Fewer BTO flats will probably be launched next year, but the government will look to shorten waiting times for applicants. (Photo: Wikimedia Commons)
The government will gradually taper the supply of Build To Order (BTO) flats in 2017, with the HDB found around 17,000 units, down from the 18,000 units started this year, revealed National Development Minister Lawrence Wong in a blog post on Wednesday (14 December).
Again, we will provide a superb spread across the mature and non-mature estates. This can give buyers a range of options, including young couples who want to reside near their parents or the elderly who need to right-size and age in place he said. While the public housing sectors are being addressed, the private residential for new launches seem bullish as the prices are softened since 3 years ago. 2017 saw the 7 upcoming private condominiums to put up in the market for sale, mega projects like Grandeur Park Condo by CEL, Inz Residences by Qing Jian and Artra Condo by Tangs Skyline will lineup in the first half of 2017.
At the exact same time, review our schemes to match the housing needs of Singaporeans.”, make adjustments to our building programme, and we’ll continue to monitor the marketplaceIn fact, the waiting time for some new land sites may become shorter.This comes following the Minister received comments from young couples to make the waiting time for BTO flats shorter.
These units will not be prepared next year, but I expect we can start to supply them by 2018,” shared Mr Wong.
He noted that public housing costs were kept stable in 2016, while the BTO application speed for first-timer families applying for three-room or bigger flats in non-mature estates also remained constant and manageable, at 1.5 times in November, and an average of two times for the whole of 2016.
From encounter, this means that BTO applicants will probably be able to get a flat within their first or second try, and most undoubtedly by the third attempt. Therefore, I always counsel young families to apply for BTO flats in non-mature estates to raise their likelihood of success.”
Additionally, higher income ceiling has enabled around 2,200 more households to buy subsidised flats, while the enhanced Special CPF Housing Grant and Proximity Home Grant helped 4,100 and. respectively 6,000 homes, is ’sed by this year
At the start of the month, the HDB additionally started applications for the Fresh Start Housing Scheme, which aims to help second-timer families with young children living in public rental housing possess a house again.
“All of these illustrate our commitment to keep home ownership within reach of all Singaporean families,” said Mr Wong.
“But our work isn’t complete. We will press on with our mission to place a nation, and to help Singaporeans own a home which matches their budget and needs.”