The Ultimate Comparison Between BTO And Resale FlatsSingapore Property - Real Estate
4 minutes read
A big question anyone faces when considering to buy a flat would be: BTO or Resale? Compassvale Boardwalk and Pingyi Greens seem like promising choices, but you also want to live closer to your parents in Kallang. Here’s a break down of the pros and cons between the two.
Location is one of the most important aspects when it comes to buying property. Not only does it provide you with an insight into the neighbourhood, it gives you a rough gauge of your home’s value in the near future.
Also, as Mr. Ivan Ng from ERA Real Estate pointed out, “A good location fetches better prices (risk reduction) in the event that you wish to sell as there will be relatively stronger buyer demand.”
He added, “ It is also likely to attract further infrastructure developments to complement and build on the existing area.”
“That said, we still need to get value for money, and not overpay for a premium location.”
What if you want a BTO, but would prefer to live in a mature estate? Good news! HDB is launching 4,040 BTOs in areas such as Clementi, Tampines, Sembawang, and punggol in May 2015. There’s also the upcoming Bendemeer Light project in the Kallang/Whampoa area.
Price & Market Value
Tracking property trends is a helpful but tedious process, so we’ve gathered information within the past year for you! Here’s a helpful infograph on the average price per square foot for all HDB types in March 2014, September 2014, and March 2015. The information has been separated into 2 graphs – New estates and mature estates.
Although The Straits Times reported on 20th April 2015 that 20 five-room resale flats were sold for $900,000 or more this year, they are usually in prime areas like Queenstown, Buona Vista, and Pinnacle@Duxton.
So you needn’t worry as the HDB resale market is generally seeing a decrease in prices.
SC = Singapore Citizen
SPR = Singapore Permanent Resident
*Average gross monthly household income must not be more than $10,000
Grant for EC buyers
If you are from a SC/SPR household, you can still apply for Citizen Top-Up Grant when you become eligible.
Singles & Joint Singles Eligibility Scheme
All the single ladies (and men), put your hands up! Looking to buy your own HDB? What about living with your other single friends?
Read on to find out if it’ll be a match made in heaven between you and the scheme!
Now that you know the criteria to fulfill, the surroundings of your desired estate, and the price trends, it’s time to learn about the future of your home. Better to plan ahead than never!
Housing Minister Khaw Boon Wan mentioned in parliament recently that the government will select blocks to go under the Selective En bloc Redevelopment Scheme (Sers) based on 3 criteria:
- Whether there are fitting locations to rehouse the residents
- Whether the project is economically feasible
- Whether there are available financial resources to cover the scheme
A smart Renotalker Salavanun pointed out, “Normally low flats that are around 6 stories high, or those with a few blocks sitting in big open carparks/land will be selected for en bloc.”
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