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SG Working families will own homes: PM

Property Here - Monday, August 19, 2013

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The government will continue to address the housing needs of Singaporeans, especially middle-income households.

This was the promise made by Prime Minister Lee Hsien Loong in his National Day Rally speech on Sunday, whereby it was revealed that the Special CPF Housing Grant (SHG) will be extended to middle-income families buying four-room flats, from only two- or three-room flats previously.

“I will make sure every Singaporean family who is working can afford their home,” he said.

Launched in 2011, the SHG is a special subsidy for households with incomes of up to S$2,250. The extension of the grant and raising the income ceiling means that these first-time buyers can now apply for a four-room flat and get up to S$20,000 more in subsidies, media reports said.

Meanwhile, PM Lee assured Singaporeans that the government will keep new flat prices stable while assisting the lower and middle-income segments, amid a widening income gap.

The housing board recently introduced several measures to help Singaporeans secure their own homes, such as ramping up the number of flats, de-linking BTO flat prices from the resale market, and raising income ceilings to relieve the 'sandwich class'.

At the same time, the government will closely monitor housing affordability as the sector “has been and will continue to be an important way to share the fruits of our progress with all Singaporeans, and level up poorer households”.

Furthermore, Mr Lee asked homeowners to treat their properties not just as a roof over their heads but also as a “home where we sink roots, raise families and build emotional bonds with fellow Singaporeans”.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@allproperty.com.sg