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HDB BTO income ceiling for couples, age floor for singles being reviewed; Telco price war unlikely after Keppel sells M1 to Simba, say analysts: Singapore live news

Yahoo

a day ago

Business
Yahoo

HDB BTO income ceiling for couples, age floor for singles being reviewed; Telco price war unlikely after Keppel sells M1 to Simba, say analysts: Singapore live news

The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." Simba Telecom's acquisition of M1 is unlikely to result in a price war, say analysts. Carmen Lee, head of OCBC Investment Research, told The Straits Times (ST) that current mobile plans are already priced competitively. "In a typical merger, the initial period will entail a relook into understanding the combined entity and the potential synergies. We believe pricing strategy will not be an immediate consideration," said Lee. Read more in our live blog below, including the latest local and international news and updates. Telco price war unlikely after Keppel sells M1 to Simba, say analysts Simba Telecom's acquisition of M1 is unlikely to result in a price war, say analysts. Carmen Lee, head of OCBC Investment Research, told The Straits Times (ST) that current mobile plans are already priced competitively. For instance, Simba's SuperRoam10 plan offers 400GB of data for Singapore, Malaysia, Indonesia and Hong Kong at $10 per month. Meanwhile, M1's Maxx plan comes with 290GB of data for use in Singapore and Malaysia for $7.90 a month. "In a typical merger, the initial period will entail a relook into understanding the combined entity and the potential synergies. We believe pricing strategy will not be an immediate consideration," said Lee. Rival telcos are also unlikely to undercut their prices to attract M1 customers, despite the ease with which consumers can switch providers. Instead, they may use alternative strategies such as bundling mobile and broadband services at promotional rates or leveraging loyalty programmes to win over subscribers, Professor Lawrence Loh from NUS Business School told ST. For more on the effects on the industry from Simba's M1 acquisition, read here. HDB BTO income ceiling for couples, age floor for singles being reviewed The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. Speaking to local media on August 5, Chee outlined some of his ministry's key priorities, emphasising the need to maintain a strong supply of flats before adjusting existing eligibility criteria. "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." To that end, 55,000 BTO flats will be launched between 2025 and 2027, which is 10 per cent more than the previously committed 50,000 flats. From 2021 to 2024, 82,710 flats were launched, averaging over 20,600 units annually. In 2025, approximately 19,600 are slated to be launched, with 10,579 flats already launched so far. The current eligibility conditions exclude couples who earn above $14,000 per month and singles under the age of 35 from applying for BTO flats. Chee said any decisions on adjustments are closely tied to the Government's ability to ensure sufficient flat supply in the coming years. Noting that "demand will go up" once the eligibility criteria has been changed, Chee said, "I think it is important for us to create the right conditions to be able to make these policy moves at an appropriate time." For more on Chee Hong Tat's remarks, read here. Telco price war unlikely after Keppel sells M1 to Simba, say analysts Simba Telecom's acquisition of M1 is unlikely to result in a price war, say analysts. Carmen Lee, head of OCBC Investment Research, told The Straits Times (ST) that current mobile plans are already priced competitively. For instance, Simba's SuperRoam10 plan offers 400GB of data for Singapore, Malaysia, Indonesia and Hong Kong at $10 per month. Meanwhile, M1's Maxx plan comes with 290GB of data for use in Singapore and Malaysia for $7.90 a month. "In a typical merger, the initial period will entail a relook into understanding the combined entity and the potential