SINGAPORE: Private home prices and rents in Singapore property market  increase in 2011 as compared from the previous year despite the government’s imposition of  cooling measures, said property consulting firm DTZ.

The measures embraces the imposition of the  seller’s stamp duty and a reduction in loan-to-value limit.

In its report publicized last Thursday, DTZ said resale prices of leasehold condominiums in suburban areasrose by  8.2 per cent on-year.

This makes it the fastest growing segment among non-landed housing according to a basket of completed condominiums trailed by DTZ.

Fourth quarter flash estimates also reflected HDB resale prices increased last year by 10.7 per cent.

But prices of luxury condominiums only saw a 1.0 per cent on-year growth in 2011.

DTZ  explained that the global economic uncertainties reduced demand for luxury condominiums, dragging prices down by 0.7 per cent in the fourth quarter.

“As a larger proportion of purchases in the luxury segment are by foreigners who are now subject to the Additional Buyer’s Stamp Duty (ABSD) of 10 per cent, this segment is expected to see a sharper fall in prices than other segments in 2012,” said Ms Chua Chor Hoon, head of Asia Pacific Research, DTZ.

Moreover, home prices in the prime freehold segment also took a hit, growing only 4.6 per cent on-year, as compared to 8.3 per cent in 2010.

This contrasted with a sharp 12.8 per cent on-year increase in resale prices of freehold landed homes in  prime districts. Leasehold landed homes in suburban areas also rose by 12.4 per cent last year.

The Rents on the other hand , were also higher in 2011, led by condominium rents which moved up by 8.9 per cent by reason of the demand from foreign professionals possessing much higher housing allowances.

However, rents for luxury condominiums only grew 1.3 per cent on-year.

From months of January to November, private home sales of 15,393 units in 2011 already surpassed the 15,288 units sold in the same period in 2010.

Volume is expected to fall in December and carry through in 2012 following the property cooling measures.

“Historically, significant price falls have been triggered by external events that affect the economy rather than cooling measures. The projected economic slowdown in 2012 will thus have a more significant impact on buyer sentiment and consequently on demand and prices,” said DTZ’s Ms Chua.

Overall, DTZ expects a take-up rate of 16,000 for 2012, slightly lower than the 16,292 units sold in 2010.

By doing your research or reading beforehand , you’ll fully understand what you’re asked to sign when you close the sale of your Singapore property home.

You’ve already cleared several hurdles by finding the right home, negotiating the best price, and securing favorable financing. The last barrier on your homebuying track is the closing, which can be both tedious and tense. By anticipating what to expect and doing some legwork, you can put your closing behind you. The following  seven steps will guide you through a smooth closing.

1. Set a closing date

Your real estate agent together with  the seller’s agent and title company to schedule your closing date. Be sure it connect with the end of your lease or the sale of your existing home and a time when you’ll able to play hooky from work. If you’re tight on cash, schedule your closing for the end of the month because that’s when you’ll have to pay the least amount of interest at the closing table.

2. Gather your funds

You may be asked to bring along funds to the closing. If they’re inaccessible, make an early arrangement to transfer them to a liquid account to avoid last-minute problems. If the title company requires the funds in the form of a cashier’s check, also leave time to stop by the bank and pick one up.

3. Purchase title insurance

Title insurance protects the policyholder against possible trouble with a home’s title. Your lender will persist that youacquire a policy to protect it. You should also consider purchasing what’s called an owner’s title policy from the same insurer, which protects you from fraudulent claims against your ownership and errors in earlier sales. In some areas, sellers traditionally pay for the buyer’s title policy. Shop online at Closing.com, EasyTitleQuote.com, and FreeTitleQuote.com. If your home has been sold within the past few years, make a request to the prior owner’s insurance company for a reissue discount.

4. Line up homeowners insurance

Get quotes and subsequently compare policies to be sure coverage will be in effect by your closing date. An annual policy should run $500-$1,000, based on the size of your house and the  amenities. If you reside in an area where natural disasters likely to occur, like earthquakes, floods, or hurricanes, you’ll need separate insurance to protect your home.

5. Review your good-faith estimate and HUD-1 settlement sheet

Your lender must give you an honest- to- goodness  estimate of your closing fees. Some of those fees can’t change, and others can rise by 10%. Before you go to the closing, read your good-faith estimate, compare it with your HUD-1 settlement statement, and make an inquiry on  any fees that increased.

