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The next 2 years, New Launch Property - HDB to double interim rental flats for families to 4,000 units over next two years

The next 2 years, New Launch Property - HDB to double interim rental flats for families to 4,000 units over next two years.

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

Announcing this on Monday, the Senior Minister of National Development said HDB had achieved its previous goal of increasing the supply of apartments under the Parental Temporary Housing Program (PPHS) from 800 units in 2018. 2021 to 1,800 units by 2023.

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HDB to double interim rental flats for families to 4,000 units over next two years

She said the number of such New Launch Property will reach nearly 2,000 by the end of 2023, adding that enrollment rates for the scheme have dropped significantly due to higher supply – from more than 20 units in 2021 to less than 20 units. There are about 3 apartments left as of 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 Exhibition and Convention Center, HDB is also working on ways to maximize the availability of PPHS apartments. 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 New Launch Real Estate in Singapore must have a monthly household income of $7,000 or less and have an unfinished unit 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.

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 previous quarter in more than two years, she added. The senior minister also outlined three policy areas that the Government has been reviewing.

First, it introduces a prime public housing model to address the problem that highly regarded HDB neighborhoods will become stratified along income streams once units become available across the board. 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 will help keep areas population to be 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 reviewing how HDB's real estate 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 difference between the two types of real estate is not always so clear, said the senior minister. Some sites in the immature grounds have the amenities and connectivity of older town centres, she noted, while some sites in the mature grounds may be less accessible. more sought after due to the characteristics of the particular place.

She said the review will impact policy “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.”

Economist from Singapore University of Social Sciences and Professor from the real estate department at the business school of the National University of Singapore joined the Senior Minister in the panel. In his remarks, the Professor divided Singaporeans into three groups – young, middle-aged and elderly, noting that they face different problems.

For example, there are tensions between the homeless and those who own one – and trying to strike a balance between keeping housing affordable while preserving property value. The Associate Professor suggested that the Government consider reducing the emphasis on accumulating residential property by adjusting the tax system, which he said currently favors housing investment "a bit too much".

The Business Times, June 13, 2023, Tuesday

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