Mr Leong gave an example of how a Singaporean buyer only needs to pay $140,000 for a Tengah BTO flat priced at $350,000, at the time of purchase under PSP’s proposed scheme.
The proposed scheme will not have any major impact on the nation’s fiscal position and reserve accumulation, as the government will still be able to recover a substantial land costs when HDB flats are resold. With the heavy burden of homeownership, young couples will have less incentive to have children due to financial challenges, he added.
She added that HDB flat buyers use 64 to 100 per cent of their ordinary account contributions to pay for their HDB flats, leaving them with less for retirement.
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