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The Housing and Development Board (HDB) has announced the selection of over 29,000 flats for the latest round of the Home Improvement Programme (HIP). In a press release on February 16, the HDB revealed that over $407 million has been allocated for the upgrading works.
According to the HDB, the selected flats are located in Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh, and Woodlands.
The HIP was first introduced in 2007 to address common maintenance issues in older flats that arise due to wear and tear. Since then, a total of 494,000 flats or nine in 10 eligible flats have been selected for the programme, with close to 381,000 flats undergoing upgrades, revealed Minister for National Development Desmond Lee.
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 for flat owners. These optional improvements are subsidised by the government, with Singapore citizen households paying as low as 5% of the cost, depending on the flat type.
Apart from the HIP, the Enhancement for Active Seniors (Ease) programme has also been offered since 2012. Under Ease, flat owners can opt for 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.
Since their launches, the government has allocated approximately $4 billion to the HIP and around $150 million to the Ease programme as of March 31, 2014, according to HDB.
Interested in purchasing an HDB property? Check out the latest listings for HDB properties and get information on past HDB sale and rental transactions, HDB loan versus bank loan options, the current HDB loan rate, and price trends for HDB, Condo, and Landed properties.
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Moreover, a report by OrangeTee predicts an increase of 4% to 6% in HDB resale prices by 2025. Meanwhile, a five-room flat in Toa Payoh that is 13 years old was recently sold for $1.3 million. With the next BTO exercise scheduled for February 2025, there will be fewer available flats compared to the October BTO exercise.