Yahoo Finance 
Budget 2023: First-timers to receive additional BTO ballot, more housing grants
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.
"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.
Also read: Budget 2023: More money, paternity leave for couples wanting children
Also read: Singapore Budget 2023: What you need to know
Also read: Budget 2023: CPF monthly salary ceiling to increase to S$8,000
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.
