Buyers prefer HDB’s Sale of Balance Flats units

Buyers prefer HDB’s Sale of Balance Flats units

by Esther Ng 04:46 AM Sep 29, 2011

SINGAPORE – As applications closed yesterday for the Housing and Development Board’s (HDB) largest supply of flats in a single sales launch, the numbers indicated that buyers clearly prefer Sale of Balance Flats (SBF) units over those under the Build-To-Order (BTO) scheme.

Last Thursday, the HDB launched a bumper crop of 5,415 BTO flats and 2,847 SBF units. The HDB had “strongly advised” home buyers to apply for a BTO flat for a higher chance of securing a flat. Judging by the response, its advice went unheeded.

As at 5pm yesterday, the BTO flats were only 1.6 times oversubscribed, with 8,835 applications received. In comparison, 17,255 applications were received for 2,847 SBF flats – an average of six applications for each unit.

Previous BTO exercises in July and May were three and 3.5 times oversubscribed, respectively.

Dennis Wee Group director Chris Koh felt the relatively low BTO subscription rate “was not a true reflection of demand” due to the fact that the more popular SBF flats were launched simultaneously.

The SBF flats comprise unselected flats from previous BTO launches, surplus replacement flats under the Selective En Bloc Redevelopment Scheme and units bought back by the HDB.

Mr Koh said: “The Sale of Balance Flats does not happen all the time. It’s good to have a variety of choice. Those who can’t wait can try their luck at the Sale of Balance Flats.”

Still, demand varied across the BTO flats on offer, with Propnex chief executive Mohamed Ismail noting that it “boils down to location”. While three-room flats offered in Ang Mo Kio were five times oversubscribed, there were only 201 applications for 185 three-room flats in Jurong East and 591 applications for 572 units in Sengkang.

The five-room flats proved to be most popular: A total of 10,640 applications were received for 1,186 units.

Mr Ismail noted that the BTO five-room flats are more affordable compared to such units offered under the SBF scheme.

Source : TODAYonline – MediaCorp Press Ltd’s copyright

Prices rise for HDB flats around new Circle Line stations »« Singapore now has 5.18 million people

Singapore now has 5.18 million people

Singapore now has 5.18 million people

04:46 AM Sep 29, 2011

SINGAPORE – The Republic’s total population hit 5.18 million as at the end of June, an increase of 107,000 compared to last year. This, even as the number of permanent residents shrunk for the first time since 1990 – dipping by 1.7 per cent to about 532,000.

According to the Department of Statistics, which released its annual Population Trends report yesterday, the total population grew by 2.1 per cent, with the number of Singapore citizens growing by 0.8 per cent. The number of non-resident foreigners grew by 6.9 per cent.

As at the end of June, there were 3.79 million Singapore residents and 1.39 million non-resident foreigners. Of the Singapore residents, 3.26 million were Singapore citizens and the rest were PRs.

The ethnic composition remained unchanged compared to last year: The Chinese formed the majority at 74 per cent of the resident population, followed by the Malays with 13 per cent, and Indians with 9.2 per cent.

Reflecting the ageing population, the median age of the resident population rose from 37.4 last year to 38.

With a growing proportion of Singapore residents aged 45 and over, the ratio of working-age residents to elderly residents dropped.

There were 7.9 residents aged between 15 and 64 for each resident aged 65 and over, a decline from 8.2 last year.

According to the report, the number of marriages registered fell for the first time last year since 2003.

Last year, 24,363 marriages were registered, down from 26,081 in 2009.

Source : TODAYonline – MediaCorp Press Ltd’s copyright

Buyers prefer HDB’s Sale of Balance Flats units »« Overwhelming response to “balance flats” sale

Overwhelming response to “balance flats” sale

Overwhelming response to “balance flats” sale

By Nurul Syuhaida | Posted: 28 September 2011 2119 hrs

SINGAPORE: The sale of Housing & Development Board’s (HDB) “balance flats” has attracted an overwhelming response.

A total of 17,255 applications have been received for 2,847 “balance flats” offered under the Sale of Balance Flats Exercise on 22 September.

Applications closed on 28 September.

“Balance flats” are those left unselected from earlier Build-To-Order (BTO) exercises, surplus replacement flats under the Selective En Bloc Redevelopment Scheme (SERS) and those bought back by HDB.

On average, there are six potential buyers vying for one flat.

Analysts said “balance flats” in suburban areas are equally popular as they are cheaper than resale flats.

They added the most popular ones are three- and four-room flats in mature estates such as Bukit Merah, Queenstown and Clementi.

Bukit Merah saw the highest number of applications.

As for the BTO flats which were also launched for sale on 22 September, some 9,000 applicants applied for 5,415 units offered.

However, industry experts warned potential buyers of flats to be mindful of the economic situation as the US and European countries are likely to face slow economic growth.

Singapore is largely dependent on trade with these countries.

Leverage Holdings director Dennis Ng said: “For anyone who is now considering to buy a house, whether it’s a private property or a HDB flat, the main consideration they should think about is, can they afford the property comfortably during bad times?

“So they should make sure that they don’t over borrow. And what we mean by that is their money and housing loan instalments should not exceed one-third of their income.

“And they should have enough cash and CPF to cover for at least six months of housing loan instalments.”

-CNA/wk

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Singapore now has 5.18 million people »« Shoebox apartments getting more popular