While the government remains committed to keeping prices of new HDB flats affordable for Singaporeans, it has no complete control over prices in the resale market, according to Prime Minister Lee Hsien Loong.
PM Lee highlighted this yesterday when he commented on one of the most controversial topics for the first time.
Speaking at HDB’s 50th anniversary gala dinner, Mr. Lee emphasized that the Government was committed to keeping the affordability of HDB flats and that the price of its new flats are within the means of the vast majority of Singaporeans.
In addition to that, HDB would also build enough new flats to meet the demand of the growing population. In fact, HDB will build its one millionth flat this year to cap its 50th year.
However, Mr. Lee said that the Government does not have control over resale flat prices.
“These resale prices are set by individual households who transact flats on a willing buyer, willing seller basis, and are affected by movements and sentiments in the wider economy, including the private property market,” explained Mr. Lee.