In only days, the biggest Build-to-Order (BTO) launch by the authorities has attracted twice as many applicants as the number of units available, and National Development Minister Khaw Boon Wan is not surprised.
The application rate is within expectation, Mr Khaw wrote yesterday on his housing blog. Of the 4,000 units across six projects, the ones in Tampines are the most popular, he added, with high application rates for the four- and five-room flats – about 3.5 and four applications per unit respectively.
More are expected to apply before the deadline on Thursday.
At the Housing and Development Board (HDB) Hub yesterday, first-time applicant Lee Wee Ming said: “I’m getting a Tampines flat, which is near my mother-in-law’s place .. This is a pro-family move by the Government to have … BTOs in mature estates.”
Other flat buyers were concerned about the outcome of the income ceiling review for new flats.
Four-time BTO applicant Derek Ong said: “With the increased income ceiling, more people are going to be eligible for BTOs.”
Meanwhile, analysts estimate that cash-over-valuation will slide from the current average of S$21,000 to between S$15,000 and S$10,000 as a result of the move to build more new flats coupled with the Government’s recent cooling measures for the property market.
SLP International head of research and consultancy Nicholas Mak said: “It would draw some of the demand from the resale flat market into the BTO application list.”
Source : Today – 31 May 2011
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