As per the reports submitted on Monday, buyers who are looking forward to securing properties in the region of AMK are hurrying into the race to procure the bigger and better version of the Build-To-Order flats through the Housing Board Sales Exercise. Ang Mo Kio is hailed as the largest unit-type that has ever been rolled out in the estate and includes an area that can support about 235 four-room flats, and considering the surging demand of the assets, the process has witnessed applications from more than 13 first-time applicants. However, compared to these larger units, the look-out for the smaller three-room flats was incredibly low and drew only two applicants each.
In Tampines, the statistics were quite similar with around 11 applications registered for the 218 five-room flats and 193 five-room flats; nevertheless, in the case of the three-room flats, they did not attract more than three applicants each for the 90 units held up for sale. The newly-flourishing flats of Tengah town too are experiencing an analogous plea where the four and five-room flats were welcomed by two applications for each and the average bid for the three-room units summed to about 0.7, meaning, all the applicants will, without a doubt, receive individual flats.
Apart from this, the other flat units which mostly comprised of two-room Flexi flats couldn’t invite the desired subscriptions and qualified to an average of 0.3 in both Tampines and Ang Mo Kio and 0.1 in Tengah. Therefore, to encourage people to enroll for the two-room Flexi flats, the elderly citizens will be provided with the flexibility to even choose their lengths of the lease. Additionally, applicants who are past 55 years of age can lease the flats for a period of up to 15 to 45 years with periodic increments every five years. Also, on last Tuesday, the BTO released 4,571 flats for sale and was thus undoubtedly qualified as the last and largest BTO sales operation of 2019.
Ruling out the grants for the four-room and five-room flats in Ang Mo Kio and Tampines is expected to start from $451,000 and $508,000 respectively. Another pointer that must be surfaced here is that the sales exercise in concern offered 3,599 units designated under the Sale of Balance Flat scheme that is distributed amongst 14 mature towns including that of Clementi and Bishan and 11 non-mature towns such as Punggol and Bukit Panjang. Even though this sale followed the legacy of National Development, it was accompanied by larger grants and enhanced income ceilings for first-time buyers.
The fundamental reason behind this disparity of demand is now nothing but obvious; because the income ceilings have been stretched, it means now more people will be equipped to procure these flats and hence will naturally resort to the choices that come with larger spaces and enriched comfort. This tendency is also supported by the amount of time made available to the people to make a choice, a factor which is distinct from the previous sale.
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