Singles and seniors get more help for housing

Singles buying a resale flat for the first time will receive more assistance from the government.

The monthly income ceiling to qualify under the single Singapore Citizen scheme will be raised to S$5,000, up from S$3,000. Singles will also enjoy a CPF Housing Grant of S$15,000, up from S$11,000.

And those applying under the Joint Singles Scheme will see the monthly income ceiling raised to S$10,000, and will receive up to S$30,000 in housing grants.

Speaking to reporters after touring the Pinnacle at Duxton, National Development Minister Khaw Boon Wan said it was necessary to raise the income ceilings and housing grants to match rising salaries.

This was the same reason for raising the income ceiling to qualify for a Build-To-Order (BTO) flat, said Mr Khaw.

These changes follow announcements made by Prime Minister Lee Hsien Loong on Sunday, which saw the income ceiling for Build-To-Order (BTO) flats raised to S$10,000, up from S$8,000.

To cater to the expected increase in demand, Mr Khaw said HDB is committed to building 25,000 BTO flats this year and next.

This is more than the entire Sembawang Town which has 18,000 flats, noted Mr Khaw.

“When prices were going up, people rushed in, worried that the next launch, prices will be even higher. So now that they know there’s some stability, and I can show them with 2 launches, and third launch coming up and another before Christmas, hopefully people will be calmer,” said Mr Khaw.

In addition, the monthly income ceiling to buy Studio Apartments (SAs) will also be increased to S$10,000 from S$8,000. HDB said this gives more elderly households more options.

The changes will be implemented from Monday for applications to buy new or resale HDB flats.

Source : Channel NewsAsia – 15 Aug 2011