Dear readers, Singapore Prime Minister, Mr Lee Hsien Loong just delivered his National Day Rally speech.
One key part of Mr Lee’s National Rally speech is how Singapore’s flats will in future move away from the Mature and Non-Mature categories. A new three-tier classification for Build-To-Order (BTO) flats will soon be rolled out: Standard, Plus and Prime. In gist:
Standard BTO flats will cover the majority of supply locations, the flats will come with standard subsidies and standard restrictions like the 5-year minimum occupation period.
PLUS BTO FLATS will come effect from 2nd half of 2024 and will be for choice locations within regions (e.g. those near amenities like MRT stations). These flats will come with more subsidies and tigher restrictions: 10-year minimum occupation period, subsidy recovery upon resale as well as some BTO eligibility conditions on resale, e.g. income ceiling.
PRIME BTO FLATS has been actually in effect since November 2021. These flats will be for choices and most central locations, come with most subsidies and even tighter restrictions.
Given the above highlight in tonight’s National Day Rally speech, we will take a look at how Singapore’s property stocks take to the news when the Singapore stocks markets open tomorrow.