Lower, Median and Upper Quartile Prices of New HDB Flats Before and After Subsidies

Hazel Asks the National Development Minister

Ms Hazel Poa asked the Minister for National Development for each year in the past three years, what is the lower quartile, median and upper quartile prices of new HDB flats before and after subsidies, with a breakdown by first-time and repeat buyers.

Mr Desmond Lee: All flat buyers enjoy a housing subsidy when they buy a new Build-to-Order (BTO) flat, as HDB applies a significant subsidy to the assessed market value of the flat and prices the flat below the market. In addition, eligible first-timers can enjoy the Enhanced CPF Housing Grant (EHG) of up to $80,000, which provides further support to lower- and middle-income families buying their first home.

The prices of new HDB flats have remained relatively stable over the past three years. Between 2019 and 2021, the prices of new HDB flats bought by first-timer Singaporean families are tabulated below.

The flat purchase price remains the same whether buyers are first- or second-timed families. However, to prioritise housing grants and subsidies for first-timer families and to ensure a fair allocation of limited fiscal resources, second-timers pay a resale levy which reduces the total amount of subsidy that they enjoy when they purchase a second subsidised flat.

The Government will continue to monitor the housing market conditions closely and ensure that Singaporeans have access to affordable public housing.

Source : Written Answers to Questions