Affordable pricing and expanded eligibility drive a surge in applications.
The October Build-To-Order (BTO) exercise saw a significant spike in demand for two-room flexi flats, with 1,902 units attracting over 35,678 applications. Single applicants played a major role in this surge, marking the first time eligible singles could apply for such flats across all locations, including mature estates.
Singles and Seniors Seek Affordable Housing
Two-room flexi flats cater to a growing demographic of homebuyers unable to afford private condos or larger resale flats. Analysts cite attractive pricing as a major factor. For example:
Towner Breeze (Kallang/Whampoa): Prices ranged from $216,000 to $328,000, excluding grants.
In contrast, one-bedroom private condos in Kallang sold for around $1 million in Q3 2024.
The scheme also benefits seniors aged 55 and older, who can opt for a shorter lease of 15 to 45 years, catering to those seeking a more flexible housing arrangement.
Record Application Rates
This BTO exercise recorded a median application rate of 26.3 for singles applying for two-room flats. Some projects, like Bedok, saw 19 applicants competing for each unit.
Ms. Wong Siew Ying of PropNex noted that over 10,800 singles applied for the two-room flexi flats, the highest number since the scheme’s inception in 2015.
Continued Focus on Affordability
Property experts anticipate that the government will continue prioritizing singles and seniors in future BTO launches, allocating a significant portion of flats as two-room flexi units.
