{"id":142682,"date":"2024-02-19T07:32:44","date_gmt":"2024-02-19T00:32:44","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-offer-962-punggol-bto-flats-in-february-sales-exercise-budget-2024-absd-refund-for-single-singaporean-seniors-and-more\/"},"modified":"2024-02-19T15:38:27","modified_gmt":"2024-02-19T08:38:27","slug":"hdb-to-offer-962-punggol-bto-flats-in-february-sales-exercise-budget-2024-absd-refund-for-single-singaporean-seniors-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-offer-962-punggol-bto-flats-in-february-sales-exercise-budget-2024-absd-refund-for-single-singaporean-seniors-and-more\/","title":{"rendered":"HDB To Offer 962 Punggol BTO Flats in February Sales Exercise, Budget 2024: ABSD Refund for Single Singaporean Seniors and More"},"content":{"rendered":"


\n14\u00a0\u2013 19\u00a0February 2024
\nAfter more than four years, the Housing and Development Board (HDB) will launch the first Build-to-Order (BTO) project in Punggol \u2013 Matilda Riverside \u2013 in its February sales exercise. Meanwhile, single Singaporean seniors, or those aged 55 and above, can now claim a refund of Additional Buyer\u2019s Stamp Duty (ABSD) when they buy a lower-value private property as replacement for their existing home.
\n1. HDB to offer 962 Punggol BTO flats in February sales exercise<\/p>\n

After more than four years, the Housing and Development Board (HDB) will launch the first Build-to-Order (BTO) project in Punggol \u2013 Matilda Riverside \u2013 in its February sales exercise, reported\u00a0CNA.
\nSituated next to Punggol Reservoir within the Matilda District, the project will feature 962 BTO units spread across seven residential blocks of 10- to 19-storeys. A wide selection of flat types will be offered, from two-room Flexi to five-room flats.
\nThe waiting for the project will be the shortest in the latest sales exercise at three years and one month.
\nNotably, most of the flats launched in February will have waiting times of not more than three-and-a-half years.
\nHDB noted that units at Matilda Riverside were designed so that residents will have views of the waterfront as well as courtyard spaces in between the blocks.
\nAmenities include playgrounds, a hardcourt, a preschool, fitness facilities, a residents\u2019 network centre and a common green, which come with a multi-purpose court.
\nThe upcoming launch will also offer other BTO projects in areas such as Bedok, Queenstown, Hougang, Woodlands and Choa Chu Kang. HDB will also offer 1,500 Sale of Balance Flats units.
\n\u00a0
\n2. Budget 2024: ABSD refund for single Singaporean seniors
\nSingle Singaporean seniors, or those aged 55 and above, can now claim a refund of Additional Buyer\u2019s Stamp Duty (ABSD) when they buy a lower-value private property as replacement for their existing home.
\nNotably, this ABSD concession is previously offered to married couples, with at least one of the spouse being a Singapore citizen.
\n\u201cTo better support seniors who wish to right-size, I will extend the concession to single Singapore Citizens aged 55 and above,\u201d said Deputy Prime Minister and Finance Minister Lawrence Wong in his Budget 2024 speech.
\nThe seniors can claim the refund once they sell their first property within six months after acquiring a lower-value private property if the replacement unit is completed; or within six months following the issue of the temporary occupation permit (TOP) or certificate of statutory completion (CSC), whichever is earlier, if the replacement unit is not yet completed at the time of acquisition.
\nMeanwhile, housing developers will also see a\u00a0lower ABSD clawback rate for developments that have sold at least 90% of units within their prescribed sale timeline.
\nDevelopers were previously granted an ABSD remission provided they sell all units within their development within five years from acquiring the site.
\nHowever, developers sometimes encounter difficulties meeting the timeline requirement, and are then subject to a full ABSD clawback.
\n\u201cThe reduction in the ABSD remission clawback rate will depend on the proportion of units sold by the housing developers within the remission sale timeline,\u201d said the Ministry of National Development (MND).
