New HDB flats available for as low as $3,000 after grants

New HDB flats available for as low as $3,000 after grants

This article was originally on GET.com at: New HDB Flats Available From As Low As $3000 After Grants

The Housing Development Board (HDB) in Singapore has just recently launched 8940 new flats comprising 3770 Built To Order (BTO) flats and 5170 Sales of Balance Flats (SBF).

The new flats can be found in different areas of Singapore, with some being in non-mature estates like Bukit Panjang and Sembawang and others in mature estates like Ang Mo Kio and Bedok. According to Minister for National Development Lawrence Wong's blogpost, this is the first time in more than 3 years that new flats are being launched in areas like Bukit Panjang and the two mature estates.

For those who are eligible for grants, prices for these new flats are available from as low as $3000 for a 2-room flexi in non-mature estates like Bukit Panjang and Sembawang. This will be possible for buyers who are eligible for the full grant amount of $40,000 from both the Additional and Special Housing Grants.

For the bigger units in the non-mature estates, such as a 4-room unit in Bukit Panjang, buyers could enjoy a savings of around $55,000 with the help of these grants.

5 money traps couples fall into when buying their first property

Eligible buyers interested in the mature estate units could also look forward to savings from these grants. For example, a 4-room unit in Ang Mo Kio could be within reach from an original price of $382,000 to $367,000 after the grant deductions; and a similar unit in Bedok could cost $393,000 after grants, from its original price of $408,000.

Minister Lawrence Wong is also spurring buyers to apply for BTOs in non-mature estates, not only because they are more affordable, but also because there are bound to be significant development plans at these estates hence making them just as accessible and developed as a mature estate.

BTOs in Bukit Merah were also supposed to be launched, however the units there require more time for further review and will only be launched once the review is complete.

These new HDBs are called EastCreek @ Canberra located in Sembawang, Senja Valley, Senja Heights, and Senja Rivers in Bukit Panjang, Ang Mo Kio Court in Ang Mo Kio and Bedok North Woods in Bedok. Online applications for these new flats will close on 30 May 2016.

Keen To Find A Property?

If you and your partner have been looking to buy one of these new flats, you still have time to send in an application. It would be good to do some homework and know how much money you need to buy your first HDB flat, that way you can make sure you're managing your money as a couple properly.

Make sure you also check out which HDB grants will suit you so you don't lose out of the benefits of these grants.

Looking for a home loan in Singapore? To save time and money, use a home loan comparison site like GET.com to help you make a decision.

Here you can check out the 4 things you can consider when comparing home loans if you want to refinance your home loan.

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