You would probably have heard of HDB’s Build-To-Order (BTO) and resale flats. But did you know of the third option in the public housing market: Sale of Balance Flats (SBFs)?
If you can’t afford to wait four to five years for a new BTO flat or pay for the ever-increasing HDB resale flat prices, another option is to purchase a flat via HDB’s SBF or under the new open booking system.
HDB SBF launches happen twice a year – typically during May and November. The flats here are unsold units from previous BTO launches, surplus Selective En Bloc Redevelopment Scheme (SERS) replacement flats, and any flats repurchased by HDB.
Any remaining unsold units after SBF will then be available under the HDB Open Booking system, with the next Open Booking scheduled to take place this September 2022.
The latest May SBF exercise was launched on 27 May 2022, consisting of a total of 1,952 units across Singapore, with applications ending on 2 June, Thursday, 23:59hrs.
With little time left on the clock, this article will guide you through what these flats are all about, what to take note of, as well as the eligibility process and application process should you decide to apply for this HDB SBF launch.
May 2022 HDB SBF Launch Overview
Non-Mature Estates
| Town/Estate | Flat Application Category | Units | Selling Price (w/o grants) | Selling Price (w/ grants) |
|---|---|---|---|---|
| Bukit Batok | 2-room Flexi | 10 | From S$110,000 | From S$30,000 |
| 3-room (income ceiling S$7,000) | 6 | From S$187,000 | From S$112,000 | |
| 4-room | 63 | From S$258,000 | From S$198,000 | |
| 5-room | 23 | From S$411,000 | From S$366,000 | |
| Bukit Panjang | 2-room Flexi | 7 | From S$110,000 | From S$30,000 |
| 3-room (income ceiling S$7,000) | 2 | From S$193,000 | From S$118,000 | |
| 4-room | 6 | From S$317,000 | From S$257,000 | |
| 5-room (2 units)/ 3 Gen (3 units) | 5 | From S$411,000 | From S$396,000 | |
| Choa Chu Kang | 2-room Flexi | 11 | From S$121,000 | From S$41,000 |
| 3-room (income ceiling S$7,000) | 3 | From S$205,000 | From S$130,000 | |
| 4-room | 5 | From S$265,000 | From S$205,000 | |
| 5-room | 2 | From S$405,000 | From S$360,000 | |
| Hougang | 2-room Flexi | 14 | From S$102,000 | From S$22,000 |
| 3-room (income ceiling S$7,000) | 5 | From S$208,000 | From S$133,000 | |
| 4-room | 7 | From S$244,000 | From S$184,000 | |
| 5-room | 4 | From S$415,000 | From S$370,000 | |
| Jurong East | 3-room (income ceiling S$7,000) | 1 | S$228,000 | S$153,000 |
| 4-room | 1 | S$337,000 | S$277,000 | |
| 5-room | 1 | S$390,000 | S$345,000 | |
| Jurong West | 2-room Flexi | 9 | From S$103,000 | From S$23,000 |
| 3-room (income ceiling S$7,000) | 5 | From S$153,000 | From S$78,000 | |
| 4-room | 10 | From S$258,000 | From S$198,000 | |
| 5-room | 6 | From S$370,000 | From S$325,000 | |
| Punggol | 2-room Flexi | 49 | From S$118,000 | From S$38,000 |
| 3-room (income ceiling S$7,000) | 5 | From S$237,000 | From S$162,000 | |
| 3-room (income ceiling S$14,000) | 4 | From S$263,000 | From S$188,000 | |
| 4-room | 63 | From S$263,000 | From S$203,000 | |
| 5-room (36 units)/ 3 Gen (2 units) | 38 | From S$385,000 | From S$340,000 | |
| Sembawang | 2-room Flexi | 15 | From S$106,000 | From S$26,000 |
| 4-room | 11 | From S$297,000 | From S$237,000 | |
| 5-room | 3 | From S$395,000 | From S$350,000 | |
| Sengkang | 2-room Flexi | 33 | From S$98,000 | From S$18,000 |
| 3-room (income ceiling S$7,000) | 4 | From S$214,000 | From S$139,000 | |
| 4-room | 40 | From S$248,000 | From S$188,000 | |
| 5-room | 12 | From S$403,000 | From S$358,000 | |
| Tengah | 2-room Flexi | 122 | From S$115,000 | From S$35,000 |
| 3-room (income ceiling S$7,000) | 27 | From S$198,000 | From S$123,000 | |
| 4-room | 53 | From S$309,000 | From S$249,000 | |
| 5-room | 37 | From S$407,000 | From S$362,000 | |
