First-time BTO buyers may not need to ballot

PropertyGuru

2 June 2014 at 3:25 am

Most of the first-time applicants at the latest Build-To-Order (BTO) exercise in Woodlands and Bukit Batok are likely assured of a flat, given that there were fewer first-timers than units available as reported in the media.

As of 5pm on 28 May, there were 0.9 first-timers competing for each unit in the BTO exercise, which was slated to close by midnight.

Notably, the last time the subscription rate for first-timers dropped below one was in last May's BTO exercise in Choa Chu Kang, Jurong West, Hougang, Sembawang, and Woodlands, when first-timer application rate stood at just 0.7.

Mohamed Ismail Gafoor, CEO at PropNex Realty, reckons that the decline in application rates implies that supply is finally catching up with demand. Application rate for first-timers fell to 1.4 in March from January's 1.7.

Analysts noted that BTO application rates for singles and second-timers were much higher at 14.9 and 1.7 respectively.

Thirty percent of the flat supply of two- and three-room BTO flats in non-mature towns such as Woodlands and Bukit Batok were earmarked for second-timers, while 30 percent of the two-room flat supply from these estates were allocated for the singles.

"There don't seem to be enough flats for them. Perhaps the Housing Board should relook its allocation quota, which now heavily favours first-timers," commented SLP International Property Consultants head of research Nicholas Mak.

Some analysts said they were not surprised by the low take-up for the latest exercise. They believe that some of the buyers were drawn to a Sale of Balance Flat (SBF) exercise that was held concurrently.

The 3,383 SBF flats, some of which are situated in mature estates like Clementi and Tampines, can be moved into sooner compared to BTO flats.

Overall, the application rate for the said SBF exercise including studio apartments was 4.2 compared to 2.0 for the BTO exercise.

"Whenever they couple BTO with SBF exercises, the application rate for BTO will drop," said Mak.

Image (by HDB): Artist's impression of BTO projects in Bukit Batok.

Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

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