Latest BTO exercise see over 5,000 HDB flats released across various towns

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Housing & Development Board (HDB) today announced that it has launched 5,101 flats for sale today under the August 2018 Build-To-Order (BTO) and Re-Offer of Balance Flats (ROF) exercise. This includes 4,375 BTO units and 726 ROF units across various towns/estates. A wide selection of flats, ranging from 2-room Flexi to Three-Generation (3Gen) flats, is offered to meet the diverse housing needs of first-timers, second-timers, multi-generation families, elderly and singles.

The 4,375 BTO flats on offer are spread across four projects in the non-mature towns of Punggol and Yishun.

Eligible first-timer families can enjoy up to $80,000 of housing grants, comprising the Additional CPF Housing Grant (AHG) (up to $40,000) and the Special CPF Housing Grant (SHG) (up to $40,000). With these grants, buyers of 2-room Flexi, 3-room, 4-room and 5-room flats could pay as little as $4,000[1], $103,000, $188,000 and $329,000 respectively.

HDB said that its new flats are priced with a generous subsidy, taking into account factors such as location, flat attributes and prevailing market conditions. HDB’s prices are considerably lower than transacted prices of comparable resale flats in the vicinity. In addition, 2-room Flexi flats are priced taking into account the lease chose.

Town Contract Flat Type Transacted Prices of
Resale Flats in the
Vicinity#
Selling Price
(Excluding Grants**)
Selling Price
(Including Grants^)
Non-Mature Towns
Punggol Punggol Point Cove

Punggol Point Woods

2-room Flexi $250,000 – $268,000 From $103,000 From $23,000
3-room $300,000 – $350,000 From $188,000 From $113,000
4-room $398,000 – $460,000 From $286,000 From $226,000
5-room $549,000 – $628,000 From $393,000 From $388,000
3Gen From $411,000 From $406,000
Yishun Yishun Glen

Melody Spring @ Yishun

2-room Flexi From $75,000 From $4,000
3-room From $178,000 From $103,000
4-room $303,000 – $445,000 From $248,000 From $188,000
5-room $390,000 – $483,000 From $334,000 From $329,000

First-timer families will continue to enjoy priority in flat allocation, said HDB. Married/courting couples who wish to live together with their parent(s) can apply for a 3Gen flat in Punggol Point Cove. Applicants who wish to live close to their parents or married children, in the same BTO project, can submit a joint application under the Multi-Generation Priority Scheme.

PM Lee chides commentators who claim 99-year leases on HDB flats are “merely an extended rental”

bto
Image credit: Pixabay

In this sales exercise, HDB will also offer 726 unselected flats from the November 2017 Sale of Balance Flats (SBF) and February 2018 ROF exercises. They comprise 67 units of 2-room Flexi, 171 units of 3-room, 294 units of 4-room, 152 units of 5-room, 33 units of 3Gen and 9 units of executive flats across various towns/estates. HDB will set aside at least 95% of the flat supply for first-timer families and up to 5% for second-timer families. Elderly may apply if they meet the prevailing eligibility conditions to buy a 2-room Flexi flat. Families will enjoy priority for flat selection.

ROF flats come in a wide range of flat types, locations and selling prices. About 58% are already completed and the rest are under construction. Eligible families with more urgent housing needs and/ or who are less particular about location and attributes may wish to apply. Under ROF, home buyers will be able to select their flats quicker, and from a bigger pool of balance flats for different flat types and in different locations.

Flat Type
Selling Price (Excluding Grants)
Selling Price (Including Grants)^
Non-Mature Towns
3-Room
From $165,000
From $90,000
4-Room
From $236,000
From $176,000
5-Room
From $296,000
From $291,000
3Gen
From $332,000
From $327,000
Executive
From $461,000
From $461,000
Mature Towns
2-Room Flexi
(99-year/remaining lease)*
From $150,000
From $110,000
3-Room
From $180,000
From $160,000
4-Room
From $289,000
From $284,000
5-Room
From $374,000
From $374,000
3Gen
$565,000
$565,000
Executive
From $585,000
From $585,000

HDB said that from today, flat buyers taking an HDB housing loan will have the option of retaining up to $20,000 each in their CPF OA. Previously, flat buyers had to fully utilise the balances in their CPF Ordinary Account (OA) to pay for their flat purchase, before they took up an HDB housing loan. The remaining CPF OA balance will be used to pay for their flat purchase. This option will also be available to flat buyers who have yet to collect the keys to their new flats, as well as resale applications received from today.

HDB said that this option to retain some balance in their CPF OA will provide flat buyers with greater flexibility in using their CPF funds. The funds can be used for their monthly mortgage instalments in times of need and will improve retirement adequacy if left unutilised. Flat buyers who wish to use all their CPF OA balances for their flat purchase may continue to do so.

Lease Buyback Scheme to be extended to all HDB flats – including 5-room and larger flats

HDB encouraged applicants to apply for a BTO flat in non-mature towns to enjoy a higher chance of success in securing a flat and more housing grants, including the SHG. Applicants with more urgent housing needs and are less particular about location and attributes may wish to consider applying for an ROF flat, added HDB.

All the information on the BTO and ROF flats on offer is available on the HDB InfoWEB.

The number of applications submitted under BTO and ROF exercise will also be updated regularly on the HDB InfoWEB. HDB encouraged applicants to check for updates before submitting their application. For the convenience of interested flat buyers HDB advised them to view the details of the flats online via the HDB InfoWEB. They do not need to make a trip down to HDB Hub.

Flat applications are not processed on a first-come, first-served basis. HDB will shortlist applicants using a computer ballot. Flat applicants have 7 days to consider and may submit their online application at any time before the closing date. They need not rush to put in their applications.

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