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Missed Prime Minister Lawrence Wong’s first National Day Rally speech on new housing measures?

No worries for we’ve got you with this post.

Here are the highlights you need to know.

Good news for singles

With families in mind, singles will now have priority access to new homes.

Starting in mid-2025, singles looking to live near loved ones will receive priority when applying for Build-to-Order (BTO) flats.

This change was recently announced by PM Wong.

We all know that housing is one huge topic for many living in Singapore.

In his first National Day Rally speech, PM Wong reaffirmed the government’s commitment to affordable, accessible public housing.

Currently, only those 35 and above can purchase new two-room Flexi HDB units as singles.

Recognizing this limit, PM Wong asked how more could be done for singles.

The solution?

Grant them the same priority now given to married children who apply within 4 km of their parent’s home.

This means singles stand a better chance at balloting for a new build near family.

As PM Wong shared, many singles also wish to care for aging parents so this update ensures all children, whether married or not, can more easily live close by.

Lower-income couples received good news too

The Central Provident Fund (CPF) Housing Grant, assisting first-time buyers, will see its maximum amount increased.

This extra support helps more young Singaporeans purchase their first affordable home.

“This is my assurance to all young Singaporeans: Once you start work and wish to settle down, we will make sure that there is an HDB flat that is within your budget in every region,” PM Wong noted.

“We will always keep public housing in Singapore affordable for you.”

National Development Minister Desmond Lee will announce more details soon so stay tuned to the news.

Seniors, too, are not forgotten

Additional housing options have also been created for seniors.

For instance, the brand new Harmony Village @ Bukit Batok, ready to be moved in later this year, combines apartments and care services.

Image Credits: Facebook/Desmond Lee

More such developments are planned to help the older generation age gracefully.

Recovering from the pandemic

In addition, PM Wong acknowledged past housing woes stemmed from COVID-19 disruptions.

But steady progress has been made on new construction and all delayed projects should be completed by early 2025.

This will satisfy pent-up demand while stabilizing prices.

Meanwhile, the special focus remains on keeping HDB flats attainable long-term.

Upcoming policy refinements aim to shorten waiting periods for BTOs and make prime locations feasible for all.

The government is working on its public housing mission and helping citizens realize their home dreams.

How many times have you heard the statement: “housing is one of the biggest investments that one can make”? It is true!

Whether you want to become a successful property investor or a proud flat owner, you must use a logical and a practical buying system to make good decisions. For starters, it is ideal to choose a unit that has attractive features, wide appeal, and low maintenance.

There are many factors that can pinpoint whether you are ready to stake your claim. Here are some of them:

1. YOU CLARIFIED YOUR PURPOSES.

In the business perspective, the needs assessment is one of the first steps to building a strategy. Do the same thing when you are hunting for a new pad! Know your needs, intentions and purposes in order to guide your decisions.

Do you desire to move right away, to rent it out, or to sell it in the future? You do not want to dive in the market unprepared as everything may sound good to you at first sight.

2. YOU DID YOUR RESEARCH.

You know you are in the process of getting all the aspects settled when you have done substantial research. Use both the Internet and a pool of professionals (i.e., reliable real estate agent or lawyer) as your resource. Compare essential factors such as unit layouts, transport systems, unit locations, and building amenities.

It is ideal to move to a flat that has easy access to the shops, schools, and public transportation. And if you are renting a property, find a layout that can attract diverse groups of individuals, couples, and families.

Image Credits: pixabay.com

3. YOU DETERMINED YOUR FINANCIAL SITUATION.

It is crucial to know where you stand financially before purchasing a property. Who wants to be stuck in a mountain of debts, anyway?

This is why you must know how much you can realistically afford, how much you are willing to loan, and how much you can shell out immediately. Research about the various payment schemes that are available in the country. Do not forget to prepare a fund for additional (mandatory) costs too!

4. YOU KNOW WHICH TYPE OF PROPERTY YOU DESIRE.

Much like the abundant number of gyms in the Pokémon universe, there are numerous real estate options which one can choose from. You must equip yourself with the knowledge of knowing the differences between these options. Let me define three types, namely: Build-To-Order (BTO), Design, Build, and Sell Scheme (DBSS), and Executive Condominiums (EC).

a. BTO allows locals to apply for flats at a location of their choice. The construction work begins once about 65% of the flats are booked.

b. DBSS is a public housing scheme under the HDB (Housing and Development Board) system, which is curated by private developers. It can be found in Ang Mo Kio, Bishan, and Tampines.

c. ECs are sold by private developers and have the facilities that are comparable to that of the private condominiums.

5. YOU SAVED ENOUGH MONEY FOR THE HIDDEN COSTS.

Aside from allocating money for the total price-tag of the property, you know you are ready when you saved a great deal of money for the hidden costs. I am talking about the late payment fee and its similar expenses. As an example, developers may charge you for insurance and maintenance costs. Be prepared!

Image Credits: wikihow.com/Buy-Property-in-Singapore

There are more factors that can affect your buying decision. However, may aforementioned factors give you a head start in figuring out your dream property!