But analysts and housing agents do not foresee a disruption in the resale HDB market.
Mogul.sg chief research officer Nicholas Mak said that singles make up a small minority of buyers of resale HDB flats.
“Even if some singles switch from buying resale flats to applying for BTO flats, the numbers will be too small to adversely affect the HDB resale market,” he said.
Those that will continue to buy from the resale market include singles who want HDB flats that are larger than two-room flats, and those who cannot or choose not to wait for the BTO flats, which could take a few years to construct, Mr Mak noted.
PropNex CEO Ismail Gafoor welcomed the changes but said that policies could be further relaxed.
“We believe, however, there may be scope to further relax the policy to allow singles to buy three-room BTO flats in any location, as some of them may find a partner and get married later in life, or may need more space given flexible work-from-home arrangements,” he said.
Mr Lee Sze Teck, Huttons’ senior director of data analytics said that in addition to not being offered larger flats, singles may be disappointed as the age limit of 35 years old was not lowered.
That’s the case for one single who is in a quandary because she does not meet the age to buy a flat.
Ms Jessica Wong, 34, said it was “commendable” that the government was making an effort to meet the housing needs of singles but it does not solve her urgent housing need due to her family situation.
“I am being chased out of my family home this year,” she said. “My dad is telling me I have to move out.”
Ms Wong, who works in the food & beverage industry, has to wait a year before she can apply for a new flat or buy one on the resale market, but said that condominiums are out of her reach. When she wrote to HDB asking to waive the age restriction, she was rejected.
HDB in its reply to her, dated Jul 28, said: “While we understand your desire to buy a flat on your own, we regret that we are unable to accede to the appeal. Meanwhile, you may consider staying with your friends or relatives, or renting a room/flat from the open market.”
She feels that these housing restrictions make her feel “less important” than married couples and less rooted to Singapore.
“If they had lowered the age restriction for resale, I could have started looking for an HDB and be on my home ownership journey much earlier,” she said.
“Now I’m delayed compared to married couples and I have to look at another 20 to 30 years to pay off my housing loan, which will affect my retirement plan as well.”
Dr Lee thinks that in the middle term, a larger supply of two-room flats or other forms of housing, such as co-living, may be needed as the number of singles is expected to grow.
“However, governmental agencies must strike a balance. On the one hand, they must address this burgeoning demand, and on the other, they face tangible supply limitations, primarily driven by land scarcity,” he said.