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Online Citizen
7 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.
Straits Times
7 days ago
- Business
- Straits Times
Public housing affordability, supply priorities for new National Development Minister Chee Hong Tat
Mr Chee Hong Tat said his ministry will continue to have a strong supply of new BTO flats, building on the work of former National Development Minister Desmond Lee. ST PHOTO: KUA CHEE SIONG SINGAPORE - The affordability of Housing Board resale flats is a key priority for the Government, said National Development Minister Chee Hong Tat. '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 told reporters on May 28 , five days after assuming the national development portfolio. Mr Chee attributed higher resale prices to the Covid-19 pandemic, which slowed the construction of Build-To-Order (BTO) flats and drove some home buyers to the resale market. Resale prices are expected to moderate in the years ahead as more flats reach their minimum occupation period (MOP) from 2026, he said. From October 2024, a Standard BTO flat comes with a five-year MOP, during which the owners must reside physically in the unit before it can be resold. Plus and Prime flats have a 10-year MOP. Before this, all flats had a five-year MOP. Mr Chee, who was sworn in as the Minister for National Development on May 23, was speaking to the media during a visit to the Toa Payoh Ridge BTO project in his Bishan-Toa Payoh GRC. Home owners at the 920-unit project in Lorong 1 Toa Payoh, which launched in February 2020, started collecting the keys to their flats last week. Mr Chee said his ministry will continue to have a strong supply of new BTO flats, building on the work of former National Development Minister Desmond Lee. For instance, HDB had exceeded its target of launching 100,000 BTO flats from 2021 to 2025. HDB is also on track to deliver the keys to 19,000 households in 2025 , with 7,000 households having collected the keys to their homes to date, he added. Mr Chee, who was transport minister, said he also hopes to help residents in new BTO projects - including developments located a distance from the town centre or amenities - have a better experience when they move in. He said he has asked Senior Minister of State for National Development Sun Xueling to look into this. Another area Mr Chee intends to prioritise is the sprucing up of older HDB estates so that they are 'good homes for residents of all ages'. He pointed to the Remaking Our Heartlands programme, which aims to renew older estates to make neighborhoods more sustainable and vibrant, as well as the Silver Upgrading Programme, which provides senior-friendly improve ments to older precincts that already underwent upgrading in the past. These efforts require a 'dedicated focus' by various ministries that have to work closely together, he added. Asked about the HDB lease decay issue and the Voluntary Early Redevelopment Scheme (Vers), Mr Chee said: 'This is something we will study carefully and, at an appropriate time, we will share more details.' Lease decay is the erosion of a flat's value as the end of its 99-year lease approaches. The proposed solution, Vers, which has yet to be rolled out, will allow owners of flats aged 70 years and older to vote for the Government to buy back their homes before their leases run out. On rising resale prices and million-dollar flat transactions, Mr Chee said one of the ways to address this is to increase the supply of BTO flats, and to give the market time to adjust to the higher supply of flats that have reached their MOP from 2026. Mr Chee said the cooling measure introduced in September 2022, which imposed a 15-month wait-out period on private property downgraders who want to buy a resale flat, is not meant to be permanent. 'I hope that when the situation improves… we are able to consider reviewing or even removing this restriction,' he said. Mr Chee was also asked for his thoughts on his switch from the transport ministry to the national development ministry. 'Indeed, both transport and MND are hot portfolios,' he said, noting that there are similarities between the two ministries. 'They both require long-term planning and they both require us to work closely with the tripartite partners in our industry, and also the unions,' he added. The tripartite partners are the Government, unions and employers. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
07-04-2025
- Business
- Yahoo
Lawrence Wong, Pritam Singh rally Singaporeans amid Trump's tariffs; $165 million upgrading plan for 36,000 HDB households: Singapore live news
