08 Oct '11, 2pm

Market for new flats likely to stabilise in four years: PM Lee

SINGAPORE: Prime Minister Lee Hsien Loong said he expects the recent slew of housing measures to stabilise the market for new flats in four years. He also gave his assurance that the prices of new flats will remain affordable. Mr Lee was speaking at a ceremony to mark the completion of upgrading works in a precinct in Ang Mo Kio. In his speech, Mr Lee noted the concerns many Singaporeans have over buying new flats and he outlined several ways in which housing authorities are working to meet demand. Some of these measures have started to take effect, and Mr Lee said he expects the market to stabilise in about four years' time. The measures include the building of about 50,000 new Build-to-Order flats this year and next, and Mr Lee noted that the flats will be ready in about two to four years. This will also take some pressure off the resale market. He said: "There's no need...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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