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Applications Surpass Number Of Flats Available

June 16th, 2012 · No Comments

THE large combination of 7,978 HDB flats put up for sale on Wednesday has acquired vigorous interest from home-buyers, and as a result, there are already more applications in comparison to the number of that are readily available.

Numbers on the Housing Board website confirm that 8,551 applications were received as of 5pm yesterday – day two of applications. Nevertheless, there are five days more to go.

In general, HDB figures showed that demand for Sale of Balance Flats (SBF) came mostly from second-timers, though their quota for these flats lingers at 5 per cent. First-timers had a stronger showing in the Build-To-Order flats.

Balance flats are those not taken up in preceding sales exercises.

Along with the hottest of such properties are the 49 Pinnacle@Duxton units, which registered 251 interested buyers, a subscription rate of 5.1.

The higher prices for these units this time round emerge to have been no restriction. The award-winning estate was first launched in 2004. Then, the four-room flats cost from $289,200 to $380,900 and the five-room units, $345,100 to $439,400. The price is presently $414,000 to $633,000 and $504,000 to $724,000 respectively.

Second-timers were responsible much of the buzz for this estate. There were 44 applicants for every Pinnacle flat available to them.

Some studio apartments were also extremely popular, although the numbers on offer were far fewer.

Singapore property analysts have modified their estimates upwards. SLP International’s head of research Nicholas Mak trusts that the general subscription rate for all the flats would be nearer to two, given that the earlier January launch stood at 2.7.

He foresee it will ‘end up closer to 3 or more’ this time round, owing to higher demand from second-timers.

He further added that one of the benefits of the Pinnacle units was the fact that  the keys were already given  in 2009.

‘This means once you ballot successfully, you can move in fairly quickly – a boon to many second-time house hunters,’ he said.

 

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