The Prime Location Public Housing model will help prevent central areas from becoming exclusive neighbourhoods that only the well-to-do can enjoy in private housing, said National Development Minister Desmond Lee.
The slower demand for prime area BTO flats among buyers may be because of the longer wait times, stringent criteria, as well as the distance of the flats from the city centre, said analysts.
“The other PLH locations, while good, are just simply in a mature estate," Mr Lee said, adding that newer resale flats without PLH restrictions in the same neighbourhoods are"more appealing" than the PLH flats."The further from the city centre, the lower the applications,” said Mr Lee. This could potentially impact their future property upgrading plans or accommodate for changes in lifestyle or needs later on in life.
“The PLH concept seems to be deterring potential home buyers wanting to reap a quick profit in the short-term and hoping to join the 'millionaire HDB resale club'," Mr Mohan added.Commentary: New rules for BTO flats in prime areas have larger implications for public housingDespite the lower application rates, analysts expect demand for BTO flats offered under the PLH model to remain decent.
"Hence, the relatively low application rates are not necessarily a bad thing as its implementation is to make owning public flats in prime locations more accessible for genuine owner-occupiers."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia’s crown prince named prime ministerPrince Mohammed bin Salman has been the kingdom’s de facto ruler for several years. Read more at straitstimes.com.
Read more »
Explainer: Why Japan is divided over Shinzo Abe's state funeralTOKYO — A lavish, taxpayer-funded funeral for Japanese former Prime Minister Shinzo Abe has triggered a public backlash against the ruling party he led for years.
Read more »
Leadership handover to happen ‘when we're ready’, priority now on pressing issues such as cost of living: DPM WongSINGAPORE — Deputy Prime Minister Lawrence Wong told business leaders at a global conference on Monday (Sept 26) evening that he will take over the mantle of leadership from Prime Minister Lee Hsien Loong at a time when both he and the People's Action Party's fourth generation (4G) team are “ready for it”.
Read more »
Japan to honour assassinated Abe at controversial funeralTOKYO: Thousands of Japanese and foreign dignitaries gather in Tokyo on Tuesday (Sep 27) to honour assassinated former prime minister Shinzo Abe, at a rare state funeral that has sparked controversy and protest. Abe was Japan's longest-serving prime minister and one of the country's most recognisable polit
Read more »