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Singapore

HDB launches nearly 4,000 BTO flats, including Kallang Whampoa units under new prime area model

03:07 Min
The Housing and Development Board (HDB) released 3,953 flats for sale on Thursday (Feb 17) under the February 2022 Build-To-Order (BTO) exercise, including units in Kallang Whampoa launched under the prime location model. The units are spread across six projects in both mature and non-mature estates in Geylang, Kallang Whampoa, Tengah and Yishun. Rebecca Metteo reports. 

SINGAPORE: The Housing and Development Board (HDB) released 3,953 flats for sale on Thursday (Feb 17) under the February 2022 Build-To-Order (BTO) exercise, including units in Kallang Whampoa launched under the prime location model.

The units are spread across six projects in both mature and non-mature estates in Geylang, Kallang Whampoa, Tengah and Yishun.

Flats range from two-room Flexi to five-room units are being offered in this exercise to “meet the diverse housing needs of first-timers, second-timer families, seniors and singles”.

“The new flats are priced with a generous subsidy, taking into account factors such as location, flat attributes, and prevailing market conditions,” HDB said in a news release.

“Hence, their prices are considerably lower than the transacted prices of comparable resale flats nearby.”

Those looking to move into their new flats sooner can consider two projects in Yishun - Yishun Boardwalk and Grove Spring @ Yishun - which come with shorter waiting times of two-and-a-half years or less, HDB said.

“With at least 95 per cent 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,” it added.

“Eligible first-timer families can benefit from the enhanced Central Provident Fund (CPF) Housing Grant of up to S$80,000, making the flats more affordable.”

Those eligible for the above grant can buy a four-room flat at Yishun Boardwalk and Grove Spring @ Yishun for S$210,000 – almost half the transacted prices of resale flats in the vicinity, HDB said.

Buyers will also “generally require little or no cash outlay in servicing the payments for their flats”, as mortgage loans can be paid using CPF contributions.

SECOND PROJECT UNDER PRIME LOCATION MODEL

Meanwhile, the units on offer at Kallang Whampoa are being 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”.

The project at King George’s Heights will be the second one under the model. It follows the first one in Rochor, which was launched in the November BTO sales exercise.

Up to 20 per cent of these units 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, adding that the reduced quotas will provide more opportunities for Singaporeans who do not have family members living near the area to also have an opportunity to live there.

However, owners of these flats will have to return a percentage of the resale price or valuation – whichever is higher – to HDB upon the sale of their homes.

This is because PLH flats are priced with additional subsidies on top of the substantial subsidies already provided for all BTO flats.

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

“This amount to be recovered is commensurate with the extent of the additional subsidy that has been provided.”

Applications for the flats under this exercise can be made online from Thursday to Feb 23. Applicants can only apply for one flat type or category in one town under the BTO exercise.

The next BTO launch will be in May, with about 5,300 flats on offer in towns and estates such as Bukit Merah, Jurong West, Ghim Moh, Toa Payoh and Yishun.

About 6,300 to 6,800 flats will be launched in August, in towns and estates such as Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Queenstown and Woodlands.

Source: CNA/ga(rw)

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