SINGAPORE - Fewer home seekers are expected to apply for Build-To-Order (BTO) flats when stricter rules to reduce the rejection rate take effect in August, said property analysts. Read more at straitstimes.com.
SINGAPORE - Fewer home seekers are expected to apply for Build-To-Order flats when stricter rules to reduce the rejection rate take effect in August, said property analysts.
ERA Realty head of research and consultancy Nicholas Mak said potential buyers will be forced to think carefully before they apply for any BTO projects from August as there is now a penalty to consider, unlike before. In the ongoing February BTO sales exercise, a total of 4,428 BTO flats in Queenstown, Kallang/Whampoa, Jurong West and Tengah are up for sale.
“We feel that perhaps a proportion of 5 per cent of the units available, especially for larger BTO projects, or raising it to 30 or fewer BTO units could be fairer to applicants who may not be keen on taking up certain flats, for example if the unit have an undesirable facing,” said Mr Ismail, noting that applicants may be more selective given that a home is a big financial commitment.
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