There are 4.4 people competing for each 2-Room Flexi Flat in 2018, down from 2015’s 8.5 applicants
You don't have to stay with mum and dad forever.
The 2-Room Flexi Flats built by the HDB are intended for elderly Singaporeans.
Minister for National Development Lawrence Wong wrote in his blog on Nov. 16 about meeting an elderly couple, who were considering selling off their executive flat to fund their retirement.
One of the more affordable options he suggested was for them to “right-size” and buy a Flexi Flat with a short lease.
Popular with singles
But these built-to-order Flexi Flats have also become popular with singles looking to buy homes of their own, as they can be purchased directly from HDB.
Singles aged 35 and above can apply for a Flexi Flat, provided they meet the eligibility rules.
On Nov. 20, MP Lee Bee Wah asked in Parliament about the “backlog” of unsuccessful application for these flats.
She also asked if MND planned to increase the supply of such flats.
In a written reply, Wong said that the proportion of applicants invited to book a 2-room Flexi flat increased from 52 per cent to 84 per cent, from 2015 to 2017.
For BTO exercises, HDB will invite three times the number of applicants as there are available housing units to make a booking.
For example, let’s say there are ten applicants for one available housing unit.
Out of those ten, HDB will invite three applicants to make a booking. Out of those three, one person will eventually get the house.
From 2015 to 2017, HDB were able to invite more applicants to make bookings due to an increased supply of Flexi Flats.
He also said that the application rate for singles had decreased.
#HDBeSavvy and use this handy guide to work out the budget for a 2-room Flexi BTO flat and see whether you are ready for your first flat! Submit your application by 19 November 2018, 11:59pm ➡️ https://t.co/xvI453NgdB pic.twitter.com/BCa833xKyf
— HDB (@Singapore_HDB) November 14, 2018
Increased supply of Flexi Flats
In 2015, there were 8.5 applications by singles for every housing unit, or in this case, a Flexi Flat.
By 2018 (so far), this had gone down to 4.4 applications by singles for every Flexi Flat.
This is due to HDB’s efforts to increase the supply of such flats. Said Wong:
“This improvement was made possible through HDB’s efforts to increase the supply of 2-room Flexi flats in non-mature estates, from 320 in 2012 to an average of about 4,000 per year from 2014.
HDB will continue to offer this same level of flat supply in 2018. Beyond that, HDB will continue to fine-tune its 2-room Flexi flats supply to meet the demand from singles.”
Besides Flexi Flats, Wong said that singles could explore other housing options to suit their needs.
He suggested buying a resale flat on the open market, and said:
“The wide range of resale flats available, and housing grants totalling up to $60,000 for eligible buyers, will help singles to find a suitable flat within their budget.”
Top image from HDB’s Facebook page.