Hundreds of public housing apartments in Singapore, one of the world's most expensive cities, are being sold for over one million Singapore dollars ($716,000) as COVID-related construction delays create a shortage of new units.
At least two units have surpassed the million-dollar mark in U.S. dollars, and the high prices are fuelling talk of new government measures to try to cool thriving property markets.
The most expensive resale public flat - a spacious 122-square metre unit close to train stations and schools and with 92 years' lease left - sold this year for S$1.418 million. "If you're looking at private condo of similar size in the same location, the price could easily be S$2.5 million," Long said.
The proportion of monthly income used for mortgage payments has for three years remained at about 23% on average for public flat buyers with government loans, the government said late last year.Singapore's construction sector, heavily reliant on foreign labour, has experienced major disruptions amid the COVID-19 pandemic, with tight supplies of materials also leading to delays.
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