Analysts say increased grant could lead to higher HDB resale prices in some places; Govt to monitor potential impact
SINGAPORE - The higher housing grant announced during Budget 2023 could raise Housing Board resale flat prices for smaller flats in popular locations, said property analysts.to shift some demand to the HDB resale market, especially for four-room and smaller flats in mature or sought-after locations, as this group of buyers will receive the most grants. Sellers could take the chance to raise prices, they added.
Deputy Prime Minister and Finance Minister Lawrence Wong on Tuesday announced an increase of between $5,000 and $30,000 in the CPF Housing Grant for first-timer families and singles buying HDB resale flats. Dr Tan Tee Khoon, Singapore country manager of PropertyGuru, also expects demand for four-room and smaller HDB resale flats to increase in the short term due to first-timer buyers.
Professor Sing Tien Foo, the provost’s chair professor of real estate at the National University of Singapore, said the grant cannot be used to offset any increase in prices above a flat’s market valuation, as it is credited into the buyer’s CPF account.
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