Singapore Government Announced Property Cooling Measures

[wanderful]

Hi racoon12,

am curious to know where u get info on the launching of new projects? from property website? from newspapers? from respective developers' website?


Thank you
wanderful

Is this the telling sign of another cooling measure coming very soon.



Slew of new projects launching this week
Following record home sales in February, developers will be rolling out several housing projects into the market this week, amid fears over further cooling measures by the government.

The slew of new projects include the Natura project (pictured) from Macly Group and Roxy-Pacific Holdings, MCL’s Ripple Bay condo, Frasers Centrepoint’s Palm Isles development at Flora Drive and Far East Organization’s 416-unit Hillsta project at Choa Chu Kang Road.

Except for Natura, all the other projects are 99-year-leasehold.

The 10-storey Natura is located at Hillview Terrace and will likely be priced at an average of S$1,250 psf. Comprising one- to three-bedroom units and penthouses, the project is offering smaller-than-usual three-bedroom units, as small as 635 sq ft.

Ripple Bay offers apartment units close to Pasir Ris Beach with an average selling price of slightly over S$850 psf. It comprises 679 units spread across four 12-storey blocks and three 13-storey blocks, with one-bedders and two-bedders comprising 18 percent and 42 percent of the units respectively. The one-bedder 484 sq ft units are priced from S$415,130 (S$858 psf) while 990 sq ft three-bedders start from S$795,500 (S$805 psf).

Units at Palm Isles will be offered at an average price of between S$850 psf and S$880 psf. Featuring 429 residences; the project includes a low-rise block with 28 garden homes inclusive of individual private carpark lots and gardens.

Peter Ow, Managing Director at SLP International, noted that developers are launching projects soonest to prevent the effects of possible cooling measures from the government, as a result of strong private homes sales in the primary market last month.

“To ensure a good take-up rate, developers are likely to price new mass market condo launches say about S$10 to S$15 psf below existing nearby projects,” said Ow.

[racoon12]

Hi Wanderful

No secret...from propertyguru website.

Many thanks

[Dennis Ng]

Property prices can only go up and never come down? Americans in the 2000s believed this, until property prices started to fall in year 2006 and continued falling in last 5 years...

when Property developer try to keep property prices "affordable" by shrinking a 3 bedroom condo to a floor area of 635 sf, something is not right, don't you think so? My resale HDB flat, 1 bedroom is about 300 sf alone, I really can't imagine how to squeeze 3 bedroom plus living room plus kitchen plus toilets into 635 sf. Can you?

HDB launching 8,000 new HDB flats tomorrow, the supply will be coming, huge supply, perhaps in the next 2 years time...there is a 2 year time gap for property to be completed.

Cheers!

Dennis Ng

Home prices fall to 2002 levels
By Les Christie @CNNMoney March 27, 2012: 10:32 AM ET

NEW YORK (CNNMoney) -- The housing market started off the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.

The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.

Home prices have fallen a whopping 34.4% from the peak set in July, 2006.

"Despite some positive economic signs, home prices continued to drop," said David Blitzer, spokesman for S&P. "Eight cities -- Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa -- made new lows."

Only three of the 20 index cities registered gains in January, led by Phoenix, which climbed 0.9% month-over-month, Washington, up 0.7%, and Miami, which edged 0.6% higher.
Home buying much cheaper than renting

Housing market indicators have sent confusing signals so far this year, with existing home sales and new home sales down month-over-month in February, but up year-over-year.

Potential homebuyers lack confidence in the market, according to Michael Feder, CEO of Radar Logic, an analytics company that produces daily spot prices for real estate. A big problem looming is a massive number of potential foreclosures.

"People see that there are millions of homes underwater, and at elevated risk of foreclosure, and conclude that housing values are unlikely to appreciate in any meaningful way for many years," he said.

On the other hand, home builders have turned more bullish and are gearing up for more new construction. Mortgage rates are also still very favorable and the economy is getting better with hiring on the rise.

Ken H. Johnson, a real estate professor at Florida International University, thinks all these factors are helping the housing market turn around, but the recovery will take time.
Readers on mortgage settlement: 'This stinks'

"The housing market is like a large cruise ship that turns slowly, often temporarily loosing ground due to currents and change in momentum," he said. "While the ship is turning, drags on the housing market are also present and must be addressed before a full recovery is accomplished."

