I read on Channel News Asia yesterday evening about our National Development Minister, Mr Khaw Boon Wan discussing about EC prices.
In short, he said that that something is a sense of inequity here that the lower-income group is getting lower subsidies than somebody who is earning S$12,000, so something is wrong somewhere and therefore the current EC mode cannot continue.
Mr Khaw also said he is confident that he can bring down the price of new flats in non-mature estates to four times the annual median salary of a buyer - down 30 per cent from the current 5.5 times. He is wary of some "transitional problems".
He said there needs to be "distinct differentiation" between the cheaper new flats and those built earlier.
I hope that a fairer system of pricing and subsidising EC flats will be announced soon.
As for creating a new class of HDB flats based on 4 times the annual median salary of a buyer, I think it is a really good idea but there will be a lot of issues to address before the scheme can be implemented successfully.
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