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Real Estate > Lesson 15 > Flashcards

Lesson 15 Flashcards

1
Q

What was the Singapore Improvement Trust (SIT)?

A

SIT was a former government organization responsible for urban planning and renewal in Singapore, established in 1927.

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2
Q

When was the Housing & Development Board (HDB) established?

A

HDB was established on 1 February 1960 to address the housing crisis in Singapore.

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3
Q

What significant housing issue did Singapore face in 1960?

A

There was a housing crisis, with many citizens living in unhygienic slums and crowded squatter settlements; only 9% lived in government flats.

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4
Q

How many flats did HDB build in less than three years after its establishment?

A

HDB built 21,000 flats in less than three years.

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5
Q

What are the primary roles and purposes of HDB?

A
  1. Act as the public housing authority.
  2. Administer the Home Ownership Scheme for 80% of Singaporeans.
  3. Plan, construct, and develop public housing towns.
  4. Renew and upgrade public housing flats.
  5. Provide housing loans for HDB flat purchases.
  6. Formulate and administer public housing policies to meet national objectives.
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6
Q

What are the HDB housing options available for Singapore Citizens?

A
  1. Public Rental Flats
  2. Direct Purchase
  3. Resale Flat
  4. Design Build Sell Scheme Flat
  5. Executive Condominium
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7
Q

What are the different methods of direct purchase for HDB flats?

A
  1. Build-To-Order (BTO) - new flat
  2. Sales of Balance flats
  3. Open Booking
  4. Selective En bloc Redevelopment Scheme
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8
Q

What are the different modes of sale for HDB flats?

A
  1. New flat
  2. Repossessed flat
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9
Q

How is the price determined for a new HDB flat?

A

New flats are sold at a subsidized price by HDB.

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10
Q

How is the price determined for a resale flat?

A

The price of a resale flat is negotiated between the flat owner and the buyer.

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11
Q

Where are new HDB flats mostly located?

A

New HDB flats are mostly located in non-mature estates.

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12
Q

What is the location flexibility for HDB resale flats?

A

HDB resale flats can be located anywhere.

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13
Q

What is the mode of purchase for new HDB flats?

A

Sale launches are held periodically, and flat buyers apply directly to HDB for a flat.

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14
Q

How can HDB resale flats be purchased?

A

Resale flats can be purchased from the open market at any time.

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15
Q

What is the ownership condition for occupants applying for a subsidized flat?

A

Spouse or occupants cannot own private residential properties.

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16
Q

What is the waiting period for individuals who have sold a private residential property before applying for a subsidized flat?

A

They must have sold the property at least 30 months before applying for a subsidized flat.

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17
Q

What is the waiting period after selling a private residential property before purchasing a resale flat?

A

Applicants must wait 15 months prior to purchasing a resale flat.

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18
Q

Does the waiting period apply to seniors aged 55 and above buying a smaller resale flat?

A

No, the waiting period does not apply to seniors aged 55 and above moving to a 4-room or smaller resale flat.

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19
Q

What are the eligibility requirements for single unwed parents looking to buy from HDB?

A

Single unwed parents aged 21 years old can buy up to a 3-room flat from HDB.

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20
Q

How many subsidized housing flats can a Singapore Citizen enjoy?

A

A Singapore Citizen can enjoy a maximum of 2 subsidized housing flats.

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21
Q

What is the Minimum Occupation Period (MOP) for subsidized flats?

A

The MOP may be 5, 10, or 20 years, depending on the scheme.

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22
Q

What is the income ceiling requirement related to subsidized flats?

A

Applicants must meet the income ceiling criteria to qualify for subsidized flats.

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23
Q

What are the general rules regarding private property ownership during the Minimum Occupation Period?

A
  1. No private property ownership within the MOP.
  2. Concurrent ownership of another HDB flat, executive condominium, or private residential property is also not allowed during the MOP.
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24
Q

What happens after the Minimum Occupation Period for Singapore Citizen households?

A

After the MOP, Singapore Citizen households are allowed to invest in private property.

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25
Q

What must PR households do after the Minimum Occupation Period?

A

After the MOP, PR households can purchase private residential property but must sell their HDB flat within 6 months.

