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PRESS RELEASE

HDB LAUNCHES 1,527 BTO FLATS IN JURONG WEST AND SENGKANG HDB is launching two BTO projects today ­ Boon Lay Fields in Jurong West and Compassvale Ancilla in Sengkang. A total of 1,527 new flats will be offered, comprising 224 units of Studio Apartments, 233 units of 3-room, 666 units of 4-room and 404 units of 5-room flats. 95% of the public flat supply (excluding Studio Apartments) will be set aside for First-Timer households. The details of the BTO flats offered in Boon Lay Fields and Compassvale Ancilla are in Annex A. 2 Starting from this BTO launch, HDB will: a) Provide more information on upcoming BTO launches for the next two months. This will help flat buyers to plan ahead and decide which BTO project to apply for. The details of the flats to be offered for sale under the BTO from Apr to May 2011 are in Annex C. Halve the time taken to invite applicants to select their flats. The application period for submission of applications will be reduced to 1 week. HDB will inform applicants of their ballot results within 3 weeks of the launch. Selection of flats will start from the 4th week onwards, instead of the 9th week previously. The faster turnaround will enable applicants to know their queue number for the current launch, before deciding whether to apply for the next BTO launch. Launch a new [email protected] iPhone App. The [email protected] was launched in Oct 2010 to provide HDB's customers with a convenient, one-stop access to a range of HDB's services using their mobile devices. A new iPhone App has been added to the mobile service to enable iPhone users to obtain the details of HDB sales launches on the go.

b)

c)

BOON LAY FIELDS 3 Located along Boon Lay Drive, Boon Lay Fields is a standard contract with 491 flats, comprising 93 units of 3-room, 246 units of 4-room and 152 units of 5-room flats. A childcare centre will be provided within this development. The project is located near Boon Lay Shopping Centre and Boon Lay Place Market/Food Village. There is also a wide range of facilities, such as the Boon Lay MRT and Lakeside MRT stations, Jurong Point, Jurong West Community Library, Chinese Garden and schools in the Town.

COMPASSVALE ANCILLA 4 Compassvale Ancilla is bounded by Sengkang East Road, Sengkang East Avenue and Sengkang Central. It is a premium contract with 1,036 flats, comprising 224 units of Studio Apartments, 140 units of 3-room, 420 units of 4-room and 252 units of 5-room flats. Facilities to be provided at this development are a supermarket, an eating house, a childcare centre, shops and a Residents Committee Centre. 5 This project is near Buangkok MRT station. There are also shops, supermarket and eating establishments located across the road at Sengkang Central. In addition, residents will be served by a wide range of facilities in Sengkang Town such as the Compass Point Shopping Centre, Rivervale Mall, Rivervale Plaza (an HDB neighbourhood centre), Sengkang Sports & Recreation Centre and schools. The Tampines Expressway (TPE), Kallang-Paya Lebar Expressway (KPE) and Central Expressway (CTE) provide connectivity to other parts of Singapore. PRICING OF NEW FLATS AT BOON LAY FIELDS AND COMPASSVALE ANCILLA 6 New HDB flats are priced with a generous subsidy below their market values. The market values, as determined by professional valuers, take into account the prices of comparable resale flats in the area, adjusted for factors such as location, flat attributes, design, availability of flats for occupation and prevailing market conditions. 7 In addition, eligible first-timers applicants earning not more than $5,000 per month can also apply for the Additional CPF Housing Grant (AHG) of up to $40,000. The AHG can be used to offset the initial down-payment. 8 Over and above the AHG, first-timer families earning from $1,501 to $2,250 a month can also apply for the Special CPF Housing Grant (SHG) if they are applying to buy a 3-room standard flat in Boon Lay Fields. 9 The selling prices for the flats range from: Boon Lay Fields $168,000 to $199,000 for a 3-room flat; $270,000 to $321,000 for a 4-room flat; and $334,000 to $391,000 for a 5-room flat Compassvale Ancilla $77,000 to $112,000 for a Studio Apartment; $194,000 to $232,000 for a 3-room flat; $303,000 to $359,000 for a 4-room flat; and $375,000 to $444,000 for a 5-room flat 10 The pricing details and resale comparables for Boon Lay Fields and Compassvale Ancilla are in Annexes A and B.

