BTO NEWS ALERT‼️ New BTO structure for 2024!

Hi! I'm Ann and I recently booked a flat with my boyfriend in February this year at Central Weave (AMK). I've shared about the process of bidding under 21 years old , what to do once you get a QUEUE NUMBER & what goes down in your FIRST APPOINTMENT! 🙌🏻

Currently in 2023, we've had to decide between PLH & normal BTOs. Another factor that determines price includes whether it's in a Mature/Non-Mature estate!

BUT.. Here's the FRESH catch! ✨

Just this week, PM Lee shared the upcoming changes to BTO-ing from 2024 onwards during the National Day Rally! 👀 I hope my post helps you with the TLDR and the need-to-knows of getting your BTO. 😊

𝙏𝙃𝙀 𝘾𝙊𝙉𝙏𝙀𝙓𝙏 (𝙒𝙝𝙮 𝙖 𝙧𝙚𝙨𝙩𝙧𝙪𝙘𝙩𝙪𝙧𝙚? 🥲)

1. BTOs have been classified into Mature/Non-Mature estates. Mature = More developed, more convenience, higher price.

2. Singapore is running out of plain land, and the govt will be plonking houses in every neighborhood. Thus, the line between Mature/Non-Mature is blurring and the terms "Mature" and "Non-Mature" will be faded out.

3. Good location BTOs are often pricey, but that means it'll be unaffordable for many. This won't be fair. So.. introducing the new structure ("Plus" Model) to deciding how to price flats!

𝙒𝙃𝘼𝙏 𝙄𝙎 𝙏𝙃𝙀 𝙉𝙀𝙒 "𝙋𝙇𝙐𝙎 𝙈𝙊𝘿𝙀𝙇"? 🏡➕🇸🇬

The model separates estates into 3 categories.

1. 𝙎𝙏𝘼𝙉𝘿𝘼𝙍𝘿 ✅

• 5 year MOP, no changes. Just like the current housing.

2. 𝙋𝙇𝙐𝙎 ➕

• 10 year MOP, higher subsidies (to make good locations affordable).

• Have to pay HDB back the discounts when you sell the house (subsidy recovery).

• Buyers will need to be under an income ceiling when purchasing your flat.

3. 𝙋𝙍𝙄𝙈𝙀 🤩👍

• 10 year MOP, highest subsidies.

• Highest restrictions on sale (MORE subsidy recovery & TIGHTER income ceiling on buyers compared to "Plus" BTOs)

𝙒𝙃𝙀𝙉 𝘿𝙊𝙀𝙎 𝙏𝙃𝙄𝙎 𝙉𝙀𝙒 𝙈𝙊𝘿𝙀𝙇 𝘽𝙀𝙂𝙄𝙉? 🤨

This new "Plus" model will be effective the SECOND HALF of 2024‼️ It does NOT affect current projects or BTOs you have appointments for. 😊

𝙐𝙋𝘿𝘼𝙏𝙀: 𝙎𝙄𝙉𝙂𝙇𝙀𝙎 𝙂𝙀𝙏 𝙏𝙊 𝘽𝙏𝙊 𝙏𝙊𝙊! ❤️

✅ Under the new structure, all singles can BTO for 2-room flexi flats in ALL locations (Standard, Plus & Prime)!

✅ This is better than the current BTO structure for singles' which restricts balloting to 2-room flexi flats in Non-Mature estates.

That's all for this post. 😆 I hope this was helpful for you! 😆 It can be abit confusing especially with the new HFE & upcoming measures, feel free to ask me any questions! I'll be happy to help ☺️ #bto #btoguide #btosg #singapore #Lemon8SG #lemon8singapore #Adulting101 #lemon8home #lemon8recommendations

#AdultingWoes