Home MARKET STABILISING
The COVID-19 crisis and the disturbance the building industry experienced, according to Mr. Wong, caused problems with the housing market.
As the supply of new houses slowed, prices went up. Since then, the government has started a number of cooling actions to stabilize the market in addition to supply-boosting work.
” By early next year, the queue may be cleared”, said Mr Wong. People will soon be able to pick up their codes and complete all BTO projects that COVID-19 has delayed.
MND had pledged to build 100, 000 new cottages from 2021 to 2025. By December, more than 80, 000 new condos may become delivered and all 100, 000 products by next year, he added.
Mr Wong noted that the president’s work are” starting to stabilise the house business”.
” We occasionally read news reports in the media about the costs of HDB selling apartments. I know it’s a major concern for house customers”, he said.
He added that the government carefully monitors these charges, particularly how they change in relation to earnings or what is known as the house price-to-income amount.
For instance, the ratio of the median value of a four-room HDB sale even after offers, against the median annual household income was 4.8 in 2014. This means that the home’s cost after provides was nearly five times the company’s revenue.  ,
This came down to under 4 over the years, but went back up to 5 with the effects of the pandemic.
The percentage is now at 4.8,  , similar as what it was a decade ago, said Mr Wong.  , Compared with other big cities like London, Sydney and Hong Kong, Singapore’s existing property price-to-income numbers are even” significantly lower”.