A New Rule That Affects Singapore Home Buyers

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In August 2023, a new rule was introduced for first-time applicants seeking housing. Under this new policy, if an applicant declines an offer to book a flat, they will be moved to a "second-timer" status for a year. If they decline again, they will be blocked from all Build-to-Order (BTO) exercises for another year.

This change has made it easier to secure a flat, as the application rate has now dropped to 1.7 times. However, the new ruling might create some uncertainty and anxiety among potential buyers. Some people may still view applying for a flat as a gamble, much like a lottery.

As a result, resale properties near MRT stations may attract more interest, as buyers look for alternatives to the BTO system.