Debated in Parliament on 10 Sep 2018.
Mr Alex Yam asked the Minister for National Development in light of the various new initiatives on public housing, whether the Ministry can clarify what HDB flat owners at different life stages should do to ensure that they will have a home for life and also an adequate nest-egg for retirement.
The Government has put in place strong support for Singaporeans to meet their housing needs across different life stages.
We are committed to helping young Singaporeans own their homes, just like previous generations of Singaporeans. We will ensure Housing and Development Board (HDB) flats are kept affordable for first-timers by selling them at subsidised prices and providing generous housing grants. In this way, Singaporeans will continue to have a tangible stake in the nation’s progress, and their housing asset will appreciate as the economy grows.
With evolving life circumstances, some families may subsequently choose to move to a larger flat, or near their parents or children for mutual care and support. They should be in a good position to do so, as they would have enjoyed some appreciation from their first flat. We also have schemes to help them live near their parents or married children, such as the Proximity Housing Grant, which was enhanced earlier this year.
For seniors, the HDB flat provides a nest-egg for retirement. The Government is committed to providing home owners with many options to unlock the value of the flats for their retirement needs. For example, seniors can rent out a spare bedroom or right-size to a smaller flat and apply for the Silver Housing Bonus. They can also sell part of their lease to HDB under the Lease Buyback Scheme (LBS). We recently announced the extension of LBS to five-room and larger flats so that more Singaporeans can benefit from the scheme.
Government upgrading programmes will also help to maintain the value of the HDB flats and ensure they remain safe and liveable through their lifespan. We will implement the Home Improvement Programme (HIP) for the next batch of flats built between 1987 and 1997, and will undertake a second round of HIP upgrading for HDB flats when they are about 60 to 70 years old.
The Government has announced ambitious housing plans for the next few decades. Singaporeans can do their part, too, by planning ahead and making informed housing choices. Working together, we can continue to strengthen public housing and home ownership for current and future generations of Singaporeans.
PAPERCUTS