RESIDENTIAL PROPERTY | Staff Reporter, Singapore

1,100 BTO flats will be up for grabs this year

They will be in Sembawang, Sengkang, and Yishun.

The Housing & Development Board (HDB) will launch 1,100 Build-To-Order (BTO) flats this year, said National Development Minister Lawrence Wong at his 2018 Budget speech in the Parliament. 

The BTO flats are located in Sembawang, Sengkang, and Yishun.

Meanwhile, Wong also announced that around 2000 BTO flats will be launched in 2019, with only two to three years waiting time as opposed to normal three to four years, in a bid to help young couples own their first homes faster.

“We want to do more to help young couples…with their first home. This is why we launched BTO flats with a shorter waiting time – not by compressing the construction but by bringing it forward. We build ahead, therefore the waiting time for the couples is shorter,” Wong explained.

Starting May 2018, HDB will also allow young couples to apply for the flat first and defer income assessment for housing loans and grants before key collection.

“For example, if a young couple wants to settle down early, and are confident they can finance the purchase of the flat, they can apply for the flat first. They only need to pay half of the downpayment. This is already possible today. The remaining half is paid at key collection,” said Wong.

He added that since flats typically take three to four years construction it will allow couples to build up their finances to pay for their home.

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