The Housing Development Board (HDB) today announced measures to increase house supply and dampen demand from those not in urgent need of housing.

During the National Day Rally last night, Prime Minister Lee Hsien Loong announced several measures to ensure that public housing will always remain within the reach of Singaporeans who are buying their first home.

These included allowing households earning between $8,000 and $10,000, to buy new DBSS flats with a $30,000 CPF Housing Grant, and increasing the supply of new flats. In a statement issued today, HDB also announced that they will shorten the completion time of Build-To-Order (BTO) flats.

In addition, the government will increase the Minimum Occupation Period (MOP) for non-subsidised flats to five years, and disallow concurrent ownership of both HDB flats and private residential
properties during that period.