SINGAPORE: Buyers of future Build-to-Order flats in prime locations will face a longer minimum occupation period of 10 years, as part of a new model meant to keep housing in these locations accessible for Singaporeans, said authoritiesThis 10-year MOP – which is how long owners must occupy their flats before being allowed to sell it on the open market – is double that of typical BTO projects.
It will only apply to future projects – with the first to be launched at Rochor in the upcoming November BTO sales exercise.As flats in these prime areas will “naturally command higher market values”, the units will be priced with additional subsidies, on top of those currently provided for all BTO flats.
More details will be announced in the November BTO exercise, but Mr Lee added that the percentage may be adjusted for other projects in future, depending on market conditions and the subsidies needed.Commentary: Keeping public housing in prime locations like Greater Southern Waterfront affordable and fairTo buy BTO units in prime areas, the eligibility criteria will be the same as that for buying BTOs elsewhere.
“These policies will help to strengthen the owner-occupation intent of public housing and also seek to deter speculative demand and moderate resale prices,” said Mr Lee. “So we will maintain the resale restrictions for at least half of the 99-year tenure of each prime location flat, before we consider whether to review them,” said Mr Lee.The PLH model will apply to selected public housing projects in prime and central locations, such as the city centre and surrounding areas, including the Greater Southern Waterfront, said the release.
Family nucleus is such an outdated concept.
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10-year minimum occupancy period for new flat owners in prime areas: HDBThe government will also limit the profile of those eligible to buy such flats in the resale market. For example, buyers are subject to a $14,000 household income ceiling, while at least one of them must be Singaporean.
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