SINGAPORE: The Housing and Development Board (HDB) on Wednesday (Oct 15) launched four Prime projects for sale in Bishan, Bukit Merah and Toa Payoh as part of its October Build-to-Order (BTO) exercise.
Among the four, Berlayar Residences, located at the site of the former Keppel Club, will have a subsidy clawback rate of 14 per cent, the highest to date. It is the first BTO project to be launched in this new housing estate at the Greater Southern Waterfront.
Redhill Peaks in Bukit Merah and Mount Pleasant Crest in Toa Payoh come with a subsidy clawback rate of 12 per cent, while it is 10 per cent for the Bishan Terraces project.
More than 9,100 flats across 10 projects were launched for sale on Wednesday, including a Community Care Apartment project in Sengkang.
About 3,300 BTO flats, in Bedok, Sengkang and Yishun, are expected to have shorter wait times of less than three years.
This is the first BTO exercise where the new Family Care Scheme is being rolled out, which enables parents and their children, regardless of marital status, to jointly apply for two units in the same housing project, where there are two-room Flexi or three-room flats offered.
PLUS AND PRIME FLATS
A Plus project in Ang Mo Kio was also launched for sale, with a subsidy clawback rate of 7 per cent upon resale.
Plus and Prime flats are located in places that would eventually command higher market values. As such, they will be priced with additional subsidies to keep them affordable. They also come with tighter sale conditions such as a 10-year minimum occupation period.
“The subsidy recovery rates are commensurate with the extent of the additional subsidies provided for the respective projects,” said HDB.
ERA Singapore’s key executive officer Eugene Lim noted that the 14 per cent subsidy clawback rate for Berlayar Residences is more than double the 6 per cent seen when Prime flats were first introduced in 2022.
“This would encourage long-term occupancy, especially considering the generous subsidies and grants offered under the PLH (Prime Location Housing) model, as well as a first-mover’s advantage to brand new housing precincts,” he said.
