Starting next month, single Singaporeans aged 35 and above who buy HDB resale flats to live together with their parents may apply for a higher CPF housing grant of S$20,000 if they meet the eligibility conditions.
The Housing and Development Board said this higher-tier singles grant will also apply to eligible singles buying the Design, Build and Sell Scheme (DBSS) flats with their parents.
Under the existing Single Singapore Citizen Scheme, single Singaporeans aged 35 and above can get a CPF housing grant of S$11,000 to buy a HDB resale flat.
Minister in the Prime Minister’s Office Lim Boon Heng announced the above higher-tier singles grant in Parliament on 5 March.
It is a pro-family initiative to encourage children to look after their parents.
To qualify for the higher-tier singles grant, the eligible single must commit to living together with his/her parents in the resale flat for at least five years.
Within this minimum occupation period of five years, the parents cannot buy or take over the ownership of another HDB flat separately from this same single child, or invest in a private property.
All other prevailing policies such as the income ceiling, minimum occupation period for resale, resale levy liability, will apply.
Property agents said this new scheme is unlikely to have any impact on the market given the small segment it serves. – CNA/ac
Source : Channel NewsAsia – 27 Mar 2008