Innovations in the Manufacturing System are growing to meet the needs of more and more people. BTO is a manufacturing innovation that many people can experience. Generally, BTO is a type of housing with the government or state-owned companies as the developer. For many Singaporeans, buying a BTO flat is a significant milestone. After all, it’s usually the first home you will buy and a substantial financial commitment.
If you have been planning to buy a home, you know that owning a home is a long-term commitment. However, depending on your needs, Singapore homeowners have several options. The two most popular residential units in high-rise buildings are BTO and DBSS. Indeed, both BTO and DBSS are using the best Manufacturing System to create many high-quality buildings. Read on to find more insight into what you need to know about BTO.
Also read: The Top 5 Singapore Manufacturing Companies in 2022
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3. Cheaper renovation cost
BTO flats cost less to renovate compared to their counterparts in the resale market. That is because there is less hacking required for existing walls, tiles, and built-in cabinets. When renovating a flat, there are many cost items to take note of. Do not be fooled by the numerous articles trending on social media promising you your dream home for less than S$30,000. These homes will likely cost you much more than what you read online.
Also read: What is Manufacturing Software & How It Can Help Your Business Grow
How to Improve Your HDB BTO Application Chances?
Here is what you need to know if you are a Singaporean couple or family who wants to improve their chances of getting a BTO. First thing first, before you decide to have children (or more children) or want your parents to be involved in your application, take a moment to look at your finances and think about what your choices will lead to the end. These schemes will help you to increase your BTO application chances.1. Stay within 4km of your parents – Married Child Priority Scheme (MCPS)
HDB reserves up to 30% of BTO units for those who apply under the Married Child Priority Scheme (MCPS), which is used for a BTO project within 4km of your parents’ home (HDB or private). One key thing to note is that if you apply through the MCPS, the Minimum Occupation Period (MOP) will apply to your folks too. They must continue to live within the same radius of your home until the five years is up.
2. Apply for the same BTO project as your parents – Multi-generation priority scheme (MGPS)
If your parents are also looking for a home, you can apply to the same BTO project to increase your chances. This is for those who want all three generations of the family to live close by. Under the Multi-Generation Priority Scheme, you can make a joint application for the two separate flats. Your parents can only apply for 2-room Flexi and 3-room flats, so the BTO project you pick must have this unit mix.
3. Have a child or more children – Parenthood Priority Scheme (PPS) & Third Child Priority Scheme (TCPS)
If you are expecting a child, your application is prioritized because you will need the home more urgently. If you are an expecting married couple BTO-ing for the first time, you will be glad to know that up to 30% of the units are set aside for the Parent Priority Scheme. You may also qualify under the Third Child Priority Scheme if you have three children. The flat allocation for this one is lower at up to 5% of the BTO units. If you qualify for both, your application will first be balloted under the TCPS. If unsuccessful, it will be balloted again under the PPS.
Conclusion
Now you know that the two most popular residential units in high-rise buildings are BTO and DBSS as the manufacturing innovation. Both of them have an advantage that you can consider choosing. If you are a young couple or a first-time home buyer, buying a BTO flat is best because it is subsidized by the government yet still has many benefits.
To build a quality flat, developers need the best Manufacturing System so that all development processes can be carried out more efficiently. HashMicro comes as the best manufacturing system provider solution to help manufacturing businesses. Discuss your business needs with us as a trusted business software consultant. Get the Manufacturing Software pricing scheme from HashMicro now. To experience the benefits of the software yourself, you can request a free demo here.
