city centre.' Today, Marina Bay is a dynamic and modern hub anchored on sustainable infrastructure with attractions and mixed-use developments, Chee said. 'The transformation of Marina Bay is a story of long-term planning and also meticulous implementation.' Every 10 years, the government reviews the Long-Term Plan that guides the development of Singapore, mapping out strategic land uses and infrastructure needs over the next 50 years. Chee said: 'This is how far we plan ahead so that we are ready for the future.' The development of Singapore is not just about constructing buildings and infrastructure but also about connecting people and places and creating spaces where Singaporeans live, work and play, the minister said. He said: 'As I take on this new portfolio at MND... it is a very challenging task but it is also a very meaningful job. I hope to continue to engage and collaborate with all of you – our stakeholders and partners – to transform even more of our public spaces into vibrant and impactful experiences that brighten our lives, strengthen our community identity and foster a sense of shared ownership of this beautiful city we call home.'
CNA
5 days ago
- Business
- CNA
National Development Minister Chee Hong Tat to prioritise building more HDBs, renewing older towns
Newly minted National Development Minister Chee Hong Tat wants to prioritise building more flats, improving transport links at new estates and refreshing older towns. He was at BTO project Toa Payoh Ridge this morning for his first site visit since assuming his new role. Kate Low reports.
Online Citizen
5 days ago
- Business
- Online Citizen
Government prioritises affordability of HDB resale flats as more units reach minimum occupation period
SINGAPORE: Newly appointed National Development Minister Chee Hong Tat has identified the affordability of HDB resale flats as a key priority for his ministry. Speaking to reporters on 28 May, just five days after assuming his new role, Chee acknowledged the challenges posed by rising resale prices and pledged to address them with sustained housing supply and supportive policies. 'This is an important area for my ministry and me. We want to see how we can help to address this concern at the heart of it,' he said during a visit to the Toa Payoh Ridge BTO project. Chee, sworn in on 23 May and formerly Minister for Transport, noted that the Covid-19 pandemic had significantly slowed BTO flat construction, pushing many buyers into the resale market and contributing to price pressures. He said that resale prices are expected to moderate as more flats reach their minimum occupation period (MOP) from 2026. About 13,500 flats will hit MOP in 2026, up from 8,000 in 2025, and this will increase further to 19,500 by 2028. Since October 2024, all Standard BTO flats have carried a five-year MOP, while Plus and Prime flats have a ten-year MOP. Before this change, most BTO flats had a five-year MOP. Chee highlighted that HDB had already exceeded its target of launching 100,000 BTO flats between 2021 and 2025. He added that HDB remains on track to deliver keys to 19,000 households in 2025, with 7,000 households having received theirs so far. To improve move-in experiences for new residents, especially in developments situated farther from town centres, Senior Minister of State Sun Xueling has been tasked with reviewing current support mechanisms. In addition to new housing, Chee said older estates must remain 'good homes for residents of all ages'. He pointed to ongoing efforts under the Remaking Our Heartland initiative and the Silver Upgrading Programme, which add senior-friendly features to already upgraded precincts. These renewal efforts, he said, require collaboration across various ministries. The concern around housing affordability is compounded by continued price increases. HDB resale prices rose by 1.6 per cent in the first quarter of 2025. This marks the 20th consecutive quarter of positive resale price growth. If the flat 0.0 per cent change in the first quarter of 2020 is also included, it extends the streak to 23 quarters—setting a new record. According to a report by OrangeTee Group, this surpasses the previous longest streak of 20 quarters, which ran from the fourth quarter of 1991 to the fourth quarter of 1996. However, million-dollar flat transactions have also hit record highs. April 2025 saw 141 resale flats transacted for at least S$1 million, according to data from SRX and To manage price growth, the Government introduced a 15-month wait-out period in September 2022 for private property owners seeking to buy HDB resale flats. Chee clarified that the measure was intended to be temporary. 'I hope that when the situation improves… we are able to consider reviewing or even removing this restriction,' he said. The impact has been significant. Between January and September 2022, private property downgraders made up 34 per cent of buyers of million-dollar flats. After the restriction, their share dropped to 12 per cent between January and November 2024, according to former Minister Desmond Lee. On the issue of lease decay, Chee reiterated that the Ministry is still studying possible solutions and will share more details when ready. Lease decay refers to the gradual decline in the value of HDB flats as their 99-year leases approach expiry. Under current rules, once a flat's lease runs out, ownership reverts to the state, and the property effectively holds no value. This has caused growing concern among ageing homeowners, particularly those living in mature estates, who are increasingly worried about the long-term value of their homes. Many fear the financial impact on their retirement adequacy, especially if significant amounts of their Central Provident Fund (CPF) savings were used to purchase their flats. The Voluntary Early Redevelopment Scheme (VERS), announced in 2018, has yet to be implemented and is only expected to be rolled out after 2030. The scheme would allow owners of flats aged 70 years and older to vote on a government buyback before the end of the 99-year lease. When asked in February 2025, Prime Minister Lawrence Wong said, 'We will provide details… eventually,' deferring further elaboration to the Ministry of National Development. This response contrasts with earlier remarks made by Wong in 2018 when, as National Development Minister, he stressed the importance of early clarity for homeowners facing lease expiry. The matter of VERS was brought up by various political parties in the recent General Election, including Workers' Party leader, Pritam Singh. View this post on Instagram A post shared by The Online Citizen (@theonlinecitizen) Reflecting on his new role, Chee said that both his previous and current portfolios—Transport and National Development—require long-term planning and close cooperation with government, employers, and unions.
