Resale volume for private homes jumps 18.7% - SRX

Resale transactions went into overdrive last month, with numbers rocketing past the level recorded in September.

The activity is a stark sign that life is roaring back into the market, although things are still far from the glory days of 2010 and 2014.

There were 1,461 non-landed private residential units resold in October, up 18.7 per cent on the 1,231 shifted in the previous month, according to SRX Property estimates. The year-on-year result is even more impressive, with October's volume up 122 per cent from the 658 units resold in the same month last year, although it was 28.7 per cent below the peak of 2,050 units in April 2010.

SRX Property said private non-landed resales for the first 10 months of the year are 46 per cent higher than for the whole of 2016. It predicts the volume for this whole year will be around 12,600 units - up 65 per cent from last year's 7,633 units.

Mr Wong Xian Yang, OrangeTee's head of research and consultancy, expects resale volumes of private homes to continue growing on the back of increased demand.

He suggests that the record resale prices for city-fringe non-landed private homes could have been fuelled by the surge in land prices for both collective-sale sites as well as Government Land Sale sites.

"Those selling private apartments and condos units in the rest of central region (RCR) in the resale market are holding firm or raising their asking prices, as higher land prices tend to augur well for future property prices," he said.

Resale prices for condo units and private apartments in the city fringe or RCR reached a new high last month, going by SRX Property flash estimates. On a month-on-month basis, its resale price index for non-landed private homes posted a 1.5 per cent gain last month. The price index for the suburbs, or outside central region (OCR), climbed at an even faster pace of 1.7 per cent.

In the prime core central region (CCR), prices inched up 0.3 per cent. As a result, SRX Property's overall resale price index for private apartments and condo units rose 1.3 per cent last month over September. This followed a 0.1 per cent month-on-month rise in the overall index in September.

On a year-on-year basis, the RCR price index outshone the other two regions with a 7.5 per cent gain. This was followed by a 6.4 per cent increase for the CCR and a 5.5 per cent increase for the OCR.

The Straits Times

Source: SRX (15 Nov 2017)

SRX: HDB resale prices slip 0.3% in October but volume rises 5.9% - SRX

HDB resale prices dipped by 0.3 per cent in October from a month ago, the same decline seen in September, but sales volume recovered to post a 5.9 per cent increase, SRX Property flash estimates showed on Thursday (Nov 9).



From a year ago, resale prices in October were 1.9 per cent lower, and 12.5 per cent below the peak in April 2013.

Month on month, the resale prices of HDB 3-room and 5-room flats rose by 0.5 per cent and 0.2 per cent respectively, while 4-room remained the same and executive flats dropped by 0.9 per cent.

Resale prices in mature estates reversed September's rise with an 0.8 per cent drop in October, while non-mature estates edged up by 0.1 per cent.

Based on SRX Property estimates of HDB resale transactions, about 1,781 HDB resale flats were sold in October, a 5.9 per cent increase from 1,681 units in the previous month. This was a swing from the 14 per cent month-on-month fall in sales seen in September.

Year on year, resale volume has increased by 5.0 per cent compared to the 1,696 units resold in October 2016.

But sales are down by 51.2 per cent compared to the peak of 3,649 units in May 2010.

Bukit Timah posted the highest median Transaction Over X-Value (TOX) in March. TOX measures whether buyers are overpaying or underpaying SRX Property's computer-generated market value.

For HDB towns having more than 10 resale transactions in October, Bukit Timah reported the highest median TOX of S$53,000 followed by Bukit Merah with S$5,500. This means that majority of the buyers in these towns purchased units above SRX's computer-generated market value.

Bishan posted the most negative median TOX of S$22,000, followed by Marine Parade at S$9,000.


Source: SRX (09 Nov 2017)

URA releases flash estimate of 3rd Quarter 2017 private residential property price index - URA

Published Date: 02 Oct 2017

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 3rd Quarter 2017 today.

Overall, the private residential property index increased 0.7 point from 136.6 points in 2nd Quarter 2017 to 137.3 points in 3rd Quarter 2017. This represents an increase of 0.5%, compared with the 0.1% decline in the previous quarter (see Annex A [PDF, 13kb] and Annex B [PDF, 11kb]).

