More than 8,000 BTO flats across 9 towns to be launched in Oct
The Housing Board will offer 8,573 Standard, Plus and Prime flats across 15 projects under the New Flat Classification Framework in the October Build-To-Order (BTO) exercise.
This is to date the largest number of projects launched in a BTO exercise and the first time the new classification framework is introduced. The flats make up more than 40 per cent of the new HDB flat supply for 2024.
The 15 projects are spread over Ang Mo Kio, Bedok, Bukit Batok, Jurong West, Geylang, Kallang/Whampoa, Pasir Ris, Sengkang and Woodlands.
Standard projects will form the largest category of BTO flats to be launched every year.
Plus projects tend to be in choicer locations with good connectivity, proximity to amenities, and the city centre. Some may also come with
unique features such as waterfront living.
Prime projects are found at exceptionally good locations. They tend to be centrally located, typically within or near the central region and/or major town centres, with comprehensive amenities and excellent transport connectivity.
Given their more favourable locational attributes, Plus and Prime flats will naturally command higher market values.
To keep them affordable, they will be priced with additional subsidies, on top of the significant market discounts applied to all BTO flats.
The additional subsidies ensure that more Singaporeans over a wider range of income levels can afford these costlier flats. This will help maintain a good social mix in our neighbourhoods.
Buyers of Plus and Prime flats will be required to return a percentage of the resale price or valuation of the flat (whichever is higher), when they subsequently sell their flat. This subsidy recovery percentage will vary from project to project and will be commensurate with the extent of the additional subsidies provided when the flat is sold by HDB.
This is to ensure a fair system of subsidies for all buyers.
The subsidy recovery rate will be made known to flat buyers when the projects are launched for sale.
Plus and Prime flats will come with tighter resale and rental conditions. For example, these flats will not be allowed to be rented out as a whole even after it has fulfilled the Minimum Occupation Period, which will be 10 years instead of the typical five years.
The additional measures are to benefit the current generation of flat buyers as well as the future generations buying from the resale market.
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