To help first-timer families upgrade to larger property, the new housing grants will cost the government at least S$150 million each year.
Subsidies for Build-to-Order (BTO) flats will increase to over S$440 million annually, compared to about S$290 million last year, including the Special CPF Housing Grant and Additional Housing Grant.
In a Facebook post yesterday, National Development Minister Khaw Boon Wan said: “The enhancement is not a trivial policy shift, but a significant one made after careful consideration.”
Mr Khaw previously stated that “for public housing, we have to...make sure society can afford it. (Policies) cannot be populist and we regret it in a few years’ time...What we do has to be sustainable for future generations. But as a social policy, we also affirmed in Our Singapore Conversation discussions that homeownership is important”.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com