胡美霞（西海岸集选区议员）女士询问国家发展部长：

符合条件的首次购买转售组屋的家庭的住房补助金总额增加到23万新元，是否会导致组屋转售价格上涨，因为卖家可能会在增加支助的情况下要求更高的价格？

蔡庆威（盛港集选区议员）询问国家发展部长：自2022年9月30日以来获得组屋贷款的首次购房者中，按所贷款的组屋类型细分，贷款价值比率为 80%、75% 至 80% 之间和低于75%的贷款数量和百分比分别是多少？

蔡庆威（盛港集选区议员）询问国家发展部长:

(a) 今年迄今和过去五年，按单位类型细分的组屋转售价格指数情况如何?

(b) 今年迄今和过去五年，按单位类型细分的组屋转售单位价格，每年平均涨幅是多少?

(c) 不同单位类型的组屋价格涨幅不同的原因是什么?

李智陞（国家发展部长）先生：我的答复还将涵盖叶汉荣（杨厝港单选区议员）先生计划于后续会议上提出的问题。

2024年8月20日，国家发展部 (MND) 实施了两项措施：(1) 建屋发展局 (HDB) 房屋贷款的贷款与估值比率顶限（Loan-To-Value limit，简称LTV顶限）由80％调低至75％；(2)提高额外安居津贴（Enhanced CPF Housing Grant，简称EHG）顶限，以帮助中低收入首次购房者购房。首先，请允许我介绍一下导致采取这些措施的住宅物业市场的最新情况，然后再阐述每项措施对购房者的影响。

住宅物业市场状况。国家发展部一直密切关注私宅（PRP）和组屋转售市场。随着政府土地出售计划中的预购组屋（Build-To-Order）单位和私宅供应量的增加，以及2021年12月、2022年9月和2023年4月的三轮降温措施，私宅（PRP）和组屋转售市场在2023年都出现了放缓迹象。2024 年上半年，私宅（PRP）市场继续保持稳定。然而，组屋转售市场的转售价格指数（RPI）却上涨了4%以上。由于交易量较小，且某些类型的房屋价格随时间波动，我们无法提供按房屋类型划分的转售价格指数。总体而言，所有单位类型的住宅价格都与市场同步上涨。作为替代，议员可以参考建屋局信息网（HDB InfoWEB）按城镇和单位类型分列的转售价格中位数季度数据。

较低的贷款与估值比率顶限（简称LTV顶限）的影响。蔡庆威先生询问那些获得建屋局贷款的人的LTV状况以及他们购买的单位类型。大多数获得建屋局贷款的买家在购买组屋时都非常谨慎，几乎有九成的买家已经拥有低于75%LTV。因此，他们不会受到LTV顶限降低的影响。对于那些LTV较高的购房者（在 75% 至 80% 之间），我们注意到这些购房者不成比例地购买了更大的户型，并支付了更高的价格。2023 年，在获得建屋局贷款的转售组屋买家中，大约九成的LTV超过75%的人购买了4室及更大的户型单位；而LTV为75%及以下的人中约有七成购买了4室及更大的户型单位；根据单位类型，LTV超过75%的中位转售买家比购买相同单位类型的LTV为75%及以下的中位转售买家多支付约2万至6万新元。

因此，调低贷款比率顶限能鼓励更谨慎的借贷，并缓解高端市场的需求，这应该对稳定其余转售市场起涟漪效应。历史经验告诉我们，房地产市场是有周期性的，当市场降温时，通过较高贷款购买较贵组屋的屋主，在市场冷却时，也将受到较大的冲击。政府将留意降温措施实施后的市场走向，并在必要时采取措施。

提高额外安居津贴（EHG）的影响。EHG 是经过经济状况调查的、渐进的和有针对性的津贴。最新一轮的措施是分层的，低收入的首次购房家庭将获得更多支持。这降低了助长更广泛转售市场的风险。此外，卖家可能无法估计买家获得的补助金额，因为建屋局不会与卖家分享买家的个人信息，包括买家有权获得的津贴。

对低收入家庭的影响。叶汉荣先生对较低的LTV顶限对低收入家庭的影响表示担忧，例如那些从租房过渡到购房的家庭。低收入的首次购房家庭不必担心，因为EHG的增幅将足以抵消这些家庭因LTV顶限降低导致的贷款额度减少。换句话说，当这两项措施叠加在一起时，他们的总住房预算实际上增加了，因此比以前更容易实现自置居所。可能有少数低收入家庭（包括第二次购房者）受到较低LTV顶限的影响，但没有资格获得EHG。我鼓励他们主动与建屋局联系，讨论他们的住房选择。建屋局有专门针对低收入二次购房家庭的支持计划，如 “住屋提升津贴”（Step-Up CPF Housing Grant）或 重新拥屋计划（Fresh Start Housing Scheme）。 

这些最新变化反映了政府为新加坡人提供多种负担得起的住房选择的承诺。我们将继续密切关注私宅和组屋转售市场，并将毫不犹豫地采取果断行动，以确保价格与经济基本面保持一致。

Ms Foo Mee Har asked the Minister for National Development whether the increase in total housing grants to $230,000 for eligible first-timer families who buy a resale HDB flat will lead to higher resale prices of HDB flats as sellers may demand more in light of the increased support.

