Government will intervene, do what is done to ensure affordable housing, affordable housing

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Government will intervene, do what is done to ensure affordable housing, affordable housing

SINGAPORE: The Government will intervene and do what is necessary to ensure affordable public housing for Singaporeans as well as a stable property market, said Minister for National Development Desmond Lee on Tuesday, speaking in Parliament, Mr Lee said that this has been the authorities' approach all along.

He said that we will do so decisively but also carefully, being cognizant of the uncertain global outlook and rising interest rate environment, which will affect home prices and cause uncertainty in our property market.

He said that the Government will make policy adjustments, if necessary, on both the demand and supply side to make sure housing prices are in line with economic fundamentals.

This Government is committed to the stability of the Singapore property market and to keeping public housing affordable, affordable, and accessible to Singaporeans, he said.

The minister was responding to questions from the MP Yip Hon Weng PAP-Yio Chu Kang who had asked what measures are being taken to address the growing sentiment that Singapore's property market is unaffordable for the masses.

Mr Yip had also asked how the recent adjustments to manpower policies will affect property prices and what else the Government will do to make housing affordable for Singaporeans if housing market conditions don't improve.

In his reply, Lee mentioned a number of reasons for strong, broad-based demand for housing over the last two years.

He pointed out that there are more households forming as people in their 30 s get married, especially with the easing of COVID 19 measures.