Singapore Election 2025: PAP vs Workers’ Party – How Their HDB Manifestos Could Impact Housing Affordability

The dust has settled on the Singapore Election 2025, and the verdict is clear: the People’s Action Party (PAP) stays firmly in the driver’s seat, while the Workers’ Party (WP) holds its ground as the main opposition.

The PAP, now under Lawrence Wong’s leadership, tightened its grip with an even stronger mandate, winning 87 out of 97 seats and securing 65.6% of the popular vote.

Meanwhile, Pritam Singh and his team at the Workers' Party managed to retain their 10 seats. This is a steady but sobering outcome, given pre-election optimism for bigger gains.

Now that the campaign posters are down, Singaporeans are turning their attention to the issues that matter most, with HDB housing affordability right at the top of that list.

Regardless of who you voted for, it’s important to unpack what both the PAP and WP actually proposed about HDB policies during the election. Their manifestos could have long-term effects not just on how much you’ll pay for your flat, but also on the financial futures of your children and even your grandchildren.

Here’s a deep dive into how the PAP and Workers' Party housing proposals could shape HDB affordability – for better or for worse.

PAP: Tweaks, Not Revolution

The PAP’s housing manifesto focused heavily on evolution, not revolution. Lawrence Wong made it very clear that the current system, with BTO flats heavily subsidised at launch, would largely stay intact.

Here are the key PAP promises that could impact housing affordability:

• Keep BTOs affordable for first-timers. PAP reiterated that the majority of first-timers already pay less than 25% of their monthly income for their mortgages. "We will always keep public housing affordable for Singaporeans," Wong said (Straits Times).

• More targeted subsidies. For lower- and middle-income families, there will be enhanced housing grants (EHG), especially for those earning under $8,000 a month.

• More Prime, Plus, and Standard flats, but with stricter resale rules. The new HDB classification framework will kick in full force. Prime and Plus flats will have tighter resale restrictions and longer Minimum Occupation Periods (MOPs) of up to 10 years to "safeguard affordability" for future buyers.

PAP’s approach basically tells Singaporeans: “Trust us, we’ll fine-tune, but don’t expect radical change.”

Potential risks? Some observers, including property analysts quoted by TodayOnline, worry that locking up Prime and Plus flats for longer periods could slow the pace of upgrading and hurt liquidity in the resale market, which in turn may drive up resale prices elsewhere.

Workers’ Party: Affordable Housing as a Right, Not a Privilege

On the other side, the Workers' Party’s manifesto went for a bolder vision: housing affordability should not be tied to the resale market or the broader property economy.

Here’s what WP pushed for:

• HDB as a public good, not a wealth-building tool. "Housing should be about providing affordable homes first, not appreciating assets," Pritam Singh declared at a rally (Workers' Party Manifesto 2025).

• Introduce HDB lease buybacks earlier. WP proposed allowing HDB owners to sell back part of their leases to the government earlier in life and not just when they are senior citizens. This gives families more financial flexibility when it comes to handling their HDBs.

• More emphasis on affordable rental options. WP wants to significantly expand public rental schemes, offering more quality rental housing especially for young adults and lower-income families who don't want to (or can’t) buy yet.

• HDB pricing transparency. WP called for the government to disclose clearer breakdowns of BTO pricing, including land costs and construction subsidies. This echoes online sentiments where many Singaporeans feel that land cost makes flats less affordable than they should be.

Potential risks?

Critics argue that de-linking housing from wealth accumulation might erode Singaporeans’ primary retirement nest egg — their home equity. Plus, mass rental housing schemes might strain public finances, a point made by senior analysts quoted in Channel News Asia.

What Singaporeans Are Saying

Online sentiment towards both parties’ housing proposals has been mixed.

While the PAP is credited for maintaining Singapore’s overall housing stability, some users expressed concerns that its manifesto does not adequately address long-term issues such as lease decay and housing affordability. Criticisms also surfaced around perceived complacency in ground engagement, particularly in stronghold constituencies.

In contrast, the Workers’ Party’s proposals were praised for being bold and addressing structural challenges like the ageing of HDB flats.

Younger voters, in particular, responded positively to policies linking flat prices to median incomes and offering universal lease buybacks.

However, questions around the financial feasibility and internal consistency of some WP proposals, such as potential inflationary pressures from a minimum wage policy, tempered enthusiasm.

Across discussions on Reddit and X, housing affordability and lease decay emerged as persistent flashpoints. While PAP’s approach is seen as stable but gradual, WP’s vision appeals to voters seeking more substantive reforms, albeit with acknowledged risks.

Surveys also show shifting attitudes among young Singaporeans: according to a report by Singapore Business Review, "66% of young Singaporeans prefer renting to buying a property, citing a lack of savings and high property prices as major deterrents." This growing preference for renting reflects a broader concern about whether homeownership is still realistic for millennials and Gen Z today.

Online commentators like Dr. Leong Chan-Hoong, head of policy development at Kantar Public, observed that the introduction of Plus flats could lead to "disparities" in resale prices. This is because existing flats in similar locations, launched before the new classification system, may fetch higher resale prices due to fewer restrictions, such as the absence of income ceilings for buyers. He noted that such disparities are a necessary short-term challenge to achieve fairer housing allocation in the long term.

The Bottom Line: Evolution vs Disruption

In short: PAP offers evolution and controlled tweaks. Workers’ Party offers disruption and a reimagining of housing as a public good first.

• If you believe in preserving your home's value and upgrading over time, PAP’s model may feel more reassuring.
• If you worry that young Singaporeans are being priced out altogether, you might be more sympathetic to WP’s proposals.

What happens now?

Regardless of which camp you belong to, one thing is certain: The Singapore housing landscape is about to enter a new era.

And if you're planning to buy, sell, refinance — or just survive your next home loan — staying informed will be your biggest advantage.

Big policy changes can feel overwhelming. But you don't have to figure it all out alone.

At Mortgage Master, we're here to help you make sense of your options — whether you're buying your first flat, upgrading, or refinancing.

Let’s chat. No jargon, no hard sell — just real advice that saves you real money.