Singapore Back to Real Estate News Homepage to RSS for this country

SG Property News

SG Low-income earners received over S$1b in housing grant

Property Here - Thursday, June 20, 2013

Share to:

The government has extended over S$1 billion worth of grants to help low-income households acquire their first HDB flat, according to local media.

The HDB provides two types of housing grants to citizens earning less and whose needs are considered greater when it comes to acquiring a home. 

For instance, the Additional Housing grant (AHG) provides up to S$40,000 to applicants whose monthly household income is below S$1,500. It can be used to purchase either a resale unit or a new HDB flat. As of April this year, the grant has benefitted 58,845 households since it was introduced in 2006.

Another scheme is the Special Housing Grant (SHG) which be used only to acquire flats directly from the HDB. Launched in 2011 as a supplement to the AHG, it aims to reduce the burden of rising costs to poorer Singaporeans. Overall, the housing board has extended S$13.15 million worth of SHG to 1,238 households.

The above data is exclusive of other schemes provided by the government such as single or family grants.

According to PropNex Chief Executive Mohamed Ismail, the two grants have provided an annual average of 8,000 household a position in the property market.

“Their flats, which are the same quality of product as everyone else's, will see similar capital appreciation, and effectively ease wealth distribution among citizens,” he added.



Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg