We have developed a list of the seven most prevalent forms of housing in Singapore New Launch Condo that most first-time house buyers should consider when purchasing their first home or property in Singapore.

We’ve also compiled a list of the pros and disadvantages of these seven housing kinds to assist you decide which sort of property to buy, as purchasing your first home in Singapore can be a stressful experience for singles or couples alike.

Given a first-time house buyer, you may not even be aware of the full variety of possibilities accessible to you, as there are so many distinct housing kinds in Singapore.

In general, the types of housing in Singapore range from public to private, but did you know that hybrid housing, which combines public and private elements, is also available?

 

To cut to the point, we will not discuss the eligibility for purchasing these homes today because it is a separate topic. You can explore appropriate government websites for purchase eligibility criteria for new public, resale public, and hybrid housing, however Singapore Citizens and Permanent Residents are eligible for all private homes in Singapore (foreigners will have more limited choices and require government approval for some private properties in Singapore).

If you have any further questions, please contact us directly via Facebook, Instagram, or simply leave a comment at the bottom of this blog article, and we will respond as soon as possible.

What exactly are BTO HDB flats?

 

BTO Flats are public housing flats provided by the Housing and Development Board (HDB), new property launchesMinistry of National Development’s public housing body and statutory board (MND). So, if you want to apply for a BTO HDB flat, you must do so directly through the HDB website.

 

This is the most prevalent option for young couples in Singapore because it is the cheapest option among all other types of accommodation in Singapore. It is also a popular rite of passage for many young and newly engaged couples in Singapore these days to ask each other, “Would you like to BTO together or not?” as an indirect form of a marriage proposal. (haha)

Singles over the age of 35 may also apply for a BTO, but they will only be eligible for a 2-room BTO flat in a non-mature estate.

 

So, for Build to Order (BTO) apartments, HDB will normally disclose the land locations in Singapore where BTO flats will be built six months in advance, and then allow customers to submit applications to ballot for a unit. However, recent news and changes, such as HDB releasing site locations of prospective BTO projects three months before launch, rather than six, have taken many house buyers by surprise.

Following that, if you are fortunate enough to have been balloted for a BTO unit, BTO flats normally take 3 to 4 years to complete construction, and your monthly loan payments does not begin until you have collected the keys to your new flat. You can always go to the HDB website to find out about upcoming sales releases

Benefits of BTO HDB flats

BTO flats are the most affordable alternative.

Because BTO flats are highly subsidised, they are the best option for most young couples in Singapore who are just starting a family. Particularly for young first-time buyers wanting to buy a house jointly in Singapore, significantly reduced BTO flats are highly reasonable, putting less strain on young couples’ budgets.

BTO are brand new flats with modern layouts, amenities, and common areas that require minimal remodelling.

The benefit of owning a BTO is that they are fresh new flats with layouts that are more in line with the contemporary era. When combined with modern facilities, you only need minor improvements. This will also assist property buyers in saving money on renovation costs.

In comparison to resale HDBs, BTOs have a new 99-year lease.

Furthermore, you will be given a 99-year lease as opposed to their resale counterparts, which are resale HDBs that have previously been in the secondary market for a specific number of years.

BTOs offer the best capital appreciation potential of any HDB flat.

After 3 to 4 years of construction, HDB flats still have a Minimum Occupation Period (MOP) of 5 years, which means you must reside in the flat for 5 years after obtaining your keys before you may sell. BTO flats that have reached their MOP period are almost always worth more than what they were purchased for 8 to 9 years ago.

 

The Drawbacks of BTO HDB Flats

It will take 3 to 4 years for BTO to be built.

As previously stated, you will be acquiring a property in a yet-to-be-built development. In light of the COVID pandemic, recent news suggests that house buyers should be concerned because certain BTO apartments may be delayed by a year or more. As a result, we may be looking at 4 to 6 years for it to be completed before you can collect your keys to your house.

 

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