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Committee of Supply 2018

Committee of Supply 2018

BUILDING OUR FUTURE CITY AND HOME

Minister for National Development Lawrence Wong made several key housing announcements at the Committee of Supply Debate on 6 March 2018. Read on to find out how these announcements will benefit Singaporeans.

COS 2018 Infographic

 

Young Couples and Families

Shorter Waiting Time for Flats

Young couples buying their first home can look forward to some 3,000 flats with shorter waiting time. The first 1,100 flats will be launched in the second half of 2018 in Sembawang, Sengkang, and Yishun. The remainder will be launched in 2019.

More details will be announced later.

Deferred Assessment for First-Timer Young Couples

To help young couples buy their first homes earlier, HDB will allow first-timer couples who are full-time students or National Servicemen (NSF), or have recently completed their studies or National Service (NS), to apply for a flat first and defer the assessment of their income for housing grants and loan till just before the key collection for their new flat. It will reduce the time required for such couples to secure a new flat by at least a year.

The deferment of income assessment will apply from the May 2018 Sales Launch onwards. Flat applicants will need to fulfill the continuous employment condition and/ or credit assessment guidelines, at the point of assessment before the key collection for their new flat. More details will be announced closer to the date. 

Enhancements to Proximity Housing Grant

Minister for Finance Heng Swee Keat announced enhancements to the Proximity Housing Grant (PHG) in the Budget Statement on 19 February 2018, to encourage stronger family support. 

Singaporean citizen families and singles buying a resale flat to live with or near their parents or married children will now enjoy a higher-tier PHG. The proximity condition has been expanded and simplified from “within 2km or the same town” to “within 4km” to provide resale flat buyers with more options.

  Living with Parents/ Child Living near Parents/ Child
(Within 4km)
Families $30,000 $20,000
Singles aged 35 and above $15,000 $10,000

 

Divorced Parents

Supporting Divorced Parents With Their Housing Needs

HDB will remove the 3-year time-bar policy for divorcees to buy or own a subsidised flat, to help support divorced parents and their children transiting to their next housing arrangement. 

Both parties in the divorce will now be able to buy or own a subsidised flat upon divorce, as long as they are able to meet all the eligibility conditions for flat purchase. This will apply to flat applications received on or after 6 March 2018.

Second-timer Rental Families

Enhancing the Fresh Start Housing Scheme

The Fresh Start Housing Scheme was launched in 2016 to help second-timer rental families with young children start afresh in a new home. The minimum occupancy criterion is now reduced from 2 years to 1 year for families who are ready to buy a flat sooner.

 

 

 

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