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New rules for Resale Plus and Prime flat coming?
- Thread starter k1976
- Start date
Only families and singles who earn $14,000 or less a month can buy Plus flats on the resale market in the future, as part of tighter restrictions to keep homes affordable and ensure fairness in the public housing system.
Plus flat owners also cannot rent out their entire flat at any point, even after the 10-year minimum occupation period (MOP) is over, said National Development Minister Desmond Lee on Monday.
Providing details of resale conditions for Plus flats, Mr Lee said the rules will moderate demand and keep such homes affordable and inclusive over time.
Plus flat owners also cannot rent out their entire flat at any point, even after the 10-year minimum occupation period (MOP) is over, said National Development Minister Desmond Lee on Monday.
Providing details of resale conditions for Plus flats, Mr Lee said the rules will moderate demand and keep such homes affordable and inclusive over time.
He noted that about eight in 10 Singaporean households earn $14,000 or less a month – the prevailing income ceiling to buy Build-To-Order (BTO) flats.
Plus flats are a new category of flats located in choicer locations within each region across Singapore, such as those near the MRT station or town centre. These flats will be launched for sale only from the second half of 2024.
Prime Minister Lee Hsien Loong had announced on Sunday that all BTO flats will be categorised into Prime, Plus and Standard flats from the second half of 2024 in an overhaul of the current framework of classifying estates as either mature or non-mature.
Plus flats are a new category of flats located in choicer locations within each region across Singapore, such as those near the MRT station or town centre. These flats will be launched for sale only from the second half of 2024.
Prime Minister Lee Hsien Loong had announced on Sunday that all BTO flats will be categorised into Prime, Plus and Standard flats from the second half of 2024 in an overhaul of the current framework of classifying estates as either mature or non-mature.
Standard flats, which remain the majority of the housing supply, will not have an income ceiling set for resale buyers.
Plus and Prime flats will come with a 10-year MOP, longer than the five years for Standard flats. Prime and Plus flat buyers will have to return additional subsidies when they sell their flats on the resale market for the first time.
Mr Lee noted that the changes will not apply to the 1.1 million existing HDB flats, which will continue to be under existing rules.
“This means that Singaporeans who fall outside the $14,000 income ceiling will still have access to the existing 1.1 million flats, as well as Standard flats, when they enter the resale market,” he said.
Mr Lee said Prime flats are built in the most prime, central locations in Singapore – in the Greater Southern Waterfront area, as well as towns in and around the city centre, such as Queenstown, Bukit Merah and Kallang/Whampoa.
Plus and Prime flats will come with a 10-year MOP, longer than the five years for Standard flats. Prime and Plus flat buyers will have to return additional subsidies when they sell their flats on the resale market for the first time.
Mr Lee noted that the changes will not apply to the 1.1 million existing HDB flats, which will continue to be under existing rules.
“This means that Singaporeans who fall outside the $14,000 income ceiling will still have access to the existing 1.1 million flats, as well as Standard flats, when they enter the resale market,” he said.
Mr Lee said Prime flats are built in the most prime, central locations in Singapore – in the Greater Southern Waterfront area, as well as towns in and around the city centre, such as Queenstown, Bukit Merah and Kallang/Whampoa.
To illustrate how Plus flats will help with affordability, Mr Lee gave the example of two couples looking for a four-room flat in the central region that is near transport nodes.
In today’s market, such choice BTO flats are priced around $650,000 before grants if offered as ordinary flats in mature estates, he said.
Couple A, who together earn $9,000 a month, are eligible for an Enhanced Central Provident Fund (CPF) Housing Grant (EHG) of $5,000, and will not need to top up an additional amount using CPF or cash to buy this flat.
They will use about a quarter of their monthly income for the mortgage, and pay about $250 in cash. Couple B earn $7,000 as a household and are eligible for an EHG of $25,000.
Mr Lee said this flat would be out of reach for Couple B, who would need to use almost one-third of their monthly income – above the mortgage servicing ratio of 30 per cent of a borrower’s gross monthly income. They would also need to top up $52,000 in cash or CPF, and pay around $400 in cash a month.
When this same flat is offered under the Plus model, the tighter resale restrictions and additional subsidies will bring its price down to around $550,000 before grants, Mr Lee noted.
Couple A would now pay less than a quarter of their monthly income and zero cash to service their mortgage.
For Couple B, the flat is now within their reach as the $52,000 additional top-up is reduced to zero, and they would pay slightly more than a quarter of their monthly income and $250 in cash a month
In today’s market, such choice BTO flats are priced around $650,000 before grants if offered as ordinary flats in mature estates, he said.
Couple A, who together earn $9,000 a month, are eligible for an Enhanced Central Provident Fund (CPF) Housing Grant (EHG) of $5,000, and will not need to top up an additional amount using CPF or cash to buy this flat.
They will use about a quarter of their monthly income for the mortgage, and pay about $250 in cash. Couple B earn $7,000 as a household and are eligible for an EHG of $25,000.
Mr Lee said this flat would be out of reach for Couple B, who would need to use almost one-third of their monthly income – above the mortgage servicing ratio of 30 per cent of a borrower’s gross monthly income. They would also need to top up $52,000 in cash or CPF, and pay around $400 in cash a month.
When this same flat is offered under the Plus model, the tighter resale restrictions and additional subsidies will bring its price down to around $550,000 before grants, Mr Lee noted.
Couple A would now pay less than a quarter of their monthly income and zero cash to service their mortgage.
For Couple B, the flat is now within their reach as the $52,000 additional top-up is reduced to zero, and they would pay slightly more than a quarter of their monthly income and $250 in cash a month
This is what happens to your descendants when the ancestors listen to LKY.
You lose your land and your descendants are scammed for housing.
You lose your land and your descendants are scammed for housing.
.
Tiagong , Chartists are expecting
another 10 years of consolidation
after the current "Peak" ...
Tio Boh ?
.
Tiagong , Chartists are expecting
another 10 years of consolidation
after the current "Peak" ...
Tio Boh ?
.
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Jhk Singapore dream shattered.
New extended 70yrs old retirement meaning can loan longer from bank, so that more people can afford these new huat la huat la dream home.....gxgxThe 'Greater Southern Waterfront' is that chunk of land where the Pasir Panjang and Keppel ports are standing on now, in addition to Sentosa and the Vivocity area.
Yes , this is wat happening g now, the jokr is 70% voter still blur blur till now,lol,dumb sinkies,
Yes ,this is also a scheme, cos one day the balloon will burst ,as many cannot afford to pay
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