By: RENESISFEBRUARY 16, 2019SINGAPORE: Over 29,000 Housing Board flats in 13 towns have been selected for the latest round of the Home Improvement Programme (HIP), which was announced by the Housing and Development Board (HDB) in a press release on February 16. The HIP is intended to help flat owners address common maintenance issues that arise due to wear and tear in older flats. The government has allocated a budget of $407 million for the upgrading works, which is expected to benefit close to 30,000 residents.The selected flats are located in Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh and Woodlands. These 13 towns were chosen based on factors such as the age of the flats, the number of eligible flats, and the condition of the blocks and common areas in the estates, according to HDB.Read also: HDB resale prices in projected to hit 4% to 6% in 2025: OrangeTeeAdvertisementThe HIP was first introduced in 2007 and since then, 494,000 flats – or nine in 10 eligible flats – have been selected for the programme. Out of those, close to 381,000 flats have undergone upgrades. Minister for National Development Desmond Lee stated that the programme has been successful in improving the living conditions of HDB residents. He added that the government remains committed to providing quality living environments for its citizens.While the government fully funds the essential improvements, flat owners can also 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. These optional improvements are subsidised by the government, with Singapore citizen households paying as low as 5% of the cost, depending on the flat type. The government has allocated approximately $4 billion to the HIP and around $150 million to the Enhancement for Active Seniors (Ease) programme since their launches in 2012, according to HDB.Under Ease, flat owners can opt to install senior-friendly fittings such as grab bars, ramps and slip-resistant treatment to toilet and bathroom tiles. Up to 95% of the costs are covered by the government for Singapore citizen households. This programme aims to make homes more elderly-friendly and to enable seniors to age in place comfortably. With the latest round of the HIP, flat owners in the 13 selected towns have the opportunity to upgrade their homes and enjoy a better living environment at a subsidised cost.
The Singaporean government’s property cooling measures play a crucial role in considering condo investments in the country. In order to maintain a stable real estate market and prevent speculative buying, the government has implemented various measures over the years. This includes the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these policies may affect short-term profitability for condo investments, they ultimately contribute to the long-term stability of the market, creating a safer investment environment. Additionally, keeping up with new condo launches is also important for potential investors to make informed decisions.