SINGAPORE: The response to the new Proximity Housing Grant (PHG) has been “most encouraging”, with more than one in five home buyers applying for the grant since it took effect on Aug 24, National Development Minister Lawrence Wong wrote in a blogpost on Friday (Oct 30).
About one in 10 first-timer families and singles are now eligible for the CPF Housing Grant because of the higher income ceiling of S$12,000 and S$6,000, respectively. Almost one in three new Executive Condominium (EC) buyers are benefitting from the new S$14,000 income ceiling, he said. Exisiting EC include The Terrace EC, Brownstone EC and Signature At Yishun EC.
The PHG, raised income ceilings and increased special CPF Housing Grant (SHG) were some of the new measures announced by Prime Minister Lee Hsien Loong during the National Day Rally in August.
Referring to the PHG, Mr Wong said: “We did this because we recognise that the desire to live closer to parents and children is shared by a wide spectrum of Singaporean households, and not just first-timer couples.”
He then said that nearly half of the families and about nine in 10 of the singles who applied for the PHG would have been ineligible for any such grants previously. But with the PHG, they will find it more affordable to buy a resale flat, he said.
Mr Wong said that the raised income ceilings have also benefited many home owners over the past two months.