Govt to spend S$10b to upgrade homes

The Singapore government said it will spend S$10 billion to upgrade homes and rejuvenate estates over the next 10 years.

Finance Minister Tharman Shanmugaratnam said this is a major effort to preserve the value of HDB flats.

Up to S$55,000 will be invested in each flat under the Home Improvement Programme (HIP), Neighbourhood Renewal Programme (NRP) and Lift Upgrading Programme (LUP).

Around 50,000 flat owners are expected to benefit from these schemes this year alone while another 300,000 are set to benefit from the upgrading programmes between 2012 and 2016.

Around 700,000 residents in Jurong Lake, East Coast and Hougang — some of whom will also be beneficiaries of the NRP and HIP schemes — can also look forward to a new batch of improvements through the Remaking our Heartland (ROH) initiative.

The minister said these rejuvenation and upgrading projects will take place in phases across the island.

Source : Channel NewsAsia – 18 Feb 2011

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