SINGAPORE: More flats will be built next year to meet greater demand for public housing, National Development Minister Lawrence Wong said on Monday (Dec 16).
Between 16,000 and 17,000 Build-to-Order (BTO) flats will be launched next year, up from the 14,600 flats this year, he said.
AdvertisementAdvertisementIn a post on his ministry's blog, Mr Wong said that Government was "doubling down on our efforts to build affordable flats and good homes for all Singaporeans".
Two major policy moves were made in September this year to help young couples buy their first homes – the income ceilings for flats were raised and the Enhanced CPF Housing Grant was introduced.
With the changes, young couples can receive up to S$80,000 in grants when they buy a new Housing and Development Board (HDB) flat, and up to S$160,000 in grants when they buy a resale flat in the open market.
"These changes will lead to greater demand for public housing," Mr Wong said.
AdvertisementAdvertisementThe minister added that over the last five years, about 150,000 families booked or collected the keys to their first homes.
Many of these families purchased new flats in non-mature estates like Punggol, Sengkang or Tengah.
These flats were priced at “generous discounts" and as a result, most buyers of flats in new, non-mature estates only have to fork out a little or no cash at all on their mortgage payments, Mr Wong added.
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