Over 16,000 BTO Flats To Be Launched In 2020, With 3,000 More Units Than 2019
Ringing in the new year with New Year’s Resolutions is often a futile task as they’re forgotten within a week, but if you’ve always wanted to buy a BTO (build to order) flat, 2020 might be your year.
Minister of National Development Lawrence Wong has announced on 16 Dec (Mon) in a blog post that about 16,000 to 17,000 new flats will be launched in 2020.
This amount is 3,000 more than this year, where 14,600 flats were launched, said Mr Wong.
More can buy houses with raised income ceiling and grants
A policy change in Sep this year has made the dream of owning a house more possible – the income ceiling for BTOs, resale flats and HDB housing loans was raised from $12,000 to $14,000.
Another policy change, a new Enhanced CPF Housing Grant, gives couples between $5,000 up to $80,000 in grants for a new flat, and up to $160,000 for a resale flat.
Both of these changes will make the BTO dream closer to a reality.
About 6,700 flats to be released in first half of 2020
There will be 2 exercises in February and May, which will see around 6,700 flats in the following estates:
- Toa Payoh
- Choa Chu Kang
- Pasir Ris
This would leave us with an estimated 9,300 flats to be launched in the 2nd half of the year.
Buying a house a realistic goal in 2020
Mr Wong ends off his blog post by reiterating HDB’s success,
HDB’s success is due to our ability to constantly adapt and change, and come up with new policies to meet the evolving needs of society.
With more affordable options for Singaporeans to buy houses, and even more flats being launched, maybe buying a home in 2020 as a New Year’s resolution won’t be so unrealistic after all.
Featured image adapted from iProperty.