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Why HDB decided to launch flats in non-mature estates
It wants home seekers to consider these less popular locations.
The Housing and Development Board (HDB) of Singapore has commenced the construction of build-to-order flats in non-mature estates of Yishun, Sembawang, and Sengkang.
According to ERA Realty Network key executive officer Eugene Lim, these flats are in slightly less popular locations, which could be the reason behind HDB's move to offer them with a shorter waiting time and a higher priority for first timers.
"This would make them more attractive to prospective homeowners who are not so particular and have more urgent housing needs," Lim said.
Lim said with these flats starting construction before the application process, the waiting time for these new flats are shortened to about 2.5 years from the typical 3 to 4 years.
"Nonetheless, these flats are expected to be popular amongst first timers, given their combination of affordability, shorter waiting time and higher probability of success," he furthered.
One downside, however, is that buyers no longer have the flexibility of choosing their finishes under the Optional Component Scheme.
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