A modern house with all facilities is the dream of young couples in Singapore and now Housing and Development Board (HDB) has stepped in to make that dream a reality. Young couples and first-time buyers in Singapore will now receive more help in getting their HDB flats and the waiting time will also be reduced, asserted Minister for National Development of Singapore Lawrence Wong.
He said, “I know there are many young couples who hope to move into their own home even more quickly, to embark on this marriage and parenthood journey together. So, we have looked into their requests seriously."
“At least 95 per cent of flats which are four-room and larger will be set aside for first-time buyers, up from the current quota of 85 per cent in non-mature estates. This is to further prioritise young couples who are ready to settle down. These are the flat types which are most popular amongst first-timer families,” he added.
HDB will also reduce waiting time for the new Build-To-Order flats in some projects by a year. Wang was more confident about the step saying, “We are achieving this not by rushing construction, but by commencing construction ahead of the launch. This way, the waiting time will be cut to around two-and-a-half years.
In addition to this, unsold flats after twice-yearly Sale of Balance Flats (SBF) exercises will be available for balloting after regular intervals. The balance flats will be offered in one common pool instead of separate selection queues for each town and flat type. Priority will also be given to first-timers.
The Minister also informed that the transaction process will also be sped up from current 16 weeks and two required HDB appointments.
Advising young couples, Wong said, “I hope that all these measures will make housing more affordable and accessible for young couples, and help them start their marriage and parenthood journey early. I encourage young couples to do their research and consider the different options. Be prudent and find a home that’s within your budget and means."