Posts Tagged ‘on the news’

New Flats for Single Singaporeans?

Sunday, August 26th, 2012

– National Day Rally 2012 –
PM shared in his speech this evening that he understands the concerns raised by singles who can only buy from the resale market but not directly from HDB. MND will be looking into this issue. Share with us your thoughts. – MND Facebook

During this year’s National Day Rally (2012), PM Lee Hsien Loong made a small mention of the concerns of singles only being allowed to buy a flat from the resale market. The Ministry of National Development will be looking into this, but we probably won’t have any firmer news anytime soon.

HDB has released thousands of new BTO flats in the past 2 years, and these have certainly help meet the pent up demand for houses. In the past, new flats were only launched every 6 months, and some couples even after 4 bidding exercises and wasting 2 years, still failed to ballot for a flat. Compare this to now, where couples can usually get a flat within the first 2 bidding exercises, and new flats are launched every 3 months. Definitely an improvement.

My guess is, only after the first-timers backlog has been cleared, and second-timers are allotted a higher % to bid for another new flat will the new flat balloting then be opened to singles.

Of course no mention has been made about lowering the age requirement of singles to buy a flat, and I don’t think this will be addressed anytime soon.

Singles, seniors get more help with housing

Tuesday, August 16th, 2011

– Monthly income ceiling for singles raised to $5,000 (formerly $3,000)
– Singles Grant raised to $15,000 (formerly $11,000)
– Joint singles & single buying with parent’s income ceiling raised to $10,000 (formerly $8,000)

Singles, seniors get more help with housing
by Ong Dai Lin

SINGAPORE – A day after increases in income ceilings for Build-to-Order (BTO) flats and Executive Condominiums (EC) were announced, singles also found reason to cheer as they will receive more help to buy a resale flat.

The Housing and Development Board announced yesterday that the monthly income ceiling for singles buying a resale flat under the Single Singapore Citizens (SSC) Scheme, with a Central Provident Fund (CPF) Housing Grant and an HDB loan, will be increased from S$3,000 to S$5,000. This revision applies to purchase of up to five-room resale flats.

The HDB will also raise the CPF Housing Grant from S$11,000 to S$15,000 for these singles.

For singles buying a resale flat under the Joint Singles Scheme (JSS) and those buying a resale flat with their parents, the monthly income ceiling for housing subsidies will be increased from S$8,000 to S$10,000. The former group will receive a CPF housing grant of S$15,000 – up from the current S$11,000.

And with the Ministry of National Development’s (MND) efforts to provide more housing options for Singaporeans, the elderly have also not been left out. The monthly income ceiling to buy a studio apartment has been raised from S$8,000 to S$10,000.

Describing housing policy as “a key expression of putting Singaporeans first”, Mr Lee Hsien Loong had announced in his National Day Rally speech on Sunday that the income ceilings for BTO flats and ECs will be increased to S$10,000 and S$12,000 respectively.

These changes came into effect yesterday, and are part of the sweeping measures Minister Khaw Boon Wan has introduced since he took over the national development portfolio after the May General Election.

Yesterday, Mr Khaw announced HDB will release a record 8,000 flats – 5,500 BTO flats and 2,500 flats under the Sale of Balance Flats exercise – next month. Another 4,000 BTO flats will be released for sale in November. The flats will be in different towns, such as Punggol, Sengkang, Hougang, Yishun and Jurong East.

Speaking to reporters after a visit to Pinnacle@Duxton, Mr Khaw said the income ceiling revision for singles applying under the SSC and JSS schemes “takes into account the salary adjustment over the years” and is “a reasonable” one.

Asked if the construction industry is able to cope with building 250,000 flats next year, Mr Khaw said with major projects like the integrated resorts completed, the industry is able to cope with the construction demand and not compete for the same resources.

Mr Khaw also said he would take his time in the review of the Design Build and Sell Scheme. “Until the market has stabilised, there’s no good reason to decide one way or the other,” he added.

But with both the income ceilings of BTO and DBSS ceiling at S$10,000 now, Mr Khaw felt it will offer homebuyers more choices.

Mr Khaw said the 50,000 flats that HDB will offer this year and next year would “largely” relieve the pent up demand for housing.

Based on HDB data, the latent demand for BTO flats is less than 25,000.

(via Todayonline)