HDB’s sale of balance flats nearly nine times oversubscribed

The Housing & Development Board (HDB) has seen strong demand for the 2,100 flats being offered under its “Sale of Balance Flats” exercise.

The HDB received more than 19,000 applications, just a day before the exercise closes, which means that the flats are nearly nine times oversubscribed.

Demand was high for the flats – ranging from studio apartments to executive flats – in estates such as Bedok, Bukit Batok, Choa Chu Kang, Bukit Panjang and Woodlands.

Balance flats are those unsold in previous Build-to-Order exercises, surplus flats under the Selective En bloc Redevelopment Scheme, as well as repurchased flats.

These flats are either completed or nearing completion – so owners do not have to wait long before moving in.

The exercise, which is the largest to date, replaces the existing balloting exercise, quarterly sales and half-yearly sales exercises.

The HDB said that the rationale behind this move is to simplify the flat application process, and to provide buyers with a wider choice of flats across a range of locations in one exercise.

Source : Channel NewsAsia – 13 Oct 2009

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