For those hoping to purchase a flat directly from the Housing Development Board (HDB), the promise of receiving a unit fairly soon rather than endure the 3- to 4- year wait for a new build-to-order (BTO) flat have led to the first ever Re-offer of Balance Flats (ROF) exercise being oversubscribed by almost 5 times.
The 1,394 HDB flats in the 1 Aug exercise were accumulated from unsold units in November 2016’s Sale of Balance Flat (SBF) launch. The ROF exercise will be held twice a year in February and August, and if the response from this inaugural event is anything to go by, it will be something families in need of an immediate, move-in ready HDB flat can look forward to.
In this month’s exercise, 95% of the re-offered balance flats were reserved for first-timer families and the other 5% for second-timers. Besides first- and second-timer families, the 6,102 applicants also included the elderly hoping for a 2-room flexi unit. The other advantage of selecting a flat under the ROF exercise is the availability of units from all possible estates where flats were previously launched. Applicants do not have to pre-select a preferred flat type and housing estate prior to the selection process. Not to mention, flats purchased directly from HDB also cost considerably lesser than one from the resale market.