For first-time home buyers who need a permanent roof over their heads may now get to live their dreams sooner.
The Housing Development Board (HDB) has committed to setting aside 1,000 Build-to-order (BTO) flats in non-mature estates for first-time applicants. These flats will be constructed regardless of whether HDB receives the optimum number of applicants, which means they will be ready in 2 and a half years, much sooner than the 3 to 4 years it usually takes.
This new scheme was implemented together with a few other changes announced in the latest Singapore Budget 2017 which will elevate the home-seeking process for young families or couples looking to start a family. Prior to the change, the only other option they had was to look for one in the resale HDB flat market. The CPF Housing Grant has also been raised from $30,000 to $50,000 for 4-room and smaller resale flats, and to $40,000 for 5-room and larger flats.
The authorities have mentioned that these flats, though are to be ready sooner, will not be costlier than other BTO flats. In addition, a new common pool of flats that remain unsold after a Sale of Balance Flats (SBF) exercise will be put aside and sold at regular intervals with priority given to first-time households.