SINGAPORE – The Housing Board launched a total of 4,993 Build-To-Order (BTO) flats for sale on Tuesday (Aug 30), including two projects in Bukit Merah under the prime location public housing (PLH) model, which comes with a 6 per cent subsidy clawback upon their sale.
The units are spread across seven housing projects in six estates in the third sales exercise of the year.
The two projects in the mature estate of Bukit Merah under the PLH model come with stricter buying and selling conditions.
The smaller of the two is Alexandra Vale, with 782 three-room and four-room flats on offer across two blocks on a site next to Redhill MRT station. One of the blocks will house some rental flats.
Prices for this project range from $385,000 to $477,000, without grants, for a three-room flat, and $547,000 to $705,000 for a four-room flat.
Buyers will have to wait about 61 months – five years – for these flats, as the project is estimated to be completed in the second quarter of 2028.
The bigger PLH project is Havelock Hillside, with 869 three-room and four-room flats on offer across two blocks on a site along Havelock Road, within walking distance to Tiong Bahru MRT station. It will also be served by the upcoming Havelock MRT station on the Thomson-East Coast Line.
Prices for this project range from $370,000 to $515,000 for a three-room flat, and $531,000 to $730,000 for a four-room flat.
Buyers will have to wait about 68 months – 5.6 years – for these flats, as the project is estimated for completion in the fourth quarter of 2028.
The previous Bukit Merah BTO project launched in May was also under the PLH model and drew considerable buyers’ interest due to its proximity to both Redhill and Tiong Bahru MRT stations.
Flat owners of both Bukit Merah BTO projects in this launch will have to pay 6 per cent of the resale price or valuation, whichever is higher, to HDB when they sell their home on the open market for the first time.
The subsidy clawback applies to only the first resale transaction and does not apply to subsequent sales, because of the higher amount of subsidies given to the first-time owner of the flat.
Owners will also be subject to a 10-year minimum occupation period (MOP) before they can sell their flats on the open market.
Standard BTO flats come with a five-year MOP and do not have a subsidy clawback clause.