New measures to help first-timer families buy an HDB flat to take effect from August
The Housing and Development Board (HDB) will offer more BTO flats in mature estates this year, says National Development Minister Desmond Lee.
SINGAPORE: Measures to help first-timer families secure a new flat will take effect from the August launch of Build-to-Order (BTO) flats, National Development Minister Desmond Lee said on Monday (Feb 27).
The measures were first announced about two weeks ago during Budget 2023.
First-timer families with children, as well as young married couples aged 40 and below, who are buying their first home, will get an additional ballot for their BTO flat applications.
Deputy Prime Minister Lawrence Wong also announced that the CPF Housing Grant will be increased from S$50,000 to S$80,000 for eligible first-timer families buying a four-room or smaller resale Housing Board flats.
For such families buying a five-room or larger resale flat, the amount will be increased from S$40,000 to S$50,000.
MORE BTO FLATS IN MATURE ESTATES
In a Facebook post on Monday, Mr Lee also said that the Housing and Development Board (HDB) will offer more BTO flats in mature estates this year, in response to feedback from young couples who want to live near their parents.
“Many young couples have shared with me that they wish to live near their parents for mutual care and support, and have been trying for BTO flats in mature estates,” he said.
“We understand their needs and aspirations and will be offering more BTO flats in mature estates this year.”
Mr Lee explained that it will take more time to prepare these sites and complete the BTO projects as mature estates are generally more built up with existing residential blocks, facilities and transport infrastructure.
“More care and planning are needed to ensure that works are carried out safely, in line with regulatory requirements, and with minimal disruption to the community living nearby,” he said, adding that those who want to move into their new homes earlier can consider projects in non-mature estates.
There are typically four BTO sales exercises in a year.
The upcoming one on Feb 28 will involve the launch of about 4,500 BTO flats in Jurong West, Tengah, Queenstown and Kallang Whampoa.
This is part of the 23,000 BTO flats that HDB intends to launch this year, said Mr Lee.
He added that the Government is also looking into measures to reduce the non-selection rate for BTO applications, to prioritise flats for those with genuine and urgent housing needs.
More details about the initiatives will be announced at his ministry’s Committee of Supply debate.