synergies. We believe pricing strategy will not be an immediate consideration," said Lee. Rival telcos are also unlikely to undercut their prices to attract M1 customers, despite the ease with which consumers can switch providers. Instead, they may use alternative strategies such as bundling mobile and broadband services at promotional rates or leveraging loyalty programmes to win over subscribers, Professor Lawrence Loh from NUS Business School told ST. For more on the effects on the industry from Simba's M1 acquisition, read here. Simba Telecom's acquisition of M1 is unlikely to result in a price war, say analysts. Carmen Lee, head of OCBC Investment Research, told The Straits Times (ST) that current mobile plans are already priced competitively. For instance, Simba's SuperRoam10 plan offers 400GB of data for Singapore, Malaysia, Indonesia and Hong Kong at $10 per month. Meanwhile, M1's Maxx plan comes with 290GB of data for use in Singapore and Malaysia for $7.90 a month. "In a typical merger, the initial period will entail a relook into understanding the combined entity and the potential synergies. We believe pricing strategy will not be an immediate consideration," said Lee. Rival telcos are also unlikely to undercut their prices to attract M1 customers, despite the ease with which consumers can switch providers. Instead, they may use alternative strategies such as bundling mobile and broadband services at promotional rates or leveraging loyalty programmes to win over subscribers, Professor Lawrence Loh from NUS Business School told ST. For more on the effects on the industry from Simba's M1 acquisition, read here. HDB BTO income ceiling for couples, age floor for singles being reviewed The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. Speaking to local media on August 5, Chee outlined some of his ministry's key priorities, emphasising the need to maintain a strong supply of flats before adjusting existing eligibility criteria. "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." To that end, 55,000 BTO flats will be launched between 2025 and 2027, which is 10 per cent more than the previously committed 50,000 flats. From 2021 to 2024, 82,710 flats were launched, averaging over 20,600 units annually. In 2025, approximately 19,600 are slated to be launched, with 10,579 flats already launched so far. The current eligibility conditions exclude couples who earn above $14,000 per month and singles under the age of 35 from applying for BTO flats. Chee said any decisions on adjustments are closely tied to the Government's ability to ensure sufficient flat supply in the coming years. Noting that "demand will go up" once the eligibility criteria has been changed, Chee said, "I think it is important for us to create the right conditions to be able to make these policy moves at an appropriate time." For more on Chee Hong Tat's remarks, read here. The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. Speaking to local media on August 5, Chee outlined some of his ministry's key priorities, emphasising the need to maintain a strong supply of flats before adjusting existing eligibility criteria. "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." To that end, 55,000 BTO flats will be launched between 2025 and 2027, which is 10 per cent more than the previously committed 50,000 flats. From 2021 to 2024, 82,710 flats were launched, averaging over 20,600 units annually. In 2025, approximately 19,600 are slated to be launched, with 10,579 flats already launched so far. The current eligibility conditions exclude couples who earn above $14,000 per month and singles under the age of 35 from applying for BTO flats. Chee said any decisions on adjustments are closely tied to the Government's ability to ensure sufficient flat supply in the coming years. Noting that "demand will go up" once the eligibility criteria has been changed, Chee said, "I think it is important for us to create the right conditions to be able to make these policy moves at an appropriate time." For more on Chee Hong Tat's remarks, read here.

