After 4-year BTO queue number drought, zillennial couple gave up and went private instead

“We initially tried to apply for a BTO flat (in various locations) over the span of three to four years. Sadly, we didn’t manage to get any ballot numbers or flats to choose.”

These were the first few words Jeraldine, 28, who started working in real estate one-and-half years ago, shared with 99.co when asked about her home-buying journey.

Together with her husband, Alfred, 29, who’s been working as a public servant for six years, the couple then explored resale HDBs as the next possible step.

“After looking and visiting some of the HDB resale units, we realised that there wasn’t much growth potential, as we were hoping to use some of the profits to upgrade in the future.”

During their HDB resale hunt, the couple had initially set their eyes on a potential unit in Clementi.

However, to the couple’s dismay, the price of that unit was listed in a high $800,000 range. It was at that stage that they realised that resale prices were skyrocketing like never before due to the effects of Covid-19 restrictions.

“This was also because most of the BTO projects were behind schedule and many people flocked to the resale market. These delays definitely sparked greater demand for resale flats among home buyers.”

Having failed to secure a BTO queue number over several years and then, being caught in an accelerated resale demand boom, the couple found themselves in a dilemma. Should they pay a premium for an HDB, or search for alternatives?

After some deliberation, Jeraldine and Alfred felt that for the price of the HDB resale unit they were considering, it was possible to find a matching private unit at around the same price, give or take.

They were right.

Eventually, they found and settled for a two-bedroom, 721-square-foot condo at MacPherson’s Bartley Ridge, paying about $1,400 psf.

Having waited for so many years to get a new home, once they collected their keys in September 2021, they immediately started renovations. Instead of an ID, they worked with a contractor for 2.5 months to save cost.

Fortunately, despite their topsy-turvy four-five year journey with the HDB housing market, their decision to go private saw them moving into their new home on Dec 31, 2021.

“Just in time to celebrate the New Year countdown!”

As to why Bartley Ridge itself, the couple felt that their newfound home had all the right attributes they were looking for.

“The location was what attracted us to buy the project. It’s very convenient as we are just beside Bartley MRT (~three mins walk). Maris Stella is also located within 1km.

"We are also located near malls like Paya Lebar Quarter and NEX. In addition, there are upcoming/existing HDB BTOs (in the area), which we felt will continue to boost the amenities around us,” Jeraldine said.

Besides the location, the couple like the fact that their master bedroom is located before their common bedroom.

Also, due to limited space, their condo does not have a bomb shelter (for storage), so they designed their house according to their needs. This includes having hidden storage, moveable furniture and mirrors to create the illusion of larger living space.

As for tips and advice for other homebuyers, especially first-timers looking for the BTO-resale-private route, Jeraldine shared the following:

“It is important to calculate your finances properly. Many times, people are only looking out for capital gains, without giving much consideration to other factors, such as monthly mortgages (high-interest rate), MCST e.g.

"It is also important to understand the reason behind why the seller is selling the unit. While the majority may cite upgrading as the primary reason, it is important to find out more information from the seller’s agent (any defects, unfriendly neighbours, bad condo management e.g.).

“Do not be “paiseh” (shy) to ask your agent the 101 questions that you may have. Buying a house is a big ticket item. They are there to answer any doubts that you have. It is also in your interest not to rush into making hasty decisions.

"Take your time, arrange for more viewings and look online for articles and information that may help you in finding your next dream home!”

For the time being, as Jeraldine and Alfred settle into their new home, they are planning to start a family. Eventually, they will look for a bigger home in time to come.

ALSO READ: BTO or resale HDB flat: First-timer dilemma

This article was first published in 99.co.