| Woodlands | 2-room Flexi | 100 | From S$103,000 | From S$23,000 |
| 3-room (income ceiling S$7,000) | 11 | From S$191,000 | From S$116,000 | |
| 4-room | 29 | From S$218,000 | From S$158,000 | |
| 5-room (21 units)/ 3 Gen (1 units) | 22 | From S$273,000 | From S$228,000 | |
| Yishun | 2-room Flexi | 34 | From S$102,000 | From S$22,000 |
| 3-room (income ceiling S$7,000) | 9 | From S$175,000 | From S$100,000 | |
| 4-room | 38 | From S$258,000 | From S$198,000 | |
| 5-room | 7 | From S$391,000 | From S$346,000 |
Mature Estates
| Town/Estate | Flat Application Category | Units | Selling Price (w/o grants) | Selling Price (w/ grants) |
|---|---|---|---|---|
| Ang Mo Kio | 2-room Flexi | 11 | From S$187,000 | From S$107,000 |
| 3-room | 5 | From S$222,000 | From S$162,000 | |
| 4-room | 20 | From S$293,000 | From S$248,000 | |
| 5-room | 3 | From S$580,000 | From S$550,000 | |
| Bedok | 2-room Flexi | 21 | From S$146,000 | From S$66,000 |
| 3-room | 13 | From S$173,000 | From S$113,000 | |
| 4-room | 11 | From S$256,000 | From S$211,000 | |
| 5-room | 1 | S$638,000 | S$608,000 | |
| Bishan | 2-room Flexi | 8 | From S$214,000 | From S$134,000 |
| 3-room | 6 | From S$314,000 | From S$254,000 | |
| 4-room | 25 | From S$326,000 | From S$281,000 | |
| 5-room | 2 | From S$670,000 | From S$640,000 | |
| Bukit Merah | 2-room Flexi | 5 | From S$166,000 | From S$86,000 |
| 3-room | 12 | From S$155,000 | From S$95,000 | |
| 4-room | 7 | From S$388,000 | From S$343,000 | |
| 5-room | 2 | From S$694,000 | From S$664,000 | |
| Bukit Timah | 2-room Flexi (short lease) | 1 | S$120,000 | S$40,000 |
| 5-room | 1 | S$694,000 | S$664,000 | |
| Clementi | 3-room | 10 | From S$183,000 | From S$123,000 |
| 4-room | 13 | From S$298,000 | From S$253,000 | |
| 5-room (9 units)/ 3 Gen (25 units) | 34 | From S$475,000 | From S$445,000 | |
| Central | 3-room | 1 | S$298,000 | S$238,000 |
| Geylang | 2-room Flexi | 42 | From S$136,000 | From S$56,000 |
| 3-room | 28 | From S$163,000 | From S$103,000 | |
| 4-room | 114 | From S$328,000 | From S$283,000 | |
| Kallang/Whompoa | 2-room Flexi (short lease) | 35 | From S$118,000 | From S$38,000 |
| 3-room | 16 | From S$143,000 | From S$83,000 | |
| 4-room | 34 | From S$464,000 | From S$419,000 | |
| 5-room (1 unit)/ Executive (1 units) | 2 | From S$635,000 | From S$605,000 | |
| Marine Parade | 3-room | 2 | From S$268,000 | From S$208,000 |
| Pasir Ris | 2-room Flexi | 8 | From S$164,000 | From S$84,000 |
| 3-room | 3 | From S$297,000 | From S$237,000 | |
| 4-room | 11 | From S$298,000 | From S$253,000 | |
| 5-room (12 unit)/ Executive (3 units) | 15 | From S$440,000 | From S$410,000 | |
| Queenstown | 2-room Flexi | 23 | From S$146,000 | From S$66,000 |
| 3-room | 12 | From S$174,000 | From S$114,000 | |
| 4-room | 7 | From S$331,000 | From S$286,000 | |
| 5-room | 1 | S$854,000 | S$824,000 | |
| Serangoon | 2-room Flexi | 1 | S$97,000 | S$17,000 |
| 3-room | 2 | From S$274,000 | From S$214,000 | |
| 4-room | 9 | From S$338,000 | From S$293,000 | |
| 5-room | 2 | From S$532,000 | From S$502,000 | |
| Tampines | 2-room Flexi | 21 | From S$151,000 | From S$71,000 |
| 3-room | 25 | From S$216,000 | From S$156,000 | |
| 4-room | 91 | From S$328,000 | From S$283,000 | |
| 5-room (61 unit)/ 3Gen (2 units) | 63 | From S$470,000 | From S$440,000 | |
| Toa Payoh | 2-room Flexi | 31 | From S$112,000 | From S$32,000 |
| 3-room | 34 | From S$238,000 | From S$178,000 | |
| 4-room | 102 | From S$236,000 | From S$191,000 | |
| 5-room (30 unit)/ 3Gen (1 units) | 31 | From S$599,000 | From S$569,000 |
How competitive is the May HDB SBF launch? As of 1 June 12pm, there were
- 2-Room Flexi: 3,510 applicants / 614 units available
- 3-Room & Larger: 14,862 applicants / 1,338 units available
View the SBF application rate live here!
