Two-and-a-half years after singles were allowed to buy new Housing Board (HDB) flats, the flood of demand that resulted seems to have receded. In July 2013, when they could buy new two-room flats in non-mature estates, 57.5 singles chased each available unit.
This has fallen to 7.5 singles per unit in the latest Build-To-Order (BTO) launch in November.
In November’s BTO, singles’ application rates varied from 4.3 and 4.5 singles per unit in Sengkang and Bukit Batok respectively, to 10 per unit in Punggol and up to 34 in Choa Chu Kang. This is in contrast to the BTO in September 2013, where even traditionally less popular areas such as Jurong and Sembawang had 14.7 and 10.4 single applicants per two- room flat respectively. Upcoming executive condo (HDB EC) include The Visionaire EC , Wandervale EC and Parc Life EC while existing ones include The Terrace EC, Waterwoods EC, Signature EC at Yishun and Brownstone EC.
The HDB told The Straits Times it “will continue to monitor this group of homebuyers and calibrate its supply of two-room flats to better meet their housing needs”.
Since July 2013, about 11,600 singles have been invited to book new flats. By the end of November last year, 7,700 have done so.
About 700 singles have collected the keys to their new homes, as some new units offered were remaining flats from earlier BTO exercises and were completed sooner.
Two-room flats’ supply rose from 2,600 units in 2013 to about 5,000 in 2014, all in non-mature estates.
But last year, it fell to 4,000 units.
These included 192 units in Bidadari estate, part of the mature town of Toa Payoh, which singles are not eligible for. It also included units under the new Two-Room Flexi Scheme, which merged the previous two-room and studio apartment schemes.
With less competition, singles have also grown more discerning.
R’ST Research director Ong Kah Seng said the singles’ application rate is unlikely to fall much lower than four or five applicants per unit.
The current trend should be seen as a sign that demand is stabilising, instead of signalling that such flats have become unattractive to singles, he added.
In his last blog post as National Development Minister, Mr Khaw Boon Wan named two-room flats for singles as one aspect of unfinished business, saying: “There are still a few thousand singles waiting for their new flats.”
The HDB is set to supply 18,000 new flats this year, up from 15,000 last year, but it remains to be seen whether this increase will translate to more two-room flexi flats.