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HDB Launches 3,953 Flats in February 2022 BTO Exercise
HDB launched 3,953 flats for sale today, under the February 2022 Build-To-Order (BTO) exercise. The flats are spread across six projects spanning both mature and non-mature estates - Geylang, Kallang Whampoa, Tengah, and Yishun. Flat buyers who are looking to move into their flats sooner can consider the two projects in Yishun, which come with shorter waiting times of 2.5 years or less. The flats at Kallang Whampoa are launched under the Prime Location Public Housing (PLH) model to keep new public housing built in prime and central locations affordable and accessible for Singaporeans.
2 A wide selection of flats, ranging from 2-room Flexi to 5-room flats, is being offered in this BTO exercise to meet the diverse housing needs of first-timers, second-timer families, seniors and singles. Further details can be found in Annex A. The new flats are priced with a generous subsidy, taking into account factors such as location, flat attributes, and prevailing market conditions. Hence, their prices are considerably lower than the transacted prices of comparable resale flats nearby. For 2-room Flexi flats, their prices further take into account the length of lease chosen, as shown in Annex B.
3 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 (about 2.2 to 2.5 years). With at least 95% of the 4-room and bigger flat types set aside for them, first-timer families can look forward to a higher chance of securing flats in these projects.
4 Eligible first-timer families can benefit from the Enhanced CPF Housing Grant (EHG) of up to $80,000, making the flats more affordable. For those who are eligible for the EHG, a 4-room flat in Yishun Boardwalk and Grove Spring @ Yishun is priced at $210,000 after grants – almost half the transacted prices of resale flats in their vicinity (see Table 1 for the BTO flat prices and the comparable resale prices). Buyers will generally require little or no cash outlay in servicing the payments for their flats as their mortgage loans can be paid using their CPF contributions. More information on the financing of flats on offer can be found on the HDB Flat Portal.
Table 1: Flat Prices in February 2022 BTO Exercise
Note: Selling prices are rounded up to the nearest thousand dollars.
^^ Unless otherwise stated, the starting prices of the flats are based on 99-year leases. For illustration purposes, the assumed EHG amounts are:
i) 2-room Flexi flat: $80,000
ii) 3-room flat: $75,000 in non-mature towns and $60,000 in mature towns and Prime Location Public Housing Model
iii) 4-room flat: $60,000 in non-mature towns and $45,000 in mature towns and Prime Location Public Housing Model
iv) 5-room flat: $45,000 in non-mature towns
The starting prices after grant amounts are illustrative, assuming that the household incomes of eligible first-time buyers of flats in the mature towns are higher. The actual grant amount received will depend on the buyers’ income and eligibility. Read more on EHG in HDB InfoWEB.
~ Prices include the costs of floor finishes, internal doors and sanitary fittings.
# Details on the comparable resale flats can be found on the HDB Flat Portal. In making comparison, please take into account the differences in attributes between the comparable resale flats and the BTO flats.
^^ Singles who apply for a 2-room Flexi flat under the Single Singapore Citizen (SSC) Scheme will pay $15,000 more than married couples. Eligible singles can also apply for the EHG of up to $40,000. The actual grant amounts will vary according to income.
5 The PLH model, announced by MND and HDB on 27 October 2021, aims to ensure that new public housing built in prime and central locations remain affordable and accessible for Singaporeans (see Annex C for a summary of the key features of the model). Following the first PLH project offered in the November 2021 BTO exercise, HDB is launching a second project under the PLH model at King George’s Heights in this February 2022 sales exercise.
6 Up to 20 percent and up to 2 percent of the PLH flats at King George’s Heights will be set aside for first-timer families and second-timer families respectively, under the Married Child Priority Scheme. This is two-thirds of the usual quotas.1 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.
7 As PLH flats are priced with additional subsidies, on top of the substantial subsidies already provided for all BTO flats today, owners of these flats will have to return to HDB a percentage of the higher of the resale price or valuation upon the sale of their homes.2 For King George’s Heights, the amount to be recovered from the flat buyers is fixed at 6 percent and will apply regardless of when the flats are sold in future. This amount to be recovered is commensurate with the extent of the additional subsidy that has been provided.
8 Applications for the flats launched in the February 2022 BTO exercise can be made online on HDB InfoWEB from today, 17 February 2022 (Thursday) to 23 February 2022 (Wednesday). Applicants can apply for only one flat type/category in one town under the BTO exercise.
9 Applicants who wish to take up an HDB housing loan for their flat purchase need to produce a valid HDB Loan Eligibility (HLE) letter when they book a flat, except for young couples who are eligible for deferment of income assessment. The HLE letter will indicate the loan amount based on applicants’ individual financial situation. All applicants are encouraged to apply for an HLE letter early, at www.hdb.gov.sg/hleapply, so that they can book a flat within their budget.
10 All the information on the BTO flats on offer is available on the HDB InfoWEB, and members of the public have 7 days to make an application online. There is no need to visit HDB Hub to get the information or make an application. Applicants without internet access may seek support from their family members. Those who need further assistance, such as seniors without family support, may call the HDB Sales/Resale Customer Service Line at 1800 - 866 3066.
11 Applicants are encouraged to apply for a BTO flat in the non-mature towns, and to continue doing so, to enjoy a higher chance of success in securing a flat. More details on the application procedures can be found in Annex D.
12 HDB will shortlist applicants using a computer ballot, and not on a first-come-first-served basis. There is therefore no need to rush to apply online at HDB InfoWEB within the first few hours or even first few days of the application window. The number of applications received will also be updated regularly on the HDB InfoWEB. Applicants are advised to apply for flats with lower application rates for better chances of success.
13 Flat buyers should take the estimated project completion timelines into consideration before applying for a flat. Projects with challenging site conditions, more complex designs, large number of dwelling units or higher storeys may take longer than usual to complete.
14 For the BTO projects launched in February 2022, the waiting time generally ranges from 3 to 5 years. Those who are looking to move into their flats sooner can consider applying for the flats at Yishun Boardwalk and Grove Spring @ Yishun. Alternatively, they could consider buying a Sale of Balance flats (SBF) or resale flat instead. First-time buyers may enjoy up to $160,000 in housing grants for the purchase of a resale flat.
15 Come May 2022, HDB will offer about 5,300 BTO flats in towns/estates such as Bukit Merah, Jurong West, Ghim Moh estate in Queenstown, Toa Payoh and Yishun. For the site in Ghim Moh, the adjoining site is also planned for public housing and will be launched in 2022. More details will be announced when ready.
16 In August 2022, HDB will offer about 6,300 to 6,800 BTO flats in towns/estates such as Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Queenstown and Woodlands. This number is subject to review as more project details will be firmed up closer to the launch date. More information on the BTO flats is available on the HDB InfoWEB. HDB will continue to monitor housing demand and adjust the plans where necessary.
1 The priority quotas for other BTO flats in the mature estates are up to 30% for first-timer families, and up to 3% for second-timer families
2 The additional subsidies will keep PLH flats affordable for a wide range of Singaporeans, while the subsidy recovery will ensure parity with other BTO flat owners who are not accorded these additional subsidies.