\n\u00a0
\n3. Budget 2024: Couples waiting BTO flat completion to get open market rental vouchers
\nCouples waiting for the completion of their Build-to-Order (BTO) flats will receive further support from the government, which will allow them to rent HDB flats from the open market, reported TODAY.
\nCurrently, HDB offers subsidised rental flats to such couples under the enhanced Parenthood Provisional Housing Scheme (PPHS).
\nBut while HDB is ramping up supply to meet the increased demand, the government wants \u201cto do more to support such young families with urgent housing needs\u201d, said Deputy Prime Minister and Finance Minister Lawrence Wong in his Budget speech.
\n\u201cI will therefore provide a PPHS (Open Market) Voucher for a year to support eligible families who rent a HDB flat in the open market,\u201d he added, without disclosing the dollar amount of the voucher.
\n\u00a0
\n4. Budget 2024: Lower property tax for some home owners with annual value bands revision
\nStarting 1 January 2025, the annual value (AV) bands for owner-occupied residential properties will be adjusted, with the lowest AV band threshold raised to $12,000 from $8,000 and the highest threshold to over $140,000 from over $100,000.
\nWith this, home owners can expect to pay similar or lower property tax rates, assuming there is no change in their properties\u2019 AV and prior to any rebate, reported CNA.
\nThe move will ensure that those living in higher-value properties \u201ccontinue to pay their fair share of taxes\u201d, said Deputy Prime Minister and Finance Minister Lawrence Wong in his Budget speech.
\nHe noted that the raising of the bands comes after a significant increase in market rents from 2022 resulted to more owner-occupied properties being affected by a recent hike in property taxes than expected.
\n\u201cWe had originally expected the property tax changes to impact mainly the top 7% of owner-occupied residential properties. But the AV increases resulted in the proportion of affected owner-occupied properties nearly doubling to 13%,\u201d shared Wong.
\nHe added that the government will continue to monitor the property market, providing another rebate in 2025 if needed.
\nMeanwhile, a 24-month instalment plan will be offered by the Inland Revenue Authority of Singapore to retirees living in higher-end homes facing cash flow issues.
\n\u00a0
\n5. New private home sales soar 108.1% in January
\nSingapore saw new private home sales surge 108.1% in January 2024 from the previous month, albeit it remains the weakest showing for the month of January in 15 years.
\nDevelopers\u2019 sales, excluding executive condominiums (ECs), increased to 281 units in January from 135 units in December 2023, reported CNA citing Urban Redevelopment Authority (URA) data.
\nHowever, new private home sales declined 28.7% year-on-year from the 394 units transacted in January 2023. This marked the lowest since January 2009, when only 108 units were sold amid the global financial crisis.
\nAnalysts attributed January\u2019s month-on-month hike in sales to the launch of two new projects \u2013 Hillhaven\u00a0and The Arcady at Boon Keng.
\nNotably, the two projects accounted for almost 40% of the total sales in January, with 111 units shifted.
\nThe Outside Central Region (OCR) dominated sales in January, with 114 units sold or around 51% of the total sales last month. The Rest of Central Region (RCR) sold with 112 units or around 40%, while the Core Central Region (CCR) moved 25 new homes.
\nDevelopers put up 417 new units, excluding ECs, for sale last month, up from December\u2019s 36 units.
\n\u00a0
\n6. New private home sales drop to 16-year low in 2023
\nFor the second consecutive year, new private home sales fell 9.6% to 6,421 units in 2023, revealed Savills Research.
\nThe figure was also the lowest since 2008, when 4,264 units were transacted during the global financial crisis. Savills attributed the decline primarily to delays in securing relevant sales permits, affecting new launches.
\nAlthough the number of new private home launched units dropped to 7,551 in 2023, it was still 66.8% higher compared to 2022\u2019s 4,528 units.
\nBoth the RCR and OCR recorded year-on-year hikes of 205.4% (4,233 units) and 61.1% (2,688 units), respectively, while the CCR posted a 57.2% (630 units) year-on-year decline.
