HDB to launch 9,500 BTO flats in November, with 3 new projects under prime location model
The three Build-to-Order (BTO) projects under the prime location model will be in Queenstown and Kallang Whampoa.
SINGAPORE: The Housing and Development Board (HDB) will launch more than 9,500 Build-to-Order (BTO) flats in the coming sales exercise on Nov 23.
These include flats in three projects under the Prime Location Public Housing (PLH) model, announced Minister for National Development Desmond Lee on Thursday (Nov 17).
Two of the projects will be in Queenstown (Ulu Pandan Banks and Ghim Moh Natura) and the other will be in Kallang/Whampoa (Kallang Horizon).
"These projects are located very close to transport nodes like Dover, Buona Vista and Kallang MRT stations, and are well-served by existing amenities and facilities," Mr Lee said in a Facebook post.
"Given the attractive locations and attributes, these flats would naturally command higher market values."
The PLH model was introduced last year to ensure that HDB flats in prime and central locations remain affordable and accessible to Singaporeans.
Such flats come with a minimum occupation period (MOP) of 10 years, meaning the unit cannot be sold on the open market before that. The usual MOP is five years.
Although these units are priced with additional subsidies, given their higher market values, future owners of such flats will have to pay a percentage of the unit’s resale price to HDB.
With the three additional projects, there will be a total of 10 projects under the PLH model.
Apart from the two new PLH projects in Queenstown, another BTO project called Queensway Canopy will not come under the prime location model.
This is because it is located further away from main transport nodes and major retail amenties, said Mr Lee.
"Nonetheless, Queensway Canopy residents will still have access to essential amenities, such as supermarkets, food centres and clinics. The project is also located next to the Rail Corridor, where residents will be able to enjoy a variety of recreational activities close to nature," he added.