Daily Briefing: Singapore to spend $700m on infrastructure this year; Gov't to raise CPF housing grants

And more affordable resale HDBs for first-time applicants.

Singapore’s Finance Minister Heng Swee Keat outlined a set of targeted measures in his budget speech to help the struggling offshore and energy services industry and spur construction. The government will bring forward S$700 million ($493 million) worth of infrastructure spending and defer levies on foreign workers in the marine and process sectors for another year, Heng told lawmakers on Monday. He also extended rebates on corporate income taxes. Read more here.

In his 2017 budget statement, Finance Minister Heng Swee Keat shared that CPF housing grants will be raised from $30,000 to $50,000 for first-time applicants looking to buy 4-room or smaller HDB flats on the resale market. For 5-room or larger flats, the grants will be increased from $30,000 to $40,000. Click here to find out.

Finance Minister Heng Swee Keat announced, with immediate effect, in his Budget statement today that the CPF housing grant has been raised to $50,000 for first-timer couples buying four-room or smaller HDB flats from the resale market. For those who purchase five-room or bigger flats, the grant has been raised to $40,000. The CPF housing grant was previously capped at $30,000. First-timer couples can now receive up to $110,000 in subsidies, which includes the Additional CPF Housing Grant and Proximity Housing Grant. Get to know the full story here.