Prices of non-landed private residential properties increased by 0.2% in Core Central Region (CCR), compared to the 0.5% fall in the previous quarter. Prices in the Rest of Central Region (RCR) was unchanged, after registering an increase of 0.6% in the previous quarter. Prices in Outside Central Region (OCR) increased by 0.7%, after registering a 0.3% decline in the previous quarter (see Annex C [PDF, 11kb]).

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-September. The statistics will be updated on 27 October when URA releases its full set of real estate statistics for 3rd Quarter 2017. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.

Source: URA

Flash Estimate of 3rd Quarter 2017 Resale Price Index - HDB

Published Date: 02 Oct 2017

             HDB’s flash estimate of the 3rd Quarter 2017 Resale Price Index (RPI) is 132.9, a decline of 0.6% over 2nd Quarter 2017 (see Annexes A1 and A2).  

2          The RPI provides information on the general price movements in the resale public housing market. The transacted prices of individual flats (by block and flat type) can be found via the e-services available on HDB’s InfoWEB.

3          The RPI for the full quarter, together with more detailed public housing data, will be released on 27 October 2017.

 

Upcoming Sales Launch

4          HDB will offer about 4,800 Build-To-Order (BTO) flats in Geylang, Punggol, Sengkang and Tampines in the November 2017 BTO exercise. This will bring the total BTO flat supply for 2017 to about 17,500 units. More information on the BTO flats is available on the HDB InfoWEB. There will also be a concurrent Sale of Balance Flats (SBF) exercise.

Source: HDB

SRX: Private condo rents in July up 0.2% - SRX

RENTS of private non-landed homes in Singapore climbed 0.2 per cent in July compared to June, while rental volume rose by 11.8 per cent from a month ago to 4,834 units, going by flash estimates from SRX Property.



This was buoyed by the 0.3 per cent and 0.4 per cent uptick in the Core Central Region (CCR) and Outside Central Region (OCR) respectively, while the Rest of Central Region (RCR) saw a 0.1 per cent dip.

It also followed a 0.6 per cent rental increase islandwide in June, a revised figure from 0.5 per cent, SRX Property said on Thursday.

While rents in the public housing market continued to slip by 0.1 per cent in July from June, dragged by rental falls in bigger flats, the decline is more moderate than the 0.8 per cent drop in June.

Rental volume for HDB flats in July also grew 6.7 per cent from June to an estimated 1,835 transactions.

The latest data seems to suggest that both private non-landed and HDB rental markets are stabilising and the declines are likely to ease further. But property consultants are still expecting continued rental weakness to persist till at least next year.

"I believe the leasing market is slowly finding a bottom, especially with fewer completions in the pipeline," said Lee Nai Jia, who heads research at Edmund Tie & Company.

"Notwithstanding, the rental market remains largely subdued and only rents of properties in choice locations close to either MRT stations or growth clusters remain resilient."

Dr Lee is projecting a 1.5-2.5 per cent easing of rents for private non-landed homes for the whole of 2017, and rents to slide further by 1-3 per cent next year.

ZACD Group head of research and consultancy Nicholas Mak reckoned that the earliest for private non-landed rentals to recover in a sustained manner would be next year, depending on the strength of the employment market.

This year, there will be around 16,400 private homes being completed - almost double the number of homes to be completed each in 2018 and 2019, he said.

"The mismatch between supply and demand will continue to weigh down on the occupancy rate as well as rentals of residential properties this year."

Non-landed private rents in July remained 0.1 per cent lower from the beginning of the year, SRX Property data shows.

Compared to a year ago, private non-landed rents islandwide were still down 2.7 per cent in July, with all regions - CCR, RCR and OCR - posting declines of 1.9 per cent, 3.8 per cent and 2.5 per cent, respectively.

Non-landed private rents in July were 18.9 per cent lower compared to its peak in January 2013.

The Business Times

Source: SRX (11 Aug 2017)

Condo resale prices slip 0.5% in July as sales also drop - SRX

Resale prices of non-landed private homes in Singapore declined by 0.5 per cent month-on-month in July after rising the previous two months, according to flash estimates from SRX Property on Tuesday (Aug 8).

While resale prices in the core central region and city fringes edged up by 0.6 per cent and 0.4 per cent respectively, prices in the suburban areas fell by 1.9 per cent, the estimates showed.

Compared to a year ago, condo resale prices are up by 2 per cent from July 2016, though they are still down by 5 per cent from their last peak in January 2014.

