There is also “market philosophy” at job, Mr Lee said, citing instances of selling HDB flats hitting record pricing making the headlines. Nevertheless, such HDB flats that are highly regarded have only” a very small percentage of all trades.”
In the last one and a half decades, cottages that cross the million-dollar level made up about 2 per cent of all resale deals, 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 center. 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 centuries.
” But the issue is that this has caused Singaporeans to be concerned about the value of sale condos as a whole,” he said.  ,
Flat retailers who are reading this information increase their expectations about the value of their flat, while smooth buyers become anxious to secure condos before prices rise.
The minister claimed that for business 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 funding will be the hardest hit because the home business is generally 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 because they were “means tested” and had a liberal grant amount.
” We have lowered the boost so that consumers with lower incomes will be supported more.” He claimed that this will prevent unintentionally increasing the market by ensuring that those in need will get more assistance.