Finance Minister Heng Swee Keat announced, with immediate effect, in his Budget statement today that the CPF housing grant has been raised to $50,000 for first-timer couples buying four-room or smaller HDB flats from the resale market. For those who purchase five-room or bigger flats, the grant has been raised to $40,000.
The CPF housing grant was previously capped at $30,000. First-timer couples can now receive up to $110,000 in subsidies, which includes the Additional CPF Housing Grant and Proximity Housing Grant.
ERA Key Executive Officer Eugene Lim expects resale HDB transaction volume “to receive a good boost as resale flats are now cheaper, and this might swing more purchasers towards a resale flat instead of having to wait three years or so for a BTO flat.”
Lim also believes that the announcement “will help to nudge prices upwards; particularly for resale HDB flats with excellent attributes, in locations where sellers are few.”