Despite the market turmoil, home ownership is still the goal of most Americans, according to a survey released Tuesday by Fannie Mae.

It found that while financial constraints and employment concerns are keeping homebuyers on the sidelines right now, two-thirds of renters say they intend to buy someday.
Bernanke: Fed didn't cause housing bubble

"Some Americans may not be financially positioned to own a home in the near future," said Doug Duncan, chief economist for Fannie Mae.

"But they may begin to revisit that aspiration as employment and household balance sheets improve over the coming years," he said.

[Dennis Ng]

total 25,000 New HDB flats to be launched this year. Is this supply sufficient? Well, last year another 25,000 were launched as well.

Just some statistics, one year total Resale flat transactions is only about 25,000...so is the supply enough? And in year 2008, only 8,000 New HDB flats were offered...

Not forgetting also more land sales for EC, condos, etc...supply is coming, just that the Real supply would only start coming in year 2013 and onwards...if people want to rush to buy property now, of course supply cannot meet demand and you have to pay high prices...

Cheers!

Dennis Ng

The Straits Times
Mar 28, 2012
8,000 HDB flats launched today
New measures will kick in, including revised quota for second-timers

By Daryl Chin

A BUMPER crop of 8,000 flats will be launched by the Housing Board (HDB) today, as well as a string of initiatives aimed at easing demand among certain buyers and forging closer family ties.

National Development Minister Khaw Boon Wan, who announced the move on his Housing Matters blog yesterday, said these flats are located in both mature and non-mature estates, and will cover a full range of flat types.

At least half of these units will comprise Build-To-Order (BTO) flats in areas such as Bedok, Clementi, Toa Payoh, Geylang, Bukit Batok, Bukit Panjang and Bukit Timah, while leftover flats from previous sales exercises make up the rest.

This launch will also mark the implementation of several new measures announced earlier by Mr Khaw. Chief among them is a shift in focus to second-timers, or those who have already enjoyed a housing subsidy in the past.

'Now that we have largely cleared the queue of first-timers, we can use the ramped-up supply of new flats to help other buyer groups,' wrote Mr Khaw.

The revised quota for second-timers for flats in non-mature estates has been tripled from 5 to 15 per cent, a response to the comparative differences in subscription rates.

In a BTO launch in January this year, for instance, there were 1.5 first-time applicants for every flat available to them. The number of second-time applicants per flat available to them was 23.9.

Besides this, there are enhanced schemes to help married children live with, or near, their parents.

Previously, under the Married Child Priority Scheme (MCSP), a married first- timer would have four ballot chances, and a second-timer two chances, if they opted to live with, or within 2km of, their parents.

The new rules will see their ballot chances rise to six and three respectively, if they choose to live with their parents.

The Multi-Generation Priority Scheme will also see young couples and their parents who buy flats near each other get to choose their flats first.

Two new schemes to help the elderly live in units of a suitable size and age in a familiar environment will also apply in this exercise.

One is the Ageing-in-Place Priority Scheme, where elderly people applying for studio apartments will have double the balloting chances if the new flats are within 2km of their current homes and four times if they are also living near their married children.

The other comes in the form of the Silver Housing Bonus announced during the Budget in February this year, where a $20,000 sum is given to eligible elderly downgraders who move to a three-room flat or smaller. A Ministry of National Development spokesman said more details regarding the eligibility criteria will be announced at a later date.

Market watcher Chris Koh said this launch will be the one to watch, as it will show the market's reaction to the various new measures.

He reckoned more second-timers might jump onto the bandwagon to apply, given the attractive locations. 'New flats in areas like Bedok, Clementi and Geylang don't come by very often, and some second-timers might be willing to fork out the resale levy in order to get a new place,' said the director of Chris International.

House-hunter Malcolm Kok, 27, said he has been eyeing a spot in Clementi ever since he heard that new flats will be launched there. He and his wife currently live in his parents' flat in the same area.

Despite knowing that the competition is stiff, the IT manager remains upbeat about his increased chances under MCSP. 'Living near my parents will mean it's more convenient to spend time with them, and they are close by if anything happens to either of us. It's the best of both worlds,' he said wistfully.

darylc@sph.com.sg

[Dennis Ng]

is the property market hot? Well, the mass market condos are still selling well.

But higher end condos, including Reflections, D' Leedon all have been selling for at least 3 years or longer but have many, many units unsold.

