Senior Minister Goh Chok Tong announced during the 50th anniversary of the Real Estate Developer’s Association of Singapore (REDAS) how housing board flats remained the foundation of Singapore’s home ownership scheme.

It is in accordance with his vision for the nation: “A Distinctive City, A Harmonious Home”.

Mr. Goh said the government will ensure the affordability of public housing for every citizen.  Eighty percent of Singaporean families are eligible for HDB subsidies. This is based on their current household income ceiling of $8,000.00. Increasing demands from Permanent Residents in the resale market will also be considered.

He also expressed understanding of the concerns of many Singaporeans about being priced out of the property market after its recovery from the financial crisis. He said young Singaporeans might feel the frustrations of being unable to purchase their first homes. Public housing policy however, will make sure they are able to adhere to the government’s pledge.

He also allayed fears about the price increase of units. The MND has made an assurance of the adequacy of the supply of homes. The Minister added the Government’s commitment to releasing more land to make sure property prices remain aligned with economic fundamentals.

In his speech, Mr. Goh highlighted the significance of being a competitive business venue. Businesses should be able to offer two things. The first is to keep rentals on par with other key financial hubs like Shanghai, Hong Kong, New York and London.

Second, is the ability to offer more affordable office solutions at the fringe of the city in addition to Grade A offices in the Central Business District. 
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