Prime Minister Lee Hsien Loong announced several new housing goodies for Singaporean buyers during his National Day Rally speech on Sunday, revealed media reports.
First, the income ceiling limit for buyers of new HDB flats and executive condominiums (ECs) will be raised so that Singaporean families with higher incomes can also apply for government-subsidised housing. This will go up from $10,000 to $12,000 for HDB flats, and from $12,000 to $14,000 for ECs.
Second, the income ceiling for the Special Housing Grant (SHG) will be raised to $8,500 from the current $6,500, and the maximum amount for the grant will be raised two-fold to $40,000. This will ensure that HDB flats are within reach of middle- and lower-income households.
With these changes, buyers who take home less than $1,000 a month can purchase a 2-room flat as long as they have stable work and regularly contribute to the Central Provident Fund (CPF), said Mr Lee.
To strengthen family ties, the government will introduce a Proximity Housing Grant. Married couples who purchase a resale flat with or near to their parents, or those who buy within proximity of their married children are eligible for the grant, regardless of whether they are first-time buyers or not.
With this scheme, “grandparents can enjoy their grandchildren; and the adult children can help look after the old folks as they age,” noted the PM.
Finally, the government will implement the Fresh Start Housing Scheme, whereby former HDB flat owners now leasing units will get another chance at purchasing subsidised housing.
However, these properties are subject to resale restrictions and shorter leases. Homeowners must also “show that they are putting their lives in order” to justify receiving the grant, added Mr Lee.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
