Deputy Prime Minister and Finance Minister Wong Choon Chua said in his Budget statement in Parliament that the government would implement the policy later this year and would provide more details during the Ministry of National Development's debate on government expenditure.

Wong said that given the wide range of first-time buyers and the tight supply of pre-built HDB flats, the government had decided to focus on first-time buyers with children and young couples under the age of 40 who were first-time buyers, as it believed that more support should be provided to certain first-time buyers.

In addition, the CPF housing allowance for eligible first-time buyers will be increased by $30,000 for four-bedroom or smaller resale HDB flats, and by $10,000 for five-bedroom or larger flats. This allowance will be automatically credited to the purchaser's CPF account from April onwards.

Together with the Additional Home Ownership Allowance and the Near Home Purchase Allowance, eligible families can enjoy up to $190,000 when purchasing a resale HDB flat.

First-time buyers with children and young couples under the age of 40 who are first-time buyers will have an additional opportunity to apply for a lottery when they apply for a pre-sale HDB flat, allowing them to apply for a HDB flat more quickly.