It is committed to keep housing affordable for all Singaporeans.
THE Government is watching the property market 'carefully', and taking steps to ensure that it does not over-heat.
PM Lee Hsien Loong(above) stressed that the government will make sure that the property market stays in balance over the long term. -- PHOTO: AP
Among other things, it will step up supply of office space over the next two to three years, and build more Housing Board flats to meet the strong demand, said Prime Minister Lee Hsien Loong on Monday.
To those are worried that they might have 'missed the boat' in the current residential property boom, his advise to them is: Don't worry, there is enough land for affordable housing for all Singaporeans.
Speaking at the NTUC National Delegates Conference at the Orchid Country Club, Mr Lee highlighted two particular segments that are 'of concern' - prime office space and residential property.
Rentals of prime office space have shot up due to strong economic growth, he noted.
The financial and business services sectors are expanding, while many new businesses are moving in from the region and the West.
'They want to grow their business in Singapore and we're unable to meet it,' said PM Lee.
To ease the office space crunch, he said the Government is taking steps to increase the supply.
'We hope we'll be able to inject more office space into the market over the next two or three years - not just to stabilise office space market but provide the capacity so that lots more businesses can come set up in Singapore and grow our economy,' he said.
The Government is also closely tracking the residential market to ensure that it stays in balance over the long term.
The withdrawal of the deferred Payment Scheme, announced by the National Development Ministry last Friday night, is one such measure 'to dampen excessive speculation and help to inject some reality into the market,' said the Prime Minister.
'The Government is committed to keeping housing affordable for all Singaporeans,' he promised.
To that end, the Housing Board is building more flats. The Government is also releasing more land for executive condominiums - which also addresses the problem of middle-income households that do not qualify for HDB flats.
Said Mr Lee: 'We're convinced that we will be able to provide good housing for all Singaporeans over the medium to long term.'
'There is enough land in Singapore. There is no need for anybody to get alarmed, that this is the last chance, and if you don't get on, you'll miss the boat.'
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