National Development Minister Mah Bow Tan has said there is no shortage of housing in Singapore.
He said, "Based on all the BTO (Build-To-Order) projects that we've had so far, (for) all of the projects, all of the developments for the last year - except one - there've always been flats left over, even after everybody in the queue has been offered."
Mah Bow Tan (file pic)But some home buyers often decline the opportunity to pick their flats, if the choices do not meet their expectations.
So the Housing and Development Board (HDB) is looking at new measures to limit this.
But Mr Mah assured that it is unlikely HDB will raise the administrative fee.
He said, "I don't think increasing it from S$10 to S$100 all round is going to work, because people will only say, 'Oh, you're now trying to collect more money, the government's trying to make more money from me'.
"I am asking HDB to study this, to find a way to discourage people from giving up their flats, or giving up their chance so easily. Yes, some people will say 'It's my prerogative to give it up, I don't want it, I can give it up'. Fair enough, but then you will have to suffer some penalties."
Mr Mah also responded to calls for the deferred payment scheme on property purchases to be brought back amid signs of a slowdown in residential property sales.
He said: "The decision to remove the deferred payment scheme was a very carefully considered decision. The objective of it was twofold. One was to remove excessive speculation from the market and two it was to make sure that there is financial prudence.
“These two objectives are still relevant today, probably more so in today's market, so I don't see any need for us to change our decision on that."
There have also been hopes for plot ratios to be increased but the minister said that changes will only be made when necessary.
For now though there won't be a major review across the board. - CNA/ms/vm
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