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365 Credit Solutions Pte Ltd is a licensed moneylender (License No. 20/2021) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Sg’s Housing Bureau to Open 4900 More Built-To-Order Houses by August 2021

Singapore built-to-order houses

Around 4,900 Built-to-Order (BTO) community care units and apartments will be made available to Singapore residents by August 2021, the city-state’s Housing and Development Board (HDB) said.

This development comes just after 3,740 BTO units were opened across seven locations in Singapore during the initial sales exercise this February 2021.

This year’s launches include:

Housing Development Board BTO launch, August 2021

  • Hougang, Hougang Ave 3
  • Hougang, Upper Serangoon Road
  • Jurong East
  • Kallang – Whampoa
  • Queenstown
  • Tampines, Tampines Street 96
  • Tampines, Tampines Street 94

HDB BTO launch, May 2021

  • Bukit Merah
  • Geylang
  • Tengah
  • Woodlands

The previous HDB BTO launch, last 4 to 10 February 2021

  • Alkaff Breeze, Bidadari
  • Bartley GreenRise, Bidadari
  • Harmony Village @ Bukit Batok – Community Care Apartments
  • McNair Heights, Kallang
  • Parc Woods @ Tengah
  • ParkEdge @ Bidadari
  • West Hill @ Bukit Batok

What Are BTO Units Anyway?

HDB is the primary government agency in charge of managing public housing despite limited land space in Singapore, one of the world’s most densely populated cities.

This means that the BTOs are offerings from the Singaporean government: flats on the other hand may come in two-room to five-room units, with studio apartment options equipped with ideal home designs as HDB provides the Optional Component Scheme (OCS) and the Universal Design (UD).

The OCS is provided on an opt-in basis, with the cost of the packages added to the unit’s entire selling price. This is deemed as an added convenience for potential buyers under the BTO program – which can range from various sanitary fittings such as a washbasin, water tap, and shower mixer; or floor finishes for different rooms.

Meanwhile, the UD is designed to create homes that are convenient and safe: this focuses on features that can be useful most especially when linking communities and activities.

Examples of these may include, ramps, seats, playground areas, porches, friendly low-height windows, service yards, even just a wider corridor and rooms for persons with disabilities.

How a BTO works:

Singapore’s Built-to-Order system started out sometime in April 2001 as a measure against building too many flats amid a small number of applicants or constructing too few apartments despite high demand. This came after HDB constructed more flats due to a high demand in the 1990s, which eventually backfired as the Asian Financial Crisis of 1997 sharply decreased demand interest.

This left HDB with more than 31,000 unsold units which did not immediately make a profit.

HDB’s BTO flats only start construction once 65 to 70 percent of the apartments have been booked or reserved in openings or launches like what happened in February. If the quota is not met, the project would not roll – therefore avoiding unnecessary expenses that would not yield any profit.

Once a person acquires a BTO flat, he or she leases it for 99 years, based on the government’s principle of returning existing flats to the government for redevelopment and for equality.

Usually, there is a waiting time of at least three to four years – from the date of the opening – before construction commences, because again, BTOs have to meet the 65 to 70 percent occupancy rate before even breaking ground.

HDB’s initial opening involved at least 2,500 new flats at four sites at Sengkang and Sembawang, prompting the government to fully implement the system in January 2002. Since then, it replaced the Registration for Flats System.

One of the benefits of the BTO system is that potential applicants are given detailed information on the units beforehand, allowing them to make informed decisions. However, the disadvantage is that not everybody will be able to get a flat.

How to Apply for and Purchase a BTO Flat?

Availing and purchasing a BTO flat can be easily done with the following steps:

  1. Check for eligibility on the HDB website.
  2. Ballot for a flat on the HDB website.
  3. A queue number will be given if the ballot is successful.
  4. Applicants taking out an HDB loan must first obtain an HDB Loan Eligibility Letter from the HDB. If an applicant opts for a bank loan, they should get an
  5. Approval-in-Principle from your bank.
  6. Attend the flat selection exercise at HDB Hub, book the flat, pay an option fee of at least $500 to $2,000 (depending on the unit or flat type), and apply for CPF housing grants.
  7. Within at least four months, applicants can sign their lease agreement and pay the downpayment of 10% if taking out an HDB loan or 20% if taking out a bank loan. They will also have to pay stamp duty and legal fees.
  8. Wait for the flat to be built.
  9. Get ready to move in.

As mentioned above, aside from the units being prepared in August, there are BTOs that will also be opened in May. This would give Singapore residents to decide whether they should move to an HDB flat.

Parties interested in or considering acquiring a BTO unit can visit 365 Credit Solutions for an ideal solution for applicants’ financial worries which may hinder chances of living in a new area. 365 Credit Solutions is guaranteed to be of huge help to Singapore residents as it is one of the most-trusted licensed money lenders in the city.

365 Credit Solutions offers different kinds of financial aid for various and particular needs. The credit company can be contacted by calling 6222 5500. To get a loan from 365 Credit Solutions, applicants are advised to follow these steps:

  1. Call or Apply Online: Reach at 6222 5500 or fill up your details on the application found on the website so an appointment will be set for convenience.
  2. Visit 365 Credit Solutions’ Offices: Visit one of the offices and create a personalised or customised loan plan made for you.
  3. Sign the Loan Contract: Sit down for the terms and conditions discussion and then sign a loan agreement.
  4. Get your money instantly: Receive the loan cash within an hour, hassle-free!

About 365 Credit Solutions

365 Credit Solutions Pte Ltd is an established licensed moneylender since 2010 (formerly known as FLS Credit and Fu Lu Shou Credit), accredited by the Registry of Moneylenders in Singapore. We specialize in providing personal, payday, bridging, foreigner, business loans to Singaporeans & Foreigners working in Singapore.

 

Our mission is to help make taking a loan a simpler, more understandable process, and to educate our customers about their loan options in the event of an urgent need.

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