6. Do a walk-through

Make an appointment to inspect the  home one last time just before your closing. Examine that all the necessary repairs that you have requested have been made, no major changes have occurred since you last viewed the property, and that the sellers left anything they agreed to leave and took all their belongings.

Also  test electronics and appliances, such as the doorbell, dishwasher, washer and dryer, and oven, to make sure they’re functioning properly. Do the same with the hot water heater and heating and air conditioning systems. Walk around the yard to be sure no plants or shrubs have been removed.

7. Resolve issues identified in your walk-through

If your walk-through uncovers problems, in some states you can delay the closing until the seller make the necessary correction. But that’s often not feasible because your lease is probably over and you’ve already scheduled movers. Another option is to negotiate a discount to your sales price to cover the cost of the work needed. If the air conditioning is on the fritz and a contractor says the repair will cost $500, request that the sales price be discounted by that amount. If you make that request at closing, however, be ready for a delay while the title company redoes the paperwork.

A third option: Have the title company hold a portion of the seller’s proceeds in escrow until the dispute is settled . Once that happens, the funds will be released to you or the seller, depending on the outcome.

Sellers, Do You Wish You Could Read A Buyer’s Mind?

Well, now you can! After many months of asking buyers, this post will provide some insight into what buyers are really thinking when they go visit  into your Singapore property home! I have collated the input from a focus group of buyers who have asked to remain anonymous.

Nina: What is the most astonishing thing you see when you look at a house for sale?

Buyer 1: Sometimes I have to tell  myself that I came to an open house and not a yard sale. There’s so much items everywhere!

Nina: What about just imagining how your own furniture would look in the rooms?

Buyer 2: It’s hard for me to picture my furniture in the dining room when there’s a bird cage in the corner, a treadmill, a loveseat and mounds of clothes in there.

Nina: We know that kitchens and bathrooms get the most attention from buyers. How does the kitchen and bathrooms look like?

Buyer 3: I don’t mind when a seller hasn’t put in granite or stainless steel appliances. I can change that. What bothers me is when they’ve priced their house as if they had.

Buyer 4: I agree. Even if the house is kept clean, a 30 year old bathroom vanity is outdated, as are the big lightbulbs surrounding the mirror. It makes the bathroom look like a backstage in a Broadway dressing room.

Buyer 2: I think it comes back to price. I realize that most sellers feel connected to their homes. They’ve hosted birthday celebrations and anniversaries and holidays in there. They spent money over the years to beautify the house according to their taste. Why don’t they understand that I’m not going to pay for what is considered an outdated decor. 

Buyer 1: That’s another thing. Some of these sellers don’t seem to have spent any money for the maintenance of the house.

Buyer 3: You’re right! Don’t they know you’re supposed to clean the chimney? Or your heating and a/c serviced yearly? I do that in my house.

Buyer 4: I saw one house where the seller had the basement flooded because the water tank let go suddenly. It was years past its life expectancy. The seller ended up having to rip up carpeting, repair walls…just because they forgot to replace the tank on time.

Buyer 1 : We made an offer on a house and ended up walking away after the home inspection. The home inspector found a ton of mold in the attic. The reason is  because the bathrooms vented into the attic instead of outside. We didn’t want to take care of that problem, and neither did the seller.

Nina: So, you’re seeing houses that have been negrlected or  bathrooms and kitchens that need updating and too much clutter. And, given these things, the houses are priced too high. Is there any suggestion you’d give to a seller if you could?

Buyer 2: If you’re really serious about selling your house, it doesn’t make sense to price it too high. Buyers know when a particular  house is priced higher than other houses like yours that have sold.

Buyer 1 : Your house is just going to sit on the market, and you’re either going to  keep lowering the price, or let it sit there for a long time.. What’s the point?

Buyer 3: Find a  agent  you can count on for good advice from  everything from pricing to marketing. If your Realtor doesn’t blog about your listing it’s not going to get found.

Buyer 1: Oh, and take a look at the photos of your house online.Some of the photos look so blurry or have  cluttered rooms. Do I really want to see a photo of your toilet? We’ve preferred not to see some houses because of how the photos look online. You need another agent  to market your home.

Nina: Ok, well thank you all for your feedback. I’m sure sellers would appreciate your comments and it will truly give them some insights on how to make their home be noticed in the market.. I wish you all the best in finding a new home for yourselves.

