As confirmed by eCitizen (government web portal begun in 1999 to furnish ‘cross-agency, citizen-centric information and services’ to Singapore Citizens and Residents) – Singles can purchase ‘Any flat type in any town/ estate’ under Resale i.e. secondary market. (Flats for Singles, 11 Mar 2016) Nevertheless, this is subject to the Ethnic Integration Policy and SPR quotas. The sole alternative class/category is the 2-Room Flexi Flats Build-To-Order (BTO). The scheme originated in Aug 2015, according to The New Paper (6 Mar 2017 report).
The Housing Development Board (HDB) indicates more opportunities for grants. The Enhanced CPF (Central Provident Fund) Housing Grant ($20k or $25k) only applies to resales on or after 330pm from 20 Feb 2017. From the same site, if your average monthly household income (Singapore Citizen) in the last 12 months before flat application exceeds $2500, or if you are unemployed during the flat application, then you are ineligible for the Additional CPF Housing Grant (Singles). The limits th grant to $35k or $35000 (although in future there may be a Top-up Grant).
- The lowest priced 3 room resale from research on 28 Mar 2017 was $220,000 (Lorong 1 Toa Payoh) – Sources: STProperty and SRX Property
- On PropertyGuru, a 3(NG) at Teck Whye Avenue flat sold for $263,000 (Sep 2015); while a 3(A) in the same month and same area went for $282,000
- A total of 4,841 BTO flats were up for purchase in Aug 2016 (comprising 2-Room Flexi, Three-Generation (3Gen), and other types). For Tampines: 385 applicants to 1,501 4-room flats; 265 applicants for 879 5-room/3Gen units. The popular area for that launch proved to be Hougang, which in the analysis of Chris Koh (director Chris International), is closer to town/central in comparison to Sembawang and Yishun. At the time of the report by TODAY, 17,951 (BTO) had been put up for sale.
- 87% of the 6070 (total volume at 6 Mar 2017, reported by Hariz Baharudin from The New Paper) 2-Room Flexi Flats have been booked. Demand to supply ratio varied from 1.2 to 6.1 (i.e. some flat had more than 6 bidders, in other words very oversubscribed). Unit prices correspond directly to lease duration. Slightly more than half who purchased the units were families and singles (by inference age 54 and below). The bill can be foot via cash or CPF savings. This preempts interests costs from mortgage loans. Nicholas Mak, head of research and consultancy, SLP International had this to say: “With this flexi scheme, the elderly get to monetise their existing four- or five-room flats by selling it and then buying another one. They still get to live in a place of their own.”
Interesting times indeed…