The upcoming BTO exercises in Tengah, Choa Chu Kang and Woodlands will offer more two-room flats for singles 35 years old and above.
HDB will offer more two-room Build-To-Order (BTO) flats in Tengah, Choa Chu Kang and Woodlands as more singles acquire homes following a rule change in 2013, reported The New Paper.
In 2013, singles 35 years old and above were allowed to purchase new flats as first-time applicants. Prior to that, singles can only purchase resale flats.
The new rule saw 15,700 singles buying homes, of which around 7,700 have received the keys to their new units.
Among the buyers were older citizens 55 years old and above who qualify to purchase a flat under HDB’s two-room Flexi Scheme.
In general, the scheme caters to singles, families and the elderly.
Ownership and purchase conditions vary. Seniors, for instance, can choose the length of their flat’s lease.
HDB noted that demand was high during the rule change’s early years.
In 2013, an average of 37.6 applicants were vying for a single flat, with the figure eventually tapering to 2.4 in 2019.
This is because the supply for two-room flexi BTO units within non-mature estates remained steady since 2014 at an average of around 4,000 units per year, said HDB.
In fact, the BTO exercises to be held in May and August will offer more such flats in Tengah, Choa Chu Kang and Woodlands.
Looking ahead, HDB said it will continue to monitor the demand as well as calibrate supply of two-room flats in order to meet the housing needs of singles.
Those who acquire a new flat prior to 11 September 2019 received up to $40,000 in housing grants comprising up to $20,000 in Special CPF Housing Grant and up to $20,000 in Additional Central Provident Fund (CPF) Housing Grant.
HDB disbursed around $251 million in such grants to around 11,400 singles acquiring BTO flats from July 2013 to last December.
The Enhanced CPF Housing Grant replaced the two grants last September.
With the new grant, up to $40,000 is given to eligible first-timer singles at least 35 years old and earning a monthly income of not more than $4,500.
They can receive the grant whether buying a new or resale flat, with no restriction on the location and type of flat.
The monthly income ceiling was also increased to $7,000 from $6,000 for eligible singles to acquire an HDB flat, acquire a resale flat using the CPF Housing Grant and receive an HDB Housing loan for the acquisition of a new or resale flat.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org