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New Launch in Singapore - HDB doubles temporary family rental apartments to 4,000 units in the next two years

New Launch in Singapore - HDB doubles temporary family rental apartments to 4,000 units in the next two years.

The Housing Board (HDB) will set aside more temporary housing for families awaiting their New Launch Condos, doubling the number of temporary rental units to 4,000 over the next two years.

Announcing this on Monday (June 12), the Senior Minister of National Development said that HDB had achieved its previous goal of increasing the supply of apartments under the Temporary Parent Housing Program ( PPHS) from 800 units in 2021 to 1,800 units in 2023.

She noted that the number of such New Launch Condos will reach nearly 2,000 by the end of the year, adding that the enrollment rate for this program has dropped significantly due to higher supply – from more than 20 units in 2021. down to about 3 as it is now.

“But we understand that buyers who have booked their apartments in the past two years have experienced longer wait times because of delays caused by Covid-19. Therefore, HDB is working to increase PPHS supply further, doubling again to 4,000 units in the next two years,” said the senior minister.

She said in a speech at the Policy Research Institute's 35th Anniversary Conference held at the Sands Convention & Exhibition Center, HDB is also working on ways to maximize PPHS apartment stock. available, due to constant demand and limited supply.

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These include a flat-sharing requirement for larger units, to allow more homebuyers waiting for their new home to benefit from subsidized rents.

Persons eligible for PPHS apartments must have a monthly household income of S$7,000 or less and have unfinished apartments from HDB sales.

Speaking during a panel on “revision of housing”, the senior minister noted that nearly 40,000 public and private homes are expected to be completed by 2023 – the highest number in the past five years.

“Households who are currently renting temporarily while waiting for the completion of their new home will likely move out of their apartments, thus easing the pressure on the rental market,” she said.

She added that HDB's efforts to meet demand for social housing - by increasing apartment supply and catching up on delayed Build to Order (BTO) projects - have begun to grow. effect.

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During the BTO launch in May, the average first-time registration rate for three-room apartments or more was around 2.3 times, closer to pre-Covid-19 levels than before.

HDB's resale price also recorded the lowest increase in the last quarter in more than two years, she added. The senior minister also outlined three policy areas that the government is reviewing.

First, New Launch Condos introduces a Premium Location Housing model to address the problem that highly regarded HDB residences will become stratified along income streams once units become available on the open market.

The senior minister said that, with a longer minimum occupancy period, restrictions on who the owner can then sell the apartment to, and the withdrawal of subsidies, this model would help keep residential areas become as integrated as possible.

Second, as the population ages, the government in 2021 introduced community care apartments – a new type of housing with elderly-friendly design and interiors, accompanied by services take care of.

Third, the government is rethinking how HDB property is classified, which is currently divided into mature and immature properties.

“For many Singaporeans, how well equipped a city is with facilities and amenities and the desire to have an apartment there has become understandable,” said the senior minister.

This is then reflected in the fixed price, with prices in mature areas generally higher.

However, the distinction between the two types of real estate is not always so clear-cut, according to the Senior Minister.

Some sites in immature grounds have the amenities and connectivity of older town centres, she noted, while some sites in mature grounds may be less sought after. due to site-specific characteristics.

The review will influence policy, she added, “because the current classification guides how we focus our efforts on making public housing affordable and accessible. We hope to share more on this soon.”

The Business Times, June 13, 2023, Tuesday

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