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Help for first-time HDB buyers to get a flat earlier

By Lin Zhiqin

/ The Edge Property |

March 8, 2017 9:00 AM SGT

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On March 7, Minister for National Development Lawrence Wong announced measure to help first-time HDB buyers get their flats earlier.

HDB will introduce Build-To-Order flats with a shorter waiting time by commencing construction in some projects ahead of launch. The waiting time will be cut to about 2.5 years from the three to four years today. First-time homebuyers will enjoy priority on these flats, with at least 95% of the 4-room and larger flat types set aside for first-timer families, up from the current 85% quota in the non-mature estates. The first batch of these BTO flats, comprising 1,000 units in non-mature estates, will be launched in 2018.

Wong also announced a new sales mode for unsold balance flats. Unsold flats that remain after Sale of Balance Flats exercises will be offered for sale at regular intervals via ballot, with priority given to first-timer households. These flats will be offered for balloting in one common pool, instead of separate selection queues for each town and flat type. HDB will launch the first such exercise in 2H2017, with more details to be announced nearer the date.

According to Wong, HDB will leverage technology to streamline and make the resale transaction process faster. Details will be announced by the end of the year.

Wong announced that the Parenthood Provisional Housing Scheme monthly rents will be lowered by $200 to $400, depending on flat-type and location. The move benefits first-timer families who prefer to live on their own while waiting for their new HDB flats to be completed. The revised rents will be about half of market rents, or less. The revised rents will take effect from April 1 for new applicants and existing PPHS tenants.

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