How Do I Apply for an HDB Sale of Balance Flat (SBF)?
1) Check Eligibility
Before you apply for an HDB SBF, you might want to check your eligibility here first.
In general, you will have to fulfil the following criteria:
- One of the applicants must be a Singapore Citizen with the other either a Singapore Citizen/Permanent Resident
- At least one of the applicants must be above 21 years of age
- Applicant’s combined income must not exceed: S$14,000 for families or S$21,000 for extended families
- Applicants or occupants of the flat do not own any other local or overseas property
- Applicants have not sold any property within the last 30 months
- Applicants have not bought more than one new HDB/DBSS flat or EC before
- Applicants have not received more than one CPF Housing Grant
2) Apply for your flat
If you have a specific location in mind, you may refer here.
Once you have decided on the SBF, you may head over to the HDB website and apply online by 2 June 2022, 2359hrs with a S$10 admin fee.
As the process is through a ballot and not on a first-come, first-served basis, do take your time to mull over your options before making your decision.
Of course, you would have a higher chance of getting an SBF project with fewer applicants! There are several other ways to increase your chances as well: First Time Applicant, Applying as a couple/family, and under HDB priority schemes.
3) Home Loan
In the meantime, you will probably want to prepare for a home loan.
If you’re planning to get an HDB loan, you would need to apply for an HDB Loan Eligibility (HLE) letter. If you’re looking for a bank loan instead, you will need to ask for an Approval in Principle (AIP) letter from the bank.
To find out if you should apply for an HDB Loan or Bank Loan, check out our in-depth analysis over here.
4) Booking Your Flat
If you are successful, you will be invited to book a flat.
The selection exercise will begin in August 2022.
There are several items that you will need to bring with you during this appointment, such as the standard Identity Card (IC). Do not worry as you will be briefed on what to bring.
At HDB Hub, you will be shown what’s available to you, and if you like what you see, you can book the flat on the spot and pay the option fee based on the size of your chosen flat:
| Flat Type | Option Fee Payable |
|---|---|
| 2-room Flexi Flat | $500 |
| 3-room Flat | $1,000 |
| 4-/5-room/3Gen/Executive Flat | $2,000 |
5) Sign the Agreement of Lease
The next appointment with HDB Hub will probably be to sign the lease agreement.
Again, there are several items that you will need to bring with you, but you will be briefed beforehand.
You will probably need to pay the down payment for your flat as well:
10% of your flat’s purchase price (or 5% if you are eligible for the Staggered Downpayment Scheme) if you opt for the HDB Loan OR 20% of your flat’s purchase price if you take up a bank loan.
Other payments to be made include the stamp duty and legal fees (1-4% of your flat’s selling price).
For more information, please refer to HDB’s website here.
6) Collect your Keys
The next time you hear from HDB will be to collect your keys. YAY! This process could be as fast as 3 months or up to 2 years, depending on how far along your flat is in the construction process.
Housing Grants
The grants available for SBF applicants include the Enhanced CPF Housing Grant and Step-Up CPF Housing Grant.
| HDB/CPF Housing Grant | Income Ceiling | Grant Amount |
|---|---|---|
| Enhanced CPF Housing Grant | S$9,000 | S$5,000 to S$80,000 |
| Step-Up CPF Housing Grant | S$7,000 | S$15,000 |
Conclusion
The Sale of Balance Flat exercise happens twice a year – May & November. In the event that you are unable to secure a flat during this May exercise, you could always try again during the November launch. Alternatively, you could try the Open Booking of Flat exercise, or check out the resale flat market.
However, do take note that the SBF exercise coincides with the May and November BTO sales launches, and that you are unable to apply for both a SBF and BTO flat at the same time. If you are interested in the BTO launch this May as well, refer to our article here for more information!
Good luck to those who are planning to apply for the SBF exercise this May!
The article May 2022 HDB BTO Launch Review: The Time to Buy? originally appeared on ValueChampion.