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SG More than 55 singles chasing each 2-room flat offered

Property Here - Tuesday, August 06, 2013

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While the government's decision to allow singles to buy new two-room flats in the latest Build-to-Order (BTO) exercise was initially met with scepticism, strong demand for the units proved otherwise, said National Development Minister Khaw Boon Wan.

In his latest blog post, Mr Khaw hinted that as of last night’s BTO closing, “we expect to have received more than 8,500 applicants from singles. More than 55 singles will compete for each two-room unit on offer for singles. This is not lukewarm at all”. 

He also cited some BTO statistics, whereby the median age of single applicants was around 43-years-old, while the monthly median income was about S$1,800. As such, the decision to focus on singles aged 35 years and up as well as those with up to S$5,000 in income level was ‘appropriate’.  

“I am happy that we implemented this new housing policy: it will enable more single Singaporeans to own their own home. It has also not affected the first-timer families applying for two-room flats, as their BTO application rate is below 1 time for now,” said Mr Khaw.

The reception to the latest BTO launch will be analysed further to improve the next exercise, he added.



Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@allproperty.com.sg