BTO projects going ahead despite low take-up

Plans to build ahead of order are continuing with seven HDB Build-To-Order (BTO) projects on track despite the subdued response of home-buyers.

Among seven Build-To-Order (BTO) projects launched in September, the Housing and Developmemt Board said three had relatively low application rates.

According to a HDB statement, the Golden Peony BTO project at Jurong West, comprising 190 Studio Apartment, had an application rate of 0.6.

Anchorvale Harvest and Fernvale Rivergrove at Sengkang, comprising 2,445 units, had an application rate 1.3

Based on past experience, the HDB said such projects are not likely to achieve 70% take-up rate at the selection exercise stage.

Nonetheless, the HDB is going ahead to start the process of building seven BTO projects with tenders called for five projects, and tenders for the Fernvale Rivergrove and Waterway Woodcress, set to be called by end-October.

The move will allow flat applicants for the other three projects to get their units early and at about the same time as applicants for other BTO projects launched in this exercise.

All seven projects are expected to complete between 2014 and 2015.

The HDB says it will launch another 4,200 BTO flats in November 2011 and 25,000 BTO flats next year.

Source : Channel NewsAsia – 19 Oct 2011

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