Property
BTO Supply Vs. Application Rates: A Look At Why Singaporeans Are Increasingly Disgruntled
By Stacked Homes  •  November 11, 2022
It was on April 2001 that the Built-To-Order (BTO) system was first launched, with the pilot scheme offering 2,500 new flats at 4 sites in Sengkang and Sembawang. This was done to replace the old Registration for Flats System (RFS), which had a few issues:
  • HDB had to build flats first, and then hope that there was enough demand to fill the flats
  • Buyers were only able to select the broad geographical zone of their desired location, but the exact location and cost were only made known when they were invited to select their flats
  • There was no way to know when the flats would be completed, and this invited further issues when flats were completed earlier but buyers weren’t adequately prepared with enough funds to pay for the downpayment.
But the real catalyst was because of the mid-1990s boom that led to HDB ramping up to build more flats, only to be stuck with 31,000 flats when the 1997 Asian Financial Crisis hit....
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By Stacked Homes
The Stacked Homes editorial began in February 2017 to provide the latest news and analysis on property in Singapore.
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