The Proximity Housing Grant has helped 11,000 families buy resale HDB flats close to their parents or married children.
The Housing and Development Board (HDB) revealed on Sunday (11 February) that it has given out a total $211 million worth of Proximity Housing Grants since the scheme was implemented in August 2015, reported Channel NewsAsia.
So far, the Proximity Housing Grant has helped 11,000 families buy resale HDB flats close to their parents or married children. Another 1,000 households are poised to obtain the grant once their purchases are concluded.
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This means that out of the 50,000 resale applications received from 24 August 2015 to the end of last year, 25 percent or 12,000 families benefited from this grant.
In particular, seven percent of grant applicants are parents who want to live near or with their children, while 93 percent comprise mature sons and daughters, noted HDB, adding that around 52 percent of them purchased units in non-mature estates.
The goal of the Proximity Housing Grant is to assist Singapore citizens purchase a resale HDB flat with children or parents, or close to such persons “for mutual care and support”.
Parents or married children qualify for a $20,000 grant under this scheme. This is regardless of their household income, whether they’ve received housing subsidies previously or whether they have a private property. But those who own such properties are required to dispose of them within six months of buying a resale flat from the Housing Board.
Meanwhile, the grant for eligible singles amounts to $10,000, and this group accounted for seven percent of those who have taken advantage of this scheme.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org