Posts Tagged ‘dbss’

More help for first-timers

Monday, August 30th, 2010

1. If you buy a HDB resale flat now with no HDB loan or grant, you now have to occupy it for 5 years before you can sell your flat. (Previously, you need only occupy the unit for 3 years.)

2. Households earning $8k-$10k now eligible for DBSS, and $30k CPF housing grant.”

3. 16,000 more new flats will be offered this year, and up to 22,000 next year, pending demand.

4. BTO flat owners can now collect their keys 6 months earlier. This means they need only wait 2.5 years for their new flat, versus the current 3 years.

OWNERS of non-subsidised Housing Board flats will have to occupy it for at least five years – up from three years – before they can sell the unit.

The HDB, which announced the new measure along with several others on Monday morning to help first-time home buyers, will also disallow concurrent ownership of both HDB flats and private residential properties within the minimum occupation period.

In yet another significant step, households earning between $8,000 and $10,000 can now buy flats built under the Design-Build-and-Sell Scheme (DBSS), as well as enjoy a $30,000 CPF housing grant.

Prime Minister Lee Hsien Loong announced some of the new measures to ensure that public housing will always remain within the reach of first-time Singaporean flat buyers in his National Day Rally speech on Sunday night.

To meet the housing needs of first-time flat applications, the HDB said on Monday it will substantially ramp up the supply of new flats, including DBSS units and Executive Condominiums.

It will offer more than 16,000 new flats this year. If demand remains strong, it is prepared to launch up to 22,000 new flats next year.

‘These numbers are substantial,’ said the HDB. The flats to be offered this year and next are more than the 35,400 flats in Toa Payoh town today.

It will also release more land for tender later this year to yield a further supply of 3,000 DBSS flats and 4,000 ECs.

The HDB will also release land sites for another 4,000 DBSS flats and 4,000 ECs, if demand is sustained.

‘This injection of 7,000 DBSS flats and 8,000 ECs over two years is also significant. In comparison, 4,000 DBSS flats and 10,000 ECs have been launched for public sale so far,’ added the HDB.

The new income ceiling cap for households with monthly income of between $8,000 and $10,000 – described as the ‘sandwich class’ by PM Lee – will enable such applicants to buy an EC with a CPF Housing Grant of $30,000.

To widen their housing options, HDB will allow these households to buy new DBSS flats with the $30,000 CPF Housing Grant too for projects launched for sale after Monday.

But such buyers will not be eligible for HDB concessionary loan, just like the EC applicants. They will also to arrange their own financing.

To help households get their new flats faster, HDB has also streamlined the BTO processes to allow flat buyers collect keys to their new homes six months earlier.

Buyers of projects launched in mid-2011 onwards will generally need to wait for 2 1/2 years to collect the keys instead of the current three years.

(via ST Online)

HDB to raise income ceiling

Monday, August 30th, 2010

If your household income is between $8-10k, now you have the option to buy DBSS (Design-Build-and-Sell Scheme) and EC (Exeuctive Condominimums).

They will be eligible for $30k housing grant, but have to take up their own private bank loan.

THE Housing Board will raise the $8,000 income ceiling to $10,000 to give those caught in the ‘sandwiched group’ more housing options.

While the $8,000 monthly income cap remains for those buying Built-To-Order (BTO) flats, the ceiling for those buying flats under Design-Build-and-Sell Scheme (DBSS) will be upped to $10,000. DBSS gives private developers flexibility in designing, building pricing the units.

Prime Minister Lee Hsien Loong, who announced this at the National Day Rally on Sunday night, said the higher income ceiling will allow those caught in the $8,000 to $10,000 group to qualify for both DBSS and executive condominiums.

‘I think this group is quite anxious about falling in between, as they are not eligible for HDB and they can’t afford private property.. And because people are marrying a little bit later, so their incomes tend to be a little bit higher, so they worry that they will get promoted before they get settled. So we will do more to help them own their homes,’ he said.

Buyers of a DBSS will enjoy concessions given to those buying an executive condominium. They will be eligible for a housing grant and can arrange their own financing. While not quite doing away with the $8,000 ceiling cap, the new move, which many flat buyers have long clamoured for, will open up thousands of mid-priced units to the sandwich group.

A typical four-room BTO flat costs $300,000, a DBSS flat around $500,000 and an executive condominium around $700,000.

PM Lee also announced that the government will move to cool the private property market, but did not give details. ‘Otherwise you will remember nothing else about my speech,’ he said, to laughter from the audience at the University Cultural Centre.

The Ministry of National Development will announce details of the changes on Monday morning.

On public housing, PM Lee said the HDB will build 22,000 more BTO units next year. ‘So if you miss one BTO, don’t worry, the next one is coming… There are 22,000 new flats coming along and we don’t have 22,000 new couples getting married in Singapore every year,’ he said.

He added that the HDB will also speed up construction of flats and cut the waiting time, which averages three years now. He also assured flat buyers that HDB flats would be kept within reach of Singaporeans. The affordability of housing has been a hot-button topic this year, with many voicing concern over the surge in property prices.

PM Lee acknowledged that the influx of foreigners has impacted on housing demand, but he added that it was not the only factor. There were broader economic forces at work, he said.

(via ST Online)