No change to HDB policies for first-time buyers

THE Government has no plans to tweak policies for first-time home buyers, National Development Minister Mah Bow Tan said yesterday.

In response to a question from MP Lim Wee Kiak (Sembawang GRC), who asked if the

Government would encourage more first-time buyers to buy resale flats, Mr Mah said: “The most important point is whether we have enough flats overall for first-timers to purchase, whether new or resale… I don’t think we want to skew the decision either way; we will let the market take care of it.”

He also addressed the affordability of homes when MP Lim Biow Chuan (Marine Parade GRC) asked whether the median household income has risen in comparison with the HDB resale- price index.

Citing the Government’s various efforts – such as having new flats come in different sizes, and catering to various income groups – Mr Mah reiterated that prices were well within the “international benchmark”.

He added: “Buying an HDB flat is not an expenditure. It is an investment.

“When you buy an HDB flat, at the end of the tenure of the flat or towards your retirement, that HDB flat is a very significant store of value.”

Source : my paper – 27 Apr 2010
Singapore Property