SINGAPORE: Housing subsidies for families buying resale apartments for the first time will increase to up to S$30,000, Deputy Prime Minister Lawrence Wong said on Tuesday (February 14th).
Mr Wong, who is also finance minister, said that for those families who buy resale apartments of 4 rooms or less, the CPF housing subsidy will increase by S$30,000. This brings the total grant to S$80,000.
Eligible families who buy apartments with 5 or more rooms will receive an additional S$10,000, for a total of S$50,000.
First-time buyers are those who have never received housing assistance. To be eligible for the grant, they must not earn more than S$14,000 per month nor must they own private property.
First-time singles will also receive larger grants, but at half that of families, the Ministry of Finance (MOF) said. The CPF housing subsidy for eligible singles will be up to S$40,000 for 4-room apartments and smaller, and S$25,000 for larger apartments.
For single people buying apartments on their own, the income ceiling is S$7,000.
The increased subsidy takes effect from Tuesday afternoon for resale requests submitted from 3:30 p.m. The additional grant amount will be credited to their CPF account starting in April.
“With the Enhanced CPF Housing Subsidy and Convenience Housing Subsidy, eligible families can receive up to $190,000 in subsidies when purchasing a resale apartment,” Wong said.