There are big changes to New Housing Policies from National Day Rally 2023. These are announced on 20th August 2023 by the Prime Minister of Singapore.
The two changes announced
There are two changes basically.
Elimination of “mature and non mature” HDB estates to Standard, Plus and Prime
More Options for Singles to buy HDB flat directly from HDB or resale market.
Read a summary of the changes in this blog post.
As always, one should think carefully before selling a HDB flat (if you have one). It is a Singaporean’s special gift and careful thoughts should be made.
New Housing Policies from National Day Rally 2023 : Key Features of the Plus Housing Model
Enhanced Subsidies for Greater Affordability
- The new Plus flats, situated in highly desirable locations, will benefit from increased subsidies in addition to the existing subsidies available for Standard flats. This strategic approach ensures that these flats remain affordable, broadening accessibility for a wider spectrum of Singaporeans.
Subsidy Recovery upon Resale
- In the interest of equity among all homebuyers, owners of Plus flats will be required to contribute a proportion of the resale price that reflects the extra subsidies when selling their flats. This policy helps mitigate excessive windfall gains and promotes fairness with other flat owners who do not receive these additional subsidies.
- Given that the supplementary subsidies for Plus flats are generally less extensive compared to Prime flats (as indicated in Table 1), the subsidy recovery rate imposed on Plus flat buyers will be set at a lower rate than that for Prime flats.
Strengthened Sale Conditions
- To reinforce the commitment to owner-occupation for Plus flats, owners will be mandated to reside in their flats for a minimum of 10 years (i.e., the Minimum Occupation Period or MOP) before they can offer them for sale on the open market or invest in private residential properties.
- Furthermore, we will introduce more stringent resale conditions for Plus flats, designed to moderate demand and prices. This measure aims to ensure the long-term affordability of these flats for future resale buyers and maintain a balanced social mix. Further details on these conditions will be forthcoming.
New Housing Policies from National Day Rally 2023 : Where are the Standard, Plus and Prime Flats
New Housing Policies from National Day Rally 2023 : Singles Can Buy BTO anywhere
In late 2024, singles will be able to buy BTO in Standard, Plus and Prime flats. That basically means anywhere.
And singles, when available, can also now buy Prime BTO resale flats. But that’s very far from today, considering there is NO PLH flats available now in resale market.