Buyer 4: I think I can speak for all of us when I say we’re ready to buy. We’re just trying to find homes that don’t need $100,000 worth of maintenance repairs and are priced right.

Whenever you are given an application at the bank or credit union, request to bring it home and undertake to fill up the application when are you are in the comfort of your home where all your pertinent documents are handy  and you are  not undergoing pressure. If you are doing it online, use extra caution, watching out for mistypes and  misspelling words and make sure that you write the correct info under  correct fields of the application forms

One way to  go through the mortgage application process without a hitch , is to create your own application package approximately one year and no later than six months prior to applying for a home loan. Gather all of your information, check your credit report that way you can be prepared for any surprises before youtalk  to a lender. Here are some of the things you should prepare during this period:

List of debts
Make sure you know exactly how much you owe and to whom the money is owed. If you are married or you are buying your  home with a partner, you  should be aware of the totalamount  of all individual and joint debts.

Gather your documents for auto loans, school loans, personal loans, other mortgage payments, alimony payments, child support payments, credit cards and any other type outstanding debt. Create a master list with all of the items, account numbers, addresses, amounts owned, interest rates and monthly payments.

If you can pay off a significant portion of any one medium to large debt perhaps you should consider waiting for an additional year before applying for the loan.

Recent addresses
If you have transferred residence  recently or have been constantly  mobile for a while, it can be difficult to remember all the addresses, apartment numbers and cities where you lived. Your address history should also be on your credit report, but you need something else such as old statements or information from your address book to make sure that your credit report is accurate.

Credit Report
Get a copy of your credit report from all three credit bureaus. Check the information from each report against your records and also against each other. Sometimes when an outstanding debt has been paid or settled, the information might be sent to only one bureau or not at all. Call your lender and ask if and when the essential  information will be provided to the credit bureau.

Then, follow it up with the credit bureaus to make sure the information has been added to your file. What type of information are you looking for: social security numbers, addresses, dates on accounts, opened accounts, closed accounts, outstanding debts, negative information that is incomplete or inaccurate.

List of assets
Frankly, how much are you worth? Do you have any stocks, bonds, savings accounts, retirement plans or own another Singapore property home? Again, create a master list with the items, account numbers, worth or potential worth if liquidated and addresses or contact details. .

If you arecontemplating to sell  one of your asset to use  as down payment,  complete the sale transaction at least six months prior to filing out your mortgage application. Mortgage lenders  want to see that you have the ready money to cover all the costs in connection with getting a mortgage. They are particularly interested  on how you come up with your cash. They want  to know of your current financial situation for the past six months.

Supplemental paperwork
If you have  alimony or child support obligations and want this to be included in the calculations prepare all documents to show  the amount of money you are receiving and  how much you will receive in the future.

Bankruptcies and foreclosures
Be honest. Do not try to hide foreclosures and bankruptcies issues against you. Sooner or later, lenders will know everything of your financial history. So there is no use hiding it from them. Just make sure the information is accurate. Gather all of your paperwork including dates, settlements or outstanding balances at the time the debt was discharged and keep it handy.

Employment History
gather W-2 forms for the last 2 to 3 years that reveal your employment history and income. As with your habit in paying your debts, it is suggested not to have sudden change of job within 6 months to 1 year period prior to applying for the loan. The sudden  change of income looks doubtfu. However, if there is a sudden increase or decrease in income, be prepared to provide a  full verbal or written explanation along with the rest of  paperwork.

Remember that the purpose of all this data collection is to make sure that you have the most accurate and update picture of your financial history to make the mortgage application process smooth and easy.

Staging is a  critical  part in the selling process, the first time a potential buyer  pay a visit to  your home, an impression is going to be created that leave with them through the whole deal. If they like what they see the transaction can go quickly and  smoothly, if there are easy to spot cosmetic issues then no matter how much they love the said  Singapore property the deal may never get over the hump and get done. There are specific problem areas that are easy to fix, take very little hours, and require almost no expertise  to make them look good. Concentrating on these specific areas could be very  useful  in what is known as beautifying your home and may facilitate a quicker sale.

