The Proximity Housing Grant aims to help Singaporeans buy resale flats near or with families.
The Housing and Development Board’s (HDB) Proximity Housing Grant has received a very encouraging response, with 5,217 households applying for the scheme as at 31 August, involving a total grant of $100.8 million, reported Channel NewsAsia.
Out of this amount, $82.6 million was offered to 4,315 households, while the rest will be disbursed after the completion of resale transactions.
The scheme was introduced to help Singaporeans purchase a resale flat with or near their parents or children for mutual care and support.
Eligible families enjoy a $20,000 grant to offset costs, while eligible singles will receive a $10,000 grant if they purchase a resale flat with their parents.
“It complements other measures to help Singaporeans buy a new HDB flat with or near their parents or married child, such as the Married Child Priority Scheme, Multi-Generation Priority Scheme, Senior Priority Scheme and the three-generation flats,” said the HDB.
The total number of applicants account for around a quarter of resale applications received from 24 August 2015 to 31 August 2016. Families make up 93 percent of all applicants, while the rest are singles.
Around 95 percent of the applicants purchased resale flats to live closer to or with their parents, while the other five percent are parents.
The HDB revealed that flats bought under the scheme were distributed evenly across non-mature and mature estates.
National Development Minister Lawrence Wong noted that the government recognises the desire of most Singaporeans to live near their families.
“At the Ministry of National Development, we will continue to support this aspiration and help strengthen family bonds in Singapore,” he wrote in a Facebook post.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
