New property rules aim to help first-timers

National Development Minister Mah Bow Tan emphasized that the new property measures are aimed to help first-time homebuyers get “first crack” at the housing market.

The Minister noted that while the cooling measures may cause disadvantage or inconvenience to some homeowners, the broader goal of the new rules was to prioritise first-time homebuyers, as well as reinforce the use of an HDB flat for long-term occupation rather than a mode of investment.

“If you already own a private property, then please don't at this point of time compete with the others to buy HDB resale flats unless you're genuinely downgrading,” said Mr. Mah.
 
He was responding to questions from Members of Parliament about the new measures implemented in August 30, as the new cooling measures were making it harder for homebuyers to own private and public flat concurrently.

While there are those who wanted to own both private and public flats, some homebuyers had more pressing needs, said Mr. Mah.

“We have a genuine need from first timer couples for HDB resale flats and I think we should let them have first crack at it.”

While some complaints have centred on HDB upgraders, he stressed that the new rules encouraged them to be more cautious, adding that he do not want to repeat the peak and crash of the property market in 1997, when many homeowners lost their flat and faced negative equity.