Yahoo Finance HDB to launch BTO flats with shorter waiting times for buyers
HDB has released two measures to ensure shorter waiting times for first-time buyers. The move involves commencing construction of selected BTO projects before their launch, and the introduction of a new sales mode called Re-Offer of Balance Flats (ROF).
Under the first measure, construction work for 1,000 BTO flats at Sembawang, Sengkang and Yishun (location plans below) will commence in 4Q2017. The flats will be launched for sale in 2H2018. HDB will set aside 95% of the fourroom and larger flats for families that are first-time buyers. This marks a 10 percentage point increase from the current quota of at least 85% in non-mature estates.
Source: HDB
With an estimated number of 300 flats ranging from three- to five-rooms, the Sembawang BTO is expected to be completed in 4Q2020
The ROF exercise will bring together all flats that are still unsold at the conclusion of the last Sale of Balance Flats exercise. The first ROF exercise in August will see 1,394 units of unsold balance flats from the November 2016 SBF exercise being offered.
HDB has announced plans to hold ROF exercises every February and August, alongside BTO exercises, in addition to the existing two SBF exercises each year. Home seekers now have four opportunities to apply for balance flats each year.
Source: HDB
The Sengkang site is set to house 300 four- and five-room BTO flats when it is completed in 1Q2021
Source: HDB
With an expected completion date of 4Q2020, the Yishun site will house 400 three- to five- room flats
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