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BTO flat supply to taper in 2017: Lawrence Wong
Fewer BTO flats will be launched next year, but the government will look to shorten waiting times for applicants. (Photo: Erwin Soo, Wikimedia Commons)
The government will gradually taper the supply of Build-To-Order (BTO) flats in 2017, with the HDB launching around 17,000 units, down from the 18,000 units launched this year, revealed National Development Minister Lawrence Wong in a blog post on Wednesday (14 December).
“Once again, we will offer a good spread across the mature and non-mature estates. This will give buyers a range of choices, including young couples who wish to live near their parents or the elderly who want to right-size and age in place,” he said.
“At the same time, we will continue to monitor the market, make adjustments to our building programme, and review our schemes to meet the housing needs of Singaporeans.”
In fact, the waiting time for some new sites may become shorter.
This comes after the Minister received feedback from young couples to make the waiting time for BTO flats shorter.
“So I’ve asked (the) HDB to plan and prepare the land for several new sites which can subsequently be put out as BTO units with shorter waiting time. These units will not be ready next year, but I hope we can begin to offer them by 2018,” shared Mr Wong.
He noted that public housing prices were kept stable in 2016, while the BTO application rate for first-timer families applying for three-room or bigger flats in non-mature estates also remained stable and manageable, at 1.5 times in November, and an average of two times for the whole of 2016.
“From experience, this means that BTO applicants will be able to get a flat within their first or second try, and most definitely by the third try. Hence, I always advise young families to apply for BTO flats in non-mature estates to increase their chances of success.”
Moreover, this year’s higher income ceiling has enabled around 2,200 more households to buy subsidised flats, while the enhanced Special CPF Housing Grant and Proximity Housing Grant benefitted 4,100 and 6,000 households, respectively.
At the start of the month, the HDB also opened applications for the Fresh Start Housing Scheme, which aims to help second-timer families with young children living in public rental housing own a home again.
“All of these demonstrate our commitment to keep home ownership within reach of all Singaporean families,” said Mr Wong.
“But our work is not complete. We will press on with our mission to house a nation, and to help Singaporeans own a home that meets their budget and needs.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
