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Higher Grants and 4,000 New HDB Sales Exercise Flats Launched

Higher Grants and 4,000 New HDB Sales Exercise Flats Launched

The Singapore Housing and Development Board (HDB) launched over 4,000 new flats on September 11 as a part of the first sales exercise allowing buyers to benefit from higher housing grants and increased income ceilings.

The Rules Are Changing

As a part of the exercise, 3,373 new BTO flats were launched in Punggol and Tampines. In addition, 719 unsold apartments from a previous exercise were re-launched under the Re-Offer of Balance Flats (ROF) exercise.

Apart from announcing the release of new apartments, Singapore authorities also highlighted a couple of very important changes.

As of September 2019, the income ceiling for the purchase of a new flat will be increased from 12,000 to 14,000 dollars. For single individual aged 35 or older, the ceiling will be increased to 7,000 dollars from the previous 6,000.

The increase is also applicable to HDB housing loans.

According to the National Development Minister Lawrence Wong, there will be additional changes that facilitate the acquisition of a grant for first-time buyers. First-time buyers will also enjoy increased flexibility in terms of selecting the size and the location of their flat.

The Enhanced CPF Housing Grant (EHG) will place no restrictions on the choice of flat type or location. EHG will also have an income ceiling that’s 9,000-dollar higher than the income ceilings of the schemes it is going to replace – the Additional CPF Housing Grant and the Special CPF Housing Grant.

One important condition exists for receiving the full EHG housing grant. The flat’s lease will have to cover the buyer and their spouse until the age of 95. Whenever the lease is shorter, the grant amount will be pro-rated.

Applications for both the BTO and the ROF flats can be completed online via the HDB website. The deadline for the completion of the process is September 17. Once all applications are submitted, the HDB will shortlist applicants through the use of a computer ballot.

A Wide Range of New Flats

Under the September exercise, Singaporeans will gain access to a wide array of affordable housing options.

According to an HDB press release, the new flats have a considerably lower price than the one of comparable resale apartments in the same area. Hence, new owners will find it much easier to carry out  home interior design and renovations, upgrades or complete interior design overhauls.

Out of all the ROF flats, there are 268 two-room Flexi apartments, 202 three-room flats, 90 four-room properties, 49 five-room apartments and 104 3Gen flats. These are located across multiple estates like Bukit Merah, Ang Mo Kio, Tampines, Clementi and Toa Payoh.

Approximately 12 per cent of these flats are completed. The others are still under construction.

HDB announced that approximately 95 per cent of the ROF flats will be dedicated for purchase by first-time buyers.

The new BTO flats range from two-room Flexi to five-room apartments. The prices vary from one project to another. For Punggol project, the sums range from 109,000 to 423,000 dollars. In mature towns like Tampines, the price range is from 312,000 to 418,000 dollars.

All of the properties are spread across the Punggol Point Cove, the Punggol Point Crown and the Tampines GreenGlen Project.

Punggol Point Cove and Punggol Point Crown are a part of the so-called Green Heritage district. The district embraces green living and pays tribute to Punggol’s fishing village history and traditions.

Both new projects are to be located right in a hub of amenities and activities. The Punggol Point LRT station is also located nearby for added commuting convenience.

GreenGlen is close to Sungei Api Api and to a proposed park development. There are six residential blocks as a part of the project ranging in height from nine to 16 floors. Numerous facilities will be housed in the area to promote higher quality of living – playgrounds, a childcare centre, gyms, roof gardens and wellness trails.

HDB announced that 4,500 additional BTO flats will be launched for sale in November 2019. These flats are going to be located in multiple developments like Ang Mo Kio, Tengah and Tampines. In February of 2020, HDB will make 3,000 BTO flats available for sale in Sembawang and Toa Payoh.

Planning the Purchase of Your Flat

Whether you’re a first-time buyer or you’ve gone through the process in the past, you’ll have to do some careful preliminary thinking.

Identify the right size and the budget for the purchase of your apartment. When working on the finances, factor in essentials like an eventual renovation, the modification of the décor and the purchase of furniture.

You will also have to determine whether you want to opt for a mature or a non-mature estate. Mature projects are usually much better established and they come with a wide array of amenities. The properties in these estates, however, tend to be more expensive. Non-mature projects brag newer amenities and the potential for further modernisation in the future.

A general rule of thumb is that the chance for a successful BTO flat application increases when you opt for a residential property located in a non-mature estate. This is another important factor to keep in mind.

BTO flats are now being made available faster but there will still be some waiting time. Use this period to think about the ways in which you could make the place your own upon the finalisation of the construction works. You will have access to the floor plan and this is the type of information you can share with your Singapore interior design company like Home Guide to determine the amount of work that will need to be completed and the cost of the renovation project.

Experienced interior designers can help you refine your home concept, choose the right modifications and stay on budget while completing the process. Home Guide’s team has extensive experience in BTO modifications and upgrades. Contact us today to get started with the conceptualisation of your dream home.

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