Singapore is, without a doubt, everyone’s dream land. Whether you are a couple looking for your first house or someone planning to stay here for good, now is the time for you to understand how owning a home here works. Are you curious as to how long will it take to have your dream flat come true? Check this guide out!
What is HDB BTO?
The Housing Development Board (HDB) is responsible for public housing in Singapore. BTO stands for Build-to-Order and is a flat allocation system under the HDB. Interested buyers must apply for a flat of their preferred locations and wait for it until fully constructed.
Setting Your Expectations Right
Owning a flat in Singapore requires patience and persistence. On average, the whole process can take years, and as a prospective buyer, having complete knowledge on the timeline of HDB BTO completion will save you from unnecessary worrying.
Shorter Wait Time This 2019
It is universal truth that interested homeowners wait ever so desperately for their future homes to get completed. To note, the average waiting period is within 3-4 years. However, good news is in store this 2019 as amendments to the current process has reduced buyers’ agony to just 2-3 years from the point of application. This is exciting news!
Measures Taken to Shorten Time
The following are some of the several measures introduced by HDB over the years:
- In 2011, flats were built ahead of order, with construction typically commencing soon after the launch of the BTO project.
- In 2017, construction of selected BTO projects were done in advance (about a year ahead of the estimated launching).
- Builders use precast technology to expedite construction and still maintain quality standards.
The Timeline
HDB’s 2019 flat supply includes about 2,000 units with shorter wait time in the new Tengah town. Home buyers can expect to obtain the keys to these flats in about 2 to 3 years instead of the usual 3 to 4 years.
Here is the updated HDB BTO timeline for your flat:
- BTO Projects – wait time of about 3-4 years for standard BTO projects
- BTO Projects (with shortened waiting time) – wait time of approximately 2.5 years
- Balance Flats – typically shorter than that of BTO projects since balance flats are usually close to completion or are already completed
The Process for Buying a New Flat
You can get an estimate of the time needed for each stage of the buying process here:
- Announcement of Flat Sales Launch
- Build-to-Order (BTO) – quarterly launch
- Singapore Business Federation (SBF) – bi-annual launch
- Re-Offer of Balance Flats (ROF) – bi-annual launch
- Check your eligibility
- Are you eligible to buy?
- Are you eligible for HDB or a bank loan?
- Are you eligible for other finances?
- Submit your application if qualified
- The following is the expected turnaround time after the application period closes:
- BTO – 1.25 months
- SBF – 2.25 months
- ROF – 1 week
- The following is the expected turnaround time after the application period closes:
- Wait for the ballot result
- NOTE: There is a time frame of 1-2 weeks before you can receive an invitation to book a flat that is also with a first-come-first-serve basis.
- Wait for your appointment
- An invitation will be sent to you to book a flat. Please note that you need to bring a valid HDB Eligibility (HLE) letter if you intend to avail of an HDB loan, or a Letter of Offer, if bank loan.
- Key collection
- NOTE: Waiting for the key to your future home will take about:
- BTO – 2-3 years
- SBF/ROF – 3 months (You will sign the Lease Agreement and collect the key on the same day.)
- NOTE: Waiting for the key to your future home will take about:
Please note that the above timeline is indicative and may vary in each case.
Important Reminders
- Flat applications can only be made online.
- For young couples buying a flat, kindly check if you are eligible for the deferred income assessment.
- If you have booked a flat, you can also apply for the following, if eligible (but not for buyers selecting an SA):
- Additional CPF Housing Grant
- Special CPF Housing Grant
- Step-Up Housing Grant
- Only eligible applicants will be offered the option to avail of the Staggered Downpayment Scheme.
- For keys collection, it always depends on the Estimated Completed Date (ECD).
- NOTE: ECD varies across projects and you will be advised of such as soon as you are invited to book a flat.
- For Design, Build and Sell Scheme (DBSS) flats/Executive Condominiums (EC), since these are built and sold by private developers, you must check with them the timeline of your purchase.
- Buyers who are in urgent housing need can always consider applying for balance flats under the Sale of Balance Flats and Re-Offer of Balance Flats exercises.
Indeed, getting a house is never easy, wherever and whatever road you decide to partake. But thanks to this guide, you now now what to expect. You now have knowledge on the different timelines on how owning a home works in Singapore.
Will you still go for it or just give up? The best decision is still up to you, and we are hoping that this guide served you well.
