25 Apr '11, 2am

New flats affordable for most buyers, says Mah #SGelections

New flats affordable for most buyers, says Mah #SGelections

MOST buyers of new flats need to fork out little or no cash to pay for their homes. This is the result of the Government's efforts to keep housing affordable for young couples, National Development Minister Mah Bow Tan said on Sunday. In his latest rebuttal to the Workers' Party's (WP) proposals on lowering new flat prices, Mr Mah argued that the Government has kept housing costs within the means of most first-time buyers. Eight in 10 couples who bought new flats last year used only a quarter or less of their salaries to service their home loans, which means their Central Provident Fund (CPF) contributions can cover almost all their monthly mortgage payments, Mr Mah said. Speaking at a press conference at Tampines East Community Club, he illustrated how a young couple can buy a new flat with almost no cash required. A couple below the age of 30 needs to pay only a 5 per ce...

Full article: http://www.straitstimes.com/GeneralElection/News/Story/ST...

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