Singapore’s PAP faces housing affordability reckoning in run-up to high-stakes election
- Voters ‘priced out’ of Singapore’s housing market could yet deliver a harsh verdict on the government’s handling of the affordability crunch
“The angst, anxiety and anger that we are witnessing will be further stoked when the general election comes around,” said Eugene Tan, a law professor from the Singapore Management University.
“It will be part of the narrative that Singapore has become less egalitarian, more expensive, increasingly elitist.”
However, Wong struck a reassuring tone, insisting that the backlog of new housing inventory will be cleared by early next year and stressing that the government’s ambition to launch 100,000 new flats between 2021 and 2025 remains on track – a goal he believes has already started to stabilise the property market.
“Our current house price-to-income ratios are significantly lower than most cities in the world like London, Sydney and Hong Kong, but there’s still work to be done,” he said.