HDB's April Sale Draws 5,700 Applicants For 490 Flats

Source : The Straits Times, Apr 17, 2008

Take up rate is higher because the flats are ready or near completion.

THE Housing Board's April sale of four-room and bigger flats closed on Wednesday with 5,700 applications for 490 flats offered.
The board said the applications and take-up rates for the Bi-monthly sales exercises are higher because the flats offered are completed or nearing completion.

The board noted that while demand is high in its recent sales exercises for its unsold stock, a significant number of applicants do not end up buying a flat. -- ST PHOTO: STEPHANIE YEO

But it noted that while demand is high in its recent sales exercises for its unsold stock, a significant number of applicants do not end up buying a flat.

The board is currently reviewing the flat application system, following feedback that non-serious applicants are crowding out those with more pressing housing needs. National Development Minister Mah Bow Tan had disclosed this move earlier this month.

HDB flats are now mainly sold via the build-to-order system, where projects are built only when a majority of units are booked. This means buyers have to wait about three years for the flats to be built.

In the next six months from April to September, HDB plans to offer 5,000 new built-to-order (BTO) flats in towns such as Punggol, Sengkang, Woodlands and Bukit Panjang. The next two two BTO launches will be in Punggol and Sengkang at the end of this month.

As HDB's unsold stock has shrunk significantly, the board has been asking buyers to plan ahead and buy under the BTO system. It advised urgent buyers to consider resale flats.