The Singapore government announced this major housing policy adjustment in response to new trends and demand changes in the housing market. The policy includes two key aspects: increasing the supply of two-bedroom units and relaxing purchasing conditions, as well as introducing a new public housing classification framework.
Firstly, the government has decided to significantly increase the supply of two-bedroom units to meet the growing market demand. Over the past few years, Singapore’s housing market has faced increasing challenges, particularly during the COVID-19 pandemic when demand surged. To meet this demand, the government plans to launch up to 14,000 two-bedroom units in the next two years, an increase of about 30% over previous allocations. This means more housing options will be made available to the market, providing more choices for singles, the elderly, and other groups in need.
shicheng.news
Secondly, the government has announced the relaxation of purchasing conditions, allowing single individuals aged 35 and above to apply for two-bedroom Build-To-Order (BTO) flats. This move expands the range of potential homebuyers, giving more people the opportunity to own their homes. It also reflects the government’s attention to people with different lifestyles and needs, and their contribution to society and the economy.
shicheng.news
In addition to increasing supply and relaxing purchasing conditions, the government plans to implement a new public housing classification framework. This framework categorizes new flats into standard, preferred, and prime locations, providing more choices for homebuyers based on their needs and preferences.
Furthermore, considering the trend of an aging society, the government has taken corresponding measures. Under the new policy, a certain quota of two-bedroom units will be reserved for applicants aged 55 and above, to meet their housing needs. This reflects the government's focus on the elderly, providing them with more housing options.
