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MND: Buyers are Willing to Pay Even Higher Prices for BTO Flats

Prospective HDB BTO flat buyers are willing to pay as much as, or more than the current average prices for units in non-mature estates, according to a survey done by the Ministry of National Development.

In a survey of more than 1400 residents, more than half of prospective buyers said they were willing to pay more than the average five-room unit price of S$391,000.

For four-room flats, 26 percent were willing to pay S$300,001 to S$400,000, while another 35 percent would pay more.

The actual average price was $295,000 without government grants included.

For three-room flats, 45 percent said they would pay S$200,001 to S$300,000, and another 13 percent said they were willing to pay more than the actual average price of S$186,000 for such flats.

The MND also found that the public tends to overestimate the prices of new HDB flats.

Last year, the average price of a four-room BTO flat in a non-mature estate was S$295,000.

About 30 percent of respondents did not know how much such flats cost, while another 40 percent overestimated the price.

The most common estimate, chosen by 28 per cent, was between S$300,001 and S$400,000.

Another 11 percent thought such flats cost between S$400,001 and S$500,000, while 5 percent thought they cost even more.

Only 19 percent estimated a price of S$200,001 to S$300,000.

The survey was done over the telephone with 1477 randomly selected Singapore residents aged 20 and above.

One in 5 polled said they intended to buy a flat in the next 5 years.

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