Budget 2024: Millennial Apartments Scheme

Mr Chairman,

The Progress Singapore Party (PSP) welcomes the Government’s move to support the urgent housing needs of couples who are waiting for their BTO flats to be completed, with one-year rental vouchers under PPHS.

We are happy to see that the Government has further recognised that rental apartments play an important role in meeting the housing needs of our younger Singaporeans. However, the PPHS voucher scheme is temporary and may drive up rents for some groups of Singaporean tenants, such as single mothers, LGBTs and couples who do not qualify under PPHS.

We urge the Government to go further and consider PSP’s Millennial Apartments Scheme as a new policy to develop rental apartments into a viable, alternative housing for younger Singaporeans.

PSP’s Millennial Apartments Scheme is a strategy to make up for the inherent long waiting time under the BTO scheme and to address the current acute shortage of alternative housing options for married couples, young families or groups of singles. The long waiting time for BTO flats is widely regarded to have a significant negative effect on our Total Fertility Rate (TFR).

Millennial apartments are smaller in size, so HDB can build more flats on the same plot of land to ease the current housing pressure. The smaller quality rental flats are rented out on a two- to five-year basis for Singaporeans who are waiting for their BTO flats or singles who want to live independently.

This will provide medium-term housing stability for young Singaporeans while they figure out their life plans and longer-term housing needs. The Millennial Apartments Scheme is also a strategy to rejuvenate our Central Business District (CBD) and mature estates by creating a vibrant young community in each of them.

In place of the Prime and Plus Housing schemes, Progress Singapore Party recommends that affordable, high-quality interim rental apartments to be built at these locations to offer a broad range of young Singaporeans a chance to live in a prime area at least once in their lifetime. By concentrating young people together, we can even improve their prospects on dating apps that work by location.

By having our young people living, working and socialising in these locations, our CBD and surrounding areas can become more vibrant like Shibuya and Shinjuku in Tokyo or Tsim Sha Tsui in Hong Kong.  

The older mature estates, such as Marine Parade, Bedok and Ang Mo Kio, need rejuvenation too. These estates were developed rapidly within a short period of time and their 99-year leases will consequently come to an end at about the same time. The demographic profile of these estates is also becoming older. We can start redeveloping these estates now, by redeveloping some older blocks of flats into Millennial Apartments. 

We hope that the Millennial Apartments Scheme will be a game-changer that will relief the pressure on couples to rush to secure a flat and give young Singaporeans more choice to fulfil their aspirations. I urge all young Singaporeans to consider and decide for yourself whether the Progress Singapore Party’s Millennial Apartments Scheme is superior to what the People’s Action Party Government has to offer today.

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