The Singapore govt JUST created a new classification scheme that will change the subsidies and regulations for HDB flats. Here is what Everyone Should Know About HDB Standard, Plus, Prime Housing.
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There are 3 primary goals
- Keep home ownership affordable for all income groups
- Maintain a good social mix in every town and region
- Keep the public housing system fair for everyone
But this comes at a cost! So why this new classification?
1) The previous matured & non-matured system is irrelevant
2) Properties are getting unaffordable in ‘central locations so there isn’t a good social mix anymore.
With Sky high prices people are forced to the outskirts of Singapore - Tengah BTO project map zoom in effect
To give you an idea of how expensive it is
For a 700k BTO, to get the full 80% loan you need around $9k in combined income, and $200k in cash & CPF to get the 5-room flat.
What’s the solution? Introducing the Standard, Plus, Prime housing
The better the flat, the more subsidies & restrictions you get. The idea is that now everyone has more choices but with more restrictions. This is the cost of making subsidized homes affordable and fair.
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