APPLICATIONS are pouring in for the HDB's sales exercise for 2,132 flats in 24 estates across the island.

The homes, launched under its new Sales of Balance Flats scheme last Thursday, have attracted 12,728 bids as of the latest update at 5pm yesterday - about six times oversubscribed.

Analysts say applications could hit 20,000 when the process closes next Wednesday, making 10 bids for every available flat.

The main reason for their popularity is that the flats are completed or nearly completed, so buyers will not have to wait three years before moving in.

Flats on offer are accumulated from earlier build-to-order exercises, the Selective En-bloc Redevelopment Scheme and repurchased flats.

The HDB's new process has replaced the previous balloting, quarterly sales and half-yearly sales exercises.

This article was first published in The Straits Times.