Year-to-date, prices have increased by 2.2 per cent.

In another indicator that the resale market cooled last month, the number of homes sold fell by 9.7 per cent to 952 units from the 1,054 shifted in June.

Compared with a year ago, sales were up by 20.1 per cent from 793 units sold in June 2016. Resale volume was down by 53.6 per cent compared to its peak of 2,050 units resold in April 2010.

SRX's median transaction over X-value (TOX) - which measures if buyers are overpaying or underpaying its computer-generated market value - fell to zero in July from S$1,000 in June.

For districts with more than 10 resale transactions in July, District 20 (Ang Mo Kio/Bishan/Thomson) posted the highest median TOX of S$60,000.

Among relatively active districts, District 26 (Mandai/Upper Thomson) had the most negative median TOX of -S$27,000.

The Straits Times

Source: SRX (08 Aug 2017)

Potential "disconnect" between recent bullish land bids and new condos' price - SRX

Property firm UOL Group has warned of a potential "disconnect" between recent bullish land bids and prices that new condominium units can eventually be sold for to home buyers.

Developers preparing for a possible upturn in the residential property market amid improving sentiment and sales have been bidding aggressively for sites in public land tenders and collective sales.

UOL deputy group chief executive Liam Wee Sin said: "Our concern is a possible 'disconnect' between the recent land tender prices and achievable end-sale prices.

"Transaction volume in the residential sector has risen steadily, but a sustainable recovery in end-sale prices will depend on the dynamics of economy, supply-demand and the rental market."

Private home prices here, which have fallen for 15 straight quarters as at June 30, are seen by analysts to be near the bottom, and could start rising next year amid higher land prices and rising optimism.

Unveiling its latest financial results yesterday, UOL said it plans to launch two condos here next year: a 140-unit project on a freehold site in Amber Road, and a 750-unit project in Potong Pasir Avenue 1.

It had acquired the Potong Pasir site - where privatised HUDC estate Raintree Gardens sits - via a joint venture for $334.2 million last October. The Amber Road site was bought for $156 million in January.

The residential property sector helped to boost UOL's earnings in the second quarter ended June 30.

The company reported a 59 per cent surge in net profit to $109.4 million from a year earlier.

It attributed the increase to higher recognition of revenue from condo project Principal Garden, higher contributions from associated companies and fair value gains on investment properties.

Revenue climbed by 10 per cent year on year to $399.1 million, with property development accounting for 55 per cent of the turnover during the quarter.

UOL said apart from Principal Garden, other residential projects which contributed to revenue included Botanique at Bartley and Riverbank@Fernvale.

The Straits Times

Source: SRX (07 Aug 2017)

HDB resale prices continue to dip - SRX

PRICES of Housing & Development Board (HDB) resale flats fell 0.6 per cent in July from the preceding month, based on SRX Property's flash estimate for last month released on Thursday.

This follows a month-on-month decline of 0.2 per cent in June 2017.

SRX Property's overall resale price index for HDB flats is down 1.6 per cent year on year, and is also 12.2 per cent below its peak in April 2013.

Year on year, its price index for public housing resale flats in mature estates slipped 0.5 per cent - a smaller decline than the 2.4 per cent drop in non-mature estates over the same period.

Data compiled by SRX Property shows that an estimated 1,785 HDB flats were resold in July, up 1.8 per cent from the 1,753 in June. The figure is also up year on year - 12.2 per cent higher from 1,591.

That said, last month's resale volume was 51.1 per cent below the peak of 3,649 in May 2010.

Wong Xian Yang, head of research and consultancy at OrangeTee, observed that "HDB resale prices have continued to trend lower despite the increase in the CPF Housing Grant for first-timer families buying resale HDB flats, suggesting that buyers retain the upper hand in terms of negotiating power and the number of sellers outweigh buyers".

One source of supply in the HDB resale market would be public housing flat dwellers who are upgrading to an executive condo (EC) unit - ECs are a public-private housing hybrid.

Those who buy a new EC would have to dispose of their HDB flat within six months of key collection. A record 5,485 ECs were completed last year, with another nearly 3,500 slated for completion this year.

"Additionally, the recent launches of BTO (Build-to-Order) projects in mature estates - Bidadari and Geylang - may have diverted some demand away from the resale market."

