Why is our public housing price to income ratio so high?
I refer to the article “Najib’s housing pledge from previous polls still unfulfilled” (Straits Times, Oct 25).
It states that “Malaysia’s central bank was the bearer of bad news in July, when it said home ownership is still seriously unaffordable, with median prices at 4.4 times annual median income, the same as back in 2014. It is a level considered “seriously unaffordable” by American housing consultancy Demographia, which found the United States (3.9) and Japan (4.1) to be more affordable while Singapore was at 4.8 in 2015.”
Does this mean that our public housing is one of the most expensive and least affordable, in the world?
Whenever there is a HDB Build-to-order (BTO) flats’ launch – the media would report the prices before and after the housing grants.
However, I believe the most obvious question may never have been asked or answered – what is the percentage of buyers who actually received the maximum housing grants “advertised”?
We need s breakdown of this percentage for 2, 3, 4 and 5-room BTO, as well as HDB resale flats.
Leong Sze Hian