SINGAPORE - The demand for the 7,978 flats put on offer just a week ago has far outstripped the supply, with application rates soaring to over three times the supply number.
As the deadline for Build-To-Order (BTO) and Sales of Balance flats drew to a close on Tuesday, application numbers stood at around 26,350, The Straits Times reported.
The balance flats appeared to be a more popular choice, with overall subscription rate standing at 3.8.
This, analysts say, is likely due to the fact that most of them have already been built and are located in more mature estates.
For BTO flats, the larger four to five room flats saw higher application rate. Overall application rate stood at 2.9.
Minister for National Development Khaw Boon Wan said in his 'Housing Matters' blog that the application rates are 'reassuring'.
This is as the overall subscription rates for first and second-timers have generally decreased as compared to previous years.
For flats in mature estates, the overall first-timer application rate for BTO units was 2.1. This number decreased to 1.8 for non-mature estates.
The application rate for Sale of Balance Flats was 1.9.
This means that first-timers enjoy a better chance of securing a flat, Mr Khaw said.
He added that more second-timers will also stand a better chance at securing a flat.
The application rate for second-timers dropped to 6.7 in this round as compared to the 20.7 in the January BTO exercise.
In addition, more applicants made use of the enhanced Married Child Priority Scheme - which gives more chances to those who opt to stay near their parents - as compared to previous rounds, Mr Khaw said.
He added that eight pairs of parents and married children have applied for the new Multi Generation Priority Scheme in Bedok.
He said that this indicated that the policies put in place are working to meet the needs of flat buyers.