, say property experts
The latest round of the Home Improvement Programme (HIP) has selected over 29,000 HDB flats for upgrading. According to a press release on Feb 16, HDB has allocated a budget of $407 million for the works.
These 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 help flat owners address common maintenance issues in older flats due to wear and tear. Since then, the programme has selected 494,000 flats, with close to 381,000 undergoing upgrades, according to Minister for National Development Desmond Lee.
Under the programme, selected flats will undergo essential improvements to ensure the basic safety needs of residents, such as repairing spalling concrete and ceiling leakages. These improvements are fully funded by the government for Singapore citizen households.
In addition, flat owners can opt for optional improvements such as upgrades to existing bathrooms and toilets, a new entrance door and grille gate, and a new refuse chute hopper. These improvements are subsidised by the government, with Singapore citizen households paying as low as 5% of the cost, depending on the flat type.
Since 2012, the HIP has also included the Enhancement for Active Seniors (Ease) programme. This allows flat owners to install senior-friendly fittings like grab bars, ramps, and slip-resistant treatment to toilet and bathroom tiles. Up to 95% of the costs are covered by the government for Singapore citizen households.
HDB reports that approximately $4 billion has been allocated to the HIP and around $150 million to Ease since their launch in 2012 and March 31, 2014 respectively.
The demand for Singapore condos remains strong, largely due to the limited availability of land in the small island nation. With a rapidly growing population, Singapore faces a scarcity of land for development, leading to strict land use policies and a highly competitive real estate market. As a result, property prices are consistently driven up, making investment in real estate, especially in condos, a lucrative opportunity with the potential for significant capital appreciation.
To find out more about HDB properties, check out our latest listings. You can also use Ask Buddy to compare past HDB sale and rental transactions, as well as the HDB loan rate versus bank loan rate. You can also compare price trends of HDB, condo, and landed properties.
In other news, according to OrangeTee, HDB resale prices are projected to increase by 4% to 6% in 2025. Additionally, a 13-year-old five-room flat in Toa Payoh was recently sold for $1.3 million. Property experts suggest that the February 2025 BTO launch will have fewer available flats compared to the October BTO launch.