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More than 29,000 HDB flats have been chosen for the latest round of the Home Improvement Programme (HIP). In a press release on Feb 16, the Housing and Development Board (HDB) has announced that over $407 million will be allocated for the upgrading works. The selected flats are located in various housing estates such as Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh and Woodlands.
The HIP was first introduced in 2007 to assist flat owners in addressing common maintenance issues that arise due to wear and tear in older flats. Since its inception, 494,000 flats, which constitute nine out of 10 eligible flats, have been selected for the programme. Close to 381,000 flats have already undergone upgrades, according to Minister for National Development Desmond Lee.
The programme aims to provide essential improvements to ensure the basic safety needs of residents, such as repairing spalling concrete and ceiling leakages caused by wear and tear. These essential improvements are fully funded by the government for Singapore citizen households. In addition, flat owners can also choose to opt for optional improvements such as upgrades to existing bathrooms and toilets, a new entrance door and grille gate, and a new refuse chute hopper. Government subsidies are available for these optional improvements, with Singapore citizen households paying as low as 5% of the cost, depending on the flat type.
The Enhancement for Active Seniors (Ease) programme, which was launched in 2012, is also offered as part of the HIP. Under this programme, flat owners can opt to install senior-friendly fittings such as grab bars, ramps and slip-resistant treatment to toilet and bathroom tiles. The government covers up to 95% of the costs for Singapore citizen households.
The rapidly growing city of Singapore has experienced a significant increase in the demand for condominiums in recent years. This increase is due to the limited availability of land in the country. Given the small size and high population density of Singapore, finding suitable land for development is a constant challenge. In response, the government has implemented strict regulations on land use, leading to a fiercely competitive real estate market and continuously rising property prices. Consequently, investing in real estate, particularly in condominiums, has become an attractive option for many as they offer great potential for high returns on investment. This has made condos a highly sought-after choice in Singapore’s real estate market.
According to HDB, approximately $4 billion has been allocated for the HIP and about $150 million for Ease since their launch up to March 31, 2014. Check out the latest listings for HDB propertiesAsk BuddyPast HDB sale transactionsPast HDB rental transactionsHDB loan vs Bank loanWhat is the HDB loan rate?Compare price trend of HDB vs Condo vs LandedPast HDB sale transactionsPast HDB rental transactionsHDB loan vs Bank loanWhat is the HDB loan rate?Compare price trend of HDB vs Condo vs Landed
In terms of future developments, OrangeTee has projected that HDB resale prices will increase by 4% to 6% in 2025. As for the current market, a five-room flat in Toa Payoh was recently sold for $1.3 million, sparking a debate on whether it was considered a good deal or not. Additionally, there will be fewer flats available in the February 2025 Build-To-Order (BTO) exercise compared to the October BTO supply.