\nNon-landed home purchases by foreigners dropped 33.3% year-on-year to 616 units in 2023, the lowest in 27 years. Non-landed home purchases by Singaporeans also declined by 8.6% to 13,911 units, while purchases by permanent residents (PRs) fell 12.7% to 3,030 units last year.
\nMeanwhile, price appreciation slowed across nearly all property segments in 2023, reflecting economic challenges and higher mortgage rates.
\nLanded home prices rose 8% in 2023, lower than the 9.6%hike seen in 2022. Prices of non-landed home prices also climbed at a much slower rate at 6.6% in 2023, compared to 8.1% in 2022.
\n\u00a0
\n7. Plantation Close EC site awarded to Hoi Hup-Sunway JV
\nThe executive condominium (EC) site at Plantation Close has been awarded to a joint venture between Hoi Hup Realty and Sunway Developments, after it submitted the highest bid of $423.38 million for the site, revealed the Housing and Development Board (HDB).
\nLaunched in November 2023, the site has an area of 20,038.2 sq m and a maximum gross floor area of 56,107 sq m.
\nIt has a leasehold tenure of 99 years and is expected to yield 560 housing units.
\nThe tender for the site closed on 1 February with four bids received.
\n\u00a0
\n8. HDB to refund GST wrongly charged over last five years
\nHDB will refund the Goods and Services Tax (GST) wrongly charged on administrative fees for home owners who rent out their bedrooms and flats as well as for the compulsory acquisition of HDB flats.
\nHDB shared that it has ceased collecting GST on these administrative fees as of 14 February 2024.
\n\u201cAs the above administrative fees have been determined to be regulatory in nature, they are non-taxable and GST should not have been charged on them. HDB apologises for the erroneous charging of the GST,\u201d it said in a release.
\nOn average, the GST charged stands at around $1 for every application to rent out a spare bedroom or the entire flat, and around $15 for the compulsory acquisition of flats.
\nHDB will reach out to affected households wrongly charged GST on such fees over the past five years from mid-March to arrange the refunds.
\nIt noted that the refund amount will include interest.
\n\u00a0
\n9. Hike in young Singaporeans taking out loans to buy private homes
\nDespite the higher interest rate environment, banks noted a significant uptick in young Singaporeans obtaining loans to finance a property over the past few years, reported CNA.
\nERA Realty Network shared that the number of private residential buyers aged 26 to 35 has tripled since 2015. These buyers accounted for 35% of last year\u2019s new private home transactions, up from 31% in 2022.
\nIt attributed the hike in young property buyers to various factors including rising incomes, the appeal of higher profit gains and more flexible resale options compared to BTO flats.
\n\u201cThe bulk of the transactions for this age group is below $2.5 million. They would buy within what they can afford according to their respective incomes and they will rarely overstretch,\u201d said ERA Realty\u2019s Key Executive Officer Eugene Lim.
\nWhile default rates among young property buyers are low, banks urge such buyers to remain prudent, noting that long-time financial commitments require careful consideration.
\nThey advise buyers to assess affordability early and to set aside adequate savings to prepare for unforeseen circumstances such as interest rate hikes and job changes.
\nGet the full breakdown of your affordability with the Mortgage Calculator by PropertyGuru Finance.\u00a0
\n\u00a0
\n10. Factors to consider before buying first private home
\nWith home prices having stabilised, the year 2024 may appear to be the perfect time for first-time buyers to enter the private residential market, reported TODAY.
\n\u201cWith careful research and planning, first-time private-home buyers could take advantage of changing trends to find a home that meets their needs and budget,\u201d said Christine Sun, OrangeTee Group\u2019s Chief Researcher and Strategist.
\nAmong the factors that first-time buyers should consider is the ramped up supply of homes, particularly in the suburbs.
\nNotably, about 30 projects, yielding up to 12,000 units, are expected to be launched this year.
\nEven if launches are delayed due to unforeseen events, Sun still expects 23 private residential project launches, which would generate up to 8,800 units. This is 16.5% higher than the number of units launched in the previous year.
\nExcluding ECs, the OCR will account for about 50.5% or over 4,400 units of the total anticipated new units.
