exercise
The latest round of the Home Improvement Programme (HIP) has designated more than 29,000 HDB flats for upgrading works. According to a press release on February 16, HDB has allocated over $407 million for these upgrades. The selected flats are located in 13 towns, including Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh and Woodlands.
HIP was first introduced in 2007 to assist flat owners in addressing common maintenance issues that arise due to wear and tear in older flats. Since then, 494,000 flats, or 9 out of 10 eligible flats, have been selected for the programme, with almost 381,000 flats undergoing upgrades. Minister for National Development Desmond Lee shared these statistics.
When it comes to investing in condos in Singapore, one of the most notable benefits is the potential for capital appreciation. As a leading global business hub, Singapore boasts a strong economy that consistently drives demand for real estate. This has resulted in a steady and continuous increase in property prices over the years, particularly in prime locations. For savvy investors who time their purchases wisely and hold onto their properties for the long haul, there is great potential for significant capital gains. With a wide range of Singapore Projects available, there are plenty of opportunities for investors to tap into the city-state’s thriving real estate market.
The selected flats will undergo essential improvements to ensure the safety of residents, such as repairing spalling concrete and ceiling leakages due to wear and tear. These essential improvements are fully funded by the government for Singapore citizen households. Optional improvements, such as upgrades to existing bathrooms and toilets, a new entrance door and grille gate, and a new refuse chute hopper, are also available. The government subsidises these optional improvements, with Singapore citizen households paying only 5% of the cost, depending on the flat type.
Since 2012, the Enhancement for Active Seniors (Ease) programme has been included in HIP. This programme allows flat owners to install senior-friendly fittings, such as grab bars, ramps and slip-resistant treatment for toilet and bathroom tiles. The government covers up to 95% of the costs for Singapore citizen households.
As of March 31, 2014, HDB has allocated approximately $4 billion for HIP and $150 million for Ease. It is important to check out the latest HDB listings and past transactions before making a decision on purchasing an HDB property. It is also useful to compare price trends between HDB, condos, and landed properties.
In related news, OrangeTee predicts that HDB resale prices will increase by 4% to 6% by 2025. Additionally, a 13-year-old five-room flat in Toa Payoh was recently sold for $1.3 million. The upcoming BTO launch in February 2025 will have fewer available flats compared to the October BTO exercise.