Almost 5401 Built to Order HDB flats were launched recently for sale along with 960 Rochor units which is the first most project at a prime location under Public Housing Model. This recent announcement came with the 6% clawback on subsidy for resale prices.
These units are available in nine housing projects that are spread in the six different estates, and it may take almost 4.4 years at an average for the completion of these flats. Other than this, another 1798 flats are available for sale under the second as well as a final scheme for Sale of Balance Flats.
Total 6299 new flats were launched on Wednesday recently. It also includes the highly anticipated and widely recognized PLH projects with River Peaks I and II located in Rochor; note that they are available with strict selling and buying conditions.
Reports reveal that there are 960 three-room as well as four-room flats spread across six different 47-story blocks. One block in the list is expected to include 40-two rooms available for rental. Other than this, the project is mainly associated with two plots of land that are located on Kelantan Road and Welt Road; these properties are in close vicinity of Jalan Besar MRT Station.
The price for the concerned three-room flats starts from $409,000 without including any grants; however, it is increased up to $508,000 for the available four-room flats, which proves them the most expensive units of the Singapore real estate.
It is important to note that these projects are slightly greater than August’s Queenstown Project, where investors can find four-room flats at $540,000, and three-room flats are available with the price tag of $382,000. For Rochor units, the estimated floor area is comparatively smaller where three-room units have a total area of 66 sq m and four-room flats are constructed over 88 sq m floor area. However, in Queen’s Arc, you will find three-room units with a floor area of approximately 69 sq m, and the four-room flats are further extended up to 93 sq m each.
As per the PLH model, the owners of Rochor flats are expected to pay a 6% resale price to HDB while selling their home in the open market of Singapore for the first time. However, this subsidy is applicable only on the first resale transaction, and it will not be applied over subsequent resales further. This is just because HDB needs to provide additional subsidies for the available BTO flats so that they can be launched at an affordable price.
In order to avoid excessive windfall gains for the resale of flats in the open market, HDB may also claw back the additional subsidies on the property as well. In such conditions, the owners that are not willing to sell their flats further need not worry about clawback of subsidies. Owners will receive a ten years occupation period before selling their flats in Singapore’s open property market on high profits.
Find out more about the above from the website below,
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