Over 20,000 apply for 2,132 flats in HDB’s new Sale of Balance Flats
If you were one of the 1,022 who applied for a four-room flat in Sengkang as of 5pm yesterday, your chances aren’t good – in fact, they are a mere one in 39, with only 26 units up for grabs.
This is an extreme example of the overwhelming response to the Housing and Development Board’s (HDB) new Sale of Balance Flats (SBF) exercise.
Just hours to go before the midnight deadline, there were nearly 10 bids for every unit being offered under the scheme. As of 5pm, there were 20,691 applications for the 2,132 flats that range from studio units to executive flats.
The exercise, launched by the HDB on Oct 1, has drawn intense interest because the flats are from surplus stock, which means there is little or no wait for the prospective home-buyer – as compared to the average three-year wait for a flat under the Build to Order (BTO) scheme. Continue reading
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