Young couples, elderly to receive more housing support
HDB to shorten waiting time for flats, aid elderly interested in right-sizing.
07 Mar 2017
Minister for National Development Lawrence Wong announced today (7 March 2017) in Parliament plans to make housing more affordable and accessible for young couples, and measures to aid the elderly in right-sizing their flats.
Helping young couples with their first home
Shorter Waiting Time for BTO Flats: HDB will offer Build-To-Order (BTO) flats with shorter waiting times of about 2.5 years, by starting their construction one year before launch. The first batch of 1,000 flats will be launched in 2018, spread among non-mature estates.
New Sales Model for Unsold Flats: Unsold flats from each Sale of Balance Flats (SBF) exercise will be offered for sale more efficiently. HDB will pool together unsold units and place them for balloting more regularly. Those with urgent housing needs and are less particular about location can then apply and need not wait for the SBF exercise. First-timers will have ballot priority, with HDB set to launch the first such exercise in the later half of 2017.
Lower Rent under PPHS: The rents of Parenthood Provisional Housing Scheme (PPHS), which allows couples to start living together while waiting for their flat to be completed, will be lowered by between $200 to $400 per month. Couples can now save more than $1,000 a month by renting a PPHS flat instead of a flat in the open market. Young couples would have more affordable options to start their lives together, while waiting for the completion of their new flats.
Helping the elderly meet their retirement needs
More guidance for seniors: HDB will introduce more hand-holding for seniors. Seniors can walk in to HDB Hub or Branches, go through the elderly priority queues and receive prompt individual financial consultation and guidance.
Deferred Down-Payment: HDB will allow all buyers aged 55 and above, who are right-sizing to a new 3 room or smaller flat, to defer paying the down-payment and balance purchase price till they collect the keys to their new homes.
New Temporary Loan: HDB will introduce a new Temporary Loan to help those with cash flow issues at the key collection stage to complete the sale of their existing flat after keys collection.
The Temporary Loan will also be extended to the non-elderly who need it, benefiting a wider group of home buyers.