The policy change was initially met with scepticism. Many were reported to predict a lukewarm response. We thought otherwise.
When the July BTO closes tonight, we expect to have received more than 8,500 applicants from singles. More than 55 singles will compete for each 2-room unit on offer for singles. This is not lukewarm at all.
I took a quick look at some of the BTO statistics. The median age of the singles who applied was about 43 years. Their median monthly median income was about $1,800.
Our decision to focus on the singles aged 35 years and above and up to $5,000 income level, was therefore appropriate.
I am happy that we implemented this new housing policy: it will enable more single Singaporeans to own their own home. It has also not affected the first-timer families applying for 2-room flats, as their BTO application rate is below 1 time for now.
Over the next few weeks, we will analyse the BTO data in greater detail to see how we can refine our next BTOs.
In closing, let me take this opportunity to wish all a Happy National Day and all our Muslim friends, Selamat Hari Raya Aidilfitri.
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