Sim Ann on cost of living crisis

The Ministry of National Development (MND) will continue to prioritise building flats for home ownership, instead of for rent. Senior Minister of State for National Development Sim Ann said this is what Singaporeans, especially the middle income, still want. At the same time, HDB will ensure that there are public rental options for those who are unable to own a home. “Let us listen to what younger Singaporeans want. MND and HDB have been engaging Singaporeans at large but also younger homebuyers or prospective homebuyers, and most of the younger Singaporeans who we have engaged indicated a preference to own their own homes - own rather than rent. We are not closed to new ideas. We have indeed been hearing inputs from Singaporeans about alternative typologies of housing, but we also have to recognise that the very strong desire for home ownership is present within Singaporeans and we will have to prioritise building for home ownership,” she said. Speaking in Parliament on Tuesday (Nov 7), Ms Sim said it is important to run public housing with financial sustainability in mind. This will continue to be critical when new models of building HDB flats in desirable locations are introduced. Ms Sim said the Government recognises the impact of inflationary pressures on Singaporeans and will do more to support them, if necessary. “But we have to do it right,” she said. This means preserving market principles and not over-regulating but intervening decisively where market failures exist, as well as intervening prudently so as to remain responsible to future generations. “In the longer term, the only bulwark against inflation is to remain competitive, to grow the economy and to achieve wage growth for all. This is the sustainable and sensible way ahead and this Government is committed to this mission,” she said.