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26
Q

What are the consequences of violating HDB rules?

A

Violation of HDB rules can result in the repossession of the flat.

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27
Q

Who are the priority applicants for HDB housing schemes?

A

First-timer applicants with urgent housing needs.

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28
Q

What are the privileges and priority schemes available for first-timer applicants?

A

Priorities for Build-To-Order (BTO) and Sale of Balance Flat (SBF) sales launches.

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29
Q

Which types of flats have priority for first-time applicants?

A

Design Build and Sell Scheme (DBSS) flats and Executive Condominiums (EC).

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30
Q

What is the percentage of flat supply set aside for first-timer applicants in HDB?

A

85% of the 3-room flats and 95% of the 4-room and larger flats.

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31
Q

What additional benefits do first-time applicants in HDB receive?

A

More ballot chances, staggered downpayment options, temporary loan schemes, and deferred downpayment schemes.

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32
Q

What percentage of flat supply is set aside for first-time applicants in DBSS flats?

A

95% of flat supply is set aside during the first month of the initial launch.

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33
Q

What percentage of flat supply is set aside for first-time applicants in Executive Condominiums (EC)?

A

70% of flat supply is set aside during the first month of the initial launch.

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34
Q

Is the Family and Parenthood Priority Scheme (FPPS) available for DBSS?

A

No, FPPS is available only for HDB.

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35
Q

Which priority schemes are available for HDB but not for DBSS?

A

Family and Parenthood Priority Scheme (FPPS), Assistance Scheme for Second-Timer (Divorced/Widowed Parents) (ASSIST), Tenants’ Priority Scheme (TPS), and Senior Priority Scheme (SPS).

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36
Q

Which priority schemes are common in both HDB and DBSS?

A

Married Child Priority Scheme (MCPS) and Third Child Priority Scheme (TCPS).

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37
Q

What happens to BTO and SBF applicants with a queue position that falls within the flat supply?

A

They cannot apply for a flat in later exercises until after their booking appointment.

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38
Q

What is the new rule for first-timer applicants who fail to choose a BTO flat starting from August 2023?

A

They will be deemed second-timers for a year in the computer ballot.

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39
Q

What happens to applicants who do not select a BTO flat when invited?

A

Their existing applications for later exercises will be cancelled.

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40
Q

What is the waiting period for second-timers who accumulate one non-selection count?

A

They will have to wait one year before they can apply for a flat again.

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41
Q

Who qualifies for the Family and Parenthood Priority Scheme (FPPS)?

A

1st timer married Singapore Citizen couples expecting at least one Singapore Citizen child or a Singapore child below 18 years old.

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42
Q

What is required for applicants under the Multi-Generation Priority Scheme (MGPS)?

A

Parents must submit a joint application with their married child and can only apply for a 2-room Flexi or 3-room flat.

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43
Q

What can a married child’s household apply for under the MGPS?

A

They can apply for a 2-room Flexi or larger flat.

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44
Q

What are the eligibility criteria for the Married Child Priority Scheme (MCPS)?

A

At least one of the parents or the married child must be a Singapore Citizen or Singapore Permanent Resident, and they must stay within 4 kilometers of each other.

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45
Q

What is the Minimum Occupation Period that both parties must fulfill under the MCPS?

A

Both parties must fulfill a 5-year Minimum Occupation Period.

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46
Q

What are the priority ranks for the Married Child Priority Scheme?

A

1) Applicants applying to live together with their parents/married child.
2) Parents who own a flat in a mature estate applying for a flat in a non-mature estate to be closer to their married child.

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47
Q

What are the eligibility criteria for the Third Child Priority Scheme (TCPS)?

A

1) Must be a Singapore Citizen.
2) Family must consist of at least 3 children (natural or legally adopted).
3) The third child must be a Singapore Citizen born on or after 1 January 1987.
4) Other children must be Singapore Citizens or Singapore Permanent Residents.
5) Must not have previously bought a flat under the TCPS.

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48
Q

What is the Assistance Scheme for Second-Timers (Divorced/Widowed Parents) (ASSIST) about?

A

It provides access to BTO 2-room Flexi and 3-room flats in non-mature estates for individuals with 1 child aged below 18 years old (natural or legally adopted).

