While the Housing and Development Board (HDB) has released more flats and revised the eligibility rules to provide buyers with more choices, it has urged applicants to carefully decide before booking units.
Buyers that cancel their bookings after putting down an option fee will now be barred from buying BTO (Build-to-Order) and resale flats with housing grants for a period of one year, based on new HDB regulations.
The ban is also applicable to new DBBS (Design, Build and Sell Scheme) units and executive condominiums (ECs).
The ruling will apply to the latest launch of 8,000 units, including 3,825 leftover flats from previous sales exercises and 4,153 new BTO units.
Meanwhile, HDB has also relaxed the eligibility rules for two-room flats in mature estates by raising the household income ceiling from S$2,000 to S$5,000 per month.
The revision comes after a significant increase in the number of cancellations, from 309 in 2007 to 1,540 last year, accounting for about five to six percent of the yearly BTO supply over that period.
Many applicants said they cancelled their bookings due to changes in their housing plan or preference to live in a different location. However, HDB noted that the one-year penalty could still be waived "in exceptional circumstances beyond the control of the applicants."
Mohamed Ismail, Chief Executive at PropNex, commented that the one-year ban is "understandable and fair", noting that 1,500 cancellations is a large number.
He added that with the new BTO supply, buyers have more chances which should help them "to take a more serious approach before committing to a home." Related Stories:HDB raises income ceiling for two-room flats in mature estates
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