Demand for two-room flats remains strong, others seems to have slowed down
There's strong demand for two-room flats meant for Singles in the latest HDB's Build-to-Order exercise.
As of 5PM today, there are more than 20 singles vying for each unit offered.
Our News Desk spoke to property analysts to find out more.
There are 27 singles applying for each of the 75 two-room BTO flat in Admiraly Grove.
And about 21 for the each of the 60 units offered in West Ridges in Bukit Batok.
The number of families applying for two-room flats is low.
For example, in Bukit Batok, only about 30 applications were from family units.
Currently, singles are allocated 30 per cent of the flat supply, the rest are for family applicants.
PropNex's Chief Executive Officer, Mohamed Ismail says the low percentage of family applicants is likely to result in the government allocating a bigger portion of the 2-room flats for singles.
"It is going to take some time for the singles who are in need or who want to get such a unit before they are successful. At the moment, the current priorities, is to house families. Once these numbers are fulfilled, then I don't see any reason 2-room percentage of singles cannot be adjusted from 30 to a higher percentage."
Overall though, demand from both first and second-time applicants was not as strong.
There were 4 applicants for each of the 3,500 balance flats units.
And about 2 applicants for each of the some 5,000 new BTO units.
OrangeTee's research head, Christine Li says judging by the numbers, the demand backlog for flats seems to have been satisfied.
However, she adds that the cooling HDB resale market might also play a role.
"Very depressed resale market, that means if a lot of flats are selling at or below valuation. That's when first timers will really look at the reseal market as a very attractive market, they do not have to fork out cash upfront. If this trend continues, there will be less demand for BTO flats."
-By Lee Gim Siong
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