SINGAPORE: More than 6,000 Build-to-Order (BTO) flats were launched on Tuesday (Dec 5), with two projects under the Prime Location Housing (PLH) model.
The eight projects, comprising 6,057 flats, are in Bedok, Bishan, Bukit Merah, Bukit Panjang, Jurong West, Queenstown and Woodlands.
Two projects – Alexandra Peaks in Bukit Merah and Ulu Pandan Vista in Queenstown – are offered under the PLH model.
"Given that new flats in prime locations naturally command higher market values, these PLH flats will be priced with additional subsidies on top of the substantial market discounts applied across all BTO flats," said HDB.
PLH flat owners are required to pay HDB a percentage of the resale price upon selling it after the 10-year minimum occupation period.
For this month's BTO exercise, HDB will increase additional subsidies for those who buy PLH flats. This comes against the backdrop of increasing prices in the resale market, it said.
"With these additional subsidies and the substantial market discounts already applied across all BTO flats, the selling prices of the PLH flats in Alexandra Peaks and Ulu Pandan Vista will be significantly lower than the transacted prices of comparable resale flats nearby," added HDB.
The subsidy recovery rate for these two projects will be set at 8 per cent, taking into account the extent of the additional subsidies provided.
That means owners of these flats will have to return 8 per cent of the resale price or valuation – whichever is higher – when they sell their flats. This is higher than the 6 per cent in previous PLH projects.
HDB said that 20 per cent of the PLH flats in Alexandra Peaks and Ulu Pandan Vista will be set aside for first-timer families; and 2 per cent for second-timer families under the Married Child Priority Scheme.
This is two-thirds of the usual quota for BTO flats in mature estates.
An artist's impression of Ulu Pandan Vista. (Image HDB)
The other BTO flats offered range from two-room to five-room flats, as well as Community Care Apartments.
The Community Care Apartments (CCAs) will provide senior-friendly housing with care services that can be customised according to a person’s needs.
HDB previously announced that about 250 assisted living flats in Bedok will be offered in December's BTO exercise as part of the Chai Chee Green development.
"All new flats are priced with significant market discounts to ensure affordability, and hence selling prices are considerably lower than the transacted prices of comparable resale flats," said HDB.
Eligible first-timer families can benefit from the Enhanced CPF Housing Grant of up to S$80,000 (US$60,000).
(Table: HDB)
HDB said that it is expecting high application rates for flats in the mature estates of Bedok and Bishan, as well as the non-mature estate of Bukit Panjang, where the supply is relatively small.
Those who wish to improve their chances of securing a flat are encouraged to apply for a flat in the non-mature estates of Jurong West and Woodlands, it added. At least 95 per cent of the four-room and bigger flats in these estates are set aside for first-timer families.
"Applicants are encouraged to plan their finances carefully and select a suitable flat based on their budget, needs and preferences," said HDB.
The Housing Board has also tightened the rules for non-selection of flats, to better allocate flats to those with "more pressing housing needs".
BTO applicants who have received a queue position will not be eligible to apply for a flat in subsequent exercises until after their flat booking appointment.
"This ensures that they do not crowd out other applicants who have not secured a queue position.
"We encourage all flat applicants to carefully consider when they should apply for a new flat and to book a flat when invited to do so," HDB said.
About half of the flats on offer in December's launch will have a waiting time of four years or less, said HDB.
"HDB has been working on various measures to reduce the waiting time for upcoming BTO flats," said the board.
"These include the prioritisation of sites where construction works can begin earlier, breaking larger BTO projects into smaller projects for more efficient resource management by contractors and adopting innovative procurement practices in order to shorten the project duration and expedite project completion."
Close to 70 per cent of flats launched this year will have wait times of four years or less, and the median waiting time is about three years and 10 months.
This is a "return to the pre-pandemic norm" and an improvement from waiting times during the COVID-19 pandemic, which saw waiting times go up to four to five years. It said it aims to offer more BTO projects with waiting times of three to four years.
A total of 22,780 BTO flats have been launched this year.
HDB will offer about 4,100 flats in its February 2024 BTO exercise. They will be in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands.