I spoke to one of my multi-millionaire sifus recently. This person has total wealth estimated probably close to S$200 million, much of his wealth made from investing into Properties (70%) and Stocks (30%). Recently, he bought some UK properties, the MAIN reason is becos of Sterling Pounds trading at historical low against S$, so he thinks there is not much downside.


When asked for his views on property market, he says:"you think can still buy property now meh?" I've sold most of my Singapore properties just bought some London properties since sterling pounds is at historical low and rental yield is quite good...and I borrow at slightly more than 1% interest rate and rental yield over 6%...

And he told me that he has a condo in Cairnhill side, 2,800 sf...trying to rent at S$6,500, yet NO Takers! Imagine if you had paid the current price to buy this condo, say S$2,300 psf or price of S$6.4 million, and if rental is only S$6,500, that's just 1.2% Rental Yield!

Of course he bought this condo many years ago at probably less than half the current market price...so he's definitely ok. By the way, this condo probably just represent 3% of his TOTAL wealth. But if someone else this condo might represent 80% of his/her wealth, then wish him/her Good Luck!

[racoon12]

Hi All

Read this on someone web which reinforced Dennis opinion, you may look at the same issue-property from another perspective:

Tuesday, March 27, 2012
HDB is launching 8,000 flats in March 2012
HDB is launching 8,000 flats today through a joint BTO and Sale of Balance Flats exercises. This is announced in the blog of National Development Minister Khaw Boon Wan[1]. The flats will be offered both in mature and non-mature estates. There are 1,220 units offered alone in Bukit Batok as 3-room to 5-room flats. HDB has launched 3,923 new BTO flats recently in in January in Choa Chu Kang, Punggol, Sengkang and Tampines.

With the wide range of flats offered, Mr. Khaw says flat buyers will be able to apply for one that best meet their needs, and in an estate of their choice but strong demand for the completed/near completed flats and flats in the mature estates is expected. In this new launch there are new rules kicking in like tripled quote for second timers in non-mature estates. This means second timers will have 3 times the chance to grap a unit in the non-mature estates.


Accordint to Today online, 1220 3-room, 4-room and 5-room flats will be offered in Bukit Batok; 860 3-room, 4-room and 5-room flats will be offered in Bukit Panjang; 670 3-room, 4-room and 5-room flats will be offered in Clementi; 640 3-room and 4-room flats will be offered in Geylang; 410 3-room, 4-room and 5-room flats will be offered in Bedok; 180 studio apartments will be offered in Toa Payoh and 130 studio apartments will be offered in Bukit Timah.[2] 4,153 units are new flats in 8 BTO projects and 3,825 are Sales Balance Flats in 26 towns and estates[3] Next launch will be in May 2012, and HDB will be offering 4,640 BTO flats for sale in Choa Chu Kang, Kallang Whampoa, Punggol and Sengkang[3].

Mature estates like Clementi and Bukit Batok will most likely be popular and oversubscribed thanks to their proximity to MRT, amenities and a perceived profit potential when they are sold after 5 years of Minimum Occupancy Period in resale flat market.

Since 2011, HDB has its policy about launching new BTO flats in mature estates. Before, HDB was not offering any new flat in mature estates and the only way to have a flat in a mature estate was going to secondary market. Since HDB has announced that there will be more flats launched in mature estates, resale HDB flat market started to slow down by COV value declines.


HDB was building approximately 8,000 new units per year between 2002 - 2010 period and now this single launch is almost equal to the size of a yearly launch in that period. Since current sky high and severely unaffordable prices of resale HDB flats are largely due to under-supply, one can expect the prices of resale flats go down dramatically when these new flats hit the market in the next 7 years. As 2011, 5 years after 2006, the launch of least number of HDBs in a year, saw sky high HDB prices, 2018-2019 will probably see a reversed price trend. Although these dates may look far in the future now, already softening prices of resale HDB flats thanks to decreased demand and a second economic crisis can carry one to this far future without so much capital gain in a second hand HDB. I am writing this because many buy a resale HDB with a very handsome future sales profit in mind. Those with this mind set should be careful. If prices goes up in a past tight supply high demand environment, it is not surprising to see them come down in a large supply low demand environment.

http://asiasingapore.blogspot.com/

[Dennis Ng]

Hi racoon12,

I don't quite agree. Why would it take such a long time to complete building the HDB flats (2018 - 2019), typically it only takes 2 years, so most of supply (25,000 New HDB flats announced last year) would probably complete in year 2013/14, and those that announce this year would complete 2014/15...so most of the Supply would hit in year 2014.

