Unless you are orphaned or widowed, you have to be at least 35 years old to be able to own a HDB flat on your own if you are single. Be it BTOs or Resale flats, the minimum age of 35 is required before you can purchase one.
According to The Economist, Singapore marks its sixth straight year at the top of the rankings as one of the most expensive countries to live in, and is joined there by Hong Kong and Paris. If one is below the age of 35 years old and wishes to own a flat, then perhaps a condominium is their only option at a flat.
Real As State mentions that a 1-bedroom resale condo flat costs as much as around $650k. That would require years of saving up, and much more financial burdens on a single’s already long list of burden. Seedly also agrees that for a single to move out alone and purchase a Condo flat would be very difficult.
Furthermore, in the case a single is able to purchase that condo flat, by living alone means they themselves have to afford all living expenses including bills, transport, food and monthly installments (if any). With all these extra burden, it is pretty much close to impossible for a single to afford living alone in a condo.
Compared to a Condo, a BTO is a massive relief in terms of finance. Real As State mentions that a BTO (2-room flexi, non-mature) would cost no more than 200k. The only problem? They have to be at least 35 years of age to even be eligible to purchase a HDB building as a single.
Workers’ Party MP Louis Chua told Parliament that reducing it (the eligibility age for singles to buy Build-To-Order flats) to 28 from the current 35 would go a long way in realising Singapore’s public housing aim to be inclusive and reflect society’s diversity.
However, what would happen to Singapore if this decision had been given the green light?
According to Stacked, demands may spike but housing value in the future may not benefit; Demand for smaller, more private units may diminish and maybe new social and political rifts may occur.
What do you think? Do you think reducing the age of eligibility for singles’ to purchase a BTO would be beneficial especially amidst the rising cost of living in Singapore?
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