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49
Q

What is a requirement for applicants under the ASSIST scheme regarding property ownership?

A

Applicants must not have acquired any interest in an HDB flat or private residential property (except for their matrimonial flat/property) after the date of divorce, separation, or demise of their spouse.

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50
Q

Who qualifies for the Tenants’ Priority Scheme (TPS)?

A

TPS is applicable to tenants of SERS flats (relocation) who have been living in a flat rented from HDB for at least 2 years.

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51
Q

What types of flats are eligible under the Tenants’ Priority Scheme (TPS)?

A

Tenants can apply for 2-room Flexi and 3-room BTO/SBF units.

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52
Q

What type of flats can seniors apply for under the Senior Priority Scheme (SPS)?

A

Seniors can apply for a short lease 2-room Flexi flat located within the same town or estate, or within 4 kilometers of their current flat or private property.

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53
Q

Who is eligible to apply for a Short Lease 2-Room Flexi Flat?

A

Singapore Citizens aged 55 and above.

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54
Q

What is the lease duration for a Short Lease 2-Room Flexi Flat?

A

The lease is between 15 and 45 years in 5-year increments.

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55
Q

What age must buyers be covered by the lease period for a Short Lease 2-Room Flexi Flat?

A

The lease period must cover buyers up to the age of at least 95 years.

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56
Q

What is the maximum monthly household income to be eligible for a Short Lease 2-Room Flexi Flat?

A

The monthly household income cannot exceed $14,000.

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57
Q

What is the condition for owning other properties if you purchase a Short Lease 2-Room Flexi Flat?

A

You must not own private residential property, and if you do, it must be sold within 6 months from the date of taking possession of the flat.

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58
Q

What limitation applies to previous property purchases when applying for the Short Lease 2-Room Flexi Flat?

A

Applicants can only have purchased and sold two subsidized flats and must not have previously purchased a Studio Apartment or Short Lease 2-Room Flexi Flat.

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59
Q

What is one condition regarding the use of the Short Lease 2-Room Flexi Flat?

A

You cannot sublet your bedroom or the whole flat.

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60
Q

After what period can you invest in private property while still living in the Short Lease 2-Room Flexi Flat?

A

You can invest in private property after the 5-year Minimum Occupation Period (MOP) while continuing to live in the flat.

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61
Q

Through which platforms can the Short Lease 2-Room Flexi Flat be made available?

A

The flat is available through HDB only via Build-To-Order (BTO), Sale of Balance Flat (SBF), and Open Booking.

62
Q

Can a Short Lease 2-Room Flexi Flat be sold in the open market?

A

No, the flat cannot be sold in the open market; it must be returned to HDB, and you will receive a pro-rated sum of the original selling price.

63
Q

What is the purpose of Community Care Apartments?

A

They are a joint offer by the Ministry of National Development (MND), Ministry of Health (MOH), and HDB, integrating senior-friendly housing with scalable care services and social activities to support seniors.

64
Q

What is included in the Basic Service Package for Community Care Apartments?

A

The Basic Service Package includes:
Help from a community manager
Arranging add-on care and support services (additional charges apply)
Simple home fixes
Activities at communal spaces
Basic health checks
24-hour emergency response
Key card access to individual flats

65
Q

What is the minimum age requirement for residents of Community Care Apartments?

A

Residents must be Singapore Citizens aged 65 years and above.

66
Q

What is the income ceiling for eligibility to live in Community Care Apartments?

A

The income ceiling is set at $14,000.

67
Q

What is the requirement for a non-Singapore Citizen spouse in Community Care Apartments?

A

The non-Singapore Citizen spouse must be added as a core occupier.

68
Q

What are the lease terms for Community Care Apartments?

A

Leases are between 15 to 35 years in 5-year increments.

69
Q

How long must the lease last for core applicants and occupiers of Community Care Apartments?

A

The lease must last until at least the age of 95 for all core applicants and core occupiers.

70
Q

What condition must be met regarding previous property ownership when purchasing a Community Care Apartment?

A

Residents must sell any local or overseas private residential property within 6 months from the completion of the flat purchase.

71
Q

What is the Minimum Occupation Period (MOP) for Community Care Apartments?