That said, Mr Wong does not expect an extended downtrend in resale HDB prices as volumes have continued to grow and would inevitably support prices.

"We expect volumes to keep growing, as positive sentiments in the private property market spill over to the HDB resale market."

The Business Times

Source: SRX (04 Aug 2017)

SRX: Condo rents rise 0.5% in June, HDB rents fall 0.6% - SRX

SINGAPORE - Private residential and HDB reversed course last month, according to SRX Property flash estimates released on Wednesday (July 12).

Rents of condominiums and apartments rose 0.5 per cent month-on-month in June, swinging from a revised 0.6 per cent decline in May, though the number of units leased dropped

After a sustained slide last year, private rents have fluctuated monthly this year. But after June's increase they are now down just 0.3 per cent to date this year. They are still 19.1 per cent off their peaks in January 2013.

The number of units rented out in June fell 8.8 per cent to 4,250 from 4,661 in May. Year-on-year, rental volume last month was 7.3 per cent lower than the 4,587 units rented in June 2016.

HDB rents meanwhile, dropped 0.6 per cent, after rising a revised 0.8 per cent in May.

Compared to private rentals, HDB rents have declined by a bigger 1 per cent margin to date this year, said SRX Property.

Year-on-year, HDB rents last month are down by 4 per cent from June 2016. They are 13.5 per cent lower compared to their peak in August 2013.

The number of flats rented out fell 5.5 per cent in June to 1,704 from 1,804 in May. Year-on-year, rental volume last month was 11.5 per cent lower than in June 2016.

The Straits Times

Source: SRX (12 Jul 2017)

SRX: Condo resale prices rise 0.9% in June amid fall in sales volume - SRX

Resale prices of non-landed private homes in Singapore rose by 0.9 per cent in June from the previous month, led by the prime and suburban areas, according to flash estimates from SRX Property on Tuesday (July 11).

This was an improvement from the revised 0.5 per cent month-on-month price increase in May.

Despite the uptick, SRX said June's resale prices were still down by 4.4 per cent from its last peak in January 2014.

Condo resales prices in June rose by 2.2 per cent from the same month a year ago, it added.

June's price growth was driven mainly by the core central region, which saw a resale values rise by 1.3 per cent from May, and the suburbs which recorded a 1.1 per cent increase.

Resale prices in the city fringe remained unchanged in June, SRX said.

Its estimates showed that resale transaction volumes fell by 12.5 per cent to 1,065 units last month from the 1,217 shifted in May. But compared with a year ago, sales were up by a hefty 51.1 per cent from 705 units sold in June 2016.

SRX's median transaction over X-value (TOX) - which measures if buyers are overpaying or underpaying its computer-generated market value - came in at S$1,000 last month, down from S$2,000 in May.

The Newton and Novena areas posted the highest median TOX at S$40,000, while the Harbourfront and Telok Blangah districts recorded a negative TOX of S$120,000, which meant that most buyers in that district bought units below SRX's computer-generated value.

The Straits Times

Source: SRX (11 Jul 2017)

SRX: HDB resale volume slips 11.6% in June - SRX

TRANSACTION volume and prices of Housing and Development Board (HDB) resale flats fell in June from the previous month, with both indicators clocking a noticeable dip from recent peaks, flash data issued by SRX Property on Thursday showed.

In June, 1,753 HDB resale flats were sold, an 11.6 per cent drop from the 1,984 transacted units in May, which itself was an 8.1 per cent rise from April's volume.

Year on year, resale volume decreased by 5 per cent.

June's volume was down by 52 per cent from the peak of 3,649 units in May 2010.

As for HDB resale prices, there was a headline decrease of 0.1 per cent in June compared with that of May, which also dipped 0.1 per cent from April.

Year on year, prices have decreased by 0.2 per cent from June 2016.

June's data indicates that prices have declined by 11.7 per cent since the peak in April 2013.

The resale prices of HDB executive units rose by 1.7 per cent in June, while those of HDB three-room, four-room and five-room units decreased by 0.2 per cent, 0.3 per cent and 1.5 per cent respectively.

Find out more about SRX HDB Flash Report on SRX Research.

The Business Times

Source: SRX (07 Jul 2017)

URA releases flash estimate of 2nd Quarter 2017 private residential property price index - URA

Published Date: 03 Jul 2017

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 2nd Quarter 2017 today.

