Budget Statement 2023

Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, announced changes to housing policies in the Budget Statement 2023. Read on to find out how we plan to make public housing more affordable and accessible for Singaporeans buying their first homes.

Further support for BTO flat buyers with urgent housing needs to buy BTO flats

To further support First-Timer families with more urgent housing needs to set up their first home and start a family, HDB will introduce a new sub-category of First-Timers comprising families with children, and young married couples below 40 years old, who are buying their first home. This sub-category of prioritised First-Timers will receive an additional ballot chance for their BTO applications, to support them in securing their BTO flats in a more timely manner. This will be implemented later this year.

More details will be shared at the Ministry of National Development Committee of Supply debate.

Increase in maximum amount of CPF Housing Grant for First-Timers buying resale flats 

Currently, eligible First-Timers buying a resale flat can receive up to $160,000 in housing grants. This comprises a CPF Housing Grant of up to $50,000, Enhanced CPF Housing Grant of up to $80,000, and Proximity Housing Grant of up to $30,000.

First-Timers who submit their resale applications to HDB on or after 14 February 2023, 3:30pm, will be eligible for the following increase in CPF Housing Grants:

• $80,000 for First-Timer families buying a 4-room or smaller resale flat (up from $50,000) 
• $50,000 for First-Timer families buying a 5-room or larger resale flat (up from $40,000)
• $40,000 for First-Timer singles buying a 4-room or smaller resale flat (up from $25,000)
• $25,000 for First-Timer singles buying a 5-room resale flat (up from $20,000)

With these increases, eligible First-Timer families buying a resale flat can receive up to $190,000 in housing grants. For First-Timer singles, the revised housing grants can be up to $95,000. Details of the revised grants are tabled below.

Table 1: Revised grant for eligible First-Timer families

Table 2: Revised grant for eligible First-Timer singles*

Note: *First-Timer singles buying a 2- to 5-room resale flat are eligible for the grant.

For eligible buyers who submit their resale applications from 14 February 2023, 3:30pm to 31 March 2023, we will automatically extend the revised housing grant to you without any disruption to your resale completion. You will receive the additional CPF housing grant amount within 3 months from the date of the resale completion.