Changes to classification of BTO flats
- Shirley and Pamela
- Sep 5, 2023
- 1 min read
With the evolution of the public housing landscape and the basis of distinction between mature and non-mature estates no longer holding up, a new reclassification system for HDB flats will be implemented from the second half of next year.
Announced at the National Day Rally on 20 August, the change will see HDB flats categorised under three key categories— Standard, Plus, or Prime— from the second half of 2024.
The new category— Plus flats— will be of close proximity to amenities in each region. As with Prime flats, Plus flats cannot be rented out in its entirety.
Should owners sell their Plus flat after the decade-long minimum occupation period, they will need to return a portion of the resale price in light of the additional subsidies obtained during the purchase of the property. Additionally, the household income ceiling for buyers of the resale Plus flats is set at $14,000.
Existing conditions and restrictions stipulated for BTO flats and those in the prime location public housing (PLH) model— now known as Standard and Prime flats respectively— will remain the same.
Want to find out more? Drop us a message today!
Comments