reporter2
06-08-13, 17:42
http://www.straitstimes.com/archive/wednesday/premium/top-the-news/story/new-bto-launch-attracts-many-singles-20130731
New BTO launch attracts many singles
Five applications from singles for every 2-room flat set aside for them
Published on Jul 31, 2013
By Daryl Chin Property Correspondent
WITHIN hours of yesterday's Build-To-Order (BTO) launch, the Housing Board received five applications from singles for every two-room flat that had been set aside for them.
Property analysts, reversing their previous expectation of a poor take-up, said numbers will rise because the latest offer is too good to pass.
Yesterday's launch marked the first time singles, who had previously been restricted to the resale market, were allowed to buy new two-room flats, starting with those in Sengkang and Yishun.
Up to a third of the 519 flats will be reserved for singles.
But making it even sweeter are grants which are now being offered to low-income singles to buy new two-roomers.
The Government announced yesterday that those earning $1,125 a month or less can get as much as $30,000 in subsidies. It rises to as much as $60,000 if two singles apply under the Joint Singles Scheme.
National Development Minister Khaw Boon Wan yesterday made clear his concern for helping the lower-income become home owners. "With housing grants of up to $60,000, these two-room flats will only cost as little as $16,000 for low-income families... We are on the right track."
PropNex chief executive Mohamed Ismail said singles now have an alternative to having to fork out cash premiums paid above a resale flat's valuation in the open market.
"Another pull factor is that some of the flats are already being built, and would be ready soon."
The 108 two-roomers in the Orchid Spring @ Yishun, for instance, are expected to be completed by the end of next year.
Civil servant Fiona Tan is keen on the new 35 sq m and 45 sq m units in Yishun, where prices start from $76,000, saying the grants are attractive. But she is hesitant due to their small size.
"Ideally I would want something bigger," said the 42-year- old single, who currently lives in a rental flat in Queenstown.
Mr Khaw added yesterday that the number of two-room flats available to singles this time round is just "a start", and that other types of flats may be made available in future.
The Government yesterday also extended the Additional CPF Housing Grant of up to $20,000 to singles who are looking to buy a resale flat, but have a monthly income ceiling of $2,500 or less.
Low-income singles buying a property under the Joint Singles Scheme get double the amount.
This is on top of the $15,000 all singles earning less than $5,000 get when buying their first flat in the resale market.
"There is a small group of buyers who have fallen through the cracks. The added funds would help mitigate the impact of cash premiums, and would push for home ownership," said SLP International's head of research Nicholas Mak.
[email protected]
New BTO launch attracts many singles
Five applications from singles for every 2-room flat set aside for them
Published on Jul 31, 2013
By Daryl Chin Property Correspondent
WITHIN hours of yesterday's Build-To-Order (BTO) launch, the Housing Board received five applications from singles for every two-room flat that had been set aside for them.
Property analysts, reversing their previous expectation of a poor take-up, said numbers will rise because the latest offer is too good to pass.
Yesterday's launch marked the first time singles, who had previously been restricted to the resale market, were allowed to buy new two-room flats, starting with those in Sengkang and Yishun.
Up to a third of the 519 flats will be reserved for singles.
But making it even sweeter are grants which are now being offered to low-income singles to buy new two-roomers.
The Government announced yesterday that those earning $1,125 a month or less can get as much as $30,000 in subsidies. It rises to as much as $60,000 if two singles apply under the Joint Singles Scheme.
National Development Minister Khaw Boon Wan yesterday made clear his concern for helping the lower-income become home owners. "With housing grants of up to $60,000, these two-room flats will only cost as little as $16,000 for low-income families... We are on the right track."
PropNex chief executive Mohamed Ismail said singles now have an alternative to having to fork out cash premiums paid above a resale flat's valuation in the open market.
"Another pull factor is that some of the flats are already being built, and would be ready soon."
The 108 two-roomers in the Orchid Spring @ Yishun, for instance, are expected to be completed by the end of next year.
Civil servant Fiona Tan is keen on the new 35 sq m and 45 sq m units in Yishun, where prices start from $76,000, saying the grants are attractive. But she is hesitant due to their small size.
"Ideally I would want something bigger," said the 42-year- old single, who currently lives in a rental flat in Queenstown.
Mr Khaw added yesterday that the number of two-room flats available to singles this time round is just "a start", and that other types of flats may be made available in future.
The Government yesterday also extended the Additional CPF Housing Grant of up to $20,000 to singles who are looking to buy a resale flat, but have a monthly income ceiling of $2,500 or less.
Low-income singles buying a property under the Joint Singles Scheme get double the amount.
This is on top of the $15,000 all singles earning less than $5,000 get when buying their first flat in the resale market.
"There is a small group of buyers who have fallen through the cracks. The added funds would help mitigate the impact of cash premiums, and would push for home ownership," said SLP International's head of research Nicholas Mak.
[email protected]