2 big upgrades PM Lee revealed for Singapore's property sector

What could its impact be?

According to DBS, PM Lee has outlined two key developments for the property sector, which they believe will have a long term positive impact.

Firstly, the aim to ensure affordable housing for the lower and middle income households by increasing and extending a special housing grant to include middle income buyers of 4-room HDB flats as well as introducing step-up grants for buying 2-room HDB flats.

Here's more from DBS:

Secondly, the government will also free up 800ha of land at the Paya Lebar Air Base as well as rejuvenating Changi Airport’s Terminal 1 and develop a waterfront city by Tanjong Pagar.

The government’s stance of home ownership as a store of wealth is further underlined by extending a variety of housing grants to the lower and middle income households.

The Special Housing Grant, given on top of the present Additional CPF Housing Grant, for middle income buyers of 3 and 4 room flats (extended from 2 and 3 room flats previously) would make home ownership more affordable, yet at the same time boosting retirement savings through the ability to take shorter loan tenures.

The additional $10,000-20,000 grant effectively reduces prices of 3 and 4 room BTO flats by 6-7%. This move also improves affordability of low income home buyers without destabilising the entire residential market.

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