The number of new Housing Board Properties is predicted to increase in 2016, in order to meet rising demand resulting from current Serangoon MRT Station Condo policy developments.
The National Development Minister, Lawrence Wong, was given authority over the portfolio recently and has claimed to have made a request to the HDB for more properties.
Yet, he has also stated that the increase will stand at less than 20,000 new flats. The figure is more than the one for 2015, but CDL Serangoon Condo significantly lower than numbers seen in 2011 and 2012.
BTO Flats Serangoon City Developments Condo
Whilst on a trip to the Waterway Terraces venture, at Punggol, Wong said: “As a result of the new polices which have been implemented, Hong Leong Holdings Condo demand is predicted to increase. In response, I have made a request for HDB to try and build more BTO (build to order) properties in 2016. Hopefully, this will help meet rising demand for CDL Serangoon Condo.”
A number of regulation changes have broadened the scope of suitable buyers. For example, the upper limit on household wages for new flats has been increased by $2,000 (it now stands at $12,000). Plus, improved housing grants have been introduced and so has an innovative ‘two room’ flexi policy designed to provide older buyers with briefer leases.
However, the government has no Lorong Lew Lian Condo plans to alter the tapered nature of its policies.
According to Wong, “The government will stick with plans to taper the housing regulations and it will continue to move forward in the expected direction.”
Lorong Lew Lian Condo CDL
He has made it clear that the increase in Upper Serangoon Condo properties will be a brief measure and not a permanent fixture. Wong also said that the HDB plans to carefully observe the reaction to the BTO sales exercise scheduled for next month, before it decides how many additional BTO properties are needed.
From 2011 to 2013, the former National Development Minister, Khaw Boon Wan, increased the rate of construction in order to meet what he called ‘imminent demand.’ A total of 25,000 BTO properties were scheduled for each of the three years. After the situation Serangoon Condo stabilised, the rate of construction was brought down from just over 24,000 to 22,000.
Upper Serangoon Condo Nex Shopping Centre
This year, the HDB continued to lower the rate of construction, from 16,000 to 15,000.
The imminent boost to supply will be welcome by potential buyers like art executive Alan Choong (26), who is currently on the hunt for a property to share with his partner for Hong Leong Holdings Condo.
Choong said: “We like hearing news about there being more flats to choose from. It means that we have a greater opportunity to secure one and can pick from more options.”
A spokesperson for ERA Realty suggested that the increase in supply is likely to result in only a very small amount of change for the resale market, because lots of BTO properties are situated in young regions like Punggol.
He said: “For resale properties, buyers are still going to choose flats in older regions.”