Strong demand for 4-room Rochor BTO flats under prime area model
Mostly lukewarm response to smaller flats and BTO projects launched elsewhere
Buyers made a beeline for four-room flats in the first Build-To-Order (BTO) project under a new prime location public housing (PLH) model, with three times as many applicants as the number of units available, a day after they were launched for sale.
At 5pm yesterday, there were 2,105 applicants for the 680 four-room units in the Rochor BTO project River Peaks I and II next to Jalan Besar MRT station.
The three-room flats were not as popular, with just 215 applicants for 280 units. The three-room flats have an estimated size of 66 sq m, while the four-roomers will be 88 sq m.
The PLH model imposes stricter buying and selling conditions to keep public housing in prime areas affordable and inclusive. First owners of the Rochor flats must pay 6 per cent of the resale price or valuation, whichever is higher, to the Housing Board when they sell their homes on the open market.
The owners will also be subject to a 10-year minimum occupation period - five years for other flats - before they can sell on the open market.
They will also not be allowed to put the whole flat up for rent after 10 years, unlike other flat owners who can do so after five years under current rules.
The priority quota for flat allocation under HDB's Married Child Priority Scheme for the Rochor BTO project has been reduced from the usual 30 per cent to 20 per cent. The scheme gives priority to first-time applicants whose parents or children live in the same area.
Prices start from $409,000, without grants, for a three-room flat, and $582,000 for a four-room flat. The project is expected to be completed in the second quarter of 2028.
Seven other BTO projects were also launched for sale on Wednesday in the mature estate of Kallang/Whampoa and the non-mature estates of Choa Chua Kang, Hougang, Jurong West and Tengah.
Most of these remained undersubscribed yesterday evening, with the exception of Kent Heights in Kallang/Whampoa and two projects in Hougang.
Kent Heights had 399 applicants for 276 four-room flats, the biggest available flat type in the project. Prices start from $511,000, without grants.
Tanjong Tree Residences @ Hougang and Hougang Olive drew slightly more applicants than the available units for both four-room and five-room flats.
In Jurong West, the Nanyang Opal project had just 27 applicants for 91 three-room flats and 94 for 130 four-room flats.
Three-room, four-room and five-room flats in Parc Glen @ Tengah and Parc Clover @ Tengah were aso undersubscribed. Both Tengah projects are slated for completion in the fourth quarter of 2024, making them among the fastest to be completed in this launch.
In Choa Chua Kang, the two-room flexi units at the Heart of Yew Tee drew more than three applicants for each of the 68 flats on offer. Prices start from $72,000, without grants. Only seniors aged 55 and above can apply for them.
Applications close on Nov 23 at 11.59pm on the HDB flat portal. The flats will be allocated through balloting.