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SINGAPORE: The Singapore government is reviewing the eligibility age for singles to buy Build-to-Order (BTO) flats, as well as overall income ceilings, with changes to these two public housing policies to be made at an “appropriate time”, said National Development Minister Chee Hong Tat. Having enough supply will be key, which is why the Housing and Development Board (HDB) is ramping up plans to build more new homes, he told local media earlier this week. This was Mr Chee's first sit-down interview since taking over the national development portfolio after a post-election Cabinet reshuffle in May.  He said the government has worked to ramp up public housing supply to meet demand, after grappling with construction delays due to the COVID-19 pandemic. It has since completed all pandemic-delayed projects. It also earlier committed to rolling out 100,000 new flats from 2021 to 2025, but surpassed that by launching some 102,300 units in that period. Moving forward, the government will be “building more and building faster”, Mr Chee said. For a start, it will launch around 55,000 BTO flats from 2025 to 2027, 10 per cent more than an initial target of 50,000 flats over the three years. These will be in new estates such as Mount Pleasant, Woodlands North Coast, Sembawang North and the former Keppel Club golf course. Around 4,500 new flats with shorter waiting times of less than three years will also be put up for sale this year, up from an initial target of 3,800 and exceeding the 2,800 in 2024. Over the next two years, HDB will then launch about 4,000 flats with shorter wait times annually – a third more than a previous commitment to offer 2,000 to 3,000 of such flats each year. In the private housing market, the government will sustain a “steady level” of supply by launching more than 25,000 private residential units from 2025 to 2027, through the Government Land Sales programme. Together with 45,000 units already in the pipeline, more than 70,000 new private housing units will be completed by around 2030, Mr Chee said.   The minister noted that the government sees the need to step up housing supply as demand remains strong, partly driven by how young people increasingly desire their own homes. In drawing up plans for increased housing supply, the government also wants to “support more people to be eligible to try for new BTO flats”, said Mr Chee. These include families and married couples who exceed the S$14,000 (US$10,877) income ceiling for BTO applications; and singles who are only allowed to buy public housing - be it BTO or resale - upon reaching 35 years of age. “We are looking at whether we can reduce the age for singles to be eligible, so that singles can come in and buy BTO flats at an earlier age,” the minister said. He added: “To what extent we can make adjustments to these two (policies) will depend on what is the supply that we can introduce in the next few years. “You can imagine if we lower the age limit for singles or if we raise the income threshold, there will be more applicants who qualify, and therefore demand will go up ... So, I think it's important for us to create the right conditions to be able to make these policy moves at the appropriate time.”   HDB RESALE MARKET On the HDB resale market, the minister acknowledged that concerns remain over rising prices in recent years. In attempting to rein in prices, the government has introduced four rounds of cooling measures since end-2021.The most recent, in August 2024, tightened the maximum loan that home buyers can take from HDB – a move aimed at dampening demand at the higher end of the resale market. Mr Chee said the government’s aim was for public housing resale prices “to move in tandem with income growth” over time, without too much volatility. Price growth has seen some moderation, he added, citing HDB's latest resale price index which logged its lowest quarter-on-quarter growth in five years. The government expects further price stabilisation starting next year, as more BTO flats reach the minimum occupation period - hence becoming eligible to be sold. There will be 13,500 of such flats in 2026, up from 8,000 this year. The number will go up further to 15,000 in 2027 and 19,500 in 2028, said Mr Chee. Together with the ramping up of BTO flat supply - which will help to take away some demand for resale flats - prices will stabilise in the years ahead, the minister said. That will help pave the way for another policy change: The removal of a 15-month wait-out period for private property owners, before they can purchase a non-subsidised HDB flat. This was introduced in September 2022 to moderate demand for resale flats. At the time, the authorities described it as a “temporary” move that would be reviewed depending on overall demand and market changes. “Once the market prices stabilise in the resale market, I think it (will be) timely for us to then consider removing this temporary cooling measure,” Mr Chee said.   MONITORING TARIFF IMPACT Mr Chee was also asked if the United States’ tariff blitz could result in cost or production issues for housing developers and contractors in Singapore.  Singapore faces the 10 per cent baseline tariff on exports to the US. He said the government was closely monitoring global supply chains and the impact of tariffs on the cost of products imported into Singapore. It is looking at working with “different partners, besides the US”, to ensure supply security, he added. The local built environment industry can also navigate the new environment by becoming more productive and efficient. And the government will provide support here, such as by cutting down red tape and removing “unnecessary checks and procedures”; allowing new ideas to be test-bedded in commercial projects; and helping small firms to procure new technology. “Some of the costs we can’t avoid because our land costs will be higher, our labour costs will be higher compared to many other countries, but in areas where we can control and we can bring down, we should,” said Mr Chee. “The government will do our best ... We will work closely with our industry partners to see how far we can go.” Source: CNA/sk(jo)

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ttps://www.bloomberg.com/news/feat...sts-stock-300-helped-by-retirees-and-students Hyperlocal Deliveries Fuel 300% Stock Rise for Shopee Owner Sea In the battle royale of global e-commerce, the names are familiar and formidable: Amazon. TikTok Shop. Shein. Temu. But in Southeast Asia, home to 675 million people and a $160 billion online shopping market, the reigning monarch is an app the color of a traffic cone. It’s called Shopee. And it’s thriving. Owned by Singapore-based Sea Ltd., Shopee has pulled off one of the more improbable corporate comebacks in recent memory, sending its stock soaring more than 300% since the start of 2024. A key secret weapon is a little known logistics operation powered by an army of homemakers, students and retirees. And the help of some very large Ikea bags. ... SPX Express’ edge is in its intimacy. It’s the fact that your parcel might be delivered by your retired neighbor, or the kid next door looking to earn pocket money. People like John, a 64-year-old who’s been delivering in his neighborhood for four years, going up and down apartments in a quarter-mile radius to hand over hundreds of parcels every day. He does it for the money, sure — a little extra cash is always nice. But he also likes the community. “I've made so many friends, I get to chat with elderly neighbors who welcome me into their home and witness milestones of so many families,” John said.

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