Housing in S'pore still affordable

Tu Yong and Yu Shi Ming The Straits Times 03/01/2010 13:12

HOUSING is a perennial hot topic of discussion, especially in Singapore where it touches almost every segment of society - from the low to middle income in public housing to the middle and higher income aspiring to upgrade to private property.

Hong Kong’s new fiscal budget for 2010/2011 includes additional taxes to reduce volatility in the property market and monitoring of speculators.

Although Hong Kong’s gross domestic product (GDP) only fell by 2.7% in 2009 and growth in GDP of up to 5% is expected this year, the government is still concerned about the sustainability of the current economic recovery.

Financial Secretary John C Tsang announced an HKD20 billion relief package that includes tax rebates, rates concessions and public housing rental waivers, to provide financial assistance to the community during the economic recovery.

The package includes reducing 75% of salaries tax and tax under personal assessment for 2009/10, subject to a ceiling of HKD6,000; waiving rates for 2010/11, subject to a ceiling of HKD1,500 per quarter for each rateable property; and waiving business registration fees for one year.

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