A

The Minimum Occupation Period is 5 years.

72
Q

What is the minimum age requirement for eligibility under the Lease Buyback Scheme for senior citizens?

A

Applicants must be 65 years or older.

73
Q

What citizenship requirement is there for the Lease Buyback Scheme?

A

At least one owner must be a Singapore Citizen.

74
Q

What is the maximum income allowed for eligibility under the Lease Buyback Scheme?

A

The income must be $14,000 or less.

75
Q

What types of flats are eligible for the Lease Buyback Scheme?

A

All flat types are eligible for the scheme.

76
Q

What condition must be met regarding property ownership for the Lease Buyback Scheme?

A

There must be no concurrent ownership of a second property.

77
Q

What is the Minimum Occupation Period requirement for the Lease Buyback Scheme?

A

All owners must have been living in the flat for at least 5 years.

78
Q

What is the minimum remaining lease required to sell a flat to HDB under the Lease Buyback Scheme?

A

There must be at least 20 years of lease remaining.

79
Q

What is the income ceiling for purchasing a 3Gen flat?

A

The income ceiling is $21,000.

80
Q

Who qualifies to buy a 3Gen flat?

A

Applicants and occupiers must form a multi-generation family, which can comprise:

Married couple and parents
Courting couple (fiancé and fiancée) and parents
Widow/widower with child and parents
Divorcee with child and parents

81
Q

What is the status of the Design Build & Sell Scheme (DBSS)?

A

The DBSS was suspended in 2011.

82
Q

How do developers obtain sites for DBSS flats?

A

Developers bid for sites via public tender (Government Land Sale).

83
Q

What are the eligibility schemes for DBSS flat applicants?

A

Applicants must qualify under one of the following schemes:

Public Scheme
Fiancé/Fiancée Scheme
Orphans Scheme

84
Q

What type of grants are available for DBSS flat purchases?

A

Family Grant
Half-Housing Grant
Singles Grant
Enhanced CPF Housing Grant for Family/Single
Proximity Housing Grant

85
Q

When was the Executive Condominium Housing Scheme introduced?

A

The scheme was introduced in 1995.

86
Q

How do developers obtain sites for Executive Condominiums?

A

Developers bid for sites via public tender (Government Land Sale).

87
Q

What is the age requirement for a Singapore Citizen Household wishing to purchase an Executive Condominium?

A

Applicants must be at least 21 years old (for family) or 35 years old (for joint singles).

88
Q

What are the eligibility schemes for purchasing an Executive Condominium?

A

Public Scheme
Fiancé/Fiancée Scheme
Orphans Scheme
Joint Singles Scheme

89
Q

What is the Minimum Occupation Period (MOP) for Executive Condominiums?

A

The MOP is 5 years from the date of Temporary Occupation Permit (T.O.P).

90
Q

What restriction is placed on investors during the Minimum Occupation Period (MOP) for Executive Condominiums?

A

There is no investing in private residential property during the MOP for owners or occupiers.

91
Q

What is the ownership requirement for applicants before applying for an Executive Condominium?

A

Applicants must not own any private property prior to applying for an EC. If they sold private residential property, they must wait 30 months before applying.

92
Q

Who can purchase an Executive Condominium after the Minimum Occupation Period (M.O.P)?

A

An Executive Condominium can be sold to Singapore Citizens or Permanent Residents after 5 years and to foreigners after 10 years.

93
Q

Are EC owners allowed to sublet the entire Executive Condominium during the M.O.P?

A

No, subletting of the entire Executive Condominium is not allowed during the M.O.P.

94
Q

Are Executive Condominium owners required to seek prior approval from HDB to rent out bedrooms during the M.O.P?

A

No prior approval is needed to rent out bedrooms, but owners must register the subletting with HDB within 7 days.

95
Q

What happens to transfers or trusts created within the M.O.P without HDB’s consent?

A

Transfers or trusts created without HDB’s consent are null and void.

96
Q

Which act applies to all purchases of Executive Condominiums?

A

The Housing Developer Control Licensing Act applies to all purchases of Executive Condominiums.

97
Q

What are CPF Grants?

A

CPF Grants are subsidies provided to help with housing purchases.

