9500 HDB BTO flats will be launched on 23rd November 2022, with 3 new projects under the Prime Location Housing (PLH) model. The announcement was made by Minister for National Development Desmond Lee on Thursday (17 Nov 2022).
In this BTO launch, there are 3 new BTO projects under the PLH models are the Ghim Moh Natura and Ulu Pandan Banks in Queenstown and the Kallang Horizon in Kallang/Whampoa.
This is in line with what many market observers are expecting though a small number felt that Ulu Pandan Banks might not be included in the PLH model.
In a Facebook post by Mr Lee, he said that ‘These projects are located very close to transport nodes like Dover, Buona Vista and Kallang MRT stations, and are well-served by existing amenities and facilities. Given the attractive locations and attributes, these flats would naturally command higher market values. To keep such PLH projects affordable and accessible, we apply an additional subsidy, on top of the substantial subsidies already provided for all BTO flats.’
Mr Lee added that ‘In Queenstown, we are also launching Queensway Canopy. This will not be a PLH project because it is located further away from main transport nodes and major retail amenities. These flats thus have lower market values than the PLH flats at Ulu Pandan Banks and Ghim Moh Natura.
Nonetheless, Queensway Canopy residents will still have access to essential amenities, such as supermarkets, food centres and clinics. The project is also located next to the Rail Corridor, where residents will be able to enjoy a variety of recreational activities close to nature.’
Introduced in 2021, the PLH model aims to ensure that New HDB flats that are built in prime and central locations remains affordable and accessible to Singaporeans.
Flats under the PLH model come with certain conditions such as a 10 years minimum occupation period (MOP) compared to the usual 5 years MOP of the non PLH flats. This means that the PLH flat cannot be sold in the open market before 10 years.
In addition to that, because such flats are priced with additional subsidies, owners of PLH flats will have to pay a percentage of the flat’s resale price to HDB due to their higher market values.
Since inception, with these 3 new BTO PLH projects, there is now a total of 10 projects under the PLH model.