{"id":24837,"date":"2019-04-08T15:50:06","date_gmt":"2019-04-08T07:50:06","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=24837"},"modified":"2022-06-13T17:06:35","modified_gmt":"2022-06-13T09:06:35","slug":"cheaper-non-open-market-nom-flats-proposed-by-sdp","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/cheaper-non-open-market-nom-flats-proposed-by-sdp\/","title":{"rendered":"Cheaper Non-open Market (NOM) Flats Proposed by SDP"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Through the Non-Open Market (NOM) scheme, you can finally purchase your own Housing Development Board (HDB) flat at a lower price. Some benefits include less worry about the 99-year leasehold and more capital to save for your retirement.<\/p>\n<p>The NOM scheme was revealed in SDP&#8217;s <i>Housing A Nation: Holistic Policies For Affordable Homes<\/i>, yesterday. The launch of their housing policy was led by Party Vice-Chairman, John Tan, and Treasurer Bryan Lim.<\/p>\n<p><img decoding=\"async\" class=\"wp-image-24842 aligncenter\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/04\/sdp-nom-scheme-public-housing.png\" alt=\"Cheaper Non-open Market (NOM) Flats Proposed by SDP\" width=\"650\" height=\"975\"><\/p>\n<p>Here&#8217;s what we know so far about Singapore Democratic Party&#8217;s (SDP) new initiative:<\/p>\n<h3>1. NOM flats will be cheaper<\/h3>\n<p>SDP is proposing that land costs should be excluded from the price of NOM flats.\u00a0Instead, it should only include administrative, material, and labour costs.<\/p>\n<p>This could be substantially lower flat prices &#8211; from $70,000 for two-room flats to $240,000 for five-room flats. In an effort to &#8220;<em>reduce the financial burden of home buyers<\/em>&#8220;,\u00a0 SDP aims to free up their capital so they can save for their retirement.<\/p>\n<p>With NOM flats, Singaporeans can also pay off their loans within nine to 15 years. This is based on an interest rate of 3 per cent, using no more than 20 per cent of their gross income.<\/p>\n<h3>2. NOM flats cannot be resold in the open market<\/h3>\n<p>&#8220;<em>As the name implies, however, flats bought under this scheme will not be allowed to be resold in the open market<\/em>,&#8221; Lim said.<\/p>\n<p>Instead, owners will have to sell the flats back to HDB under the NOM scheme. HDB flat owners can also convert their existing flats to a NOM flat.<\/p>\n<figure id=\"attachment_19782\" aria-describedby=\"caption-attachment-19782\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\" wp-image-19782\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/09\/selling-hdb-flat.jpg\" alt=\"cheaper flats with sdp's nom scheme\" width=\"650\" height=\"419\"><figcaption id=\"caption-attachment-19782\" class=\"wp-caption-text\">NOM flats will be cheaper, but cannot be sold in the Open Market (OM).<\/figcaption><\/figure>\n<p>In such a case, the Government will return the difference between the original price of a flat purchased from the HDB and the price of an equivalent NOM flat subject to a cap. This money will be credited to the owner&#8217;s Central Provident Fund (CPF) account or used to pay any outstanding housing loan.<\/p>\n<p>SDP&#8217;s new initiative is not only to make public housing more affordable, but to also prevent the Government or citizens to &#8220;<em>use it as a means of investment for capital gain&#8221;.<\/em><\/p>\n<p>&#8220;<em>The NOM scheme essentially gives Singaporeans an added option of buying a home at a greatly reduced price. First-time HDB buyers can choose to buy an open market or non-open market flat,<\/em>&#8221; they added.<\/p>\n<p><em>Would you buy a Non-open Market flat? Voice your thoughts in our comments section or on <a href=\"https:\/\/www.facebook.com\/groups\/yourpropertycommunity\/\">our Facebook community page<\/a>.<br \/>\n<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Looking for a property? Find the home of your dreams today on Singapore\u2019s largest<a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\">\u00a0property portal 99.co<\/a>! You can also\u00a0<a href=\"https:\/\/www.99.co\/calculators\/mortgage\">access a wide range of tools to calculate your down payments and loan repayments<\/a>, to make an informed purchase.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Through the Non-Open Market (NOM) scheme, you can finally purchase your own Housing Development Board (HDB) flat at a lower price. Some benefits include less worry about the 99-year leasehold and more capital to save for your retirement. The NOM scheme was revealed in SDP&#8217;s Housing A Nation: Holistic Policies For Affordable Homes, yesterday. The&hellip;<\/p>\n","protected":false},"author":69,"featured_media":24840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,57131],"tags":[53636,55419,55420,55421],"persona":[],"class_list":{"2":"type-post","13":"entry","14":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- 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