First-timers stand good chance of acquiring BTO flats

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First-time buyers now have a better chance of acquiring units in HDB’s latest batch of BTO flats, as most of the backlog of first-time applicants has been cleared.

As of 5pm on Wednesday, the first-timer rate stood at 1.4 for flats offered in Bukit Panjang, Bedok, Punggol, Yishun and Hougang. This means 1.4 applications were recorded for every first-timer unit on offer.

Overall, three-room flats in Bukit Panjang and five-room flats in Hougang and Punggol were the most popular, having been oversubscribed by more than four times.

Commenting on his blog, National Development Minister Khaw Boon Wan wished that the application rate for first-time BTO buyers would be below two.

“If it does, it would mean that almost all first-timers will get a chance to select a new flat. It would also mean that our ramped-up BTO programme in recent months would have largely cleared the backlog of first-timer applicants.”

“Christmas is coming early for me, with my BTO wish coming true. It is a wish not for me, but for all the HDB applicants, especially the many second-timers out there. I will now be better able to help them, starting next year,” wrote Mr Khaw.

Meanwhile, the overall second-timer application rate for the latest BTO exercise stands at 23.8, with five-room flats in Punggol Waterway Ridges seeing an overall application rate of 5.1. However, the rate was only 2.9 among first-timers and 48 among second-time applicants.

Of the 1,257 applications for the 246 flats, approximately 680 were first-timers while the rest were second-timers.

Chris Koh, Director at Dennis Wee Group, said the figures could be a sign to tweak the percentage for second-timers.

“The number of first-timers is below three and this is a healthy number as, given dropout rates, first-timers now have a very good chance. So it may be time to open more units to second-timers.”

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