Louis Chua on public housing motions
A shortfall in housing supply is a key factor behind current imbalances in the property market and needs to be urgently addressed, said MP Louis Chua in Parliament on Monday (Feb 6). He pointed to surges in public and private property prices and rents over the past three years, saying supply has not kept up with demand. For BTO flats, for instance, even though supply was ramped up by 35 per cent last year, overall application rates were “stubbornly high” at over five times, compared with an average of over three times in the past decade. Meanwhile, HDB’s pledge to launch up to 100,000 flats in total by 2025 has been repeated since the end of 2021, he said. Mr Chua asked why more proactive steps are not being taken, given that the Ministry of National Development expects housing demand to stay robust due to strong household formation and societal trends towards smaller households, with immigration likely to add further strain.
A shortfall in housing supply is a key factor behind current imbalances in the property market and needs to be urgently addressed, said MP Louis Chua in Parliament on Monday (Feb 6). He pointed to surges in public and private property prices and rents over the past three years, saying supply has not kept up with demand. For BTO flats, for instance, even though supply was ramped up by 35 per cent last year, overall application rates were “stubbornly high” at over five times, compared with an average of over three times in the past decade. Meanwhile, HDB’s pledge to launch up to 100,000 flats in total by 2025 has been repeated since the end of 2021, he said. Mr Chua asked why more proactive steps are not being taken, given that the Ministry of National Development expects housing demand to stay robust due to strong household formation and societal trends towards smaller households, with immigration likely to add further strain.
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