More BTO flats to be launched in 2020 to meet additional demand following key policy changes

Potential home-buyers looking at a model of flats at HDB Hub in Toa Payoh, on Dec 12, 2019.
PHOTO: The Straits Times

SINGAPORE - Around 16,000 to 17,000 Build-To-Order (BTO) flats will be launched in 2020 to meet the additional demand following key policy changes this year, National Development Minister Lawrence Wong announced in a blog post on Monday (Dec 16) morning.

The Ministry of National Development had raised the income ceiling in September for eligible first-time home buyers and introduced a new Enhanced Central Provident Fund (CPF) Housing Grant.

More young couples benefited from the increased housing subsidies for their first Housing Board flat, enjoying up to $80,000 in grants when they buy a new flat and up to $160,000 in grants when they buy a resale flat in the open market.

The projected number of BTO for next year is more than this year's supply of 14,000 flats.

Mr Wong said: "Besides ensuring housing affordability, we also want existing HDB flats to remain good homes for their owners. Hence, we are investing significantly in the upgrading of HDB estates."

He noted that the Government has spent about $3 billion on various HDB upgrading programmes over the last five years.

"In the coming years, we will continue to do more to provide better, greener and smarter homes across all HDB precincts," he added.

This article was first published in The Straits Times. Permission required for reproduction.

VIDEOS TO WATCH

SERVICES