In December 2018, the Housing and Development Board (HDB) announced that a total of 15,000 new build-to-order (BTO) apartments will be launched during the coming year. The number is similar to the range for 2018 – 15,800 BTO flats.
A wider selection will be offered across various types of estates like Sengkang, Kallang Whampoa and Jurong West. Diversification is required as the housing needs of Singapore real estate seekers are becoming more varied.
HDB Announces Shorter Waiting Times
Anyone who is interested in the acquisition of a new property and HDB renovation will be pleased to find out that the waiting times for some of the new BTO flats will be decreased.
As per the official announcement, 2,000 of the flats to be supplied to the market in 2019 will be located in the new Tengah complex and they will have a much shorter waiting time than the other BTO flats.
Those interested can expect to enter their brand new Tengah BTO flat in anywhere between two and three years from the application. This is a significant decrease from the typical waiting time of three to four years.
A first batch of BTO flats characterised by a shorter waiting list was already made available.
The offer revolved around Sembawang, Yishun and Sengkang properties and was launched in November 2018. So far, the HDB has received 3,300 applications for the 1,100 short waiting time BTO flats.
Anyone who is interested in applying for an HDB BTO flat will need to acquaint themselves with the official procedure (outlined on the official HDB website).
Once the announcement is made, potential homebuyers will need to make sure that they’re eligible to buy from the HDB. The eligibility requirements include being a Singapore citizen (or permanent resident), being at least 21, falling within the set income ceiling and having no other overseas or local property. People who have already bought n HDB flat cannot apply for another BTO flat.
If the eligibility requirements are met, the prospective buyers will have to apply for either a HDB or a bank loan and make sure they’re capable of covering the multiple expenses related to a BTO flat purchase. Only then can an application be submitted successfully. Keep in mind that receiving financial assistance, regardless from the source, will also come with certain conditions and eligibility requirements all applicants have to fulfil.
An Exciting Year of Multiple HDB Projects
HDB makes regular announcements about the release of new properties in various projects. Once an announcement is made, people who are interested in HDB properties can commence the application process.
In November 2018, HDB reported that 7,214 new flats will be made available during the month. These were released under both the BTO and the sale of balance flats (SBF) exercise. Once again, the range of possibilities was significant to meet the needs of different potential residential property buyers.
The flats were located within five projects in Sengkang, Sembawang, Yishun, Tengah and Tampines.
The project in Tengah Town (Plantation Grove) was the first BTO project in the area. Plantation Grove is the first of five housing districts to be developed within Tengah. The development is characterised by rustic charm, green living and community infrastructure developments aimed at ensuring a high standard to the residents.
Additional Important HDB News
Apart from announcing the upcoming sale of the 2019 BTO flats, the HDB provided information about several other important changes to anticipate in the coming year.
One of the key changes is the fact that first-time buyers will now be eligible for an 80,000-dollar housing grant that is made up of an up to 40,000-dollar Additional CPF Housing Grant and an up to 40,000-dollar Special CPF Housing Grant.
First-time buyers who are interested in a resale flat will be capable of applying for a housing grant of up to 120,000 dollars. The increase is 50 per cent in comparison to grant levels from three years ago.
Apart from the potential grant, resale flat buyers will also benefit from a streamlined property acquisition process.
Earlier in 2018, the HDB launched its brand new HDB Resale Portal. The aim of the website is to provide convenience to both resale buyers and sellers. Through the use of the portal, the transaction time can be brought down from 16 to eight weeks.
HDB also announced that it will continue monitoring the housing needs of Singaporeans closely in the future. Based on this information, the number of newly available flats will be calibrated to ensure an adequate supply.
Are You Planning a BTO Purchase in 2019?
Are you planning the purchase of a BTO flat from the HDB in 2019? If so, you may need some professional assistance in home interior design to create the home of your dreams.
Partnering up with an experienced HDB interior design Singapore company will enable you to personalise the flat as much as possible within the HDB guidelines. Remember that there are certain limitations pertaining to what you can and cannot do. A licensed HDB interior design company will guide you through the process and pinpoint the activities that will result in maximum impact without causing regulatory problems.
Home Guide is one such team.
We are a reputable interior design company that is HDB registered. Over the years, we have worked on multiple residential home improvements and renovations. We know what it takes to ensure comfort and personalisation without going overboard on the HDB requirements or the renovation budget of the brand new owner.
Contact us today if you have a BTO flat that you’d like to modify and renovate in 2019. We will be more than happy to outline the possibilities, understand your goals and execute the project that will give you access to your dream home.