Desmond Lee and Indranee Rajah on affordable public housing and stable property market

The Government will intervene and do what is necessary to ensure a stable property market and affordable public housing for Singaporeans, says National Development Minister Desmond Lee. Speaking in reply to Parliamentary questions on Tuesday (Oct 4), he said the Government will do so decisively and carefully, cognisant of the uncertain global economic outlook and rising interest rates which will affect home prices and contribute to uncertainty in the property market. He said the Government will continue to monitor the market and adjust its policies as necessary on housing demand and supply to ensure that prices move broadly in line with economic fundamentals. "This Government is committed to the stability of the wider Singapore property market and to keeping public housing inclusive, affordable and accessible to Singaporeans," he said. Addressing the concerns of couples looking for their first home to start a family, Second Minister for National Development Indranee Rajah said the Government continually reviews its policies to ensure that Singaporeans continue to have access to affordable public housing and to support Singaporeans in owning their first home. These include ramping up the supply of new flats and launching more projects with a shorter waiting time of less than three years where possible.