Advertisement
Singapore markets open in 4 hours 28 minutes
  • Straits Times Index

    3,318.45
    +1.89 (+0.06%)
     
  • S&P 500

    5,304.72
    +36.88 (+0.70%)
     
  • Dow

    39,069.59
    +4.29 (+0.01%)
     
  • Nasdaq

    16,920.79
    +184.79 (+1.10%)
     
  • Bitcoin USD

    69,573.10
    +827.58 (+1.20%)
     
  • CMC Crypto 200

    1,494.74
    +10.54 (+0.71%)
     
  • FTSE 100

    8,317.59
    -21.64 (-0.26%)
     
  • Gold

    2,352.50
    +18.00 (+0.77%)
     
  • Crude Oil

    78.55
    +0.83 (+1.07%)
     
  • 10-Yr Bond

    4.4670
    0.0000 (0.00%)
     
  • Nikkei

    38,900.02
    +253.91 (+0.66%)
     
  • Hang Seng

    18,827.35
    +218.41 (+1.17%)
     
  • FTSE Bursa Malaysia

    1,618.27
    -1.13 (-0.07%)
     
  • Jakarta Composite Index

    7,176.42
    -7,222.38 (-50.16%)
     
  • PSE Index

    6,571.60
    -48.29 (-0.73%)
     

Budget 2023: First-timers to receive additional BTO ballot, more housing grants

Bishan-Ang Mo Kio Park or Bishan-AMK Park, (formerly known as Bishan Park) is a major park in Singapore, located in the popular heartland of Bishan. Serving the residents of Bishan, Yishun and Ang Mo Kio, the park sits entirely within Bishan, running along the Ang Mo Kio–Bishan boundary line, which is situated at Ang Mo Kio Avenue 1. To illustrate a story on BTO flats.
Eligible couples and families can now receive an extra BTO ballot in their flat applications and up to S$80,000 for purchasing resale HDB units. (PHOTO: Getty) (Photo by Salvador Manaois III via Getty Images)

SINGAPORE — Families and young married couples aged 40 years and below who are buying their first home will now receive an additional ballot for their Housing and Development Board (HDB) build-to-order (BTO) flat applications.

The new policy is slated to be implemented later this year, with more details to come in the coming weeks.

Deputy Prime Minister and Minister for Finance Lawrence Wong made the announcement in his Budget 2023 speech on Tuesday (14 February). He noted that the first-time category covers a wide range of applicants, including those who already owned homes but have not received housing subsidies.

ADVERTISEMENT

"Given this wide range of first-time applicants and the current tightness in BTO supply, we should identify and provide more support to specific groups," said the minister.

Increase in CPF Housing Grant for Resale Units

Additionally, families who are buying 2-room, 3-room or 4-room HDB resale flats as their first home can now receive up to S$80,000 in Central Provident Fund (CPF) Housing Grant, up from the previous S$50,000. Eligible families who purchase 5-room or larger HDB units can also receive CPF Housing Grants of up to S$50,000, an increase of S$10,000 from the previous S$40,000.

The additional CPF Housing Grant amount will be credited into their CPF account from April this year. In addition to the proximity grant, eligible families can now receive up to S$190,000 in grants when buying a resale HDB unit as their first home.

Buyer's Stamp Duty (BSD) Regime

Separately, the minister also announced that the Buyer’s Stamp Duty (BSD) regime — which applies to all purchases or receipt of gifts of immovable properties in Singapore — will be adjusted.

For residential properties, the portion of the value of the property in excess of S$1.5 million and up to S$3 million will be taxed at 5 per cent, while residential properties in excess of S$3 million will be taxed at 6 per cent; up from the current rate of 4 per cent. The changes are expected to affect 15 per cent of residential properties in Singapore.

The Additional Conveyance Duties regime will also be adjusted accordingly. For non-residential properties, the portion of the value of the property in excess of S$1 million and up to S$1.5 million will be taxed at 4 per cent, while properties in excess of S$1.5 million will be taxed at 5 per cent; up from the current rate of 3 per cent. These changes are expected to affect 60 per cent of non-residential properties in Singapore.

All changes to the BSD regime will apply to all properties acquired from Wednesday (15 February). This is expected to generate an additional S$500 million in revenue per year for the government.

Follow us on Facebook, Instagram, TikTok and Twitter.

Yahoo Singapore Telegram
Yahoo Singapore Telegram