Amidst a change in landscape for housing regulations in Singapore, the Housing Development Board (HDB) may waive the wait-out period for some private property owners while City Development Ltd (CDL) opens the Copen Grand Executive Condominium (EC) for preview. Homeowners wanting to upgrade their housing challenges may soon have much to be thankful for.

1. HDB to Consider Waiving Wait-Out Period for Some Private Property Owners
The Housing & Development Board (HDB) has recently announced its intention to consider waiving the five-year wait-out period for Singaporean citizens who wish to purchase a HDB flat after having sold a private residential property. The proposed changes stem from the introduction of the newly announced Extraordinary Policy on Home Ownership in response to the COVID-19 pandemic, which aims to make housing more affordable and accessible for citizens in this difficult time. Those who fulfill the application criteria and are interested in the proposed waiver are encouraged to contact the HDB.

2. City Developments Limited Releases Copen Grand Executive Condo for Preview
City Developments Limited (CDL) has recently announced the release of the Copen Grand Executive Condominium (EC) for preview. This is the first EC launch in 2020 and it is located in the Choa Chu Kang area. The Copen Grand features three blocks of residential apartments and a range of amenities, including a swimming pool, a clubhouse and an outdoor kitchen. The pricing of the EC will be revealed during the launch. The EC caters to young couples, families and investors looking to own a property in the West region of Singapore.

3. Changes to HDB Loan Eligibility Requirements
The HDB has recently announced changes to its loan eligibility requirements that aim to make purchasing a flat easier for homebuyers. The changes include the:

• Raising of the Gross Monthly Income Ceiling from S$16,000 to S$22,000 for joint applications and from S$12,000 to S$18,000 for single applications;
• Lifting of the CPF Housing Grant (exclusive of the Additional CPF Housing Grant) cap from S$30,000 to S$60,000; and
• Increased Loan-To-Value Limit from 90% to 95%.

These changes will apply to all HDB housing loans approved on or after 1 April 2020.

4. HDB Preferential Payment Scheme for Home Purchases
The HDB has recently introduced the Preferential Payment Scheme (PPS) to provide citizens with an option to pay for their home purchases in instalments. The PPS is open to both HDB flat and private property buyers, and it can be applied for when an applicant applies for an HDB housing loan. Under the PPS, applications can choose to pay up to 35% of the home’s purchase price in flexible instalments, over an extended period of five to ten years. Interest rates for such instalments are kept low, at an annual rate of 2.6%.

Overall, this week’s news about the HDB and CDL demonstrate the positive trend of increased flexibility and accessibility to home ownership in Singapore. It remains to be seen how these policies will truly impact everyday buyers and current homeowners, but it is certainly a good time to stay up-to-date with the latest regulations and trends in the property market.
Singapore’s Housing Development Board (HDB) may waive the wait-out period for some private property owners who are eligible to purchase HDB flats, in order to address the surge in demand from Singaporeans who seek to own their own homes.

In addition, City Developments Limited (CDL) will open their new executive condominium (EC), The Copen Grand, for preview this week. The highly anticipated development of 420 units, located in Woodlands Ave 12, consists of five 15-storey blocks and a combined three levels of communal facilities. It is expected to become one of the most desirable ECs in the North region.

Other notable news include the launch of The Boon, a freehold development at Selegie Road and the purchase of 77 Robinson Road by Honji Group for S$2.45 billion. The prime office property has potential for redevelopment into a 21-storey commercial tower, subject to approval.

These developments point to a positive market outlook, as developers and buyers remain active and bullish on the property front. With strong demand and the government’s efforts to provide more affordable housing, the local property market is expected to remain resilient in the near future.