The PAP government is hoping to hear from Singaporeans on issues such as whether an HDB flat should become an appreciating asset? Or how the HDB can meet the housing needs of both the rising number of retiring baby boomers and younger Singaporeans at the same time?
Here is the full statement from the Ministry of New Development:
OUR SINGAPORE CONVERSATION ON HOUSING
The Ministry of National Development (MND) invites all Singaporeans to take part in 'Our Singapore Conversation' on Housing, to shape the future of housing policies together. In particular, MND would like to gather views on the four issues highlighted by Minister for National Development Khaw Boon Wan in his 2013 Committee of Supply Budget Debate speech:
Homeownership in Singapore
Today, 90 per cent of households own their homes. This is in line with our priority to promote homeownership among Singaporeans, as an overarching social objective. Public housing is heavily subsidised to help achieve this. An HDB flat is first and foremost a home where couples start their lives together. However, given the high rate of home ownership, have we reached the limit?
As the economy grew rapidly, an HDB flat also became a rapidly appreciating asset which they could use to build their family and a better life, and provide security for their retirement needs.
How should we balance the role of a HDB flat as "a home" and as "an asset" in a future where the pace for capital appreciation may likely be slower?
Types of Public Housing
Currently, there is a range of housing options to meet the diverse needs and financial means of Singaporean households. They include 2-room, 3-room, 4-room, and 5-room HDB Build-to-Order flats, flats offered under the Design, Build & Sell Scheme (DBSS), as well as Executive Condominiums (ECs).
What types of public housing should Singapore have in the future? Should the Government continue to provide such a range of housing types?
Housing Affordability
Home prices have risen over the past few years, due to various reasons such as global liquidity, nsustainable low interest rates, and positive economic sentiments. HDB BTO prices rose to more than five times annual household income, up from four times in 2007. While high prices make home owners happy, it has caused anxiety amongst prospective home buyers.
How can BTO flats be made more affordable?
Monetisation Options for the Elderly
Elderly Singaporeans today rely on CPF funds, personal savings and support from working children for their retirement needs.
For those who need an additional source of income, they can rent out their HDB flat or spare room, sell their HDB flat and move to a Studio Apartment, or take up HDB's Lease Buyback Scheme. As our population ages, we should consider more ways to help our seniors unlock the value in their HDB flat asset, if they wish to do so.
What else can we do to help elderly Singaporeans who wish to monetise their flats?
Join in the Conversation
Over the next three months, MND has set up the following platforms for Singaporeans to join in this national conversation on housing:
Online
More information on the 'Our Singapore Conversation' on Housing is available online at the microsite www.mnd.gov.sg/homesweethome.
Updates on the conversation are also available through MND's Facebook (www.facebook.com/mndsingapore) and Twitter account (www.twitter.com/mndsingapore).
Conversations with Singaporeans
Singaporeans are welcome to participate in the series of OSC conversations on housing by attending the sessions to exchange views with one another. Further information on the schedule is at www.mnd.gov.sg/homesweethome/schedule.)