"The supply will be subject to review, as project details are firmed up closer to the launch date," said HDB.
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The eight projects, comprising 6,057 flats, are in Bedok, Bishan, Bukit Merah, Bukit Panjang, Jurong West, Queenstown and Woodlands.
Two projects – Alexandra Peaks in Bukit Merah and Ulu Pandan Vista in Queenstown – are offered under the PLH model.
"Given that new flats in prime locations naturally command higher market values, these PLH flats will be priced with additional subsidies on top of the substantial market discounts applied across all BTO flats," said HDB.
PLH flat owners are required to pay HDB a percentage of the resale price upon selling it after the 10-year minimum occupation period.
For this month's BTO exercise, HDB will increase additional subsidies for those who buy PLH flats. This comes against the backdrop of increasing prices in the resale market, it said.
"With these additional subsidies and the substantial market discounts already applied across all BTO flats, the selling prices of the PLH flats in Alexandra Peaks and Ulu Pandan Vista will be significantly lower than the transacted prices of comparable resale flats nearby," added HDB.
The subsidy recovery rate for these two projects will be set at 8 per cent, taking into account the extent of the additional subsidies provided.
That means owners of these flats will have to return 8 per cent of the resale price or valuation – whichever is higher – when they sell their flats. This is higher than the 6 per cent in previous PLH projects.
HDB said that 20 per cent of the PLH flats in Alexandra Peaks and Ulu Pandan Vista will be set aside for first-timer families; and 2 per cent for second-timer families under the Married Child Priority Scheme.
This is two-thirds of the usual quota for BTO flats in mature estates.
An artist's impression of Ulu Pandan Vista. (Image HDB)
The other BTO flats offered range from two-room to five-room flats, as well as Community Care Apartments.
The Community Care Apartments (CCAs) will provide senior-friendly housing with care services that can be customised according to a person’s needs.
HDB previously announced that about 250 assisted living flats in Bedok will be offered in December's BTO exercise as part of the Chai Chee Green development.
"All new flats are priced with significant market discounts to ensure affordability, and hence selling prices are considerably lower than the transacted prices of comparable resale flats," said HDB.
Eligible first-timer families can benefit from the Enhanced CPF Housing Grant of up to S$80,000 (US$60,000).
(Table: HDB)
HDB said that it is expecting high application rates for flats in the mature estates of Bedok and Bishan, as well as the non-mature estate of Bukit Panjang, where the supply is relatively small.
Those who wish to improve their chances of securing a flat are encouraged to apply for a flat in the non-mature estates of Jurong West and Woodlands, it added. At least 95 per cent of the four-room and bigger flats in these estates are set aside for first-timer families.
"Applicants are encouraged to plan their finances carefully and select a suitable flat based on their budget, needs and preferences," said HDB.
The Housing Board has also tightened the rules for non-selection of flats, to better allocate flats to those with "more pressing housing needs".
BTO applicants who have received a queue position will not be eligible to apply for a flat in subsequent exercises until after their flat booking appointment.
"This ensures that they do not crowd out other applicants who have not secured a queue position.
"We encourage all flat applicants to carefully consider when they should apply for a new flat and to book a flat when invited to do so," HDB said.
WAITING TIMES
About half of the flats on offer in December's launch will have a waiting time of four years or less, said HDB.
"HDB has been working on various measures to reduce the waiting time for upcoming BTO flats," said the board.
"These include the prioritisation of sites where construction works can begin earlier, breaking larger BTO projects into smaller projects for more efficient resource management by contractors and adopting innovative procurement practices in order to shorten the project duration and expedite project completion."
Close to 70 per cent of flats launched this year will have wait times of four years or less, and the median waiting time is about three years and 10 months.
This is a "return to the pre-pandemic norm" and an improvement from waiting times during the COVID-19 pandemic, which saw waiting times go up to four to five years. It said it aims to offer more BTO projects with waiting times of three to four years.
A total of 22,780 BTO flats have been launched this year.
HDB will offer about 4,100 flats in its February 2024 BTO exercise. They will be in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands.
"The supply will be subject to review, as project details are firmed up closer to the launch date," said HDB.
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