The area that people notice first is the landscaping; it is visually, the foreword to your property. If it is not kept up , and  appealing  then many people are going to  presume  that the inside of the home is going to be a  reflection of the yard. In this case you will lose clients before you even have a chance to get them. Trim the hedges, mow the grass and plant a few flowers in some eye catching spots would be an ideal thing to do. Prepare the yard so that it will make an impression that you will be proud of. Right preparation goes beyond the obvious fixes, there are other things that you can do to increase the curb appeal of your home. Paint the curb outside of your home, make sure there is no garbage left in the driveway or in the yard, pain anew  the address numbers on the curb as well as on the mailbox and home, make sure to try and look at your home in the same way that a stranger would. Notice the little things, they are what is going to make the difference between “for sale” and ” sold” .

If you are trying to save money and the roof is still in good shape  then the best way to improve the look is to repaint the turbines and the pipes that stick out from your roof. It is a quick fix that could cost you less than ten dollars and takes fewer than twenty minutes to do. Your roof is every bit as  conspicuous as your yard; as a matter of fact it can be seen from afar. While it may not be a guarantee that people are going to notice the condition of a nice looking roof, it is almost an assurance  that every person will notice little  problems like  an ugly roof. Sometimes the best thing you can do is to make sure that certain aspects of your home does not stick out.

For some people,  Home Equity Line Credit can be more of a liability than an asset.  If you’ve been paying off your mortgage for a couple of years and have built up some equity in your home, you have likely considered opening a Home Equity Line Credit (HELOC).  

What is home equity?

Home equity is essentially the amount of your home . It is the difference between how much you owe on your loan and how much your house is worth. For example, if your Singapore property  home is worth $200,000 and you have paid off $25,000 of your mortgage, plus put down 20% ($40,000), you would essentially have $65,000 equity in your home.  

What is a Home Equity Line Of Credit?

A HELOC is a lot like a credit card, but the limit is based on the amount of equity that you have in your home. Many banks will give you a credit line equal to about 80% of your equity, so the owner of the $200,000 house in the above example would be able to borrow about $52,000.   A HELOC is convenient for many reasons:

• You can open it but not ever use it . It is there as an “emergency fund.”
• The debt is sometimes tax deductible, which is very convenient if you are looking to consolidate credit cards and other debt, which has a high interest rate, and payments are not tax deductible.
• You can use it to pay for large ticket items like a house renovation, medical bills, college tuition, or a new car where you need instant access to huge sums.

Like anything, a HELOC can get you in trouble. Here are 5 reasons that you might want to avoid getting a HELOC:

1.)  Default in  payments and you can lose your home: Unlike a credit card, a HELOC represents secured debt. Guess what the security on that debt is? Your home! Default on your HELOC and you could lose your home. If you are the kind of person who is predisposed to running up lots of debt, perhaps a HELOC is not for you.  

2.) It’s not a dependable emergency fund: If you have set up your HELOC and plan to use it as an emergency fund, think again. Banks can freeze your HELOC at any time. They often do when there is a drop in the job market or a drop in your credit—both of which happen at a time when you most need your emergency fund. Again, if you are in a situation where you end up not being able to pay the HELOC back, think twice! Your home is in danger.

  3.) It’s not free money, just more debts: A HELOC can make you think that you actually have more money than you really do. It’s not free money, it’s just more debt. You’ve worked hard to build up the equity in your home; it’s not worth it to blow that with carefree HELOC spending. Plus, when you have to pay the HELOC back, you will have the double whammy of paying your mortgage and the HELOC at the same time. It defeats the purpose in getting the HELOC . You have doubled your debts instead of minimizing it.  

4.) Some HELOCs require a balloon repayment: Some HELOCs require that you pay back all of your cash using a balloon payment at the end of your withdrawal period. If finances are already tight and you are literally using your HELOC as a credit card, a lump sum payment is  out of the question.

  5.) You many not be able to refinance without paying off your HELOC first: Some lenders won’t let you refinance without payingyour HELOC first. If you have plans to refinance in the next few years and think that the HELOC will be too much of a temptation, don’t get started.   The most important thing to remember is that a Home Equity Line credit is not free money. It’s debt that you are adding to your pile, a debt that you had previously paid off.  

Of course, there are many good uses for a HELOC and many benefits of using that type of credit over high interest rate credit cards. Still, unless you have a solid repayment plan and have carefully considered the pros and cons in getting a HELOC, my advice is, you should not get one! 

There’s aneducational article on buying property in the financial adviser column of today’s Sunday Times. I’ll sum up and add my own bits.

