Question
Mrs Lina Chiam : To ask the Minister for Trade and Industry if he will consider suspending immediately JTC Corporation's Scheme for Housing of Foreign Talent (SHiFT) to alleviate the housing concerns of Singapore citizens who cannot afford HDB flats, such as by renting the housing units currently under SHiFT to them.
Oral Answer by Mr Lim Hng Kiang, Minister for Trade and Industry
1. The Scheme for Housing of Foreign Talent (SHiFT) was started in 1997 to address the lack of affordable housing for foreign talent. In those days, HDB owners could only rent out rooms and not entire flats to locals and foreigners alike.
2. Since 2003, however, HDB has allowed the rental of entire flats to both Singaporeans and foreigners. As rental supply increases, JTC has been gradually phasing out the SHiFT through the sale of flats to eligible buyers meeting HDB's home ownership rules. JTC expects to continue to run down the stock of the remaining SHIFT flats as the tenancy agreements expire.