SG Budget 2025: Property and connectivity updates you need to know

As Singapore prepared for Budget 2025, many were eager to see what new measures will be introduced.

Prime Minister Lawrence Wong has described it as a Budget “for all Singaporeans,” highlighting its wide-reaching impact. He delivered the statement in Parliament on Feb 18 at 3:30 pm. Yesterday, he shared a Facebook post holding a folder titled Onward Together For A Better Tomorrow, hinting at an inclusive and forward-looking approach.

With rising living costs, shifting job demands, and ongoing economic transitions, this year’s Budget tackled several pressing issues:

More than 50,000 new HDB flats to be built in the next 3 years

In the coming three years, over 50,000 new HDB flats will be constructed in areas such as Woodlands, Bayshore, and Mount Pleasant, as announced by Mr. Wong.

He pointed out that last year, a remarkable eight out of ten first-time families purchasing BTO flats were able to manage their monthly mortgage payments with minimal or no cash outlay. This level of affordability is something that residents in cities like London, Sydney, and Hong Kong often find elusive. It’s a promising sign for those looking to secure a home. 

Read more: Bayshore BTO – Location, MRT access & Plus flat restrictions explained

Another SBF exercise set for this year

For those considering purchasing a flat, the Government has also been working on improving accessibility and affordability. Applications for Build-To-Order (BTO) flats have stabilised, now running below pre-pandemic levels, signaling a steady housing market. 

For those eager to secure their flats sooner than the abovementioned three years, the Housing Board will release approximately 3,800 flats this year, all with waiting times of less than three years. This batch constitutes about 20% of the total BTO supply for the year. Furthermore, there will be another Sale of Balance Flats (SBF) exercise later this year.

PM Wong assures that the resale market is on its way to stabilisation, thanks to the recent cooling and supply measures taken by the Government.

Expansion of senior-friendly support for private property households

The Enhancement for Active Seniors (Ease) programme, which currently subsidises senior-friendly fittings and installations in Housing Board homes, will be extended until 2028, according to PM Wong.

Additionally, the programme will now be available to households residing in private properties, ensuring that more seniors can take advantage of these beneficial installations.

Enhancements to the Fresh Start Housing Scheme

The Fresh Start Housing Scheme is set to receive enhancements, providing second-timer families with children living in public rental flats the opportunity to receive S$75,000 in grants for a new standard 2-room Flexi or standard 3-room flat on a shorter lease.

This marks an increase from the current S$50,000 in grants available to eligible families under the scheme.

Read more here: Fresh Start Housing Scheme: Budget 2025 Updates

Location and connectivity updates

• New sport facilities for 3 estates: In an effort to enhance recreational opportunities, new sports facilities will be added to Toa Payoh, Punggol, and Clementi in the coming years, with upgrades also underway for existing facilities in Pasir Ris, Queenstown, and Hougang. As an added bonus, ActiveSG members will receive S$100 in SG60 credits, making it easier to stay active and healthy.

• Building a more connected and Car-Lite Singapore: The government is committed to creating a more connected and car-lite Singapore, as highlighted by PM Wong. In addition to a significant investment of S$60 billion this decade for the expansion and renewal of the rail network, efforts are ongoing to explore further enhancements. Moreover, the government is allocating nearly S$1 billion to improve and expand bus services through the Bus Connectivity Enhancement Programme, ensuring that public transport remains accessible and efficient for everyone.

Did the SG Budget 2025 meet your expectations? Let us know in the comments section below.

This article is a product of 99.co and is based on information gathered from various sources, including The Straits Times. The usage of these sources was done in good faith to provide valuable insights. The source of the referenced content is duly credited and we recommend readers to refer them for a comprehensive understanding of the topic. 99.co is not responsible for any errors, omissions, or consequences arising from the use of this information.