• Buy within your means. This is a no-brainer. A general guideline is that the monthly loan installment should not surpass 40% of your take home pay. If you have other installments to pay, you should be even more cautious.
• Examine the property. Look for defects that you’ll have to fix and that will cause you more money to spend. For example, a window that leaks during a heavy downpour. This case,  you can ask for a discount.
• Consider the land tenure. As mentioned previously, it’s still favorable to buy a freehold or 999-leasehold properties for long term investment. However, 99-leasehold properties are more affordable and can fetch a higher rental yield. Further noted that there may be a higher chance of capital depreciation when compared to a freehold property.
• Get in-principle approval from at least one bank. As mentioned in the article, “you might risk forfeiting your option money” in the event you failed to obtain a  loan approval.

When considering bank mortgages, look out for:

• Maximum loan duration, if you have every intention to stretch out your loan repayment. Some banks look at your present age. Some look at the youngest age among all the joint applicants. Others could be more conservative. Speaking of joint applicants, do you know that you can invest in private property while living in a HDB flat that is still subject to the 5-year penalty period? If you trust your parents (I’m sure you do), you canrequest them to be the owner of the said  private property on paper, and all of you jointly apply for a mortgage loan so that the bank can stretch out the loan based on your age.
• Interest rate. There were complaints recently that banks are not clear in terms of their “board rates”. I recall one complainant, as reported in the media, said that his bank had different rates for new customers and existing customers. Existing customers, due to the fact that they can’t easily refinance or switch to another bank, are apparently “bullied”. So take note.Inquire on the transparency of the bank in relation to its rate . Further, you also have to check on if the bank in question has the reputation for  “bullying” loyal customers.
• Lock-in period. This is also referred to as  penalty period. The idea is that the bank can ask for a penalty payment if you redeem the loan in part or in full before the expiration of the lock-in period. Check with the bank for assurance.
• Freebies. It’s quite standard for a bank to offer toshoulder the legal fees and fire insurance. But still, it’s good to make sure. And note that if you redeem the loan before the end of the lock-in period, you may have to reimburse the bank for these payments.
• Free one-time refinancing. This gives you the option of refinancing your loan at a much later time when the bank offers more attractive packages (e.g. with lower interest rates).
• Special packages. For example, some banks offer to offset your interest payment with the interest earned in another current or savings account. This is extremely popular with people who have a lot of cash in hand. This is how it works. You deposit your cash in an account (the cash is still liquid; you can withdraw any amount anytime), and whatever interest earned in this account will be used to offset the interest payment for your mortgage loan. This means that a higher portion of your installment goes to reducing your loan principal, effectively shortening the loan repayment period. At the same time, your cash is not locked in any way.

So, should you buy a Singapore property now? The  answer is I don’t know. I am still unsure at the moment.What I can tell you is the following:

• The Singapore property market is booming now. Some poeple  will advise you  againstthe idea of  buying a property now. However, there are some who claims  that certain property segments are worth looking into, such as those in the sub-urban districts.
• It doesn’t augur well if residents find it hard to afford a roof over their heads. If property prices are  beyond the reach of the common man (recall the property super boom in the mid-90s), chances are that the market is heading for a crash. If the current market doesn’t seem too hot to you, then you should consider buying.
• Those who made money now had acquired their investment properties a few years back. However, it is still uncertain if the property you bought today willgenerate  more money in the future.

You make the call.

Buying a Singapore property home can be emotional , but negotiating the price shouldn’t be. The key to saving money when buying a home is sticking to a plan during the turbulence of high-stakes negotiations. A real estate agent who represents you can guide you and offer you advice, but you are the one who must make the final decision during  offers and counter offers.

Here are six tips for negotiating the best price on a home.

1. Get prequalified for a mortgage

Getting prequalified for a mortgage is proof enough that you’re serious about buying and is capable of purchasing their home. That will make you on top of  the pack when sellers choose among offers; they’ll go with buyers who are a sure financial bet, not those whose financing could flop.

2. Ask questions

Ask your agent for information to help you understand the sellers’ financial position and motivation. Are they facing foreclosure or a short sale? Have they already bought a home or relocated, which may make them eager to accept a lower price to evade paying two mortgages? Has the home been on the market for a long time, or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are most eager to sell, the lower your offer can reasonably go.

3. Work back from a final price to determine your initial offer

Know in advance the most you’re willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale.

