There is also “market philosophy” at job, Mr Lee said, citing instances of selling HDB flats hitting record pricing making the headlines. However,” a very small proportion of all trades” is made up of high resale costs for such HDB cottages.
In the last one and a half decades, cottages that cross the million-dollar level made up about 2 per cent of all resale transactions, the minister said. These are mostly maisonettes, professional rooms, deluxe flats or five-room flats in very great locations, large floors or with very much remaining leases.
The majority of the four-room and smaller apartments that command higher prices are located in HDB estates in or very close to the city centre. They are frequently well-served by ample amenities, transportation options, and being situated on really high floors with great views.  ,
According to Mr. Lee, these transactions account for 0.5 % of all four-bedroom or smaller cottages that have been transacted in the last two decades.
” But the issue is that this has caused Singaporeans to be concerned about the value of sale condos as a whole,” he said.  ,
Flat customers become anxious to secure cottages before prices rise, while straight buyers who are reading these reports raise their expectations about the potential value of their homes.
The minister claimed that for market dynamics could lead to a balloon and a rise in the resale market if not followed by economic fundamentals.  ,
He added that when the market dries, those who purchase at higher rates with larger debts will be the hardest-hit when the market cools because the property market has historically been continuous.  ,
” This is why we are moving now to lessen require and encourage prudent loans, even as we continue to add source at a steady speed to match demand,” said Mr. Lee.
Separately, the state also announced more financial assistance for qualified first-time level consumers, especially those from the lower-income teams
Currently, the Enhanced Central Provident Fund ( CPF ) Housing Grant gives a maximum of S$ 80, 000 in grants for families and S$ 40, 000 for singles buying their first new or resale flat.
This will go up to S$ 120, 000 and S$ 60, 000 both.
” This is a significant increase from what we provided previously, and will help first-time home buyers afford their first home”, Mr Lee said.
The minister questioned whether the grants could have an unexpected impact on market demand and whether the grants are “means tested” and have progressive give amounts.
” We’ve set the price,” according to the statement. This will prevent the needy from unintentionally boosting the business, he said,” so that those in need will get more support.”