Two-room BTO flats for singles oversubscribed

The demand for Build-To-Order (BTO) two-room flats for eligible singles launched on Tuesday is high, with the number of applicants being much more than the number of flats available.

SINGAPORE: The demand for Build-To-Order (BTO) two-room flats for eligible singles launched on Tuesday is high, with the number of applicants being much more than the number of flats available.

As at 2pm on Wednesday, the application rate is 23.5 for two-room flats in Sengkang and Fernvale Riverwalk.

There are 1,926 applicants for 231 units.

As for two-room flats in the non-mature towns of Yishun and Vine Grove @ Yishun, the application rate is 10.0.

There are 1,040 applicants for 288 units.

Application closes on 5 August.

Seriously, with that kind of pricing, any single that fulfills the criteria will tikam for it.

And.. shouldn't they check the networth of the singles that apply for the flats? I suppose a jobless multimillionaire is eligible for a two room flat, with GRANTs.

(01-08-2013, 07:00 AM)yeokiwi Wrote: Seriously, with that kind of pricing, any single that fulfills the criteria will tikam for it.

And.. shouldn't they check the networth of the singles that apply for the flats? I suppose a jobless multimillionaire is eligible for a two room flat, with GRANTs.

A lot of rich are also staying in 3 or 4 rm flat to claim grants too. The govt should have other other means of assessing who need help, and who don't. Not just by income, or by the dwelling they put on their IC. Far too many loopholes...

I don't think the Govt is unaware of some rich people living in HDB and enjoying benefits that they don't deserve. They likely decided that basing on dwelling is good enough to be mostly (at least 80%?) on target.

I cannot imagine a rich person purposely stay in 3 or 4 room HDB to enjoy the meagre benefits. I think these are more likely people who live within their means to begin with and have grown rich over time, but do not see the need to keep up with the Lim and Tan.

(01-08-2013, 07:00 AM)yeokiwi Wrote: Seriously, with that kind of pricing, any single that fulfills the criteria will tikam for it.

And.. shouldn't they check the networth of the singles that apply for the flats? I suppose a jobless multimillionaire is eligible for a two room flat, with GRANTs.

That's a good point. My take is a multimillionaire will very likely has a existing house that is much larger than a 2 room flat so why bother to buy the flat when you cant lease it out?
( i have read somewhere that it is illegal to lease out such flats. Perhaps other forumners can confirm this )

just to share my ex-neighbor who is easily worth more than sgd100million in net asset is presently staying in a hdb flat, got 1 car for him, 1 car for his wife, 1 car for his son. at the moment they dun have any investment house yet

(01-08-2013, 10:01 AM)pianist Wrote: just to share my ex-neighbor who is easily worth more than sgd100million in net asset is presently staying in a hdb flat, got 1 car for him, 1 car for his wife, 1 car for his son. at the moment they dun have any investment house yet

I am fine if they buy it without grant and stay there. I mean, there are people who prefer simple living and there is no reason to deny them.
But, it is really over the board if they get to buy a new flat from HDB with additional grant.
Technically, if it happens, the taxpayers are subsidizing the flats for multimillionaires.

It gets even worse if the multimillionaires rent out the unit/room......

(01-08-2013, 12:13 PM)yeokiwi Wrote:

(01-08-2013, 10:01 AM)pianist Wrote: just to share my ex-neighbor who is easily worth more than sgd100million in net asset is presently staying in a hdb flat, got 1 car for him, 1 car for his wife, 1 car for his son. at the moment they dun have any investment house yet

I am fine if they buy it without grant and stay there. I mean, there are people who prefer simple living and there is no reason to deny them.
But, it is really over the board if they get to buy a new flat from HDB with additional grant.
Technically, if it happens, the taxpayers are subsidizing the flats for multimillionaires.
It gets even worse if the multimillionaires rent out the unit/room......

u r rite..what happened for my neighbor is that they just bought a 3-storey bungalow for his wife, 1 condo unit for his son, another 3 condo units for his 3 daughters each all fully paid in one shot and hard cash..the way he made decision is really swift..all new investment houses still haven't top yet ty only has this hdb flat...but i understand after their new private houses got top, they still gg to hold onto the hdb flat for rental income...that what pissed me off as well..

The so called asset rich may also be cash poor.

We dunno how much expenses they are running. Could be taking care of terminally ill parents for example which would cost a bomb.