1. New public housing flats are highly subsidised

Build-to-Order (BTO) flats are highly subsidised. They are several times cheaper than private condominiums in same area.

Buyers can choose from a wide range of options – from 2-room Flexi flats to 3Gen flats – to suit their different needs.  

2. There are grants for first-time home buyers

First-timer families looking to buy a new flat can enjoy grants of up to $120,000, on top of significant market discounts. Those looking to buy a resale flat can enjoy grants of up to $230,000. 

First-timer singles can get grants of up to $60,000 (for BTO flats) or $115,000 (for resale flats). 

3. You can pay for your flat without any cash outlay

About 8 in 10 first-timer families are able to pay their monthly mortgage instalment fully with CPF. This means that they do not pay any cash out-of-pocket. 

4. Every flat will be upgraded twice

To keep all HDB flats in good condition, there will be one round of upgrading when your flat is about 30 years old through the Home Improvement Programme (HIP), and a second round when your flat is about 60-70 years old. The upgrades will address common maintenance issues, for example if your ceiling is spalling or when there are ceiling leaks.

Apart from upgrading, the Government will redevelop and rejuvenate older estates through the Voluntary Early Redevelopment Scheme (VERS) to ensure they remain vibrant places to live. VERS is a voluntary scheme that will allow home owners in selected precincts, with flats about 70 years or older, to vote and decide if they want the Government to take back their flats earlier for redevelopment. As VERS is a complex and long-term undertaking where we need to cater to the housing needs of both current and future generations, we need to carefully work through the detailed mechanics and processes as well as the package for VERS. More details will be shared in due course.  

5. Multiple ways to unlock the value of your flat

For older homeowners, there are several ways to monetise your HDB flat. Firstly, you can receive cash monthly by renting out your bedroom(s) or entire flat. 

Secondly, under the Lease Buyback Scheme, you can sell part of your flat’s remaining lease to get a lump sum cash and monthly payouts in cash, for life. 

Thirdly, you can right-size to a 2-room Flexi flat on a shorter lease. 

Those moving from a larger flat to a 3-room or smaller flat may apply for the Silver Housing Bonus, and get up to $30,000 in cash. 

For more information, go to  Monetising Your Flat For Retirement.