The new Two-Room Flexi Scheme witnessed modest reception on the first day of sales, with only 364 applicants for the 2,093 units offered as at 5 PM on Tuesday, reported The Straits Times. This works out to a ratio of about one applicant for every five units.
National Development Minister Lawrence Wong noted that two-room flexi units account for nearly 30 percent of flats offered in this Build-To-Order (BTO) exercise. “This will help ensure a broad range of options and locations to meet demand,” he said in a Facebook post.
Despite the muted response, property experts still expect robust demand for the scheme, which has combined and replaced the previous studio apartment and two-room flat schemes.
Available in two sizes, the units are offered on 99-year leases, or short leases of 15 to 45 years for qualified buyers aged 55 and above. Eugene Lim, key executive officer at ERA Realty, expects short leases to be popular, as many older buyers had requested for more flexible leases.
At least 40 percent (subject to a minimum of 100 units) of the two-room flexi BTO flats are reserved for the elderly, with half the quota set aside for buyers of flats near their children or their current home, under the new Senior Priority Scheme.
At the same time, two-room flexi units account for over 20 percent of the 5,350 flats on offer in the concurrent Sale of Balance Flats (SBF) exercise. These include 776 units offered on a short lease only, but come with elderly-friendly fittings, and another 442 that are sold on either a 99-year lease or short lease.
Although singles have been able to purchase two-room flats located in non-mature estates in BTO exercises since July 2013, this is the first time that they can purchase flats in SBF exercises.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email cheryl@propertyguru.com.sg
