As of August 30th 2010, HDB introduced new measures in their bid to ensure public housing remain within reach for Singaporean first time home buyers.
The measures include:
1. Stamp Duty
– Levy imposed on those selling residential properties within three years, up from one year
2. Curbs on buyers with outstanding home loans
– Have to pay 10 per cent in cash, up from 5 per cent
– Can borrow only up to 70 per cent of a property’s value, down from 80 per cent
3. Concurrent ownership of HDB flat and private residential property
– HDB owner not allowed to own private property during 5-year minimum occupation period, up from 3 years
– Private property owners who buy a non-subsidized HDB flat must sell their private property within six months from date of flat purchase
4. Allow households earning between $8000 and $10000 to buy new DBSS flats
Widened options to allow households earning between $8000 and $10000 to buy new DBSS flats with a $30000 CPF Housing Grant, similar to the purchase of ECs.
5. Increase supply of new flats, DBSS flats and Ecs
More than 16000 new flats will be offered in 2010 and if demand remains strong, HDB will launch up to 22000 new flats in 2011.
6. Shorten the completion time of BTO flats
BTO processes will be streamlined to allow flat buyers of projects launched in mid-2011 to collect keys to their new homes within 2.5 years instead of the current 3 years.
7. Increase the Minimum Occupation Period for *non-subsidized flats to 5 years
HDB flats are meant for long-term owner-occupation. The increase in MOP will dampen demand for those who are not in urgent need of housing.
Note: *Resale flat bought without CPF housing grant. The MOP will be computed from the effective date of purchase of the non-subsidized flats.
For further enquiries the pulic can contact HDB at the following numbers:
- Sales/Resale Customer Service Line: 1800 8663 066
- Branch Office Service Line: 1800 2255 432