Are students and full-time national servicemen ready to make - and commit - to buying a Build-to-Order flat? Do they have the savings to do so? Finance blogger Dawn Cher breaks down the numbers.
The move, which will take effect in the next Build-to-Order sales launch in June, has generated much chatter online. It would not be surprising if full-time students or NSFs do not have that kind of savings considering their lack of employment history. Some might even need to turn to their parents for help with the down payment.
Assuming they work 10 hours a week, it should take them about four to eight months to accumulate the amount. At every step of the BTO process, the stakes are raised and the amount one stands to lose escalates. If the relationship ends after the couple has chosen a flat and signed the Agreement for Lease, they stand to lose their application fee, option fee, stamp duty and legal fees, and their down payment.