Desmond Lee

The Online Citizen Asia Desmond Lee says 70% of BTO flats affordable for median household with income of S$8400 but what about the 10th to 40th percentile?

[10th percentile](https://tablebuilder.singstat.gov.sg/table/CT/17727) of the “Average Monthly Household Income from Work (Including Employer CPF Contributions) Among Resident Employed Households By Deciles”, at an income of S$2,040, may find that say, 90 per cent of the BTO flats were “not affordable”, because using the much-cited benchmark of “affordability”, of 25 per cent of income for the monthly mortgage repayment for a 25-year HDB housing loan — means that they can only buy a flat priced at not more than S$152,385. As the “median” is half of the households — it may arguably, be a somewhat meaningless “affordability” conclusion because it does not say anything about the 40, 30, 20 & 10 percentile of households who many find the BTO flats “not affordable”. Mr Lee said in his opening remarks for the debate on two parliamentary motions, “Close to 70 per cent of the Build-To-Order flats launched in 2022 across all estates can be affordably purchased with (the median Singaporean household income of) S$8,400 at a mortgage servicing ratio (MSR) of 25 per cent or less, meaning that these households use a quarter or less of their household income to pay for the mortgage instalment,”

SINGAPORE — More Build-to-Order (BTO) flats with shorter waiting times of less than three years will be launched from 2024 onwards, while more support could ...

First-timer families may qualify for an Enhanced Housing Grant of up to S$80,000, if they meet the eligibility conditions. They were the shortest waiting times among projects launched that month. The pandemic has also exacerbated application rates. More than 8,000 of such new flats will be completed in the next two years. Before the pandemic, flat applicants typically had to wait from two-and-a-half to four years for their new homes. Currently, 94 projects under construction have a median waiting time of around 4.3 years.

Minister for National Development Desmond Lee said that the government is committed to keep HDB flats affordable and accessible for Singaporeans. In a marathon ...

The reserves are then invested to fund the government's annual budget to support the needs of Singaporeans. 90 per cent home ownership in a cosmopolitan city is not something that many other major cities have been able to achieve," Lee said. "As a society, we have to debate and agree on how affordability should be fairly defined, because ultimately, we – the people of Singapore – are all collectively paying for it." "To put this into perspective, the revenue from the 1 per cent GST increase this year is less than half of (this). In creating and developing the CPF system, public housing becomes even more affordable for the majority of Singaporeans. A successful couple would be able to sell the BTO flat for a large profit after completing the minimum occupancy period, especially in mature estates. "It is easy to ask, why not make flats even cheaper?" HDB aims to launch up to 100,000 new flats between 2021 and 2025 in order to meet higher demand. Lee encouraged first-timer couples to consider purchasing BTO flat in a non-mature estate so as not to put their family plans on hold. 2022, the govt has set aside at least 95 per cent of 4-room and larger BTO flats for families who are buying their first flat, for both mature and non-mature estates. But more buyers join the queue due to the attractiveness of the BTO subsidy. Lee said that as it is a major decision, many couples feel like they cannot compromise on location, and won't settle for second best.

The PAP is committed to keep housing affordable. They are also building more public housing in our mature estates.

Want to know the number of years of total household income to buy a home in Hong Kong? For comparison, in Singapore, it takes four to five years of total household income to buy a home, versus 8 to 15 years in other major cities such as London, Los Angeles and Sydney. You know those want to get married, have babies kind?

National Development Minister Desmond Lee says the Government has ramped up supply of BTO flats, with almost 100 BTO projects – accounting for about 80,000 ...