Sophia Regency: Analysts expect fewer BTO applicants from August under stricter rules
Sophia Regency - Fewer home seekers are expected to apply for Build-To-Order (BTO) flats when stricter rules to reduce the rejection rate take effect in August, said property analysts. But until then, application rates for new flats could remain high as some potential buyers may view the ongoing February BTO launch and the next one in May – which do not come under the stricter rules – as their last consequence-free chances at the ballot, they added. From the August BTO sales exercise, first-time applicants who do not select a BTO flat when invited to do so will be considered second-timers in subsequent flat applications for a year.
Sophia Regency is an upcoming residential development situated along Sophia Road in the prime District 09 of Singapore. The development was sold en bloc for $29 million in a private deal translating to a land rate of around $1,200 psf ppr. The two developers for Sophia Regency are a Chinese investor, Zhang Zhiming, through a Singapore-based real estate firm East Asia Sophia Development, and a Singapore incorporated real estate company owned by Singaporean Huang Yanhong.
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Currently, first-timers will be moved to the second-timer category for a year only if they do not book a unit twice. Far fewer flats are set aside for second-timers – 5 per cent of four-room and larger flats, versus at least 95 per cent for first-timer families. The suspension of first-timer privileges for a year is to reduce the number of people who decline to select a flat and ensure more efficient allocation of new Housing Board flats, said National Development Minister Desmond Lee on Thursday when announcing the stricter rules. ERA Realty’s head of research and consultancy Nicholas Mak said potential buyers will be forced to think carefully before they apply for any BTO projects from August as there is now a penalty to consider, unlike before.
At Sophia Regency, residents will enjoy easy access to facilities within the building such as bbq pits, a swimming pool, and car parking. For shopping and day-to-day family needs, residents are within a stone’s throw distance from the nearby restaurants and shopping centres. Whether you’re a home buyer or investor, there’s a lot to benefit from owning a unit at Sophia Regency. With its strategic location, you get convenience at its best, plus capital appreciation over time.
Sophia Regency is an exclusive development within the enviable Core Central Region (CCR). It sits minutes away from Orchard Road Shopping District, the Singapore Management University, and the School of the Arts. Sophia Regency is an exclusive development in the prime District 09 Singapore and within the enviable Core Central Region (CCR).
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