CNA
5 days ago
- Business
- CNA
Expect 'moderation' in HDB resale flat prices when supply increases from next year: Chee Hong Tat
SINGAPORE: A "moderation" of resale flat prices is expected when more new flats meet their minimum occupation period (MOP) starting next year, Minister for National Development Chee Hong Tat said on Wednesday (May 28) in his first remarks to the media since taking his new portfolio. After a visit to the Toa Payoh Ridge Build-to-Order (BTO) project, Mr Chee said his ministry is aware of the concerns Singaporeans have over the increase in resale flat prices. "This is also an important area for my ministry and I. We want to see how we canhelp to address this concern. At the heart of it, it is actually a supply and demand issue," he added. "I believe this situation will improve, and we will see a moderation of resale flat prices when more of the new flats that we have built in the last few years reach the five-year minimum occupation period starting from 2026. "Once we see more supply coming in, and also coupled with more new BTO flats entering the market, I think we will see moderation in the resale flat prices in the years ahead." The COVID-19 pandemic had "severely impacted supply" due to building delays, Mr Chee's predecessor Desmond Lee said in parliament earlier this year. "At the same time, there was a broad-based increase in demand, driven by changing social norms. Application rates for BTO flats spiked and HDB resale prices rose sharply," said Mr Lee, who is now Minister for Education. About 19,600 BTO flats will be launched in 2025. With this year's offering, the government is on track to launch about 102,300 BTO flats between 2021 and 2025, exceeding its earlier commitment of 100,000 units over the five-year period, Mr Lee said previously. Last month, data from the Housing and Development Board (HDB) showed that HDB resale price growth eased to 1.6 per cent in the first quarter of 2025. This marked the slowest pace of growth since the fourth quarter of 2023 (1.1 per cent). The resale price index reflects the general price movements in the resale market. Resale transactions for the first quarter of 2025 rose by 2.6 per cent to 6,590, up from the 6,424 transactions in the previous quarter. Compared to the same period last year, first quarter transactions were 6.8 per cent lower. On Wednesday, Mr Chee was asked about the impact of the number of flats reaching MOP, as well as a report on 141 million-dollar flats sold in April - an all-time high. According to a February report from property firm OrangeTee, the number of flats obtaining their five-year MOP is projected to fall for a third consecutive year from 30,920 units in 2022 to 6,974 units in 2025. This is the lowest MOP number in 11 years, with the previous low occurring in 2014 with 5,301 units, said the report. However, its analysts also said that a "big surge" in resale prices is "unlikely" since more BTO flats will be launched for sale. Given these reports, Mr Chee was asked if the government sees the need to intervene in the housing market. He said that the authorities will monitor the situation carefully, but also pointed to the easing of the resale price index. "We feel that one of the ways to address this is to increase the supply, the supply of new BTO flats. But also to give the market some time to adjust to a higher supply of resale flats starting from 2026," he added. Mr Chee said that the authorities previously introduced the 15-month wait-out period for private property owners before they can purchase a non-subsidised HDB flat. Introduced on Sep 30, 2022, this rule has notably reduced the proportion of private property owners buying high-priced resale flats. "This restriction was put in place as a temporary measure, precisely because there were concerns about higher resale flat prices. But this is not meant to be a permanent measure, so I hope that when the situation improves and the resale flat prices begin to moderate, we are able to consider reviewing or even removing this restriction," he said. VERS Asked if details on the Voluntary Early Redevelopment Scheme (VERS) will be announced during his tenure with the ministry, Mr Chee said that the authorities will share details at the "appropriate time". "It's something that we will definitely study very carefully. It's an important topic that I know is close to the hearts of many Singaporeans, existing flat owners and also the industry," he said. VERS was first mentioned by then-Prime Minister Lee Hsien Loong during his National Day Rally in 2018 as a way of dealing with expiring 99-year leases. The plan is to offer the scheme in selected precincts when the flats are aged about 70 years or older. The government will compensate residents whose flats are taken back early and help them get another flat to live in. Mr Chee said that revitalising older HDB estates and towns is an "important area" of focus for his ministry. "It's important for us to look at - as our estates age, and our population ages - how do we continue to rejuvenate our towns so that they are good homes for residents of all ages," he added. Mr Chee, who was formerly the transport minister, added that there were similarities between both portfolios. He was sworn in as Minister for National Development on May 23. "They both require long-term planning, and they both require us to work closely with the tripartite partners of industry and also our sisters and brothers from the unions," he said.
AsiaOne
5 days ago
- Business
- AsiaOne
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." [[nid:718323]] khooyihang@
