SINGAPORE: According to Deputy Prime Minister Lawrence Wong on Monday( May 1 ), build-to-order( BTO ) flats are still reasonably priced, with flat prices increasing in tandem with incomes.
Mr. Wong said during the May Day Rally,” When you think about pricing, please don’t even look at the title cost of the BTO straight, also consider how the cost relates to income, as well as the proportion of income that’s needed to support the housing loan.”
He stated in his speech that, like in 1980, the average household currently uses less than 25 % of their income to pay off their home loan.
A four-room BTO apartment in a new town cost about S$ 40, 000 ( US$ 30 000 ), and the median household income was around S$ 900 in 1980. & nbsp,
According to Mr. Wong, who is also the Finance Minister, the price of a comparable apartment in sane land like Bukit Batok currently costs S$ 350,000; prices have increased by almost threefold since 1980. & nbsp,
However, the median household income has increased by 10 years, from Mho$ 900 to S$ 9,000. Therefore, BTO even prices have actually increased along with earnings, according to Mr. Wong. & nbsp,
Additionally, this comparison does not take into account the housing grants of up to$ 80,000 that are offered to first-time buyers, he added. & nbsp,
According to the Deputy Prime Minister,” BTO flats remain affordable if you do a proper comparison, and that comparison is fair.”
And the vast majority of our first-time homebuyers today use their CPF ( Central Provident Fund ) contributions to pay off their mortgages, with little to no out-of-pocket money ,” he continued.
According to Mr. Wong, the primary issue Singapore is currently dealing with is a lack of BTO condos due to supply delays brought on by the COVID – 19 epidemic. & nbsp,
He continued,” We are steadily catching up on the backlog, ramping up supply, and building more BTO flats ,” adding that this year’s total will be 20,000.
He claimed that Singapore has developed the” best public housing in the world.”
According to Mr. Wong,” accessible and affordable social housing, such as access to top-notch education and healthcare, will always be a crucial component of our interpersonal compact in Singapore.”