TO CATER to the burgeoning demand for new flats, the Housing and Development Board (HDB) has announced it will offer another 6,000 flats under the Build-To-Order (BTO) system — bringing the total number of new flats to be released over the next seven months to more than 10,000.
This comes in addition to some 1,162 BTO units that National Development Minister Mah Bow Tan launched yesterday.The projects, Segar Meadows in Bukit Panjang and Compassvale Beacon in Sengkang, comprise two-, three-, and four-room flats. Applications are open until Dec 18.
Mr Mah reiterated the Government's commitment to home ownership and ensuring a steady supply of new flats for first-time buyers such as young couples — but urged these buyers not to be too picky.
Citing recently-raised concerns from some first-time buyers who said they had gone through several rounds of balloting in vain, Mr Mah said he had investigated at least one such case of a buyer who emailed him.
He found that the potential buyer had been offered a flat, but had given it up as he did not want one below the sixth floor.
Mr Mah said buyers should "be realistic".
"It is really not possible for HDB to be able to provide a flat in the exact location, in the exact flat type, on the exact floor, in the right size (that you want), and so on," he said.
"We will build more flats, we will give you more chances to own a flat. If you do get a flat, it's best that you think carefully. Even if it's not ideal, if you need a new flat … take it up and then, over time, you may want to upgrade your flat," he said.
HDB statistics from BTO launches in August and September show that 92 per cent of first-time buyers are shortlisted for new flats. In total, the HDB has launched 4,800 BTO units this year, double the number for last year.
Also, from next month until June, the board will release sites that will contribute another 1,860 Design, Build and Sell Scheme (DBSS) flats and 1,300 Executive Condominiums (EC) to the pool.
The DBSS flats are alternatives to HDB-built flats as the private sector will be involved in developing the public housing.
Last week, the HDB announced it would require EC developers to reserve at least 90 per cent of units for first-time buyers in the first month of sale. Also, second-time buyers who buy a new EC will no longer have to pay the resale levy.
Apart from the new units coming on tap, there will be additional balloting exercises for surplus new flats.
Mr Mah said the HDB will not over-supply the market with new flats as it would not ensure a healthy resale market in the long run.
"A person who is a buyer today is also going to be a seller tomorrow," he said. "If we don't have a healthy resale market, then I think down the road ... we're going to have problems."
The increase in supply, however, has not quelled the anxiety of first-time buyer Alice Lim, who has been looking for a flat with her fiance since June.
She has taken part in balloting exercises twice but did not even get to view the flats as she was too far behind in the queue.
"We can't wait for BTO flats because we want to get married and start a family soon," the 31-year-old procurement officer said. "We are not fussy, but even in places like Sengkang and Punggol, there are no new flats readily available and resale flats are just too expensive."
And new flat prices are expected to rise if resale flat prices continue their upward trend. This is because HDB flat prices are pegged to resale flat valuation prices, even if they are not dependent on construction costs.
Mr Mah assured home-buyers: "We will always make sure that the new prices will be affordable." This will be achieved by ensuring the mortgage repayment paid out per month is not more than some 30 per cent of the household income.
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