Buyers of resale Housing Board Plus flats will be limited to Singaporeans with a household income ceiling of S$14,000. If they are private home owners, there will be a 30-month waiting period before they are allowed to buy these flats.
These resale restrictions were announced by Minister for National Development Desmond Lee on Monday (Aug 21), a day after Prime Minister Lee Hsien Loong introduced Plus as a new category of flats during his National Day Rally speech.
Build-to-Order (BTO) projects will fall under three categories - Standard, Plus and Prime - from the second half of 2024. This replaces the mature and non-mature framework that has been around since the early 1990s.
Plus flats will be in choicer locations such as near transport nodes or town centres.
They will come with more subsidies but also tighter resale conditions such as a minimum occupation period of 10 years before they can be put on the resale market.
Announcing more details at a post-National Day Rally conversation on Monday, the National Development Minister said that similar to the rules for Prime flats, owners of Plus flats will be subject to a subsidy recovery at the point of first resale.
"Because the Plus flats will enjoy lower subsidies than Prime flats, their subsidy recovery rate will also generally be lower," he added.
Owners of Plus flats will also not be allowed to rent out their entire flat at any time.
"This is to ensure owner occupation for such flats and deter those who intend to 'flip' the flats for quick gains or rent them out for long-term yields," Mr Lee said.
