In response to media enquiries, the Ministry of National Development said that only eligible first-time buyers, whose monthly household income must be below $14,000, and singletons, whose monthly income must be below $7,000, will be able to receive the higher allowance.

The Ministry of National Development said the authorities will continue to closely monitor the resale market to ensure it is in line with economic fundamentals and will take decisive action where necessary.

Deputy Prime Minister and Finance Minister Wong Choon Chua announced in his Budget statement for the new financial year on Tuesday (14) that first-time buyers of two- to four-bedroom HDB flats will receive an additional $30,000 CPF home purchase allowance, and an additional $10,000 for five-bedroom or larger flats.