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Shorter waiting time for 1000 new BTO Flats in Sengkang, Sembawang and Yishun

Shorter waiting time for 1000 new BTO Flats in Sengkang, Sembawang and Yishun

Apart from BTO flats, HDB has also announced that it will introduce a new sales mode, called ‘Re-Offer of Balance Flat’ This new model gathers unsold units from earlier sale of balance flat exercises.

The Housing Board announced in a statement on Wed (July 19), that a total of 1000 Build-To-Order (BTO) flats in Sengkang, Sembawang and Yishun will be available faster to homebuyers. This brings down the previous (current) waiting time of three to four years, to a reduced two & a half years.

The flats are to be launched for sale in the second half of 2018, and the first few flats’ projected completion date is between the fourth quarter of 2020, and the first quarter of 2021.

HDB stated in their announcement, that this will speed up the process, in allowing young couples to get their flats earlier.

First-time applicants are given priority. Currently, at least 85 per cent of all four-room or bigger flats are being set aside for first time applicants, however for this launch, the quota will be increase to a minimum of 95 per cent allocating more flats to first time applicants.

To achieve the faster times, HDB announced that they will begin construction of selected BTO projects ahead of their sales launch. Instead of speeding up on the construction process.

With construction works projected to start at the end of the year, tender for the construction for the first batch of 1000 flats, is called in July this year.

The mentioned flats will also come with existing furnishings. With flooring, doors, and sanitary fittings coming pre-installed. Which is alike existing BTOs, where buyers can choose these furnishings under the Optional Component Scheme (OCS)

The two-room Flexi Flats, which are usually meant for elderly buyers, will remain pre-furnished, coming with fittings and furnishings designed for seniors, in aiding their daily lifestyle.

For home buyers who prefer the OCS scheme, which allows them the flexibility and option to choose their own finishes and fittings, can apply for other BTO projects with the normal waiting time, said the HDB statement.

HDB added that this will reduce the required renovation works, allowing homebuyers to move into their new flats earlier.

It was not mentioned in the statement, on whether the BTOs with shorter wait times, come with a higher price tag than the typical BTO.

Apart from BTO flats, HDB has also announced that it will introduce a new sales mode, called ‘Re-Offer of Balance Flat’ This new model gathers unsold units from earlier sale of balance flat exercises.

The initial ROF kick off will take place in August, and will subsequently be held twice a year in February and August.

This would be in addition to the current sale of balance flat exercises, typically held two times a year, alongside the BTO exercises in May and November.

In total, this increases the total number of chances a year for home buyers to buy them, to four chance a year.

A minimum of 95 per cent are reserved for first-time families, and the remaining gong to second-timer families, HDB mentioned.

These flats are favored by homebuyers, as they are typically nearer to being completed.

Both measure were initially announced during the Ministry of National Development's Committee of Supply debates in March.

"The two measures together will widen the range of housing options for first-timers, and enable them to move into their first homes sooner. HDB will monitor the response and make refinements where necessary," said HDB.

National Development Minister Lawrence Wong, said in a blog post:

"I hope the wider range of options and more regular offer of flats will help homebuyers find a home that best suits their needs."

 

 

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