Even during economic good times in year 2011, HDB announced there is about 7% of people who "cancelled" their new flat booking subsequently. Just think, if there is an economic slowdown in year 2013/14, would there be more people cancelling their New flat booking? And if they do so, this will made available ready to be occupied New HDB flats...

On the other hand, many New condos also will be completed in year 2013/14...so the Supply more than Demand situation might start appearing in year 2013 and more EVIDENT in year 2014...that's just my opinion.

Cheers!

Dennis Ng

Hi All

HDB was building approximately 8,000 new units per year between 2002 - 2010 period and now this single launch is almost equal to the size of a yearly launch in that period. Since current sky high and severely unaffordable prices of resale HDB flats are largely due to under-supply, one can expect the prices of resale flats go down dramatically when these new flats hit the market in the next 7 years. As 2011, 5 years after 2006, the launch of least number of HDBs in a year, saw sky high HDB prices, 2018-2019 will probably see a reversed price trend. Although these dates may look far in the future now, already softening prices of resale HDB flats thanks to decreased demand and a second economic crisis can carry one to this far future without so much capital gain in a second hand HDB. I am writing this because many buy a resale HDB with a very handsome future sales profit in mind. Those with this mind set should be careful. If prices goes up in a past tight supply high demand environment, it is not surprising to see them come down in a large supply low demand environment.

http://asiasingapore.blogspot.com/

[racoon12]

Hi Dennis

Agreed the timing of the year is wrong. Agreed that you're correct on the timing of the flat completion date, there'll be 25,000 hdb flat in 2014 & 25,000 had flat in 2015.

I did read that there'll be 30,000 private unit completing in 2013 ~ 2014 as well.

Couple with Low PR approval rate + Crisis + less biz activities:That means we have surplus of vacant units especially private + resale hdb with nobody rent & buy.

Am my deduction conclusion correct.

[Dennis Ng]

Hi Dennis

Agreed the timing of the year is wrong. Agreed that you're correct on the timing of the flat completion date, there'll be 25,000 hdb flat in 2014 & 25,000 had flat in 2015.

I did read that there'll be 30,000 private unit completing in 2013 ~ 2014 as well.

Couple with Low PR approval rate + Crisis + less biz activities:That means we have surplus of vacant units especially private + resale hdb with nobody rent & buy.

Am my deduction conclusion correct.

those are the numbers. Actually new HDB launched last year, half might complete in year 2013...

But of course, at the end of the day, I'm always prepared to be wrong and prepared for the Downside Risk if I'm wrong, which is making less money in this case of not buying properties now if property price go up instead of down.

[Dennis Ng]

If we use the 4 seasons as analogy to the Property Market Cycle, looks like Summer is ending and Autumn is approaching...

In year 2011 I said that Property Prices likely to peak and start falling in end 2012...things would become clearer by year 2013 when Supply of Newly completed condos and New HDB flats start to hit the market...with supply of BOTH peaking in year 2014...if year 2013 is coupled with a Global Economic Slowdown, guess what will happen to Demand just when Supply start to increase?

Cheers!

Dennis Ng

Private home prices fall for first time in nearly 3 years
By Lynda Hong | Posted: 02 April 2012 2248 hrs


SINGAPORE: Private home prices in Singapore have booked their first decline in nearly three years.

Urban Redevelopment Authority's (URA) flash estimate released on Monday showed the private residential property price index declined marginally from 206.2 points in the fourth quarter of 2011 to 206.0 points in the first quarter of this year.

This represents a decrease of 0.1%, compared to the 0.2% increase in the previous quarter.

It is the first price decline since the second quarter of 2009 and follows the trend of stabilising prices over the past nine consecutive quarters.

Some analysts said the dip could signal a gradual weakening in the private home prices, going forward.

Private home prices declined across all segments in the first quarter.

In the core central region, prices fell by 0.9 percent, while those in the city fringe were down by 0.7 percent.

But there was one exception. Prices of homes in suburban areas rose by 1.2%, compared to the 0.6% increase in the previous quarter.

