Singapore Grapples With Housing Affordability

Singapore will continue to monitor the private and public housing resale markets closely following its latest round of cooling measures in August to boost the affordability of public flats. 

The government “will not hesitate to act decisively to ensure prices remain in line with economic fundamentals,” the Ministry of National Development wrote in response to a parliamentary question on whether additional curbs are being considered for the private condominium market.

Singapore’s new private home sales in July rose to the highest level since March, recovering from its weakest first half on record. The government is still trying to ramp up private housing supply as it grapples with concerns about housing affordability and rising private home prices.