This higher allowance will be available to eligible buyers who submit their resale applications on or after 3.30pm on February 14, or if they have not completed their resale transaction by then.

They will receive the additional allowance amount through their CPF accounts from April this year.

The CPF Housing Grant is only available to resale HDB buyers.

This increase, together with the existing Additional Home Purchase Allowance and the Near Home Purchase Allowance, will allow resale HDB buyers to receive a maximum of S$190,000.

Mr Wong made the announcement in his Singapore Budget 2023 statement yesterday afternoon.

He also announced that young couples aged 40 and below and first-time buyers with children will be given an extra chance to win the lottery when they apply to pre-purchase a HDB flat. This measure will come into effect later this year.

At present, first-time buyers already enjoy priority when applying for pre-purchase HDB flats.

However, first-time buyers cover all categories of applicants, such as those who already own their own homes but have never been entitled to housing subsidies, who are also first-time buyers.

Mr Wong said that given the diverse profile of first-time buyers and the current tight supply of pre-built HDB flats, the Singapore government has decided to provide more assistance to young couples aged 40 and below and first-time buyer families with children, including allowing them to draw an additional lottery to help them buy their first home in time.

The Singapore Government will announce more details when the Ministry of National Development expenditure is debated in the Parliamentary Appropriations Committee.