\nWith more units completed in 2023 and 2024, potential buyers should prepare for a drop in supply over the coming years as this could put upward pressure on prices.
\nBuyers should also assess overall affordability as well as evaluate their financial position. And while market conditions may seem favourable, Sun urged home buyers to remain prudent, given the uncertain economic environment.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nFariza Salleh, Content Marketing Manager at PropertyGuru, edited this story. To contact her about this story, email: farizasalleh@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…HDB To Offer 962 Punggol BTO Flats in February Sales Exercise, Budget 2024: ABSD Refund for Single Singaporean Seniors and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

14\u00a0\u2013 19\u00a0February 2024 After more than four years, the Housing and Development Board (HDB) will...<\/p>\n","protected":false},"author":1,"featured_media":142683,"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-142682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/02\/Punggol_BTO_SG.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-B7k","jetpack-related-posts":[{"id":96726,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-launch-first-two-bto-projects-in-punggol-point\/","url_meta":{"origin":142682,"position":0},"title":"HDB to launch first two BTO projects in Punggol Point","date":"August 27, 2018","format":false,"excerpt":"\r The Housing Board revealed on Sunday (26 Aug) that it plans to offer for sale 2,112 build-to-order (BTO) flats this month within the first two residential projects in Punggol Point District, reported Channel NewsAsia. Known as Punggol Point Woods and Punggol Point Cove, the former will come with 940\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110689,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-launches-4089-flats-in-september-sales-exercise\/","url_meta":{"origin":142682,"position":1},"title":"HDB launches 4,089 flats in September sales exercise","date":"September 12, 2019","format":false,"excerpt":"\r A total of 3,373 Build-To-Order (BTO) flats were launched in Punggol and Tampines, which were spread across three projects \u2013 Punggol Point Crown, Punggol Point Cove and Tampines GreenGlen. The Housing Board launched 4,089 flats for sale on Wednesday (11 September), just a day after National Development Minister Lawrence\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35462,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-launches-10118-flats-in-november-sales-exercise\/","url_meta":{"origin":142682,"position":2},"title":"HDB launches 10,118 flats in November sales exercise","date":"November 23, 2016","format":false,"excerpt":"\r New HDB flats accounted for more than half of the units launched for sale.\u00a0 The Housing and Development Board (HDB) launched 10,118 flats for sale on Tuesday (22 November) in its largest sales exercise in 2016. Build-To-Order (BTO) flats accounted for more than half of the units launched for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96778,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/waterfront-views-not-a-determining-factor-for-most-buyers\/","url_meta":{"origin":142682,"position":3},"title":"Waterfront views not a determining factor for most buyers","date":"August 28, 2018","format":false,"excerpt":"\r While Housing and Development Board (HDB) flats with waterfront views in the new Punggol Point District are expected to fetch higher prices than those with no such views, property analysts believe that buyers will still focus on factors such as proximity to transport nodes and amenities, reported The New\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44035,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-launches-4056-bto-flats\/","url_meta":{"origin":142682,"position":4},"title":"HDB launches 4,056 BTO flats","date":"February 14, 2017","format":false,"excerpt":"\r A total of 17,000 new flats are set to be launched in 2017.\u00a0 The Housing and Development Board (HDB) launched 4,056 flats for sale this morning under the February 2017 Build-To-Order (BTO) exercise. Spread across six projects in Punggol, Clementi and Tampines, these flats comprise the first batch of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96854,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-5000-flats-offered-in-hdbs-august-sales-exercise\/","url_meta":{"origin":142682,"position":5},"title":"Over 5,000 flats offered in HDB\u2019s August sales exercise","date":"August 29, 2018","format":false,"excerpt":"\r The Housing and Development Board (HDB) has launched 5,101 flats for sale under the August 2018 Build-To-Order (BTO) and Re-Offer of Balance Flats (ROF) exercise. \u00a0The 4,375 BTO units on offer are spread across four projects in Punggol and Yishun, said the HDB in a release on Tuesday (28\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/142682"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=142682"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/142682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/142683"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=142682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=142682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=142682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}