The Singaporean Government has increased the housing grant available for first-time buyers of resale flats in an effort to help more Singaporeans onto the property ladder. Families purchasing four-room or smaller units will receive a grant increase of $30,000, while those buying five-room or larger units will receive a $10,000 increase. In addition, families with children and young married couples aged 40 and below buying their first home will be given an additional Build-To-Order (BTO) flat ballot. The moves are aimed at supporting the housing aspirations of young Singaporeans, according to Deputy Prime Minister and Finance Minister Lawrence Wong, who announced the measures during his Budget speech on Tuesday.

Under the revised Central Provident Fund Housing Grant, first-timer families buying two- to four-room HDB resale flats can now receive $80,000, up from $50,000. Those buying five-room or larger units can receive $50,000, up from $40,000. The Enhanced CPF Housing Grant, which gives up to $80,000 in grants for families and $40,000 for singles, can also be accessed by first-timers. Eligible buyers who submit their resale applications from 3.30pm on Tuesday will qualify for the increased grant. Those who had submitted resale applications before 3.30pm on Tuesday but are still awaiting completion will also be eligible for the higher grant.

Currently, the bulk of the BTO supply is set aside for first-timer families, who are given priority for their flat application. At least 95 per cent of the four-room and larger BTO flat supply in both mature and non-mature estates are set aside. However, the Government has said that it will identify and provide more support to specific groups of first-time buyers, with a focus on families with children and young married couples aged 40 and below.

Source: The Straits Times