DBSS homes are offered for sale under similar eligibility rules as new HDB (Housing & Development Board) homes. These conditions include citizenship, age, family nucleus, income ceiling and past or current ownership in other public or private property. First-time buyers who are eligible receive cash and financing subsidies and are allowed to utilise their pension scheme to assist with their equity payments. Demand is often based on an individual timing with respect to meeting the criteria, and property locations are often driven by personal circumstances and distance to the MRT. As a result, HDB flats have been in some cases up to 10 times "oversubscribed" in the past and selection goes to a ballot draw.
SingXpress embarked on this venture with success as we recently won the bid at S$123.9m for a DBSS project to be developed on a 16,388.2 sqm site in Pasir Ris Central with a maximum permissible Gross Floor Area (GFA) of 40,970.5 sqm (2.5 times plot ratio), targeted to be comprised of over 450 apartments. The proposed development is a 5-block, 14-storey DBSS project with 3R, 4R, and 5R unit types inclusive of a child care centre, car park, and all facilities ancillary to the development. Project completion period is 48 months with a lease term of 103 years. The development site is at the heart of the Pasir Ris town centre with various amenities within its vicinity including the Pasir Ris Town Park, shopping centres, prestigious primary and higher level schools, as well as the Pasir Ris MRT station, the Pasir Ris Bus Interchange, and major expressways.