The Minister of Finance and Deputy Prime Minister, Lawrence Wong, delivered his 2023 Budget speech in parliament on 14 February and among the announcements was the increase in the CPF Housing Grant.
Snippets from MOF’s press release
ANNEX E-1: INCREASE TO THE CPF HOUSING GRANT FOR FIRST-TIME HOMEBUYERS PURCHASING RESALE HDB FLATS
The Government will increase the CPF Housing Grant to provide more support for first-time homebuyers purchasing resale HDB flats. Eligible homebuyers who submit their resale applications on or after 3.30pm, 14 February 2023, will qualify for this increased grant. They will receive the additional grant amount from April 2023 onwards.
(A) First-Timer Families
For eligible First-Timer families, the grant amount will be increased:
a) From $50,000 to $80,000 for those buying a 2- to 4-room resale flat; and
b) From $40,000 to $50,000 for those buying a 5-room or larger resale flat.
Together with the Enhanced CPF Housing Grant1 and the Proximity Housing Grant, eligible First-Timer families will be able to receive up to $190,000 in housing grants (see Table 1).
(B) First-Timer Singles
First-Timer singles buying resale HDB flats will also benefit from the increase to the CPF Housing Grant. The grant amount, which is half of that for families, will be increased:
a) From $25,000 to $40,000, for those buying a 2- to 4-room resale flat; and
b) From $20,000 to $25,000, for those buying a 5-room resale flat.
Together with the Enhanced CPF Housing Grant and the Proximity Housing Grant, eligible First-Timer singles will be able to receive up to $95,000 in housing grants (see Table 2).