Source: Housing & Development Board (HDB)
Extract from: PRESS RELEASE 30 August 2010
1. During the National Day Rally on 29 Aug 2010, PM Lee Hsien Loong announced several measures to ensure that public housing will always remain within the reach of Singaporeans who are buying their first home. This will be achieved by increasing housing supply and dampening demand from those who are not in urgent need of housing.
2. This press release provides details of the measures to:
More Housing Supply and Choices for First-Time Home Buyers
- Allow households earning between $8,000 and $10,000, to buy new DBSS flats with a $30,000 CPF Housing Grant;
- Increase the supply of new flats, Design, Build and Sell Scheme (DBSS) flats, and Executive Condominiums (EC);
- Shorten the completion time of Build-To-Order (BTO) flats;
- Increase the Minimum Occupation Period (MOP) for non-subsidised flats to 5 years; and
- Disallow concurrent ownership of both HDB flats and private residential properties within the MOP.
3. HDB will ramp up the supply of new flats, DBSS flats and ECs substantially to meet the housing needs of first-time homebuyers.
4. HDB will be offering more than 16,000 new flats in 2010. If demand remains strong, HDB is prepared to launch up to 22,000 new flats in 2011. These numbers are substantial. Over two years, HDB will offer more new flats than the total flats in Toa Payoh town today (35,400 flats).
5. In addition, HDB will release more land for tender in 2010 to yield an estimated supply of 3,000 DBSS flats and 4,000 ECs. In 2011, HDB will release land sites for another 4,000 DBSS flats and 4,000 ECs, if demand is sustained. This injection of 7,000 DBSS flats and 8,000 ECs over two years is also significant. In comparison, 4,000 DBSS flats and 10,000 ECs have been launched for public sale so far.
6. Currently, first-timer households with monthly income of between $8,000 and $10,000 may buy an EC with a CPF Housing Grant of $30,000. To widen their housing options, HDB will allow these households to buy new DBSS flats with a CPF Housing Grant of $30,000 Similar to the purchase of ECs, the HDB concessionary loan will not be available for these buyers. This revision will be applicable to DBSS projects launched for public sale after 30 Aug 2010.
7. To help households get their new flats faster, HDB has also streamlined the BTO processes to allow flat buyers collect keys to their new homes 6 months earlier. Buyers of projects launched in mid-2011 onwards will generally need to wait for 2.5 years to collect the keys instead of the current 3 years.
HDB Flats for Owner-Occupation
8. HDB flats are meant for long-term owner-occupation. HDB will increase the Minimum Occupation Period (MOP) to reinforce this and dampen demand from those who are not in urgent need of housing.
9. First, the MOP of non-subsidised flats for resale and subletting of flat will be increased from three to five years. Second, buyers of non-subsidised flats will be disallowed from concurrently owning both an HDB flat and a private residential property within the MOP. Private property owners who buy a non-subsidised HDB flat must now dispose of their private residential property within six months from the date of flat purchase. This will help ensure that buyers purchase HDB flats only when they have the intent of staying in it for long term and ensure equitable treatment for all HDB flat lessees during their MOP. Ownership of private properties by HDB lessees will be allowed after the MOP.
10. The revised changes will apply to resale transactions where applications are received by HDB from 30 Aug 2010 onwards.
11. For enquiries, the public can contact HDB at the following numbers:
Issued by: Housing & Development Board (HDB).
- HDB Sales/Resale Customer Service Line : 1800 8663 066
- HDB Branch Office Service Line : 1800 2255 432
Date: 30 August 2010
...Cross-reference check with 24 Aug 2015 HDB Property Policy
...Cross-reference check with 27 Aug 2013 HDB Property Policy
...Cross-reference check with 15 Aug 2011 HDB Property Policy
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