photo of Khaw Boon Wan from youtube

In October 2014, the National Development Minister Khaw Boon Wan said that he will build about 16,000 Build-to-Order (BTO) units in 2015 [Link], and the Housing Development Board (HDB) also published that 16,900 BTO units will be built [Link].

However today, Minister Khaw through the HDB backtracks on his promised 16,900 BTO units and announced that only 15,000 BTO units will be built this year. The reason HDB gave was to “stabilise” the HDB resale market, which have been seeing falling prices since its peak in the 3rd Quarter of 2013.

photo of Khaw Boon Wan from youtube
photo of Khaw Boon Wan from youtube

In recent months, Minister Khaw Boon Wan has on multiple occasions announced that housing prices are now more affordable even though Singapore’s median-income-to-housing-price ratio remains at around 45.45 times, and Singaporeans owing 25 to 30 years of mortgage debt each time they buy a HDB flat. Singaporeans tend to jeopardize their retirement by having an overstretched mortgage debt, but somehow, the Minister sees fit to call his housing prices “affordable”.