National Development Minister Mah Bow Tan announced on Thursday that the pace the Home Improvement Programme (HIP) will be increased.
The number of HIP projects had doubled from 7 to 14 over the last two years. And HDB will increase it to 28 projects next year.
The pace will be further increased to 35 projects a year by 2014.
At this pace, about 60 per cent of eligible precincts can be offered HIP over the next 5 years.
The Ministry of National Development (MND) said this is expected to benefit around 160,000 households.
Mr Mah said if the pace is sustained and budget available, the government should be able to finish offering HIP to all eligible precincts in about 10 years.
The government will spend $10 billion to upgrade homes and rejuvenate estates over the next 10 years.
Under the various upgrading programmes like the HIP, Neighbourhood Renewal Programme (NRP) and Lift Upgrading Programme (LUP), the government will be spending up to $55,000 per flat.
In 2011 alone, around 50,000 flat owners will benefit from these programmes.
In the next five years, from 2012 through 2016, another 300,000 will benefit from the upgrading programmes.
An estimated 700,000 residents in Jurong Lake, East Coast, and Hougang will also benefit from the Remaking our Heartland (ROH) initiatives. These rejuvenation and upgrading projects will be implemented in phases across the island.
HDB residents living in flats built in 1986 or before and have not undergone the Main Upgrading Programme (MUP) are eligible for the HIP.
In total, around 300,000 flats are eligible for the HIP.
Since the HIP was introduced, a total of 41 precincts have been selected.
Source : Channel NewsAsia – 3 Mar 2011