However, there is another cause, which is that we have seen over the years and that COVID may have contributed to this trend. Former families with their families, and now with their parents as singles, started to cut up.
I believe that this trend has grown more quickly, which means that when families are divided into smaller ones, there is more demand for housing to provide.
We have to get up even more because offer has been impacted and demand has continued, and that’s where we are currently in the catch-up period.
When the demand-supply formula and the market have been stabilized, and if there are plenty flats, we will look into how to open up and expand access for other segments, particularly singles.
Q: How will you try to strike a balance between supply and equality once we have gotten past this?
That is already what we do now. For instance, we do permit songs to purchase two-room flex units. For instance, we do permit singles to purchase selling apartments, and then we opened up our doors to allow them to do so across various estates, not only Standard but even Plus and Prime.
But it’s constantly a balancing act to ensure that we want young people who want to sit down and have access to residences. That is very essential to us.
We want Singapore to be able to establish individuals, have a sense of belonging, and live here.
However, there are other themes, such as those who are looking for properties and who are also looking for homes, and we will need to work with these people as well.
Land is also limited in Singapore at the same time. So we will always need to consider how much territory we have, how many different social requirements and demands are evolving, and how best to accommodate these various groups.
pertaining to owning a house
Q: How did it feel from 2015 to 2020 when you served as the Minister for National Development?
People do want to own their own houses. It is so important to have people of all different backgrounds, rich or poor, various races and religions living up, not only having a house, but also having a sense of community, building that shared experience. And it is very important to our cultural agreement.
And finally getting a nest egg for retirement.
These basics, these basics, and these are solid. However, I learned from MND that sometimes the elements are present, but the real experiences, the practices, and the perceptions may veer off in directions you might not have had anticipated.
For instance, you might find yourself in a situation where cover occasionally turns into more than just home ownership. Then there is a circumstance where persons become concerned.
People jump into the industry or worse, they overuse housing and purchase several properties, or FOMO, or the fear of missing out, is a common symptom. All of their life benefits are used to purchase real estate or homes.
These are items that you must find ways to manage, and plans must adapt to them. That’s why we have implemented innovative actions over the years, such as Singaporeans buying many properties have to pay higher ABSD.
CPF laws have also been modified to prevent overuse of the program because of this. We have set accommodation withdrawal restrictions. When it comes to housing mortgages, we have tighter loan-to-value caps for CPF.