For the latest BTO Exercise that is launched for sale, HDB will offer more two-room Build-To-Order (BTO) flats in Tengah, Choa Chu Kang and Woodlands as more singles applied for a new BTO Flat given that singles are now eligible for purchase.
There was a new ruling that was introduced in 2013 whereby singles above 35 years old are allowed to purchase as first timer applicants. Before that, singles are only allowed to buy resale flats in the open market as restrictions are being placed on their purchase.
A total 15,700 singles have decided to apply for a new flat via BTO and based on statistics, a total of 7,700 have already collected keys to their new unit. There were also buyers who are over 55 years old close to retirement who buy the flats under the 2 room flexi scheme. HDB note that the scheme caters to singles, families and the eldery who are in need of a new flat and have been searching actively in the market. New flats tend to be cheaper compared to resale which explains the popularity of these new BTO flats which stands to benefit many of the residents applying. Less money is also needed on renovation and therefore BTOs tend to be more popular among home seekers as there is also a fresh 99 years lease for the glat.
HDB note that the ramping up of building of 2 room BTOs has saw the applicants to unit ratio dropping from 37.6 in 2013 to 2.4 in 2019. This was also due to the fact that the backlog of buyers have been satisfied over the course of the years. Demand remain robust and roughly around the same for applicants that choose a BTO or a resale.
Those who acquire a new flat prior to 11 September 2019 received up to $40,000 in housing grants comprising up to $20,000 in Special CPF Housing Grant and up to $20,000 in Additional Central Provident Fund (CPF) Housing Grant.