98
Q

How many times can each CPF Housing Grant be received?

A

Each CPF Housing Grant is given once only.

99
Q

Who is eligible for CPF Housing Grants?

A

Only Singapore Citizen households are eligible.

100
Q

Which buyers are eligible for CPF Housing Grants?

A

Grants are available for first-time buyers and second-time buyers under special situations.

101
Q

What is the remaining lease requirement for a resale flat to be eligible for a CPF Housing Grant?

A

The remaining lease must be at least 20 years.

102
Q

What employment condition must be met to qualify for CPF Housing Grants?

A

Applicants must be continuously employed for 12 months.

103
Q

What property ownership condition must applicants meet to qualify for CPF Housing Grants?

A

Applicants must not own private residential property.

104
Q

What types of grants are available for Executive Condominiums from developers?

A

CPF Housing Grant
Citizen Top Up Grant
Half-Housing Grant

105
Q

What types of grants are available for DBSS Flats from developers?

A

CPF Housing Grant
Citizen Top Up Grant
Enhanced CPF Housing Grant
Half-Housing Grant
Proximity Housing Grant

106
Q

What types of grants are available for HDB Resale Flats?

A

CPF Housing Grant
Citizen Top Up Grant
Top Up Grant
Enhanced CPF Housing Grant
Proximity Housing Grant
Step Up CPF Housing Grant

107
Q

What types of grants are available for HDB Flats purchased directly from HDB?

A

Enhanced CPF Housing Grant
Step-Up CPF Housing Grant
Fresh Start Housing Grant (approved on or after 22 May 2019)

108
Q

What is the grant amount for the Citizen Top-Up for SC/SPR households?

A

$10,000.

109
Q

Who qualifies for the Citizen Top-Up grant?

A

1) Singapore Permanent Resident (SPR) who becomes a Singapore Citizen or 2) Singapore Citizen child born to SC/SPR.

110
Q

What is the maximum income ceiling for a CPF Housing Grant (Family) for a family?

A

$14,000.

111
Q

What is the income ceiling for an extended family CPF Housing Grant?

A

$21,000.

112
Q

For buying a 2- to 4-room resale flat, what is the CPF Housing Grant amount for SC/SC households?

A

$80,000.

113
Q

For buying a 5-room or bigger resale flat, what is the CPF Housing Grant amount for SC/SPR households?

A

$40,000.

114
Q

What is the important note regarding the distribution of the Family Grant or Top-Up Grant?

A

All members of the core family nucleus will receive equal shares of the grant, which will be credited into the CPF Ordinary Accounts of SCs and SPRs.

115
Q

Who can use their housing grants to pay for the flat purchase?

A

Only core applicants can use their housing grants.

116
Q

What is the Top Up Grant amount for a Singapore Citizen (SC) first-timer/second-timer buying a 2- to 4-room resale flat?

A

$40,000.

117
Q

What is the Top Up Grant amount for a Singapore Citizen (SC) first-timer/second-timer buying a 5 room or bigger resale flat?

A

$25,000

118
Q

For buying a 2- to 4-room resale flat, what is the CPF Housing Grant amount for SC/SPR households?

A

$70,000

119
Q

For buying a 5-room or bigger resale flat, what is the CPF Housing Grant amount for SC/SC households?

A

$50,000

120
Q

What is the income ceiling for the CPF Housing Grant (Single)?

A

$7,000.

121
Q

What is the CPF Housing Grant (Single) amount for a single Singapore Citizen buying a 2- to 4-room resale flat?

A

$40,000.

122
Q

What is the CPF Housing Grant (Single) amount for a single Singapore Citizen buying a 5-room resale flat?

A

$25,000.

123
Q

What is the condition for the Non-Citizen Spouse Scheme under the CPF Housing Grant (Single)?

A

The income must be less than $14,000, and if the spouse becomes a Singapore Citizen, they can apply for the Citizen Top-Up.

124
Q

What is the structure of the Joint Singles scheme under the CPF Housing Grant?

A

It allows a maximum of 2 Singapore Citizens to apply under the Joint Singles scheme.

125
Q

What is the eligibility criterion for receiving the Proximity Housing Grant (PHG)?

A

Buyers must not have received the PHG previously.

