According to experts, individuals who are looking to buy a resale Housing Board apartment close to their parents, should look into financial support as the way to achieve this. What this could mean is that a higher resale grant could be offered or more buyers will be allowed to qualify for one for Signature at Yishun.
In a statement last Friday made by National Development Minister Khaw Boon Wan, the Government, in a bid to encourage closer living to extended families, has been looking into whether resale buyers such as these could qualify for more assistance.
At this time, first time buyers who are looking to purchase a resale flat with, or at least closer to, married children or parents, have the Higher-Tier CPF Housing Grant as an option. Experts have pointed out that, where newer flat allow for different ballot chance quotas for Signature at Yishun EC, the resale flat market only has one route to offer help, and that is financial aid.
Signature at Yishun
Analysts have pointed out that, with the rise in resale prices, the obvious move would be to raise the Higher Grant Tier. One property consultant pointed out that the amount of the grant used to be $50,000. However, it has since been dropped to, first $45,000, and the now current $40,000, a figure that is only $10,000 more than what the usual grant has been for Signature at Yishun resale buyers looking to purchase for the first time.
It was further noted that, should the grant amount be restored back to $45,000 or $50,000, this substantial difference was sure to encourage more people to purchase flats closer to their married children or parents.
Yishun JBE Holdings
It was suggested by another property expert that, to deter people from abusing this help, larger grants may come with stipulations, such as a buyer having to reside in their flat for up to 8 to 10 years before being allowed to sell it, as opposed to the 5 year time frame currently.
Making the grant available to more buyers is another option. Currently, the grant is for buyers of Signature at Yishun at Yishun Street 51 who have married children or parents that reside within the same town or within a 2 kilometre radius.
One expert stated that there is really no need for younger couples to reside very close to their parents due to the fact that some flats, especially those found in more mature estates, can be quite costly for them. However, making a smaller grant available to them for resale flats in the same area could be an option that makes it more affordable.
Another real estate professional added that help could be offered to those who are not first time buyers but who wish to move closer to their families. This could be done if they have never applied for a Higher Tier Grant and an extension of $10,000 can be given to them. This would basically be the difference of a normal grant for Signature at Yishun.
Signature at Yishun JBE Holdings
Other experts are a bit sceptical of whether additional help is really needed, with one stating that, considering the convenience and ease of support for extended families, a family should not require a financial incentive to reside closer to their parents.