Overall, the private residential property index fell 0.4 point from 136.7 points in 1st Quarter 2017 to 136.3 points in 2nd Quarter 2017. This represents a decline of 0.3%, compared with the 0.4% decline in the previous quarter (see Annex A [PDF, 165kb] and Annex B [PDF, 11kb]).

Prices of non-landed private residential properties fell by 0.9% in Core Central Region (CCR), compared to the 0.4% fall in the previous quarter. Prices in the Rest of Central Region (RCR) increased by 0.5%, after registering an increase of 0.3% in the previous quarter. Prices in Outside Central Region (OCR) decreased by 0.4%, after registering a 0.1% increase in the previous quarter (see Annex C [PDF, 12kb]). Meanwhile, prices of landed residential properties fell by 0.4%, compared to the 1.8% decrease in the previous quarter.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-June. The statistics will be updated on 28 July when URA releases the full real estate statistics for 2nd Quarter 2017. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.

Source: URA

Flash Estimate of 2nd Quarter 2017 Resale Price Index - HDB

Published Date: 03 Jul 2017

             HDB’s flash estimate of the 2nd Quarter 2017 Resale Price Index (RPI) is 133.7, a decline of 0.1% over 1st Quarter 2017 (see Annexes A1 and A2).  

2          The RPI provides information on the general price movements in the resale public housing market. The transacted prices of individual flats (by block and flat type) can be found via the e-services available on HDB’s InfoWEB.

3          The RPI for the full quarter, together with more detailed public housing data, will be released on 28 July 2017.

Upcoming Sales Launch

4          In August 2017, HDB will offer about 3,850 Build-To-Order (BTO) flats in Bukit Batok and Sengkang. More information on this BTO exercise is available on the HDB InfoWEB.

Source: HDB

Purchase of Flat with Bank Loan - CPF

Q	If I am taking up a bank loan for my HDB flat, how much of my CPF can I withdraw towards the payment of the loan?

A

You can use your Ordinary Account savings, and the future monthly CPF contributions in this account to buy a flat and/or pay the monthly instalments of the housing loan up to 100% of the Valuation Limit (VL). The VL is the lower of the purchase price or the value of the flat at the time of purchase. If your housing loan is still outstanding when the total CPF usage for the flat reached the VL and: you are below the age of 55, you may continue to use your Ordinary Account savings to repay the housing loan up to the applicable Withdrawal Limit if you can set aside the current Basic Retirement Sum. you are 55 years and above, you may use the excess Ordinary Account savings to repay the housing loan up to the applicable Withdrawal Limit if you can meet your Basic Retirement Sum. You can refer to the Retirement Sum Scheme for more information.   The Withdrawal Limit is the maximum amount that you can withdraw towards the flat and it is determined based on the date of the property purchase as follows:

Q	Can I use my CPF savings to pay the downpayment for an HDB flat financed by a bank loan?

A

You may use your Ordinary Account savings to pay for the property after you have paid the following in cash: (a) minimum cash downpayment of at least 5% of the valuation limit(VL)*# and  (b) the portion of the purchase price that is above the market value of the property after taking into consideration the CPF lump sum and the housing loan. * VL is the lower of the property price or property value at the time of purchase.  # You may refer to MAS website at www.mas.gov.sg for more information on the minimum cash downpayment that you have to pay.

Q	Can I use my CPF savings to pay 1) the transaction fee levied by the lawyer's appointed bank and 2) the lodgement fees levied by Singapore Land Authority for the holding and disbursing of my CPF moneys and/or cash when I buy an HDB flat?

A	Yes, you can use your CPF savings to pay the transaction and lodgement fees incurred. For more information on these costs, please check with your lawyers or visit www.conveyancing.sg.

Q	I plan to buy a HDB flat but do not have sufficient savings in my CPF Ordinary Account for the purchase. I am selling my existing flat and am expecting a CPF refund. What should I do?

A

You can consider taking a bridging loan from any banks, subject to both HDB and your financier’s approval. When your CPF savings are refunded upon the sale of your existing property, you can repay the bridging loan after completing the legal documentation and settling any cash difference. The above is only applicable if you are financing the flat solely with a bank loan. As a rule of thumb, the total CPF lump sum withdrawn plus the loan taken (including bridging loan) cannot exceed the Valuation Limit (VL). VL is the lower of the purchase price or market value of the flat at the time of purchase.

