Over 29000 Hdb Flats Selected 407 Mil Upgrading
exerciseComparison of August and November 2024 BTO exercise2024 BTO: More locations but less overall supply
The Housing and Development Board (HDB) has selected over 29,000 flats for the latest round of the Home Improvement Programme (HIP). In a press release on Feb 16, HDB announced that $407 million will be allocated for the upgrading works.
These flats are located in various estates including Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh, and Woodlands.
The HIP was first introduced in 2007 to help flat owners address common maintenance issues that arise due to wear and tear in older flats. Since then, nine out of ten eligible flats, which amounts to 494,000 flats, have been selected for the programme. Close to 381,000 flats have undergone upgrades, according to Minister for National Development Desmond Lee.
Under the HIP, selected flats will undergo essential improvements that ensure the basic safety needs of residents, such as repairing spalling concrete and ceiling leakages due to wear and tear. These improvements are fully funded by the government for Singapore citizen households.
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Flat owners can also opt for optional improvements such as upgrades to existing bathrooms and toilets, a new entrance door and grille gate, and a new refuse chute hopper. These optional improvements are subsidised by the government, with Singapore citizen households paying as low as 5% of the cost, depending on the flat type.
Since 2012, the Enhancement for Active Seniors (Ease) programme has been offered as part of the HIP. Under Ease, flat owners can opt to install senior-friendly fittings such as grab bars, ramps and slip-resistant treatment to toilet and bathroom tiles. Up to 95% of the costs are covered by the government for Singapore citizen households.
According to HDB, since their launches, approximately $4 billion has been allocated to the HIP and around $150 million to Ease as of March 31, 2014. Interested flat owners can check out the latest listings for HDB properties on various websites. They can also use tools like Ask Buddy, which provides information on past HDB sale and rental transactions, HDB and bank loan rates, and a comparison of price trends for HDB, condos, and landed properties.
In related news, HDB resale prices are projected to see a 4% to 6% increase by 2025, according to OrangeTee. As for individual transactions, a 13-year old five-room flat in Toa Payoh was sold for $1.3 million, raising questions on whether it is a good deal.
Looking ahead, the February 2025 BTO exercise is expected to have fewer available flats compared to the previous October BTO exercise. Additionally, the comparison of August and November 2024 BTO exercises shows that there will be more locations but less overall supply.