SILVER HOUSING BONUS TO BOOST HDB RESALE MARKET
Public housing estates which house many elderly residents will likely see higher sales after the government introduced the S$20,000 bonus scheme for older Singaporeans who sell their flats to acquire smaller units.
As it aims to help elderly Singaporeans unlock the value of their HDB flats, the measure will likely “impact the resale activity in the public housing market favouring the older central districts such as Bukit Merah and Queenstown, given the higher proportion of senior households and recent property price trends,” said Chua Yang Liang, Head of Research for South-east Asia at Jones Lang LaSalle (JLL ).
Up to five percent of existing HDB households are expected to benefit from the latest scheme, giving a small boost to the resale prices of three-room or smaller HDB units.
However, “the Budget is likely to have a limited impact on the property market, given recent market trends and the existing government policies in place,” it added.
The government plans to increase the number of housing units in the 400m vicinity near MRT stations to 400,000 within ten years. But JLL said this would require government land sales close to the area to rise over the next 10 years.
Info courtesy - PropertyGuru.com.sg