Q	Can I use the bank's in-house valuation report for the purchase of my HDB flat financed with bank loan?

A	No, you can only use the valuation report done by a valuer assigned by HDB.

Q	Do I need to engage a lawyer for the purchase of an HDB flat?

A	It is advisable that you appoint a lawyer to act for you in the purchase of an HDB flat. Your lawyer will be drafting mortgage documents and transfer instruments to safeguard your interests in the flat. Alternatively, you may wish to engage HDB’s lawyers to act for you.

Q	Do I need to engage a lawyer or involve my bank to complete the form in order to use my CPF savings for a HDB flat financed with a bank loan?

A

Yes, please complete: a) HBL/1 (PDF, 1.9MB) form if it is the first time you are applying to use CPF to finance the purchase of your flat with the assistance of your lawyer; b) HBL/2 (PDF, 1.9MB) form if you are refinancing your housing loan to a new bank with the assistance of your bank’s lawyer; c) HBL/3 (PDF, 1.4MB) form if you want to commence the monthly instalment payment from your CPF accounts with the assistance of your bank; d) HBL/4 (PDF, 0.3MB) form if you want to revise/cease your monthly instalment or make an arrears/capital repayment with the assistance of your bank. If your application is rejected, you will be notified by the Board of the rejection reason(s). Please liaise with your bank or lawyer to re-submit the forms. Otherwise, you may wish to complete and re-submit the application form on your own, if you have the relevant information.

Q	Who will act for me in the disbursement and recovery of CPF savings if I take up a bank loan to pay for my HDB flat?

A

HDB may continue to act for the members in the disbursement and/or recovery of CPF savings. Members also have the option of engaging their own solicitors to act for them. In such cases, the Board will need to appoint its own solicitor to disburse and/or recover the CPF savings and the legal fees incurred will be borne by the members.

Q	When is the monthly CPF deduction for the housing loan instalment payments to the financiers for members who have taken up a bank loan for their HDB flat?

A	The deduction is between the 10th to 13th (inclusive of 10th & 13th) of the month.

Q	I have an instalment arrears for my HDB flat financed with bank loan. Can I use my CPF Ordinary Account (OA) savings to repay my financier as soon as it is credited?

A

Yes, you may use your CPF savings for your arrears payment. Online using my cpf 1. Login with your Singpass 2. Submit an online application via My Requests – Property. Your application will be processed within 3 working days. Mail 1. You can download and complete the HBL/4 (PDF, 0.3MB) application form. Mail it to CPF Board at least 7 working days before the payment due date. Central Provident Fund Board Housing Schemes Department Robinson Road P.O. Box 3060 Singapore 905060 (Attn: Public Housing Section - Bank Loan)

Q	Will my Home Protection Scheme (HPS) cover be affected if I refinance my HDB loan to a bank loan?

A	No, your HPS cover will not be affected. However if there are any changes to the loan repayment period or the loan amount, you have to inform the Board to adjust your HPS cover. A new Annual Premium HPS cover will be issued to you upon adjustment.

Q	If my co-owner is using his/her CPF savings for lump sum (one-time) payment only, do both my co-owner and I need to sign on the HBL/1 form? Does he/she need to complete the health declaration (HD) column?

A	Yes, both you and your co-owner are required to sign the HBL/1 form. Your co-owner (who is not using CPF for monthly instalment payment) is not required to complete the HD column, if he/she does not wish to apply for coverage under Home Protection Scheme (HPS).

Q	Do I need to declare my health status on Form HBL1/2/3 when applying the Home Protection Scheme (HPS)?

A

Yes, you are required to declare your health status under the following circumstances: 1) If you are currently not covered under HPS and intend to use CPF savings to service the monthly instalment of your HDB flat; 2) If there are changes to your outstanding housing loan (e.g. change in loan quantum or tenure).

Q	I intend to refinance my housing loan. If I am using my CPF savings for monthly instalment (MI) and have 100% coverage under the Home Protection Scheme (HPS), should my co-owner, who is not using CPF, complete the health declaration (HD) column of the HBL/2 form and indicate 0% for HPS?

A	No, your co-owner need not complete the HD column of HBL/2 form if he/she does not wish to apply for coverage under HPS since he/she is not using CPF savings towards the housing loan repayment.

Source: CPF
For more info: visit CPF