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07-06-12, 14:12
http://www.straitstimes.com/PrimeNews/Story/STIStory_807567.html
Second-timers' BTO success rate up, says Khaw
By Ng Kai Ling & Lim Yan Liang
FIGURES from the latest Build-to-Order (BTO) crop of flats show that tweaks to improve the success rate of second-time applicants have worked, said National Development Minister Khaw Boon Wan yesterday.
In a blog post, he said that for last month's BTO launch of 4,600 new flats, there were 8.8 applicants for every flat allocated to second-timers, compared with 10.8 applicants for March's BTO launch.
Mr Khaw noted this did not come at the expense of first-time applicants - their application rate also improved, from 2.2 applicants per available flat in March to 1.6 applicants last month.
'If first-timer application rates hold steady at below 2, I will be able to help even more second-timers get their new flats,' the minister wrote.
BTO launches in January and last November were oversubscribed by second-timers, with 25.6 and 25.9 applicants per available flat respectively.
To cope with demand, the allocation of BTO flats for such applicants in non-mature estates was tripled from 5 per cent to 15 per cent in March.
Following the change, the situation improved for the BTO launch in the same month- though some industry experts attributed it to the bumper crop of 8,000 flats launched that month.
But the fact that the application rate went down further for last month's launch showed that the new balloting rules have 'passed the test', said Mr Khaw.
Overall, 11,410 applications were received for the 4,600 new flats put on offer last month, giving an overall application rate of 2.5.The four-room flats in Sengkang were the most popular, with an application rate of 5.3.
R'ST Research director Ong Kah Seng said the success rate may have improved for second-timers because of a smaller pool as many of them may prefer to upgrade to a private home or to a resale flat in a mature estate.
Mr Lee Sze Teck, senior manager of research and consultancy at Dennis Wee Realty, said that the increase in supply of flats has also helped ease demand in the resale market.
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Second-timers' BTO success rate up, says Khaw
By Ng Kai Ling & Lim Yan Liang
FIGURES from the latest Build-to-Order (BTO) crop of flats show that tweaks to improve the success rate of second-time applicants have worked, said National Development Minister Khaw Boon Wan yesterday.
In a blog post, he said that for last month's BTO launch of 4,600 new flats, there were 8.8 applicants for every flat allocated to second-timers, compared with 10.8 applicants for March's BTO launch.
Mr Khaw noted this did not come at the expense of first-time applicants - their application rate also improved, from 2.2 applicants per available flat in March to 1.6 applicants last month.
'If first-timer application rates hold steady at below 2, I will be able to help even more second-timers get their new flats,' the minister wrote.
BTO launches in January and last November were oversubscribed by second-timers, with 25.6 and 25.9 applicants per available flat respectively.
To cope with demand, the allocation of BTO flats for such applicants in non-mature estates was tripled from 5 per cent to 15 per cent in March.
Following the change, the situation improved for the BTO launch in the same month- though some industry experts attributed it to the bumper crop of 8,000 flats launched that month.
But the fact that the application rate went down further for last month's launch showed that the new balloting rules have 'passed the test', said Mr Khaw.
Overall, 11,410 applications were received for the 4,600 new flats put on offer last month, giving an overall application rate of 2.5.The four-room flats in Sengkang were the most popular, with an application rate of 5.3.
R'ST Research director Ong Kah Seng said the success rate may have improved for second-timers because of a smaller pool as many of them may prefer to upgrade to a private home or to a resale flat in a mature estate.
Mr Lee Sze Teck, senior manager of research and consultancy at Dennis Wee Realty, said that the increase in supply of flats has also helped ease demand in the resale market.
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