Prime Minister Lee Hsien Loong had declared at the National Day Rally intends to construct 9,000 people and private houses on the website of Keppel Club after its lease expires in a couple of decades.

“If you’ve got public housing in this prime place and if you should market it in today’s public home costs, it’ll be a rather large subsidy. Whoever has the apartments there, by ballot, will probably be quite happy. However, it’ll be a little bit of a’lottery impact’. People of us who don’t get that level will be quite envious,” he explained through a CNA938 interview.

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“On the other hand, if we had been to maintain the subsidy the same, then the purchase price of these flats will be quite large and out of reach. So we must work out a new version for public housing in the Southern Waterfront.

In the meeting, Wong also discussed the new home grant and greater earnings ceiling introduced by HDB, reported CNA.

Wong explained that the new measures are aimed at providing”a greater balance between resale and new (apartments ) in relation to grants” so that the proportion of people buying those properties”will stabilise moving forward”.

Presently, around 75 percent of HDB buyers favor flats that are new, whereas the other 25 percent choose resale flats.

“I anticipate with the incentive arrangement adjusted, the 75 percent figure will probably come down in the next several years,” explained Wong.

He added that the authorities also decided to increase the earnings ceiling to accommodate increasing income levels.

“As incomes increase, some of them in the margins will then exceed the earnings and then they would no more have the opportunity,” explained Wong.

“We track the income all the time as incomes grow, we’ll correct the income ceilings so so that approximately eight in 10 or over eight in 10 Singaporeans will be qualified to purchase public housing in Singapore.”