As a result of the recently raised income ceilings, at least 220 singles and 2,100 families this month have become eligible to apply for new flats. Lawrence Wong, the National Development Minister, shared these figures in his latest blog post as a way to point out the benefits that buyers are experiencing from these new changes for Tang Skyline Redhill Condo.
These figures were in reference to both the Sale of Balance and Built To Order Flats exercises that were recently held, the first to be launched since the changes in the income ceiling that brought the ceiling up to $12,000 for families and $6,000 for single buyers for Redhill Condo.
Tang Group of Companies
The launches were planned to take place in September and November. Being merged as a way of granting enough time for the changes in this policy to kick in. Also raised was the Special Central Provident Fund Housing Grant to $8,500, bringing the total of 6,500 applicant becoming eligible.
The most popular of the Built To Order launch were Bidadari’s new estate projects. For the 151 5 room flats we saw 3,283 applicants, which would make the ratio 22 applicants per unit. 4 room flats also saw over 5 applicants per unit for Tang Group Condo.
Mr. Wong stated that more flats would be released in Bidadari in 2016 in order to keep up with the strong demand in Tang Group of Companies Condo.
Tang Group Redhill Alexandra View Condo Income Ceiling
The Built To Order launch also saw flats being made available in non-mature estates, such as Sengkang, Bukit Batok, Punggol and Hougang. All of which saw an application rate of 0.9 to 4.3 for a variety of flat types.
We also saw more demand from singles than the elderly for the new 2 room flexi scheme. However, Mr. Wong felt the response seen from elderly buyers was encouraging, having set aside 966 units for them and having over 1,400 applications for Tang Group Redhill MRT Condo.
Overall, the application rates for the Built To Order exercise were 2.6 for 2 room flexi flats and 3.3 for 3 room and larger flats.
With the overall rate of applications being 3 times, regardless of this months launch releasing an enormous supply of more than 12,000, figures are suggesting that the demand is still strong.
One analyst however, feels the Bidadari flat demand is much lower than what was expected, more so from applicants who are first time buyers. He felt this was possible a result of the higher prices. For example, 4 room flats have started at $433,000 before grants were applied for Tang Group of Companies.
Alexandra View Condo
This, however did not keep 25 year old Bryan Goh, who is a first time buyer, from making an application with his girlfriend for a 4 room flat in Bidadari. The assistant film producer stated that, while the price is expensive, their parents reside in Toa Payoh and Bishan, making it quite convenient for them.
Some of the balance flats that were highly sought after included 4 room flats at Pinnacle at Duxton, drawing 63 applicants, and a 5 room Tang Skyline Redhill Condo in Queenstown drawing in 73 applicants.
Mr. Wong stated, in his blog, that the supply of Built To Order flats would be adjusted accordingly as they keep a close watch on buyer demand with a stabilization being seen in application rates.
The Built To Order launch that will take place in February 2016 will be offering 1,580 units in Bidadari, 920 units in Sengkang and 1,650 units in Redhill.