According to figures from the HDB, eight in 10 first-time buyers under the Build-to-Order (BTO) scheme can get a flat on their first try if they are not choosy, while the success rate is 96 percent for the second try. Even when applicants had the entire block of flats to choose from, three in 10 buyers still rejected the units. For example, the rejection rate for BTO projects by first-timers was as high as 67 per cent in 2007. This has since fallen to about 52 percent, after the introduction of new rules to penalise non-serious buyers by removing their first-timer priorities.
Minister Mah assured young couples that the supply of new flats under the BTO programme was more than adequate, and that units were affordably priced. However, buyers should not expect to secure their dream flat on their first try. Also, while he acknowledged that three to four years might be a long wait for some young couples, they could plan ahead for their new flat purchase, and apply for BTO flats under the fiance-fiancee scheme even before they were married.
Meanwhile, HDB is ramping up the supply of BTO flats to be launched for the whole of this year, from 8,000 units as planned previously to 9,000 units. In addition to nearly 4,000 BTO units which were launched in the first nine months of 2009, another 5,000 units in eight projects will be launched for application in Q4 this year.