Sale of Balance Flats (SBF): A Housing and Development Board (HDB) initiative offering unsold flats from previous Build-To-Order (BTO) launches, flats from Selective En Bloc Redevelopment Scheme (SERS) projects, and units that were repossessed or returned to HDB. These flats can range in age, with some being nearly as old as 47 years. Unlike new BTO flats, SBF units may not come with a full 99-year lease.
Eligibility Criteria: Similar to BTO applications, buyers must meet certain age and citizenship requirements. Individuals must be at least 21 years old if applying with a spouse or fiancé(e), and singles must be 35 years or older. Income and property ownership conditions also apply.
Benefits: SBF flats often attract buyers due to their potentially lower prices compared to the resale market and the availability of the Enhanced CPF Housing Grant (EHG), which can amount up to S$80,000. Additionally, the diverse range of locations across both mature and non-mature estates provides more options for potential homeowners.
Launch and Application Process: SBF exercises are announced periodically, with recent changes limiting them to once a year. Applicants must conduct a preliminary eligibility check and apply for an HDB Flat Eligibility (HFE) letter. Information about available units, including their location and age, is released at the launch.
Waiting Time: The wait for an SBF unit varies. Ready units can have keys collected within six months after booking, while others still under construction may require a longer wait. However, SBF generally offers a shorter waiting period than BTO flats.
Selection and Pricing: Availability and pricing of SBF units depend on factors like the flat’s location, size, floor level, and remaining lease. While some SBF units may be priced lower than their BTO counterparts, they remain subsidized to ensure affordability compared to resale flats.
Allocation: HDB allocates flats through a balloting process, with specific quotas for first-timers, second-timers, and various applicant categories. The allocation process aims to prioritize first-time buyers and ensure fair distribution among different demographic groups.
Understanding SBFs provides an alternative path to homeownership in Singapore, offering a middle ground between the wait for a new BTO flat and the higher prices of the resale market.