Deputy Prime Minister Wong stated that (BTO) flats in Singapore continue to remain affordable.

Deputy Prime Minister Wong stated that Build-To-Order (BTO) flats in Singapore continue to remain affordable, as their prices have risen in line with income growth. He emphasized that the government has taken measures to ensure that housing remains accessible to Singaporeans. The prices of BTO flats have increased over the years, but they have kept pace with the growth in household incomes. DPM Wong highlighted that the government remains committed to providing affordable housing options for Singaporeans and will continue to monitor the housing market closely to ensure affordability is maintained.

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During the May Day Rally, Deputy Prime Minister Lawrence Wong emphasized the importance of considering housing affordability beyond the headline price of Build-To-Order (BTO) flats in Singapore. He highlighted that it is crucial to assess how the price of a BTO flat relates to household income and the proportion of income required to service the housing loan.

DPM Wong provided a comparison between the BTO flat prices in 1980 and the present. In 1980, a four-room BTO flat in a new town cost around S$40,000, while the median household income was approximately S$900. Currently, a similar flat in a non-mature estate like Bukit Batok costs S$350,000, which is almost ten times the price in 1980. However, DPM Wong pointed out that median household income has also increased by ten times, from S$900 in 1980 to S$9,000 today. He stated that the prices of BTO flats have moved in line with income growth.

DPM Wong further noted that the comparison did not include housing grants of up to S$80,000 available for first-time buyers. These grants further contribute to enhancing housing affordability for Singaporeans.

Overall, DPM Wong's statements aim to emphasize that the affordability of housing should be evaluated in terms of the relationship between prices and income, as well as the proportion of income required for housing loan repayment.

Deputy Prime Minister Lawrence Wong emphasized that Build-To-Order (BTO) flats in Singapore remain affordable when a fair comparison is made. He highlighted that the majority of first-time homebuyers are able to service their housing loans using their Central Provident Fund (CPF) contributions, requiring minimal or no out-of-pocket cash.

Mr. Wong identified the main challenge faced by Singapore as a shortage of BTO flats due to delays in supply caused by the COVID-19 pandemic. However, he reassured that efforts are being made to address this issue by increasing the supply of BTO flats. He mentioned that 20,000 flats are expected to be completed this year.

Highlighting Singapore's achievements, Mr. Wong stated that the country has created the world's best public housing. This statement acknowledges the success and quality of Singapore's public housing program.