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BTO exercise: Fewer first-time applicants than flats offered

Higher demand from second-timers and singles

Published on May 29, 2014 7:39 AM
 
New HDB Build-To-Order (BTO) flats at Treegrove @ Woodlands. -- PHOTO: ST FILE

There were fewer first-timer applicants than flats available to them in the latest Build-To-Order (BTO) exercise offering units in Woodlands and Bukit Batok.

That means that most applicants looking for their first flat should be guaranteed one and will not have to ballot. At 5pm yesterday, there were overall 0.9 first-timers vying for each flat in the BTO exercise, which was set to close at midnight.

The last time the first-timer subscription rate fell below 1 was in last May's offer of BTO flats in Choa Chu Kang, Hougang, Jurong West, Sembawang, and Woodlands. The application rate then was 0.7 for first-timers.

PropNex Realty chief executive officer Mohamed Ismail Gafoor believes the slide in application rates could mean that supply is finally catching up with demand. The first-timer application rate dropped from 1.7 in January to 1.4 in March.

 
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