Market for new flats likely to stabilise in four years: PM Lee

Prime Minister Lee Hsien Loong said he expects the recent slew of housing measures to stabilise the market for new flats in four years. He also gave his assurance that the prices of new flats will remain affordable.

Mr Lee was speaking at a ceremony to mark the completion of upgrading works in a precinct in Ang Mo Kio.

In his speech, Mr Lee noted the concerns many Singaporeans have over buying new flats and he outlined several ways in which housing authorities are working to meet demand.

Some of these measures have started to take effect, and Mr Lee said he expects the market to stabilise in about four years’ time.

The measures include the building of about 50,000 new Build-to-Order flats this year and next, and Mr Lee noted that the flats will be ready in about two to four years. This will also take some pressure off the resale market.

He said: “There’s no need to get worried, because we are building, and we are keeping the prices stable. We will make sure that Singaporeans who need flats will get flats, and they will be affordable and they will be good flats.”

Besides building new flats, the government will continue to improve existing estates. The Main Upgrading Programme (MUP) was one of several upgrading schemes that have benefited residents.

The MUP covers estate improvements such as covered linkways, as well as interior works such as new bathrooms and additional utility rooms. It was launched in 1990 and was replaced in 2007 by the Home Improvement Programme.

Mr Lee said such programmes show the government’s commitment to share its success with all Singaporeans.

Source : Channel NewsAsia – 8 Oct 2011

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