The latest announcement made by Minister of National Development Mr Khaw Boon Wan about setting aside 15% of the BTO flats for second-timers in the non-matured estates is expected to be well-received with favorable feedback.
“This increase from 5% to 15% for HBD second-timers to own a BTO flat is a cautious and calibrated move, as Minister Khaw had already indicated this earlier that once the goal of helping young couples to get their first homes is fulfilled, HDB will move on to help the second-timers. 85% of the BTO flats being set aside for first-timers is a good balance in accommodating the second-timers and yet not destabilizing needs of the first-timers. In addition, this announcement had taken much consideration in giving priority to first-timers the opportunity of owning a BTO flat in the matured estate near their parents. Only genuine second-timers are willing to uproot from their current matured estate resale flat into a non-matured estate new BTO flat,” remarked Mr Mohamed Ismail, CEO of PropNex Realty.
“The other new announcement made about increasing the chances for second-timers from the original 5 % to 30% to own an executive condominium will be rejoiced by numerous HDB upgraders. Many homeowners will now be able fulfill their aspirations of upgrading to a private property. Out of the 5,000 Executive condominiums (EC) to be released in 2012, 1,500 of them will be allocated for second-timers! This is definitely going to increase the interest of the ‘sandwich class’ to own an executive condominium, and these second–timers can save on the resale levy when they purchase the new EC projects.
Mr Mohamed Ismail, CEO of PropNex Realty does not think that this new announcement will impact the mass market condominiums and there will not be any significant adjustments in the private property mass market prices.
For media enquiries, please contact: Carolyn Goh
Corporate Communications and Marketing Manager
P & N Holdings Pte Ltd (holding company of PropNex Realty)
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
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