{"id":120563,"date":"2021-07-05T02:20:59","date_gmt":"2021-07-04T19:20:59","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singaporeans-call-for-additional-subsidies-to-make-flats-in-prime-areas-more-affordable\/"},"modified":"2021-07-18T17:03:10","modified_gmt":"2021-07-18T10:03:10","slug":"singaporeans-call-for-additional-subsidies-to-make-flats-in-prime-areas-more-affordable","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singaporeans-call-for-additional-subsidies-to-make-flats-in-prime-areas-more-affordable\/","title":{"rendered":"Singaporeans call for additional subsidies to make flats in prime areas more affordable"},"content":{"rendered":"


\nSingaporeans call for additional subsidies to make flats in prime areas more affordableAccording to public\u00a0feedback gathered by the HDB and MND, most Singaporeans want the Government to provide additional subsidies for flats in prime locations.\u00a0
\nMost Singaporeans want the Government to provide additional subsidies for public housing built within prime locations to keep such units more affordable and accessible for all Singaporeans, reported TODAY.
\nThese locations include those in the Core Central Region (CCR) such as Chinatown, Tanjong Pagar, and Bukit Timah, as well as those near the CBD, such as the Greater Southern Waterfront (GSW).
\nTo ensure that these flats would remain affordable over time, such flats should only be resold to the Government, who may have to implement eligibility criteria for subsequent resale buyers.
\nThese were among the feedback gathered by the HDB and MND from over 6,500 members of the public during various engagement sessions seeking views on how to keep upcoming public housing developments in prime areas accessible, affordable and inclusive for Singaporeans.
\nAt one virtual public engagement session by government feedback unit Reach, National Development Minister Desmond Lee shared that keeping public housing in prime areas affordable, accessible and inclusive for Singaporeans remains the \u201ccore principle\u201d which the government is committed to upholding.
\n\u201cBut how we implement this policy and how we adapt and adjust our public housing policies and strategies over the years and decades ahead must keep up to the changing demographics and changing society that we see in Singapore,\u201d he said as quoted by TODAY.
\nAside from providing additional subsidies, respondents also supported \u201crecovering these additional subsidies in some way when the flats are sold to ensure equitability with other flat owners who would not be accorded this additional subsidy\u201d.
\nThe\u00a0Government will also need to determine whether future developments within prime areas will cater to low-income Singaporeans, middle-income households, or those working in the central areas.
\nThere is also the issue of the income ceiling for public housing in prime locations, said Lee.
\nCurrently, the income ceiling is pegged at $14,000 for families and $7,000 for single buyers.
\nLee questioned if the income ceiling eligibility criteria is sufficient to ensure that flats in prime locations remain accessible to Singaporeans.
\nHe pointed that young graduates with not much earning can afford such flats with financial help from parents. Another group of buyers who can afford these flats are retirees with no income but have accumulated wealth over the years.
\nLee revealed that while the Government is considering offering additional subsidies for flats in prime areas to keep them affordable, it is also considering how it can \u2018claw back\u2019 capital gains\u00a0made by homeowners from selling their flats in prime locations.
\nSome suggested solutions from the public include imposing resale levies, or clawing back the subsidies if there is an upside for sellers. Other feedback includes a longer\u00a0Minimum Occupation Period (MOP),\u00a0and disallowing flats from renting out the flat, even after the MOP,\u00a0which would help to encourage owners to live in their flats longer. \u00a0\u00a0
\nMND is wrapping up its engagement sessions and will study possible measures in greater detail.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email:\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singaporeans call for additional subsidies to make flats in prime areas more affordable<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singaporeans call for additional subsidies to make flats in prime areas more affordableAccording to public\u00a0feedback...<\/p>\n","protected":false},"author":1,"featured_media":120564,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-120563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/Chinatown-Area-Skyline.original.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vmz","jetpack-related-posts":[{"id":122853,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-bto-project-under-new-prime-housing-model-to-be-built-in-rochor\/","url_meta":{"origin":120563,"position":0},"title":"First BTO project under new prime housing model to be built in Rochor","date":"October 27, 2021","format":false,"excerpt":"\r The Rochor BTO project will have 960 units of\u00a0three-room and four-room flats, and 40 units of two-room rental flats. Source: HDB The first project under the new prime location public housing (PLH) model will be built at Rochor and launched at next month\u2019s Build-to-Order (BTO) exercise. Situated along Weld\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/rochor-bto-plh.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":110481,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/significant-subsidies-already-in-place-for-first-timer-flat-applicants\/","url_meta":{"origin":120563,"position":1},"title":"Significant subsidies already in place for first-timer flat applicants","date":"September 4, 2019","format":false,"excerpt":"\r The Ministry of National Development noted that first-time homebuyers also enjoy priority when they apply for new flats near their parents. Many options are also available for first-timers who opt for resale flats close to their parents. Singaporeans looking to purchase their first Housing and Development Board (HDB) flat\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122935,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/exclusion-of-singles-from-buying-hdb-flats-in-prime-areas-not-a-step-backwards\/","url_meta":{"origin":120563,"position":2},"title":"Exclusion of singles from buying HDB flats in prime areas not a step backwards","date":"November 1, 2021","format":false,"excerpt":"\r For now, the current restrictions on PLH flats\u00a0are meant to prioritise larger households that might require more space, with adjustments\u00a0to be made after\u00a0the impact of the measures are assessed. The decision to exclude singles from the group of buyers allowed to purchase flats under the latest prime location public\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/plh-model.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":122996,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/incomes-have-kept-pace-with-prices-of-new-hdb-units-resale-flats\/","url_meta":{"origin":120563,"position":3},"title":"Incomes have kept pace with prices of new HDB units, resale flats","date":"November 3, 2021","format":false,"excerpt":"\r HDB subsidies for new and resale flats keep public housing affordable; among resale flat buyers who have taken\u00a0up an HDB loan, the mortgage servicing ratio\u00a0has remained stable at 23%. New Housing and Development Board (HDB) units and resale flats continue to remain affordable as incomes of Singaporeans have generally\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/Colour-Scheme-HDB-e1479092279776.original.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":22680,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-mulls-building-hdb-flats-in-prime-areas\/","url_meta":{"origin":120563,"position":4},"title":"Govt mulls building HDB flats in prime areas","date":"August 12, 2016","format":false,"excerpt":"\r Artist\u2019s impression of the Greater Southern Waterfront. 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