The recent Housing Board’s sales exercise using the new 2 room Flexi Scheme got a lukewarm reception for its first day, seeing the high supply staying well within the excess of demand. For this Built To Order exercise, nearly 30% of the units on offer were made up of 2 room flexi flats. The flats were on offer in 5 of the 6 towns that are available, according to Lawrence Wong, National Development Minister, stating that he felt this would assist in ensuring that there was a broad range of locations and options to meet the demand.
Balloting for Woodlands Bellewoods EC
So far, of the available 2,093 2 room flexi units, 364 applications had been made, which is a ratio of around 1 application per 5 units.
However, experts are still expecting a strong demand for this new 2 room flexi scheme, which was set-up to merge the previous studio apartment ad 2 room flat schemes to replace them entirely.
The units being offered come in 2 sizes, 36 square metres and 45 square metres. They will be made available on a lease of 99 years, or one of the shorter 15 to 45 year leases that will be made eligible to buyers who are 55 years old and up.
Eugene Lim, key executive officer for ERA Realty, is expecting the shorter lease terms to be quite popular, pointing out that there were many older buyers that had made requests for leases to be more flexible.
Woodlands EC near SLE
As much as 40% of the Built To Order 2 room flexi units have been put aside for the elderly, subject to a 100 unit minimum. Under the new scheme of Senior Priority, 50% of this quota has been earmarked for buyers who are seeking flats close to their current home or to their married children.
In the simultaneous exercise of Sale of Balance Flats, 2 room flexi flats made up over 1 out of 5 of the offered 5,350 units. Of these included 422 flats to be sold on either a shorter lease or a 99 year lease, while a further 776 being sold on a short lease only basis would come with fittings that are elderly friendly.
Since July of 2013, singles were able to purchase 2 room units in estates that were not mature in Built To Order exercises. However, this will be the first time that they are able to purchase flats in the Sale of Balance Flats exercises as well.
Qingjian Woodlands EC
Built To Order exercises will first set aside units for the elderly, then set aside half of what remains for singles who are not elderly. Only 5% of what remains in the Sale of Balance Flats exercise is set aside for singles.
69 year old retiree, Violet Seow, has her eye on an SBF flat with a 30 year lease located in either Yishun or Woodlands. She shared that the lease being shorter makes it a more affordable option for people in her situation who don’t work and have no funds going into their Central Provident Fund.