HDB BTO

HDB's October Bonanza: 8573 New Flats Up for Grabs – But Watch Out for Those Clawbacks!

HDB has launched a record 8573 flats in October 2024, but buyers of new Plus and Prime flats may face a 6-9% resale price clawback!

In an exciting twist for homebuyers, the Housing and Development Board (HDB) has rolled out a whopping 8,573 Standard, Plus, and Prime flats in 15 projects during the October 2024 Build-To-Order (BTO) exercise! This launch marks a notable increase in the availability of new homes, allowing eager buyers to dream big and settle into their own cozy spaces soon. As Singaporeans juggle their future housing ambitions, they're in for a treat with this myriad of options, but there's a catch that requires a little more thought than just picking out paint colors!

Buyers interested in the newly minted Plus and Prime flats should be aware of a small but significant detail lurking in the fine print: a clawback of 6 to 9 percent on the resale price when they sell their beautiful new digs. Yes, that's right! While the HDB is doing their best to ensure affordability with these subsidies, they also want to keep the prices stable for future buyers. This means any percentage clawed back will be a little headache for your resale dreams, so it's worth pondering whether you want to shell out for new options or stick to slightly older, clawback-free homes.

The new framework aims to bridge the gap in housing needs and make these flats more accessible. However, sellers of the new Plus and Prime flats need to be very strategic about their investments! This clawback dance can be quite complex, and one must weigh the pros and cons before diving into the glitzy appeal of these new builds. Will you go for that radiant pool view or stick to a more solid resale history? The ultimate question to answer as you scroll through photos online!

Aside from the number of new flats available this launch, buyers should also consider how these subsidies might impact the overall housing market in Singapore. With recovery rates set at 6-8% for eight of the Plus projects and a full 9% for the single Prime project, homeowners who plan to stay long-term might profit more from older HDB units that won't bite them back at selling.

Did you know that the HDB has built over 1 million units since its inception in 1960? Not only has it provided accessible housing options for Singaporeans, but it has also played a crucial role in developing Singaporean culture and urban landscape. Also, a fun fact for potential buyers: The most expensive HDB flat ever sold was in Bishan, fetching a jaw-dropping price of S$1.6 million! With these new projects in the mix, who knows what future records may be shattered?