launch: HDB
Investing in condominiums has several advantages, including the opportunity to leverage the property’s value for future investments. In fact, numerous investors utilize their condos as collateral to secure additional financing for new ventures, allowing them to expand their real estate portfolio. This approach has the potential to increase returns, but it also carries some risks. As such, it is essential to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. Keep in mind that with the new condo launches happening, there are even more opportunities to leverage your investments and grow your real estate portfolio.
The Home Improvement Programme (HIP) has selected over 29,000 HDB flats for its latest round of upgrading works. In a press release on Feb 16, HDB announced that it will be allocating more than $407 million for these improvements. The selected flats are located in various estates such as Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh and Woodlands. Since its launch in 2007, the HIP has been helping flat owners address maintenance issues that arise due to wear and tear in older flats. According to Minister for National Development Desmond Lee, around 494,000 flats have been selected for the programme, which amounts to nine in 10 eligible flats. Of these, close to 381,000 flats have already undergone the necessary upgrades. In addition to the basic safety improvements, which are fully funded by the government for Singapore citizen households, owners can also opt for optional improvements such as bathroom and toilet upgrades, a new entrance door and grille gate, and a new refuse chute hopper. These optional improvements are partly subsidised by the government, with Singapore citizen households paying as little as 5% of the cost, depending on the flat type. Since 2012, the Enhancement for Active Seniors (Ease) programme has also been offered as part of the HIP. Under Ease, flat owners can opt to install senior-friendly fittings such as grab bars, ramps and slip-resistant treatment for toilet and bathroom tiles. Up to 95% of the costs are covered by the government for Singapore citizen households. As of March 31, 2014, HDB estimates that around $4 billion has been allocated to the HIP, with an additional $150 million allocated to Ease. To make more informed decisions on HDB properties, interested buyers can check out the latest listings and past sale and rental transactions, as well as compare HDB loan rates and price trends of HDB against other property types.