The HDB has introduced several initiatives help singles Singaporean in get their home in recent years.This is the first time a BTO project will offer units just for them. Previously, singles aged 35 and above could only get their HDB homes from the resale market, with a grant of $15,000. This group can now apply for new flats under the BTO scheme. The applicant, must be a First-timer and is unmarried , divorced or widowed.
Source – Straits Time, HDB
The Housing Board has launched more than 500 two-room flats, up to a third of which will be reserved for singles. The bulk of these new flats in the Build-To-Order (BTO) exercise will be built in Sengkang and Yishun.
The Housing Board has introduced several initiatives help singles get their dream homes in recent years and this is the first time that a BTO project will offer units just for them. Previously, singles aged 35 and above could only get their HDB homes from the resale market, with a grant of $15,000. This group can now apply for new flats under the BTO scheme.
HDB will also now top up an additional $15,000 grant to singles who marry later, putting them on par with married couples who receive $30,000, starting with this latest BTO project.
The government has also extended the additional housing grant – up to $20,000 – for singles buying a resale flat from the open market. This is aimed at helping more singles buy their first flat, said the HDB in a statement on Tuesday.
Source – http://www.straitstimes.com
Resale home prices slid 0.4 per cent from May to June as more buyers chose new launches over resale units.
The rate of decline was slightly steeper than the 0.2 per cent dip from April to May, according to flash Singapore Resale Price Index (SRPI) figures released on Monday by the National University of Singapore.
The drop was largest in the central region at 1.5 per cent in June. This outweighed a 0.5 per cent rise in resale prices in non-central regions that month.
Resale prices of small homes, of 506 sq ft or less in size, declined 1 per cent in June.
Source – Straits Time
The executive condominium (EC) market is expected to heat up due to a number of factors including the ‘unintended effects’ of skyrocketing private property prices, latest government policy and supply concerns, according to SLP International.
Demand for executive condominium (EC) s will increase as prices of private condominiums and apartments outpace those of ECs. Prices of mass market condominiums located in the Outside Central Region (OCR) grew 16.3 percent from Q4 2010 to Q1 2013 while EC prices climbed only three percent during the same period, media reports said.
Based on SLP’s data, ECs have been popular with home buyers since they were reintroduced in Q4 2010. In fact, 94.4 percent of the 10,201 units launched for sale were snapped up as of end-June.
Moreover, the unintended effect of the recent Total Debt Servicing Ratio (TDSR) Framework could also push up demand for ECs, SLP added.
A buyer looking to upgrade from his current housing board flat could get a bigger housing loan for an EC than for private property, since the HDB monthly mortgage payment will not be included in calculations for the debt servicing ratio when banks assess the loan amount granted to an EC buyer.
Finally, the issue of supply also plays an important factor. SLP expects five new EC projects to be launched during 2H 2013. However, the next EC project is set to be launched only in August or September next year, leaving a gap in the market.
This is further aggravated by the government’s latest policy requiring developers to launch an EC project for sale 15 months after the completion of foundation works or from the date the land is awarded, whichever comes first.
“During this period, the pent-up demand for ECs is likely to grow and will increase the price power of the developers of the EC projects to be launched in 2014, thus driving up the prices of ECs,” said SLP.
Source – http://www.propertyguru.com.sg/
Interesting facts to share. Click on the picture below for illustration of Singapore property price index From 1960 to 2010.
HDB Resale Market
HDB Rental Market
Upcoming Sales Launches
Sourced from : http://www.hdb.gov.sg