24 Jul '11, 9am

Years to correct supply-demand imbalance for HDB flats: Khaw

Years to correct supply-demand imbalance for HDB flats: Khaw

SINGAPORE: National Development Minister Khaw Boon Wan said it will take 3 to 5 years to "substantively resolve" the problem of high resale flat prices and for prices to stabilise. He said there is currently an imbalance between supply and demand - and new Build-To-Order (BTO) flats take three years to build. Mr Khaw said this in response to questions from reporters on the sidelines of a community event on Sunday. He also expressed confidence that resale flat prices will stabilise but stressed that the problem of high prices cannot be solved overnight. He urged Singaporeans to be patient. On Friday, figures from the HDB showed prices rising by 3.1 per cent in the second quarter of this year, nearly twice the previous quarter's 1.6 per cent. "Why do prices go up? It's very simple, because there's an imbalance in supply and demand. Supply means... build more. (But) you won't...

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

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