HDB balloting changes to help 2nd-time new flat buyers

The Housing & Development Board (HDB) will be amending the balloting rules to improve the chances for second-time buyers of new HDB flats.

Unlike first-time buyers, second-time buyers only have one chance at the ballot, and are eligible for only five per cent of new Build-to-Order flats.

Writing in his blog, Minister for National Development Khaw Boon Wan said the review will take place towards the end of next year, but did not give further details.

Mr Khaw disclosed that during the July flat launch, about one in 10 — or 11 per cent — of second-time buyers was invited to pick a flat, of whom 54 per cent chose to do so.

In comparison, 73 per cent of first-time buyers were successful in the queue.

Of these, about 60 per cent took up the offer to select a flat.

This is an improvement from previous launches, when only about half of first-time buyers did so.

“With this ramped-up construction programme and priority in treatment, newlyweds now stand a very high chance of succeeding in BTO selection,” Mr Khaw wrote.

He revealed newlyweds formed the bulk of the first timers invited to make a selection in the July BTO-HDB exercise.

Source : Channel NewsAsia – 16 Nov 2011

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