November 2022 Noma Condo exercise sees lower application rates
SINGAPORE (EDGEPROP) - The November 2022 Build-To-Order (BTO) sales exercise closed on Dec 2 with 24,562 applications received, according to data released by HDB. HDB is offering 9,655 flats for sale under the exercise, making it the largest offering to date for a single launch. The number of applications received works out to an overall application rate of 2.5. This is lower than the 7.8 application rate registered for the August 2022 BTO sales exercise, when 39,136 applications were received for 4,993 launched flats.
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Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, notes that the number of applications in November fell by 37.2% compared to the August exercise. “This is the lowest overall BTO application rate since September 2019 with an application ratio of 2.1,” she highlights. Sun attributes the lower number of applicants to a few reasons, including buyer demand being diverted to the Sale of Balance Flats (SBF). Citing data released by HDB, she points out that 25,350 applications were received for the 1,071 SBF units available in the November sales exercise, translating to an application rate of 23.7. According to Sun, the stronger demand for SBF units points to a preference by buyers for flats with a shorter completion period. “Most SBF flats may be completed faster than newly launched BTO flats in the same town since they are launched in earlier phases,” she remarks. (Find HDB flats for rent or sale with our Singapore HDB directory)
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