Hello to all our readers, Yahoo Singapore will be bringing you live news updates today. The editorial team will be curating the latest must-know local and international news. First off, In response to US President Donald Trump's sweeping tariffs, Singapore's leaders are calling for national unity as the country braces for economic disruptions. Prime Minister Lawrence Wong warned of potential global trade tensions while urging Singaporeans to stay vigilant and resilient. Leader of the Opposition and Workers' Party chief Pritam Singh echoed Wong's message, emphasising the need for collective action and solidarity. As Trump's tariffs on Singapore and other nations could escalate tensions, Southeast Asian leaders are also taking varied approaches, with Malaysia focusing on economic strength, Vietnam seeking tariff delays, and Indonesia pursuing diplomatic solutions. The future remains uncertain, but Singapore's unity and adaptability remain its strongest assets. Meanwhile, the Housing and Development Board (HDB) has announced a $165 million upgrade to 17 neighbourhoods, benefiting over 36,000 households. The latest batch of the Neighbourhood Renewal Programme (NRP) includes enhancements like covered linkways, drop-off porches, and fitness corners. Additionally, the Silver Upgrading Programme (SUP) will introduce age-friendly features like therapeutic gardens for seniors. As part of this initiative, the government will also increase the Lift Access Housing Grant (LHG) to assist those needing homes with direct lift access. The ongoing upgrading projects reflect Singapore's commitment to creating accessible, liveable spaces for all residents, especially seniors. Read more in our live blog below, including the latest local and international news and updates. Singapore is investing $165 million to upgrade over 17 Housing & Development Board (HDB) neighbourhoods, ensuring better accessibility and amenities for more than 36,000 households. As part of the 16th batch of the Neighbourhood Renewal Programme (NRP) and Silver Upgrading Programme (SUP), 17 selected neighbourhoods will see improvements tailored to residents' needs, including new senior-friendly amenities, Minister for National Development Desmond Lee said on Sunday (6 April). The upgrades will feature fitness trails, covered linkways, and improved community spaces. The NRP, which has been enhancing HDB precincts since 2007, will include features such as residents' corners, fitness trails, and drop-off porches in 17 selected neighbourhoods across Bukit Panjang, Sembawang, and Sengkang. These precincts will be the first batch to benefit from the extension of the programme, now including blocks built as late as 1999. The increased budget per flat will now be around $6,600, up from $6,100, in response to the demand for senior-friendly amenities. In addition to the NRP, the SUP, launched in 2024, will improve older precincts with more age-friendly features like therapeutic gardens and fitness stations. This initiative aims to make communities more accessible for seniors, helping them age in place comfortably. The enhancements will be implemented across 12 precincts, benefiting approximately 11,000 households. To further improve accessibility, the government will increase the Lift Access Housing Grant (LHG), which helps residents with mobility challenges move to flats with direct lift access. Families can now receive up to $80,000, a significant increase from the previous cap of $30,000, while singles can get up to $40,000, up from $15,000. These upgrades align with Singapore's broader commitment to improving public housing and ensuring all residents can live in comfortable, accessible communities. As part of the Marsiling-Yew Tee Masterplan, which will span the next five years, further developments will enhance connectivity, job opportunities, and community amenities, making Marsiling-Yew Tee a model of urban transformation, Prime Minister Lawrence Wong said, during the Marsiling-Yew Tee Town Day 2025 on Saturday. In the wake of President Donald Trump's recent tariff announcement, which impacts Singapore and other trade-dependent nations, Singaporean leaders are urging national unity and resilience. Prime Minister Lawrence Wong emphasised the importance of solidarity as the country faces an unpredictable economic future in a video posted on Facebook Friday (4 April). Leader of the Opposition and Workers' Party chief Pritam Singh echoed these sentiments, underscoring the necessity of a unified response to global uncertainties. Responding to the ongoing global trade tensions, Pritam expressed support for Wong's call for a united society. Singh stressed the importance of unity amid the volatility induced by Trump's tariff policy in a Facebook post. 