Review underway for BTO income limits and eligible age for single applicants: Chee Hong Tat
Singapore Reviewing Housing Policies for Younger Singaporeans
In a move to address housing demand and evolving demographics, particularly among younger Singaporeans seeking independence, the Singapore government has announced a review of the eligibility age for singles to buy Build-to-Order (BTO) flats and overall income ceilings for BTO applications.
National Development Minister Chee Hong Tat made the announcement in his first sit-down interview since taking over the national development portfolio after a post-election Cabinet reshuffle in May.
The current eligibility age for singles to buy a BTO flat on their own is 35 years old. The review could potentially lower this age threshold, allowing singles to purchase earlier. However, Minister Chee cautioned that any changes would depend on ensuring sufficient housing supply and other factors.
Regarding income ceilings, the government is also revisiting the overall household income limits for BTO eligibility, which currently include a ceiling of S$14,000 for families. Any adjustment to income ceilings would be timed appropriately based on the housing supply and market conditions.
These changes are part of a broader strategy to maintain housing affordability and meet changing demand without compromising the supply of new flats. The government has accelerated public housing supply, exceeding initial targets by launching over 102,300 flats from 2021 to 2025.
From 2025 to 2027, the government plans to launch 55,000 BTO flats, marking a 10% increase from the initial target over the same period. In addition, the Housing and Development Board (HDB) will launch about 4,000 flats with shorter wait times annually, which is a third more than the previous commitment to offer 2,000 to 3,000 of such flats each year.
The new BTO flats will be located in estates such as Mount Pleasant, Woodlands North Coast, Sembawang North, and the former Keppel Club golf course.
Existing priority schemes for married couples and seniors remain unchanged, with up to 30% of flats allocated to these groups in BTO launches.
In the private housing market, the government will launch more than 25,000 private residential units from 2025 to 2027 through the Government Land Sales programme. The government will maintain a "steady level" of supply in the private housing market.
In 2022, around 4,500 new flats with shorter waiting times of less than three years will be made available for sale, exceeding the initial target of 3,800 and the 2,800 units planned for 2024.
The changes to public housing policies will be made at an "appropriate time", according to Minister Chee. The government has worked to ramp up public housing supply to meet demand, having completed all pandemic-delayed projects.
[1] Channel NewsAsia. (2022, May 30). National Development Minister Chee Hong Tat announces review of eligibility age for singles to buy Build-to-Order (BTO) flats and overall income ceilings in Singapore. Channel NewsAsia. Retrieved July 15, 2022, from https://www.channelnewsasia.com/singapore/chee-hong-tat-bto-flats-eligibility-age-income-ceiling-review-2397332
[2] The Straits Times. (2022, May 30). National Development Minister Chee Hong Tat announces review of eligibility age for singles to buy Build-to-Order (BTO) flats and overall income ceilings in Singapore. The Straits Times. Retrieved July 15, 2022, from https://www.straitstimes.com/singapore/housing/chee-hong-tat-announces-review-of-eligibility-age-for-singles-to-buy-bto-flats
[3] Today Online. (2022, May 30). National Development Minister Chee Hong Tat announces review of eligibility age for singles to buy Build-to-Order (BTO) flats and overall income ceilings in Singapore. Today Online. Retrieved July 15, 2022, from https://www.todayonline.com/singapore/chee-hong-tat-announces-review-eligibility-age-singles-buy-bto-flats-and-overall-income
[4] The Straits Times. (2022, May 30). National Development Minister Chee Hong Tat announces review of eligibility age for singles to buy Build-to-Order (BTO) flats and overall income ceilings in Singapore. The Straits Times. Retrieved July 15, 2022, from https://www.straitstimes.com/singapore/housing/chee-hong-tat-announces-review-of-eligibility-age-for-singles-to-buy-bto-flats
[5] Channel NewsAsia. (2022, May 30). National Development Minister Chee Hong Tat announces review of eligibility age for singles to buy Build-to-Order (BTO) flats and overall income ceilings in Singapore. Channel NewsAsia. Retrieved July 15, 2022, from https://www.channelnewsasia.com/singapore/chee-hong-tat-bto-flats-eligibility-age-income-ceiling-review-2397332
The review of eligibility age for singles to buy Build-to-Order (BTO) flats indicates a focus on finance and business sectors in Singapore's housing policies, as the young demographic seeks independence. Any adjustment to income ceilings for BTO applications would also involve both finance and business considerations, given the need to balance housing affordability and market conditions.
