By Lee Min Keats
HDB to spend $407 million on upgrading works for over 29,000 flats
HDB has announced the selection of over 29,000 flats for the latest round of the Home Improvement Programme (HIP), with a total budget of $407 million allocated for the upgrading works. Set to take place in 13 towns across the island, the selected flats are located in 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 everyday wear and tear in older flats. Since its inception, 494,000 flats, or nine in 10 eligible flats, have been selected for the programme, with close to 381,000 flats undergoing upgrades, according to Minister for National Development Desmond Lee.
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The programme targets essential improvements that ensure the basic safety needs of residents, such as repairing spalling concrete and ceiling leakages caused by general wear and tear. These essential improvements are fully funded by the government for Singapore citizen households.
In addition, 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 improvements are subsidised by the government, with Singapore citizen households paying as low as 5% of the cost, depending on the type of flat.
Since 2012, the Enhancement for Active Seniors (Ease) programme has been offered as part of the HIP. Under Ease, flat owners can choose to install senior-friendly fittings such as grab bars, ramps, and slip-resistant treatments for toilet and bathroom tiles. Up to 95% of the costs are covered by the government for Singapore citizen households.
The scarcity of land in Singapore coupled with its fast-growing population has created a high demand for condos in the country. As a small island nation, land availability is limited, prompting strict land use policies and a fiercely competitive real estate market. As a result, property prices are continuously on the rise, making investing in real estate, specifically condos, an attractive opportunity for potential buyers. The promising potential for capital appreciation makes Singapore condos a sought-after choice for those looking to invest in the country’s real estate market. Singapore Projects also add to the appeal of condo investments, offering a diverse range of options for investors.
According to HDB, approximately $4 billion has been allocated for the HIP since its launch, and around $150 million for Ease as of March 31, 2014. Interested parties can check out the latest listings for HDB properties and compare past sale and rental transactions. They can also find out more about HDB loans versus bank loans and compare the price trends of HDBs, condos and landed properties.
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By Lee Min Keats