Around 55,000 BTO flats to be launched between 2025 and 2027

CNA

3 days ago

Business
CNA

Around 55,000 BTO flats to be launched between 2025 and 2027

Around 55,000 Build-To-Order flats will be launched in the next two years, a 10 per cent increase from previously expected. The National Development Minister says there are also plans to build more BTO flats that will be ready faster over the next two years. New technlogy will also be used to upkeep public housing flats under the refreshed Home Improvement Programme. Alexandra Anand with more.

BTO income ceilings, eligibility age for singles under review: Chee Hong Tat

CNA

3 days ago

Business
CNA

BTO income ceilings, eligibility age for singles under review: Chee Hong Tat

SINGAPORE: The Singapore government is reviewing the eligibility age for singles to buy Build-to-Order (BTO) flats, as well as overall income ceilings, with changes to these two public housing policies to be made at an 'appropriate time', said National Development Minister Chee Hong Tat. Having enough supply will be key, which is why the Housing and Development Board (HDB) is ramping up plans to build more new homes, he told local media earlier this week. This was Mr Chee's first sit-down interview since taking over the national development portfolio after a post-election Cabinet reshuffle in May. He said the government has worked to ramp up public housing supply to meet demand, after grappling with construction delays due to the COVID-19 pandemic. It has since completed all pandemic-delayed projects. It also earlier committed to rolling out 100,000 new flats from 2021 to 2025, but surpassed that by launching some 102,300 units in that period. Moving forward, the government will be 'building more and building faster', Mr Chee said. For a start, it will launch around 55,000 BTO flats from 2025 to 2027, 10 per cent more than an initial target of 50,000 flats over the three years. These will be in new estates such as Mount Pleasant, Woodlands North Coast, Sembawang North and the former Keppel Club golf course. Around 4,500 new flats with shorter waiting times of less than three years will also be put up for sale this year, up from an initial target of 3,800 and exceeding the 2,800 in 2024. Over the next two years, HDB will then launch about 4,000 flats with shorter wait times annually – a third more than a previous commitment to offer 2,000 to 3,000 of such flats each year. In the private housing market, the government will sustain a 'steady level' of supply by launching more than 25,000 private residential units from 2025 to 2027, through the Government Land Sales programme. Together with 45,000 units already in the pipeline, more than 70,000 new private housing units will be completed by around 2030, Mr Chee said. The minister noted that the government sees the need to step up housing supply as demand remains strong, partly driven by how young people increasingly desire their own homes. In drawing up plans for increased housing supply, the government also wants to 'support more people to be eligible to try for new BTO flats', said Mr Chee. These include families and married couples who exceed the S$14,000 (US$10,877) income ceiling for BTO applications; and singles who are only allowed to buy public housing - be it BTO or resale - upon reaching 35 years of age. 'We are looking at whether we can reduce the age for singles to be eligible, so that singles can come in and buy BTO flats at an earlier age,' the minister said. He added: 'To what extent we can make adjustments to these two (policies) will depend on what is the supply that we can introduce in the next few years. 'You can imagine if we lower the age limit for singles or if we raise the income threshold, there will be more applicants who qualify, and therefore demand will go up ... So, I think it's important for us to create the right conditions to be able to make these policy moves at the appropriate time.' HDB RESALE MARKET On the HDB resale market, the minister acknowledged that concerns remain over rising prices in recent years. In attempting to rein in prices, the government has introduced four rounds of cooling measures since most recent, in August 2024, tightened the maximum loan that home buyers can take from HDB – a move aimed at dampening demand at the higher end of the resale market. Mr Chee said the government's aim was for public housing resale prices 'to move in tandem with income growth' over time, without too much volatility. Price growth has seen some moderation, he added, citing HDB's latest resale price index which logged its lowest quarter-on-quarter growth in five years. The government expects further price stabilisation starting next year, as more BTO flats reach the minimum occupation period - hence becoming eligible to be sold. There will be 13,500 of such flats in 2026, up from 8,000 this year. The number will go up further to 15,000 in 2027 and 19,500 in 2028, said Mr Chee. Together with the ramping up of BTO flat supply - which will help to take away some demand for resale flats - prices will stabilise in the years ahead, the minister said. That will help pave the way for another policy change: The removal of a 15-month wait-out period for private property owners, before they can purchase a non-subsidised HDB flat. This was introduced in September 2022 to moderate demand for resale flats. At the time, the authorities described it as a 'temporary' move that would be reviewed depending on overall demand and market changes. 'Once the market prices stabilise in the resale market, I think it (will be) timely for us to then consider removing this temporary cooling measure,' Mr Chee said. MONITORING TARIFF IMPACT Mr Chee was also asked if the United States' tariff blitz could result in cost or production issues for housing developers and contractors in Singapore. Singapore faces the 10 per cent baseline tariff on exports to the US. He said the government was closely monitoring global supply chains and the impact of tariffs on the cost of products imported into Singapore. It is looking at working with 'different partners, besides the US', to ensure supply security, he added. The local built environment industry can also navigate the new environment by becoming more productive and efficient. And the government will provide support here, such as by cutting down red tape and removing 'unnecessary checks and procedures'; allowing new ideas to be test-bedded in commercial projects; and helping small firms to procure new technology. 'Some of the costs we can't avoid because our land costs will be higher, our labour costs will be higher compared to many other countries, but in areas where we can control and we can bring down, we should,' said Mr Chee. 'The government will do our best ... We will work closely with our industry partners to see how far we can go.'

Singapore's Punggol Central and Seletar Link now connected via new six-lane bridge

Malay Mail

02-08-2025

Automotive
Malay Mail

Singapore's Punggol Central and Seletar Link now connected via new six-lane bridge

SINGAPORE, Aug 2 — A new six-lane vehicular bridge that will connect Punggol Central and Seletar Link will open tomorrow in Singapore. The Singapore Times reported that it will allow motorists in Punggol West an alternative route to the Tampines Expressway (TPE) and help ease current traffic pressure on roads that feed into the TPE such as Punggol Road and Punggol Way. Part of a new road called Seletar South Link, the bridge, located near Yusof Ishak Secondary School, will also have barrier-free paths and upgraded road junctions. Sun Xueling, senior minister for transport and national development, said on Facebook that Punggol residents will now benefit from more transport options in and out of town as the bridge will have cycling paths on both sides. She also stated: 'Punggol is a town which is still growing, and we have many young families who drive and use public transport to go to work, visit family and friends and manage household needs.' Land in the west of Punggol, she said, has also been set aside for future Build-To-Order flats.