Tuesday, April 27, 2010

Shorter wait?

THE Housing Board is looking at the possibility of awarding construction contracts earlier, in a move that can shorten the wait for new flats, said National Development Minister Mah Bow Tan (left) yesterday.

It could 'shorten the completion period from three years to, say, two to 21/2 years,' he said in his reply to Mr Lim Biow Chuan (Marine Parade GRC).

Mr Lim had suggested hastening the process of building flats to shorten the wait for couples buying new flats.

Replying, the minister said the time taken to build an HDB flat, from the moment the contract is awarded to completion, is about three years. It is a similar schedule for private developers. But they may award the contract earlier, build the apartments, and market and sell the homes later. This means the period between buying the apartment and when it is completed may be shorter than three years.

The process, if adopted by HDB, could give couples the keys to a new flat earlier.

Source: Straits Times, 27 Apr 2010

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