Committee of Supply 2024 debate, Day 5: Desmond Lee on new housing developments and support
A new housing area will be launched in Yishun - providing a “sizeable supply” of new homes along with new recreational, community and commercial facilities. About 10,000 homes will be built in the new estate of Chencharu, near Khatib MRT station. At least 80 per cent will be public housing, with the first Build-to-Order (BTO) project of 1,200 units to be launched in June. This was announced by National Development Minister Desmond Lee in Parliament on Tuesday (Mar 5). He said the Government is also studying the possibility of redeveloping Gillman Barracks in Telok Blangah for a mix of private and public housing. Mr Lee said this would provide more opportunities for people to live closer to the city centre, with easy access to green spaces such as the Southern Ridges and Labrador Nature Park Network. The new residential neighbourhood could also “build on the character and charm of the former colonial buildings” at Gillman Barracks, he said. The minister announced new support to help young couples settle down earlier, if they are ready to do so. From June, eligible young couples will pay a reduced initial downpayment of 2.5 per cent of the purchase price, in an enhancement of the Staggered Downpayment Scheme. This scheme, along with deferred income assessment, has been tapped by more than 3,700 couples since 2018, said Mr Lee. Meanwhile, families who qualify for the Parenthood Provisional Housing Scheme (PPHS) will get further support in the form of temporary rental vouchers worth S$300 a month. This will be offered on a reimbursement basis for one year, starting July. Mr Lee said the S$300 quantum was “carefully calibrated” to provide some relief to families, while mitigating the potential inflationary impact on the rental market. He also provided an update on the overall housing market, which he said is expected to continue to stabilise this year. As of February, more than 67,000 HDB flats - two-thirds of the Government’s commitment to launch 100,000 new flats by 2025 - have been launched. The supply of private housing has also been ramped up under the Government Land Sales (GLS) Programme. Mr Lee gave details of moderating price growth in the public and private markets, with BTO application rates and private transaction volumes also down, and signs that rents are stabilising.
A new housing area will be launched in Yishun - providing a “sizeable supply” of new homes along with new recreational, community and commercial facilities. About 10,000 homes will be built in the new estate of Chencharu, near Khatib MRT station. At least 80 per cent will be public housing, with the first Build-to-Order (BTO) project of 1,200 units to be launched in June. This was announced by National Development Minister Desmond Lee in Parliament on Tuesday (Mar 5). He said the Government is also studying the possibility of redeveloping Gillman Barracks in Telok Blangah for a mix of private and public housing. Mr Lee said this would provide more opportunities for people to live closer to the city centre, with easy access to green spaces such as the Southern Ridges and Labrador Nature Park Network. The new residential neighbourhood could also “build on the character and charm of the former colonial buildings” at Gillman Barracks, he said. The minister announced new support to help young couples settle down earlier, if they are ready to do so. From June, eligible young couples will pay a reduced initial downpayment of 2.5 per cent of the purchase price, in an enhancement of the Staggered Downpayment Scheme. This scheme, along with deferred income assessment, has been tapped by more than 3,700 couples since 2018, said Mr Lee. Meanwhile, families who qualify for the Parenthood Provisional Housing Scheme (PPHS) will get further support in the form of temporary rental vouchers worth S$300 a month. This will be offered on a reimbursement basis for one year, starting July. Mr Lee said the S$300 quantum was “carefully calibrated” to provide some relief to families, while mitigating the potential inflationary impact on the rental market. He also provided an update on the overall housing market, which he said is expected to continue to stabilise this year. As of February, more than 67,000 HDB flats - two-thirds of the Government’s commitment to launch 100,000 new flats by 2025 - have been launched. The supply of private housing has also been ramped up under the Government Land Sales (GLS) Programme. Mr Lee gave details of moderating price growth in the public and private markets, with BTO application rates and private transaction volumes also down, and signs that rents are stabilising.
Popular Shows
