- The Straits Times
HDB is launching 16,000 to 17,000 BTO flats next year – compared to this year’s 14,600 – to cope with an expected surge in demand, National Development Minister Lawrence Wong announced in a blog post on Monday (Dec 16).
We’ve been working hard to provide more affordable flats and good homes for Singaporeans. Over the last 5 years, around…
The move is meant to complement the new HDB rules in September that raised grants and the income ceiling for buyers, the minister said.
Come February, 1,400 flats will be launched in Sembawang right next to the upcoming Canberra MRT station, while 1,620 flats will be launched in Toa Payoh, one batch located in between Caldecott and Braddell MRT station, and the other close to the Central Expressway.
In all, these releases in the first half of the year total 6,770 flats – meaning the additional 10,000-odd flats will likely be released in the second half.
The minister added that the Government has upcoming plans to redevelop several older HDB estates under the Voluntary Early Redevelopment Scheme, and will provide more details in the future.
He explained that most of Singapore’s housing was on a leasehold basis as the land could be recycled to build new flats for future generations.
In the past five years, around 150,000 BTO flats were sold to first-time buyers, with many in non-mature estates like Punggol, Sengkang or Tengah paying little or no cash on mortgage payments, he said.
He added that the new Lease Buyback Scheme, which was changed to cover all HDB flat types this year, had also seen the take-up rate double to around 1,500 flats this year.