NDR 2023: Here’s you must to know – On August 20th, 2023, Prime Minister Lee Hsien Loong made a slew of announcements during the National Day Rally speech. the speech includes measures to help retrenched workers, changes in public housing models, and his plans for political succession.
NEW HOUSING CLASSIFICATION FRAMEWORK
The Singapore govt is going to introduce a new “plus” housing model and differentiate BTO projects based on their locational attributes due to the demand and high price of Build-to-Order (BTO) flats located in choice locations.
Under this new model, public housing projects near MRT stations and parks will be categorized as “Plus” flats.
Applicants will be provided more subsidies, however, Applicants will also require to abide by tighter restrictions including a 10-year minimum occupation period and having to pay back the extra subsidies received upon resale.
HDB flats are categorized into three groups:
- Standard flats – Majority of the BTO supply;
- Plus flats – more subsidies and tighter restrictions than standard flats
- Prime flats – current Prime Location Public Housing projects
OPTIONS FOR SINGLES
singles will now be allowed to:
- Apply for two-room Flexi BTO flats in all locations, across Standard, Plus, and Prime housing projects
- Purchase a Standard or Plus flat of any size in the resale market
- Purchase a two-room Prime flat in the resale market