Talk with you agent to assess the sellers’ motivation and comparable home sales to arrive at an initial offer that engages the sellers and yet keeps money in your wallet.

4. Avoid contingencies

Sellers favor offers that leave little to chance. Keep your bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.

5. Remain unemotional

Buying a home is a business transaction, and keeping it that way helps you save money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating.

Each time you make a concession, ask for one in return. If the sellers ask you to increase your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won’t budge, make it clear you’re more than willing to walk away; they may get nervous and  eventually decide to accept your offer.

6. Don’t let competition change your plan

Great Singapore property homes and those competitively priced can draw multiple offers in any market. Don’t let competitionpush you to go beyond your predetermined price or agree to concessions—such as waiving an inspection—that aren’t in your best interest

Home buyers looking to break into the private property market may now have more options as prices between new and resale homes become more comparable.

The price gap between uncompleted and finished private properties narrowed in the first quarter of this year based on the  newly-released data.

The figures from Singapore property consultancy SLP International‘s report of the first quarter on  residential market show that high-end and mid-tier properties have been the most affected by this change.

unfinished homes usually command higher prices. However, the gap has narrowed caused by a drop in uncompleted home prices. The reason behind could be the shock  sufferred by the property market brought about by the cooling measures in January.

The difference in median prices of uncompleted and completed high-end homes dropped from $166 per sq ft (psf) to $92 psf in the first quarter.

Likewise , the gap between median prices for uncompleted and completed mid-tier properties fall from $558 psf to $455 psf in the first quarter.

Typically, the two sets of prices move in tandem , said Mr Mak.

‘Occasionally the prices shift in different directions. This is due to price growth and strong demand. I think it also serve as a sign that the Singapore property market has experience a bit of a shock in the first quarter after the imposition of more cooling measures,’ he said.

According to SLP, the fall in price of uncompleted homes was partly due to discounts given to developers.

Mr Mak said the popularity of shoebox type of  homes – units under 500 sq ft – could be lifting the price gains of uncompleted homes.

Mass market homes also proved to be fashionable . The report said median prices of uncompleted properties in the mass market sector escalate   by  6 per cent in the first quarter of this year to $988 psf.

This is basically  due to a healthy demand for suburban condominiums, said Mr Mak. The figures show that mass market units accounted for more than half of all apartments sold by developers in the first three months of this year.

Mr Mak said more buying opportunities might evolve , especially with owners of suburban resale properties more willing to cut down prices despite concerns that the cooling measures may soften the demand.

‘The lack of availability of completed projects is stopping buyers from buying the latter over uncompleted homes, which are released in bulk during property launches,’ he said.

An oversupply of completed properties is expected to hit the market next year, which could eventually  slow down price growth in the completed homes market.

First-time buyers of Singapore property now have a much  better chance of acquiring units in HDB’s latest batch of BTO flats. The reason is that  most of the backlog of first-time applicants has been cleared.

As of 5pm on Wednesday, the first-timer rate stood at 1.4 for flats offered in Bukit Panjang, Bedok, Punggol, Yishun and Hougang. This means 1.4 applications were recorded for every first-timer unit on offer.

Overall , three-room flats in Bukit Panjang and five-room flats in Hougang and Punggol were the most popular, having been oversubscribed by more than four times.

Commenting on his blog, National Development Minister Khaw Boon Wan hoped that the application rate for first-time BTO buyers would be below two.

“If it does, it would mean that almost all first-timers will get a chance to select a new flat. It would also mean that our ramped-up BTO programme in recent months would have largely cleared the backlog of first-timer applicants.”

“Christmas is coming early for me, with my BTO wish coming true. It is a wish not for me, but for all the HDB applicants, especially the many second-timers out there. I will now be better able to help them, starting next year,” wrote Mr Khaw.

Meanwhile , the overall second-timer application rate for the latest BTO exercise stands at 23.8, with five-room flats in Punggol Waterway Ridges seeing an overall application rate of 5.1. However, the rate was only 2.9 among first-timers and 48 among second-time applicants.

Of the 1,257 applications for the 246 flats, approximately 680 were first-timers while the rest were second-timers.

Chris Koh, Director at Dennis Wee Group, said the figures could be a notice to tweak the percentage for second-timers.

“The number of first-timers is below three and this is a healthy number as, given dropout rates, first-timers now have a very good chance. So it may be time to open more units to second-timers.”