The latest HDB exercise with 6,992 flats — comprising 3,970 Build-To-Order (BTO) units and 3,022 Sale of Balance Flats (SBF) units — is the first one which will allow eligible young couples to defer their income assessment to just before key collection, the HDB said in a media release.
Announced during the National Development Ministry’s (MND) Committee of Supply debate earlier this year, this measure is designed to help young couples to save some time in buying a new flat.
It will allow couples who have not met the minimum period of employment to qualify for housing grants or loans to defer their income assessment to before key collection. Before this, first-time couples must show that they have been continuously employed for 12 months prior to flat application.
In a Facebook post on Tuesday, National Development Minister Lawrence Wong said the deferment of income assessment for young couples who are still studying or serving NS will allow them to start working and build up their finances, while waiting for their flat to be ready.
Besides full-time students or NSFs, those who completed their studies or National Service within 12 months from flat application can also apply for deferment of income assessment.
Applicants must be at least 21 years old, and at least one applicant must be aged 30 years old or below.
From the May exercise, the revised proximity condition of 4km will also kick in for the Married Child Priority Scheme and the Senior Priority Scheme for new public housing units.
This revised condition allows families seeking to live near their parents or children to buy a resale or new HDB flat within 4km of each other.
Previously, the proximity condition was defined as living in the same town, or within 2km.
HDB said the enhancement will provide home buyers more choices of flats in neighbouring towns, and is part of the Government’s effort to encourage families to live closer to each other for strong mutual support.
In the latest HDB exercise, the BTO flats on offer are spread across four projects — two in the non-mature towns of Sengkang (1,188 units) and Yishun (969 units), and another two in the mature towns of Toa Payoh (542 units) and Tampines (1,271 units).
Flat types available in non-mature estates range from two-room Flexi flats to 3Gen flats, whereas three-room to five-room units are available in the mature estates.
Taking into account the variety of housing grants available, buyers of two-room Flexi, three-room, four-room and five-room flats in non-mature towns could pay as little as S$4,000, S$112,000, S$196,000 and S$330,000 respectively.
Those opting for mature estates will have to fork out a minimum of S$190,000 for a three-room flat, or up to S$407,000 for four-room flat.
First-timer families will continue to enjoy priority in BTO flat allocation.
Another 3,022 balance flats are also available for sale under the SBF exercise in May, majority of which are also reserved for first-timers.
They comprise 754 units of two-room Flexi, 655 units of three-room, 1,143 units of 4-room, 305 units of 5-room, 157 units of 3Gen and eight units of Executive flats across various towns/estates.
About a third of the SBS flats (34 per cent) are already completed, with the rest still under construction.
With grants, a two-room Flexi SBS flat will range in price from S$10,000 in a non-mature town to S$104,000 in a mature estate. Executive flats will cost S$370,000 with grants in a non-mature town, and S$475,000 with grants in a mature town.
Applications for both the BTO and SBF exercises start from Tuesday, and will end next Monday (May 28). Applicants can apply for only one flat type or category in one town under either the BTO or SBF exercise.
HDB said it will offer about 4,300 flats in Punggol and Yishun in the August BTO exercise. A total of 17,000 new flats will be put up for sale this year.
Article Credit: TODAY