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Singles can buy new HDB flats
Singles will be allowed to buy new Housing Board flats for the first time.
The Straits Times - January 1, 2013
By: Daryl Chin, Rachel Chang, Maria Almenoar, Royston Sim, Irene Tham, Janice Heng and Ng Kai Ling
What: Singles will be allowed to buy new Housing Board flats for the first time.
When: It is likely to happen in the first half of the year.
Why it matters: In last year's National Day Rally, Prime Minister Lee Hsien Loong promised to address the problem of limited housing options for single Singaporeans.
Currently, they are allowed to buy only a resale flat - and only if they are older than 35.
While those earning $5,000 or less are eligible for a cash grant of $15,000 and a loan from the HDB, the rise in resale prices in the past few years has put a flat out of reach for many singles.
New flats from the HDB can be up to 40 per cent cheaper than resale flats in the same area.
But National Development Minister Khaw Boon Wan said last September that some restrictions would still apply to singles buying new flats because the HDB's priority is to meet the needs of couples and families.
For example, they will likely be eligible to buy only smaller flats. To prevent profiteering, it is likely that they will not be allowed to sub-let their flats, even after a minimum occupation period.
Still, Singaporean singles are awaiting the change with bated breath. IT engineer David Tan, 36, lives with his parents in Toa Payoh because he cannot afford private property on his own or the cash-over-valuation payment that resale flats command.
"A flat from the HDB would be subsidised and brand new. I understand that the Government has to be family-oriented, but singles are also Singaporeans and should be entitled to some benefits."
http://www.stproperty.sg/articles-property/singapore-property-news/singles-can-buy-new-hdb-flats/a/99937?utm_source=STCars&utm_medium=Footer&utm_content=Articles&utm_campaign=Cars
Singles will be allowed to buy new Housing Board flats for the first time.
The Straits Times - January 1, 2013
By: Daryl Chin, Rachel Chang, Maria Almenoar, Royston Sim, Irene Tham, Janice Heng and Ng Kai Ling
What: Singles will be allowed to buy new Housing Board flats for the first time.
When: It is likely to happen in the first half of the year.
Why it matters: In last year's National Day Rally, Prime Minister Lee Hsien Loong promised to address the problem of limited housing options for single Singaporeans.
Currently, they are allowed to buy only a resale flat - and only if they are older than 35.
While those earning $5,000 or less are eligible for a cash grant of $15,000 and a loan from the HDB, the rise in resale prices in the past few years has put a flat out of reach for many singles.
New flats from the HDB can be up to 40 per cent cheaper than resale flats in the same area.
But National Development Minister Khaw Boon Wan said last September that some restrictions would still apply to singles buying new flats because the HDB's priority is to meet the needs of couples and families.
For example, they will likely be eligible to buy only smaller flats. To prevent profiteering, it is likely that they will not be allowed to sub-let their flats, even after a minimum occupation period.
Still, Singaporean singles are awaiting the change with bated breath. IT engineer David Tan, 36, lives with his parents in Toa Payoh because he cannot afford private property on his own or the cash-over-valuation payment that resale flats command.
"A flat from the HDB would be subsidised and brand new. I understand that the Government has to be family-oriented, but singles are also Singaporeans and should be entitled to some benefits."
http://www.stproperty.sg/articles-property/singapore-property-news/singles-can-buy-new-hdb-flats/a/99937?utm_source=STCars&utm_medium=Footer&utm_content=Articles&utm_campaign=Cars
