SINGAPORE: First-time buyers urgently looking for homes will get a leg up from Singapore's latest Budget - but the measures rolled out could also further spur demand for flats, property analysts said.
In total, with other housing grants, a first-timer family with a household monthly income of less than S$1,500 can get up to S$190,000 to buy a resale flat. Mr Lee Sze Teck, senior director of research at Huttons, said the two-pronged approach - of increased grants for resale flat buyers, and more ballot chances for BTOs - should alleviate some of the concerns of young families in getting their first homes.
"We think this is a timely move and the substantial increase in CPF Housing Grant will help flat buyers manage the cost of resale flats by lowering their down-payment or lowering the loan amount needed," he said. Growth in resale prices may increase to between 8 per cent and 10 per cent, he said, upping his earlier projection of about 5 per cent.
Many HDB towns are on the verge of ossifying , this is an attempt to bring some hope to their residents who wish to sell .
HDB 3 room resale BTO flat 500K