Lee Sze Teck, senior manager for research & consultancy at DWG, said: "For the mass market, we expect prices to be stable in the next, second quarter of 2012. Whereas for the so-called mid-tier, and also the luxury market, people are holding back on their purchases."

Analysts said slower sales in the luxury home segment as well as the resale private residential market have put a drag on first-quarter prices.

And experts said mass market home prices may soften in the quarters ahead as a result of less aggressive bidding for sites.

Ku Swee Yong, CEO of International Property Advisor (IPA), said: "The total number of bids for government land sales would still be 5 to 10, or maybe even 12, bidders per land tender. But, you see, the prices now are bunching up closer and they are not setting new records like they were last year for government land sales, especially in the outskirts of Singapore. "

Chia Siew Chuin, Colliers International's research director, said: "Buyers are now very much more resistant to further price hikes, now that prices are at an all-time high. So this could probably limit the potential in price increases."

Going forward, analysts expect private property prices to fall by 5 percent by year-end.

Still, experts said it is still too early to judge if the Additional Buyer's Stamp Duty introduced by the government in December has been effective in curbing price increases.

But they do not expect more cooling measures in the near term.

Monday's flash estimates are based on caveats lodged in the first 10 weeks of the first quarter. The data will be updated on April 27 when URA releases the full statistics for the first quarter, when more data on the caveats lodged and the take-up of new projects are captured.

The URA cautioned that the actual price index could differ significantly from the flash estimates.

- CNA/ir

[Dennis Ng]

What goes up typically eventually need to come down. I think we have more or less reached the Peak in Singapore property market, in terms of number of New private homes sold and the prices as well.

I look at the profile of buyers of the Red Hot New projects in suburbs, they are mainly first time home buyers, upgraders and First Time Investors. The very telling sign is the Absence of Seasoned and Experienced Property Investors...they have stopped buying property since Jan 2011...

Markets always go to extreme, so while you see people rushing in, it's a time to be Fearful. Remember what Warren Buffett says to be fearful when others are greedy...

When will the tide start to turn?

The problem with property market is this:when the tide starts to turn, you will have no chance to get out, becos when market falls, you will probably have to sell at 10% lower than Market Prices (which already fell) in order to find any Buyers...Those experienced in property investing would know the Truth of what I said, for the rest, it is something they will get to experience probably for the first time in their lives.

Cheers!

Dennis Ng

Private home sales soar to 5200 units in Q1

Apr 2, 2012 - PropertyGuru.com.sg
By Romesh Navaratnarajah

Strong demand for new private residential projects has pushed home sales to 5,200 units in Q1 2012, second only to the record sales seen in Q3 2009 when a total of 5,578 units were snapped up.

According to CBRE Research, these figures are based on keen interest for the large supply of about 5,500 new homes sold during the quarter as well as low interest rates and high liquidity.

Li Hiaw Ho, Executive Director at CBRE Research, said, “This is the first time since the previous peak in Q3 2009 that the sales volume has exceeded 5,000 units in one quarter. It has been averaging 4,000 units each quarter for the past few years.”

He added that the increase in sales could be attributed to “the slew of projects featuring compact apartments that have flooded the market in recent years.”

“The smaller quantum of each unit makes compact apartments very affordable, providing a safe haven for investors who are keen to park their savings,” noted the consultancy.

Some of the projects that were fully sold during the quarter include Guillemard Edge (275 units at a median price of S$1,215 psf), Casa Cambio (198 units, S$1,390 psf), Millage (70 units, S$1,350 psf) and Tree Scape (30 units, S$1,400 psf).

As far as buyers’ interest was concerned, the location, pricing, proximity of MRT stations and product attributes were major factors, while rebates and discounts also helped boost sales.

As of end-February, the best-selling projects are Watertown (pictured) in Punggol Central which saw a take-up of 924 units at a median price of S$1,250 psf, The Hillier in Hillview Avenue (457 units, S$1,325 psf) as well as Parc Rosewood in Woodlands (577 units, S$980 psf).

[ngtfook]

Hi Dennis,

Apprecite if you could share where can I obtain the buyer profile.

by Dennis Ng » Wed Apr 04, 2012 9:40 am

What goes up typically eventually need to come down. I think we have more or less reached the Peak in Singapore property market, in terms of number of New private homes sold and the prices as well.

I look at the profile of buyers of the Red Hot New projects in suburbs, they are mainly first time home buyers, upgraders and First Time Investors. The very telling sign is the Absence of Seasoned and Experienced Property Investors...they have stopped buying property since Jan 2011...