126
Q

What is the maximum distance for the Proximity Housing Grant?

A

The distance must be within a 4 km radius of the family, as verified using the HDB website’s Distance Enquiry tool.

127
Q

What is the PHG amount for families who live with parents?

A

$30,000.

128
Q

What is the PHG amount for families who live within a 4 km radius of their family?

A

$20,000.

129
Q

What is the PHG amount for singles living near their parents?

A

$15,000.

130
Q

What is the PHG amount for singles living with their parents?

A

$10,000.

131
Q

What is the eligibility requirement regarding the timing for the Enhanced CPF Housing Grant (EHG)?

A

Applicants must be first-timers.

132
Q

What is the income ceiling for singles applying for the Enhanced CPF Housing Grant?

A

The income ceiling for singles is $4,500.

133
Q

What is the income ceiling for families applying for the Enhanced CPF Housing Grant?

A

The income ceiling for families is $9,000.

134
Q

How long must an applicant have worked continuously before applying for the EHG?

A

Applicants must have worked continuously for 12 months prior to the flat application.

135
Q

What is the minimum remaining lease requirement for the flat to qualify for the Enhanced CPF Housing Grant?

A

The remaining lease must be 20 years or more.

136
Q

What is required of the flat’s lease concerning the youngest buyer to qualify for the Enhanced CPF Housing Grant?

A

The flat must have sufficient lease coverage to last until the youngest buyer and spouse/fiancé(e) are age 95 to qualify for the full EHG; otherwise, the EHG will be pro-rated.

137
Q

What types of properties must applicants not own or have disposed of in the 30 months before the flat application to qualify for the Enhanced CPF Housing Grant?

A

Applicants must not own or have disposed of:

Private residential property (including privatised HUDC flats and ECs)
House
Building
Land

138
Q

Can applicants own non-residential property at the point of application for the Enhanced CPF Housing Grant?

A

Yes, applicants can own non-residential property at the point of application.

139
Q

What is the eligibility criterion regarding previous property ownership for the Step Up CPF Housing Grant?

A

Applicants must be second-timers.

140
Q

For which types of flats can one apply under the Step Up CPF Housing Grant?

A

Applicants can apply for a 2-room Flexi, 2-room, or 3-room flat in non-mature estates.

141
Q

What is the income ceiling for the Step Up CPF Housing Grant?

A

The income ceiling is $7,000.

142
Q

How long must an applicant have worked continuously before applying for the Step Up CPF Housing Grant?

A

Applicants must have worked continuously for 12 months prior to the flat application.

143
Q

What is the minimum remaining lease requirement for the flat to qualify for the Step Up CPF Housing Grant?

A

The remaining lease must be 20 years or more.

144
Q

What is the amount of the Step Up Housing Grant?

A

The Step Up Housing Grant is $15,000.

145
Q

What is the eligibility criterion for the Fresh Start Housing Grant?

A

Applicants must be second-timers.

146
Q

What type of flat is eligible for purchase under the Fresh Start Housing Grant?

A

Applicants must buy a short-lease 2-room Flexi flat in BTO or SBF sales exercises.

147
Q

What is the lease range for short-lease flats under the Fresh Start Housing Grant?

A

The lease can range from 45 years to 65 years, but it must cover all owners and spouse-occupiers until they are at least 95 years old.

148
Q

What is the Minimum Occupation Period (MOP) for the Fresh Start Housing Grant?

A

The MOP is 20 years.

149
Q

What is the cap on the resale levy for the Fresh Start Housing Grant?

A

The cap is $30,000, adjusted downwards based on the length of the lease chosen.

150
Q

How much of the grant will be disbursed into the applicants’ CPF Ordinary Account before key collection for the Fresh Start Housing Grant?

A

A lump sum of $35,000 will be disbursed.

151
Q

What remaining grant amount may be disbursed into eligible applicants’ CPF Ordinary Accounts after key collection?

A

Up to $15,000 may be disbursed equally over 5 years after key collection.

152
Q

What percentage of 2-room Flexi units is allocated under the Tenants’ Priority Scheme?

A

10% of the 2-room Flexi units are allocated under the Tenants’ Priority Scheme.

Real Estate (19 decks)

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