'Unity in diversity is Singapore's best response to an unknown future,' Singh wrote, reinforcing the need for a cooperative approach despite political differences. He also reiterated the Workers' Party's commitment to a rational opposition that remains loyal to Singapore's interests. Trump's decision to impose a baseline 10 per cent tariff on Singapore, along with higher tariffs for other countries like China, has sent ripples across Southeast Asia. In response, Wong warned of the possibility of a global trade war, urging Singaporeans to prepare for further shocks. He acknowledged the heightened risks and the need to adjust to a new economic landscape. With Singapore's trade-dependent economy, these tariffs are expected to weigh heavily on growth projections and could prompt further adjustments by the Monetary Authority of Singapore (MAS). Across Southeast Asia, countries are adjusting to the broader implications of Trump's trade policy. While Singapore braces for the economic consequences, neighbouring countries are taking varying approaches. Malaysia, despite the tariffs, reassures its citizens that the country's economic fundamentals are strong enough to avoid a recession. Meanwhile, Indonesia has opted for diplomacy over retaliation, seeking to maintain stable trade relations with the US Vietnam, on the other hand, is negotiating with the US to delay tariffs that would severely impact its economy. Singapore is investing $165 million to upgrade over 17 Housing & Development Board (HDB) neighbourhoods, ensuring better accessibility and amenities for more than 36,000 households. As part of the 16th batch of the Neighbourhood Renewal Programme (NRP) and Silver Upgrading Programme (SUP), 17 selected neighbourhoods will see improvements tailored to residents' needs, including new senior-friendly amenities, Minister for National Development Desmond Lee said on Sunday (6 April). The upgrades will feature fitness trails, covered linkways, and improved community spaces. The NRP, which has been enhancing HDB precincts since 2007, will include features such as residents' corners, fitness trails, and drop-off porches in 17 selected neighbourhoods across Bukit Panjang, Sembawang, and Sengkang. These precincts will be the first batch to benefit from the extension of the programme, now including blocks built as late as 1999. The increased budget per flat will now be around $6,600, up from $6,100, in response to the demand for senior-friendly amenities. In addition to the NRP, the SUP, launched in 2024, will improve older precincts with more age-friendly features like therapeutic gardens and fitness stations. This initiative aims to make communities more accessible for seniors, helping them age in place comfortably. The enhancements will be implemented across 12 precincts, benefiting approximately 11,000 households. To further improve accessibility, the government will increase the Lift Access Housing Grant (LHG), which helps residents with mobility challenges move to flats with direct lift access. Families can now receive up to $80,000, a significant increase from the previous cap of $30,000, while singles can get up to $40,000, up from $15,000. These upgrades align with Singapore's broader commitment to improving public housing and ensuring all residents can live in comfortable, accessible communities. As part of the Marsiling-Yew Tee Masterplan, which will span the next five years, further developments will enhance connectivity, job opportunities, and community amenities, making Marsiling-Yew Tee a model of urban transformation, Prime Minister Lawrence Wong said, during the Marsiling-Yew Tee Town Day 2025 on Saturday. In the wake of President Donald Trump's recent tariff announcement, which impacts Singapore and other trade-dependent nations, Singaporean leaders are urging national unity and resilience. Prime Minister Lawrence Wong emphasised the importance of solidarity as the country faces an unpredictable economic future in a video posted on Facebook Friday (4 April). Leader of the Opposition and Workers' Party chief Pritam Singh echoed these sentiments, underscoring the necessity of a unified response to global uncertainties. Responding to the ongoing global trade tensions, Pritam expressed support for Wong's call for a united society. Singh stressed the importance of unity amid the volatility induced by Trump's tariff policy in a Facebook post. 'Unity in diversity is Singapore's best response to an unknown future,' Singh wrote, reinforcing the need for a cooperative approach despite political differences. He also reiterated the Workers' Party's commitment to a rational opposition that remains loyal to Singapore's interests. Trump's decision to impose a baseline 10 per cent tariff on Singapore, along with higher tariffs for other countries like China, has sent ripples across Southeast Asia. In response, Wong warned of the possibility of a global trade war, urging Singaporeans to prepare for further shocks. He acknowledged the heightened risks and the need to adjust to a new economic landscape. With Singapore's trade-dependent economy, these tariffs are expected to weigh heavily on growth projections and could prompt further adjustments by the Monetary Authority of Singapore (MAS). Across Southeast Asia, countries are adjusting to the broader implications of Trump's trade policy. While Singapore braces for the economic consequences, neighbouring countries are taking varying approaches. Malaysia, despite the tariffs, reassures its citizens that the country's economic fundamentals are strong enough to avoid a recession. Meanwhile, Indonesia has opted for diplomacy over retaliation, seeking to maintain stable trade relations with the US Vietnam, on the other hand, is negotiating with the US to delay tariffs that would severely impact its economy.
