More than 11,000 households have opted to live close to their parents or children through the Housing and Development Board (HDB) grant.
BankBazaar Singapore – February 12, 2018
Singapore: From August 2015, the number of households that have opted to live near their married children or parents by purchasing resale flats through a government grant scheme has reached 11,000.
According to the Housing and Development Board (HDB), another 1,000 will get the grant, named Proximity Housing Grant (PHG), upon completion of their resale transaction.
This represents close to a quarter of the 50,000 transactions that took place between August 2015 and December 2017. The total amount given out to the 11,000 households come up to S$211 million. Families accounted for 93% of this.
PHG is available to all Singapore citizens once when they purchase a resale flat to live close to their children or parents. This is regardless of their income, possession of private property, or previous history of having used housing subsidies. But if any private property you may own will have to be disposed of within half a year of buying the resale flat.
Families are allowed to receive S$20,000 under the PHG scheme while single individuals can get as much as S$10,000 if they decide to purchase a resale flat to live close to or with their parents.
Over half of the 12,000 households that now have access to the government grant would not have been eligible for any housing grants before the introduction of PHG. Of those who bought the flats under the grant, about 52 percent opted for real estate in non-mature sites like Woodlands and Yishun, Bukit Batok, Choa Chu Kang, Bukit Panjang, Jurong East, Hougang, Jurong West, Sengkang, and Sembawang.
93% of those who bought flats through the grant were children looking to live close to their parents. PHG, along with other government schemes like the Multi-Generation Priority Scheme, Married Child Priority Scheme, Three-Generation Flats, and Senior Priority Scheme, provide Singaporeans with opportunities to live close to their kin.