Todayonline 17TH  FEBRUARY 2022

HDB launches nearly 4,000 BTO flats, including units in Kallang Whampoa under prime location model

SINGAPORE — Nearly 4,000 flats have been launched for sale under the February 2022 Build-To-Order (BTO) exercise, with six projects covering both mature and non-mature estates of Geylang, Kallang-Whampoa, Tengah and Yishun.

The units in Kallang-Whampoa will come under the Prime Location Public Housing scheme announced last October, the Housing and Development Board (HDB) said in a media release on Thursday (Feb 17).

The 3,953 units launched under the BTO exercise range from two-room flexi to five-room flats "to meet the diverse housing needs of first-timers, second-timer families, seniors and singles". Two-room flexi flats cater primarily to senior citizens but are also open to singles subject to qualifying criteria.

Of the new flats launched, HDB said: “First-timer families who are looking to move into their flats sooner can consider the flats in Yishun Boardwalk and Grove Spring@Yishun. These flats have shorter waiting times ranging from 26 to 30 months.”

At least 95 per cent of the four-room and bigger flat types in the two Yishun projects have been set aside for first-timer families, giving them a higher chance of securing flats there.

Addressing the February BTO exercise in a Facebook post on Thursday, National Development Minister Desmond Lee urged first-time homebuyers, who are looking to move into their new homes as soon as they can, to consider applying for the flats in Yishun given their shorter waiting time and the priority given to first-time buyers.

“For the six BTO projects launched in this exercise, the waiting time is generally between three and five years, similar to the BTO projects launched in the past year,” Mr Lee added.

Eligible first-timer families can benefit from the Enhanced Central Provident Fund Housing Grant of up to S$80,000, making the flats more affordable compared to transacted prices of resale flats in their vicinity, HDB said.

FLATS IN PRIME LOCATIONS

The project at King George’s Heights in Kallang-Whampoa will be the second one under the prime location model. The first one in Rochor was launched in November.

Up to 20 per cent of the flats at King George’s Heights will be set aside for first-timer families, while up to 2 per cent will be for second-timer families under the Married Child Priority Scheme.

This is two-thirds of the usual quotas, HDB said. It added that the reduced quota will provide more opportunities for Singaporeans who do not have family members living near the area to also have an opportunity to live in the estate.

The Married Child Priority Scheme gives priority in the balloting of applications if applicants choose a flat within 4km of an HDB flat where the applicant's parents or married child physically occupy or within 4km of a private property owned and physically occupied by the applicant's parents, married child or immediate family member.

As flats under the prime location model are priced with extra subsidies, owners of these flats will have to return to HDB a percentage of the resale price or valuation upon the sale of their homes, whichever is higher.

The amount to be recovered from flat buyers at King George’s Heights is fixed at 6 per cent and will apply regardless of when the flats are sold in future.

Applications for flats under the February BTO exercise can be made online on the HDB InfoWeb from Feb 17 to 23. Applicants may apply for only one flat type or category in one town under the BTO exercise.

The next BTO Launch in May will see around 5,300 flats launched in towns or estates such as Bukit Merah, Jurong West, Queenstown, Toa Payoh and Yishun.

This article is written by Bryan Ng on TodayOnline. Click here for the original article.

A version of this article appeared in Todayonline.com on February 17TH  2022, with the headline 'HDB launches nearly 4,000 BTO flats, including units in Kallang Whampoa under prime location model.'

Businessmen

ABOUT US

Frequent updates of Singapore property news.