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Budget 2023: Higher housing grants may shift demand to HDB resale market: analysts

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Chong Xin Wei

Chong Xin Wei

Published Tue, Feb 14, 2023 · 04:23 PM
    • Amid the current supply crunch of Build-To-Order flats, the government will give first-timer families with children and young married couples aged 40 years and below an additional ballot for their BTO flat applications starting later this year, said Finance Minister Lawrence Wong on Tuesday (Feb 14).
    • Amid the current supply crunch of Build-To-Order flats, the government will give first-timer families with children and young married couples aged 40 years and below an additional ballot for their BTO flat applications starting later this year, said Finance Minister Lawrence Wong on Tuesday (Feb 14). PHOTO: BT FILE
    • Increase in Central Provident Fund Housing Grant could lead to rise in housing budgets
    • Increased ballot chances may lead to more eligible buyers applying for Build-To-Order flats

    FIRST-TIME homebuyers eyeing the HDB resale market will get up to S$30,000 more in housing grants to help them buy the pricier flats, but the support may prop up demand and prices for resale flats, analysts said.

    While the increase in housing grants will alleviate concerns of young families in securing their first homes amid the supply crunch in Build-To-Order flats, some analysts noted that it may also lead to rising resale flat prices.  

    The government on Tuesday (Feb 14) announced that the Central Provident Fund Housing Grant for eligible first-timer families buying four-room or smaller resale flats will go up from S$50,000 to S$80,000. The grant for those buying five-room or larger flats will go up from S$40,000 to S$50,000. 

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