Markets always go to extreme, so while you see people rushing in, it's a time to be Fearful. Remember what Warren Buffett says to be fearful when others are greedy...

When will the tide start to turn?

The problem with property market is this:when the tide starts to turn, you will have no chance to get out, becos when market falls, you will probably have to sell at 10% lower than Market Prices (which already fell) in order to find any Buyers...Those experienced in property investing would know the Truth of what I said, for the rest, it is something they will get to experience probably for the first time in their lives.

[Dennis Ng]

Hi Dennis,

Apprecite if you could share where can I obtain the buyer profile.

just ask some property agents. That's what I did. I don't even bother to go to showflats in the last few months, becos they are so crowded.

Smart Investors do NOT enjoy squeezing with crowd. We like to buy when few people buying. We will leave the "party" when many want to squeeze in.

For last 2 years when I conduct property seminars, I kept telling people to consider buying condo in Bishan, becos for its good location, the price is relatively reasonable. Now with a new condo to be launched (rumoured at S$1,700 psf), guess what will happen to neighbouring properties in Bishan?

Buy when it's Cold, not when it's Hot, this is what I learn from the Rich how to make BIG money in investing, be it in stocks or property.

[CS Wong]

Looks like the subsciption rate is not as high as last year.

HDB receives over 26,000 applicants for 8,000 flats

The balance flats appeared to be a more popular choice, with overall subscription rate standing at 3.8.

Tue, Apr 03, 2012
AsiaOne

SINGAPORE - The demand for the 7,978 flats put on offer just a week ago has far outstripped the supply, with application rates soaring to over three times the supply number.

As the deadline for Build-To-Order (BTO) and Sales of Balance flats drew to a close on Tuesday, application numbers stood at around 26,350, The Straits Times reported.

The balance flats appeared to be a more popular choice, with overall subscription rate standing at 3.8.

This, analysts say, is likely due to the fact that most of them have already been built and are located in more mature estates.

For BTO flats, the larger four to five room flats saw higher application rate. Overall application rate stood at 2.9.

Minister for National Development Khaw Boon Wan said in his 'Housing Matters' blog that the application rates are 'reassuring'.

This is as the overall subscription rates for first and second-timers have generally decreased as compared to previous years.

For flats in mature estates, the overall first-timer application rate for BTO units was 2.1. This number decreased to 1.8 for non-mature estates.

The application rate for Sale of Balance Flats was 1.9.

This means that first-timers enjoy a better chance of securing a flat, Mr Khaw said.

He added that more second-timers will also stand a better chance at securing a flat.

The application rate for second-timers dropped to 6.7 in this round as compared to the 20.7 in the January BTO exercise.

In addition, more applicants made use of the enhanced Married Child Priority Scheme - which gives more chances to those who opt to stay near their parents - as compared to previous rounds, Mr Khaw said.

He added that eight pairs of parents and married children have applied for the new Multi Generation Priority Scheme in Bedok.

He said that this indicated that the policies put in place are working to meet the needs of flat buyers.

yamadak@sph.com.sg

[Dennis Ng]

HDB going to launch 25,000 new HDB flats in year 2012, so far only launched 11,000, another 14,000 to go...should be enough to satisfy all the pent-up demand...actually some of the demand is fake, people just try their luck.

In year 2011, about 7% of people cancelled their HDB flats after booking...if economy slows down in year 2013/14, I think the cancellation rate might go up above 10%...

Cheers!

Dennis Ng

Looks like the subsciption rate is not as high as last year.

HDB receives over 26,000 applicants for 8,000 flats

The balance flats appeared to be a more popular choice, with overall subscription rate standing at 3.8.

Tue, Apr 03, 2012
AsiaOne

SINGAPORE - The demand for the 7,978 flats put on offer just a week ago has far outstripped the supply, with application rates soaring to over three times the supply number.

As the deadline for Build-To-Order (BTO) and Sales of Balance flats drew to a close on Tuesday, application numbers stood at around 26,350, The Straits Times reported.

The balance flats appeared to be a more popular choice, with overall subscription rate standing at 3.8.

This, analysts say, is likely due to the fact that most of them have already been built and are located in more mature estates.

For BTO flats, the larger four to five room flats saw higher application rate. Overall application rate stood at 2.9.