SINGAPORE – November will see a bumper crop of about 12,000 new flats enter the housing market due to a delay of a Built-to-Order (BTO) launch previously scheduled for September, National Development Minister Khaw Boon Wan said today (Sept 23).
The delay in the September launch came as the Ministry of National Development (MND) was able to finalise three major housing policies and would like these initiatives to benefit “as many Singaporeans as possible”, said on his Housing Matters blog.
The new policies include the new 2R Flexi Scheme, an increase in the income ceiling, and enhancements to the Special CPF Housing Grant. The monthly household income ceilings for new HDB flats and ECs has been increased by S$2,000 to S$12,000 and S$14,000, respectively. The existing executive condo includes The Terrace EC and Brownstone EC while upcoming ones include Parc Life EC and The Criterion EC.
Of these, 7,000 will be BTO flats in six towns — Bidadari, Bukit Batok, Choa Chu Kang, Hougang, Punggol Northshore and Sengkang.
The remaining 5,000 are flats that are not sold in previous BTO exercises under the concurrent Sale of Balance exercise.
According to Mr Khaw, the policies will enhance affordability and build flexibility into housing options and benefit many Singaporeans, including families, singles and seniors.
“As implementation of any new policy does require some time, the MND therefore decided to delay the September BTO launch by a few weeks,” Mr Khaw said. “… Looking at the timing of the November BTO launch, we decided that a practical way is to merge the two launches into one mega launch in November.”
“I am sure home buyers will be able to find a flat that will suit their budget and needs,” Mr Khaw added.
A total of 2,150 flats in Bidadari estate will be in the November BTO launch.