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More support to help lower, middle-income afford a home: PM Lee

SINGAPORE — More support will be given to lower and middle income households so that they will be able to afford a home, said Prime Minister Lee Hsien Loong.

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SINGAPORE — More support will be given to lower and middle income households so that they will be able to afford a home, said Prime Minister Lee Hsien Loong.

Families who opt for two-room flats and wish to upgrade to a three-room flat later on in life, can qualify for a Step-Up Housing Grant, which will help them defray some of the cost of upgrading.

The Special CPF Housing grant (SHG) will be extended to those who wish to purchase four-room flats. Currently, it is only open to those who purchase smaller units such as two or three room units. The income ceiling will also be raised so that middle-income households will be eligible.

With the changes, a middle-income household stands to get subsidies of up to S$20,000 or more if they purchase a four-room flat.

Mr Lee assured: “I will make sure every Singaporean family who is working will be able to afford a HDB flat.”

However, he cautioned that bringing down Build-To-Order (BTO) flat prices would hurt all homeowners. Instead, the Government will work to keep BTO prices “stable”, and increase support for low- and middle-income households.

He acknowledged that Singaporeans are still worried about rising property prices despite the policy shifts in the last two years to improve the housing situation in Singapore. Singaporeans also want their homes to ideally be both a home and an asset - Mr Lee cited the example of a participant at the Our Singapore Conversation dialogue session who said she wanted her property to appreciate in value but also wanted cheaper housing for her kids.

While Government cannot deliver on everything, it can maintain the value of Housing and Development Board flats for old age, while keeping flats affordable for future flat buyers, he said.

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