Finance Minister Heng Swee Keat announced, with immediate effect, in the Budget statement today the CPF housing grant continues to be elevated to $50,000 for first-timer couples buying four-room or smaller sized HDB flats in the resale market. For individuals who purchase five-room or bigger flats, the grant continues to be elevated to $40,000.
The CPF housing grant was formerly limited to $30,000. First-timer couples are now able to receive as much as $110,000 in subsidies, including the extra CPF Housing Grant and Closeness Housing Grant.
ERA Key Executive Officer Eugene Lim expects resale HDB transaction volume “to get a good boost as resale flats are actually cheaper, which might swing more purchasers perfectly into a resale flat rather of getting to hold back 3 years approximately for any BTO flat.”
Lim also believes the announcement “will assistance to nudge prices upwards designed for resale HDB flats with excellent attributes, in places where sellers are couple of.”
On March 7, Minister for National Development Lawrence Wong announced measure to assist first-time HDB buyers obtain flats earlier.
HDB will introduce Build-To-Order flats having a shorter waiting time by commencing construction in certain projects in front of launch. The waiting time is going to be cut to around 2.five years in the 3 to 4 years today. First-time homebuyers will love priority on these flats, with a minimum of 95% from the 4-room and bigger flat types put aside for first-timer families, up in the current 85% quota within the non-mature estates. The very first batch of those BTO flats, comprising 1,000 units in non-mature estates, is going to be launched in 2018.
Wong also announced a brand new sales way of unsold balance flats. Unsold flats that remain after Purchase of Balance Flats exercises is going to be offered for purchase at regular times via ballot, with priority provided to first-timer households. These flats is going to be offered for balloting in a single common pool, rather of separate selection queues for every town and flat type. HDB will launch the very first such exercise in 2H2017, with increased details to become announced nearer the date.
Based on Wong, HDB will leverage technology to streamline making the resale transaction process faster. Details is going to be announced through the finish of the season.
Wong announced the Being a parent Provisional Housing Plan monthly rents is going to be decreased by $200 to $400, based on flat-type and placement. The move benefits first-timer families preferring to reside by themselves while awaiting their new HDB flats to become completed. The revised rents is going to be about 50 % of market rents, or fewer. The revised rents will require effect from April 1 for brand new applicants and existing PPHS tenants.