SINGAPORE – The Housing Board gave out more than $4.5 billion in housing grants to buyers of new or resale flats from 2020 to 2023.
In those four years, around 63,700 households received the Enhanced Central Provident Fund (CPF) Housing Grant, which gives up to $80,000 to families buying their first new or resale flat.
Providing updates on other grants on Feb 12, HDB said 41,600 households also tapped the CPF Housing Grant, which gives first-time buyers of two- to four-room HDB resale flats $80,000 in grants, while those who buy five-room or larger resale units can get $50,000.
Around 44,700 households received up to $30,000 under the Proximity Housing Grant, for buyers of resale flats who chose to live with or near their parents or child.
These grants were either introduced or enhanced in recent years. For instance, the CPF Housing Grant was increased in 2023 to support Singaporeans who wanted to buy resale flats but found prices too high. Buyers of two- to four-room resale flats previously got $50,000, while the grant for five-room or larger units was $40,000.
The Enhanced CPF Housing Grant was rolled out in 2019 to streamline two older grants, while the Proximity Housing Grant was increased from $20,000 to $30,000 in 2018.
The public housing agency did not provide a yearly breakdown of grants disbursed when asked.
HDB noted that in 2023, close to eight in 10 buyers serviced their HDB loans with CPF contributions, with little or no cash payments.
“This is a clear and concrete measure of housing affordability not found in many other countries,” said the Board on Feb 12, which marks 60 years of the Home Ownership Scheme.
In 1964, HDB started selling flats to citizens on a 99-year lease while providing housing subsidies and loans.
Today, HDB has built 1.25 million flats and houses about 80 per cent of the resident population, of which about 90 per cent own their units.
National Development Minister Desmond Lee said: “In the years ahead, we’ll continue to ensure that our housing remains affordable, inclusive and fair, and reflects the changing and evolving society.”
Mr Lee, who spoke to reporters at the HDB Hub in Toa Payoh on Feb 8, said the authorities are working towards the roll-out of the new classification of flats in October.