Mr Chua Kheng Wee Louis asked the Minister for National Development for first-time home buyers who obtained a HDB housing loan since 30 September 2022, what is the number and percentage of loans that have a loan-to-value ratio of (i) 80%, (ii) between 75% and 80% and (iii) less than 75%, broken down by the flat type being financed.

 Mr Chua Kheng Wee Louis asked the Minister for National Development (a) what is the decomposition of the HDB Resale Price Index by flat type in the year-to-date and the last five years; (b) what is the average increase in HDB resale flat prices by flat type in the year-to-date and in each year of the last five years; and (c) what are the reasons for the differences in price increases across the flat types.

Mr Desmond Lee: My response will also cover matters raised in the question by Mr Yip Hon Weng scheduled for a subsequent Sitting.

On 20 August 2024, the Ministry of National Development (MND) implemented two measures: (a) the Loan-To-Value (LTV) limit for Housing and Development Board (HDB) housing loans was lowered from 80% to 75%; and (b) the Enhanced CPF Housing Grant (EHG) was increased to help lower- to middle-income first-timers purchase their homes. Let me first provide an update on the state of the residential property market that led to these measures before elaborating on the impact of each measure on home buyers.

State of the residential property market. MND has been closely monitoring both the private residential property (PRP) and HDB resale markets. Following a ramp-up in the supply of Build-To-Order flats and private housing in the Government Land Sales programme, as well as three earlier rounds of cooling measures in December 2021, September 2022 and April 2023, both the PRP and HDB resale markets showed signs of moderation in 2023. In the first half of 2024, the PRP market continued to remain stable. However, the resale price index (RPI) for the HDB resale market rose by more than 4%. We are unable to provide a breakdown of RPI by flat type, due to the small transaction volume and fluctuations over time for some flat types. Broadly speaking, prices have increased across all flat types, in sync with the wider market. As a proxy, the Member can refer to the HDB InfoWEB for the quarterly data on the median resale price by town and flat type.

Impact of the lower LTV limit. Mr Louis Chua asked about the LTV profile of those taking up HDB loans and the flat types they purchased. Most flat buyers who take HDB loans are already prudent in their flat purchases, with almost nine in 10 already having LTV ratios of below 75%. They will, therefore, not be affected by the LTV limit reduction. For those with higher LTV ratios of between 75% and 80%, we have observed that these buyers disproportionately bought larger flat types and paid higher prices. In 2023, amongst resale flat buyers who took HDB loans (a) about nine in 10 with LTV ratios above 75% bought 4-room and larger flats, compared to about seven in 10 for those with LTV ratios of 75% and below; and (b) depending on the flat type, the median resale buyer with an LTV ratio above 75% paid about $20,000 to $60,000 more than the median resale buyer with LTV ratio of 75% and below who bought the same flat type.

The lowering of LTV limit will, therefore, encourage more prudent borrowing and dampen demand at the higher end of the market, which should, in turn, have a knock-on effect of stabilising the rest of the resale market. History tells us that the property market moves in cycles, and those who buy at higher prices with larger loans are also hardest hit when the market cools. We will monitor the market after these latest moves and will take action if necessary.

Impact of the increased EHG. EHG is means-tested, progressive and targeted. The latest round of enhancements is tiered such that lower-income first-timer households will receive more support. This reduces the risk of fueling the wider resale market. Furthermore, sellers may not be able to size up the grant amount that flat buyers receive, as HDB does not share the personal information of flat buyers with flat sellers, including the grant amounts that buyers are entitled to.

Impact on low-income families. Mr Yip Hon Weng raised concerns about the impact of the lower LTV limit on low-income households, such as those transitioning from rental housing to home ownership. Lower-income first-timer families need not be worried, as the increase in EHG will more than offset the reduction in loan quantum from the lowering of LTV limit for these families. In other words, when the two measures are stacked together, their total housing budget has actually increased, hence making home ownership more attainable than before. There may be a small number of low-income families, including second-timers, who are affected by the lower LTV limit but are not eligible for EHG. I encourage them to approach HDB proactively to discuss their housing options. HDB has dedicated support schemes for low-income second-timer families, such as the Step-Up CPF Housing Grant or Fresh Start Housing Scheme.  

These latest changes reflect the Government’s commitment to provide a diverse range of affordable housing options for Singaporeans. We will continue to watch both the PRP and HDB resale markets closely and will not hesitate to act decisively to ensure prices remain in line with economic fundamentals.