11 First-time flat buyers are estimated to use 24% to 30% of their monthly household income to meet their monthly loan payments for flats in Boon Lay Fields and Compassvale Ancilla. For example, a 4-room unit priced at $295,000 in Boon Lay Fields requires a monthly mortgage instalment of about $1,063. A family with a household income of $4,000 will be able to service this mortgage instalment using their CPF contributions and with minimal cash outlay. UPCOMING SALES LAUNCHES FOR FIRST HALF OF 2011 12 HDB has ramped up its new flat supply significantly to meet the demand from first-timer households. In the first half of 2011, HDB plans to offer up to 14,000 new flats under BTO. For the whole of 2011, HDB can offer up to 22,000 new flats under BTO, if demand is sustained. 13 The BTO supply will be supplemented by the housing units under the Design, Build & Sell Scheme (DBSS) and the Executive Condominium (EC) Housing Scheme. For 2011, land sites for 4,000 DBSS flats and 4,000 EC units are scheduled for sale. Details of sites for sale in the first half of 2011 are in Annex D. ESTIMATED COMPLETION DATE AND WAITING TIME 14 The Estimated Completion Date and waiting time for Boon Lay Fields and Compassvale Ancilla are detailed in Table 1.

Table 1: Estimated Completion Date and Waiting Time Housing Development Selection Date @ (Median Month of Selection) Estimated Completion Date Estimated Waiting Time Boon Lay Fields Apr to Jul 2011 (Jun 2011) 1st Quarter 2014 31 to 34 months Compassvale Ancilla Apr to Jul 2011 (Jun 2011) 3rd Quarter 2014 36 to 40 months

Note: a) @ The waiting time is computed based on the median month of selection exercise. b) The actual completion date will depend on the progress of the construction. c) The Estimated Delivery Possession Date (EDPD) is Mar 2015 for Boon Lay Fields and Jul 2015 for Compassvale Ancilla respectively. The EDPD is an estimation of the date that HDB is required under the Agreement for Lease to deliver possession of the flat. Applicants will be informed the actual Delivery Possession Date during the signing of the Agreement for Lease.

ENHANCED APPLICATION PROCEDURE 15 HDB will halve the time taken to invite applicants to select their flats. HDB will inform applicants of their ballot results within 3 weeks of the launch. Selection of flats will start from the 4th week onwards, instead of the 9th week previously. The shortened time period is made possible by the following: a) The current application period of 2 weeks for the public to submit an application online for a BTO exercise will be reduced to 1 week. Based on past BTO exercises, majority of the applicants submitted the online applications within the first week of the BTO launch. Applications for the March BTO flats can be submitted online from 24 Mar 2011 (Thursday) to 30 Mar 2011 (Wednesday). HDB will carry out eligibility checks on the applications received and ballot the selection queue positions concurrently. Applicants should read the terms and conditions carefully to ensure that they are eligible to buy a flat from the HDB, and complete their flat application accurately, e.g. household income, etc. This will avoid subsequent disqualification by HDB when an applicant is found to be ineligible for new flat purchase.

b)

16 With this enhanced procedure, flat applicants will know if they are likely to be able to select a flat in a BTO exercise before the close of the next BTO exercise. 17 We expect Compassvale Ancilla, a premium contract, to be more popular, and attract higher application rates. Flat buyers who are on a tighter budget, or who want a higher chance of success, may wish to consider the other BTO standard contract at Boon Lay Fields. More details of the application procedures and BTO Exhibition can be found in Annex E. ENQUIRIES 18 For enquiries, the public can: Log on to www.hdb.gov.sg/esales; or E-mail [email protected]; or Visit the HDB Sales Office to speak with our Customer Service Officers during office hours (Mon to Fri 8 am to 5 pm, Saturday 8 am to 1 pm).

Issued By Date

: :

Housing & Development Board 24 Mar 2011 (Thursday)

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Microsoft Word - 2011 Mar BTO_Press Release FINAL.docx