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HDB BTO May 2022 Queenstown Review: Attractive Location Near 'Branded' Schools
The HDB BTO May 2022 Queenstown launch consists of a total of 867 3-room and 4-room flats. Think you might be interested? Keep reading.
Mature estates tend to receive lots of attention at every BTO launch, but in particular, Queenstown is an extremely popular location. Just look at the recent batch of Dawson flats that reached MOP in 2021 — they sold for record-high prices! In response to the ‘flipping’ of these BTO flats for large profits (the “lottery effect”), the Government introduced the Prime Location Public Housing (PLH) model late last year. The good news is that the HDB BTO May 2022 Queenstown flats will be offered under the PLH model!
Named Ghim Moh Ascent, the HDB BTO May 2022 Queenstown project enjoys a great location near the upmarket enclave Holland Village and is very close to several schools. It will also enjoy easy access to the city centre via the East West Line on the MRT network, as well as by road.
HDB BTO May 2022 Queenstown BTO Map (Ghim Moh Ascent)
Want to live in the area but can’t wait for an HDB BTO flat? Check out the latest listings for Queenstown resale flats on PropertyGuru.
Ghim Moh Ascent Queenstown BTO Location (HDB BTO May 2022 launch)
HDB BTO May 2022 Queenstown | Ghim Moh Ascent |
Address | Bounded by Ghim Moh Road, Ghim Moh Close, and the Rail Corridor, Ghim Moh Ascent |
Nearest MRT | Buona Vista (East West Line / Circle Line) |
Nearest bus interchange | Nearest bus terminal is Buona Vista Bus Terminal |
Nearest schools | Anglo-Chinese School (International), Anglo-Chinese School (Independent), Anglo-Chinese Junior College, Fairfield Methodist Primary School, Fairfield Methodist Secondary School |
Other nearby amenities | Ulu Pandan Community Club, The Star Vista, Holland Village, Rochester Park, Rochester Mall, one-north, Ghim Moh Market & Food Centre, Holland Village Market & Food Centre |
The 867-unit Ghim Moh Ascent launch is located on Ghim Moh Road, about 5 minutes’ walk from Buona Vista MRT station and about 13 minutes’ walk from Holland Village MRT station. Due to its location in a well-liked neighbourhood with numerous surrounding schools, the Queenstown May 2022 BTO launch is likely to be heavily oversubscribed.
The Ghim Moh Ascent launch site is in a mature estate situated within walking distance of affluent enclave Holland Village, with its many restaurants, cafes, bars and lifestyle amenities. Future residents will have easy access to malls such as The Star Vista and Rochester Mall.
The HDB BTO May 2022 Queenstown site is also within walking distance of the one-north business park as well as the Ministry of Education, making it ideal for those who work in the area.
Another selling point for families with kids is the proximity of the HDB BTO May 2022 Queenstown site to numerous schools such as ACS (Independent), Anglo-Chinese Junior College, and Fairfield Methodist Secondary School.
However, as only 196 3-room and 671 4-room units are available in this launch, it is likely to draw the attention of smaller households and couples without children who are keen to capitalise on the area’s lifestyle perks.
Ghim Moh Ascent Queenstown BTO Price (HDB BTO May 2022 Launch)
Unit type | Ghim Moh Ascent BTO Price (HDB BTO May 2022) | Previous Queenstown BTO Price (HDB BTO Aug 2021) | Previous Queenstown BTO Price (HDB BTO Nov 2012) | Median resale flat prices in the area |
3-room | From $369,000 | $382,000 to $464,000 | $310,000 to $374,000 | $360,000 |
4-room | From $511,000 | $540,000 to $670,000 | $450,000 to $594,000 | $779,000 |
With a medium-sized batch of units up for grabs, the HDB BTO May 2022 Queenstown project looks likely to be heavily oversubscribed. Other than the last launch in August 2021, there have been no launches in Queenstown since November 2012.
Due to Ghim Moh Ascent’s location in a highly popular mature estate, flats are priced at a premium. As the flats are launched under the PLH model, buyers will be subject to a 10-year Minimum Occupation Period (MOP), among other restrictions.
Based on HDB’s resale statistics, median resale prices for 3-room and 4-room flats in Q1 2022 were $360,000 and $820,000 respectively. If these prices, particularly those for 3-room resale flats, seem a little low to you, it is because they have been pulled down by the sale of older flats built in the 1960s and 1970s. New flats are likely to enjoy high resale prices after the MOP is up.
Budgeting for Your Queenstown May 2022 BTO Home Loan
With the Ghim Moh Ascent flats priced at a premium (with additional subsidies), budgeting for your new home is a must before you submit your application.
HDB BTO May 2022 Queenstown unit type | Price | If you take an HDB loan (at 2.6% p.a., 85% LTV) | If you take a bank loan (at 1.6% p.a., 75% LTV) |
3-room | $369,000 | $55,350 downpayment; estimated $1,423 monthly mortgage repayments | $92,250 downpayment; estimated $1,120 monthly mortgage repayments |
4-room | $511,000 | $76,650 downpayment; estimated $1,971 monthly mortgage repayments | $127,750 downpayment; estimated $1,551 monthly mortgage repayments |
We’ve used the lowest starting price estimates, but depending on the unit you’ve been allocated, the exact price you pay might be different. All prices exclude CPF housing grants.
We’ve based our HDB loan calculations on an interest rate of 2.6% and an LTV of 85%, adjusted based on the December 2021 property cooling measures. Our bank loan calculations have been based on an interest rate of 1.6% and an LTV of 75%.
All the above examples are calculated based on a 25-year loan. If you are able to pay higher monthly instalments, you can opt for a shorter loan tenure in order to be debt-free sooner.
Need a more precise estimate? Use our affordability calculator to work out how much you will need to pay. If you require personalised assistance for financing and home loans, don’t hesitate to get in touch with one of our PropertyGuru Finance mortgage experts.
Ghim Moh Ascent Queenstown BTO Amenities (HDB BTO May 2022 Launch)
An Array of Lifestyle and Food Options at Holland Village
The HDB BTO May 2022 Queenstown launch is situated close to Holland Village and Rochester Park, which gives residents access to an array of chic restaurants, cafes, and bar options.
Holland Village, in particular, is home to numerous well-loved food options, including the Holland Village Market & Food Centre, 363 Katong Laksa and Crystal Jade Hong Kong Kitchen.
The HDB BTO project is also located near Ghim Moh Market & Food Centre, where there are many well-loved stalls.
Close to Schools Like ACS(I), Fairfield Methodist School (Secondary)
Ghim Moh Ascent is located within walking distance of numerous choice schools such as Anglo-Chinese School (Independent), Anglo-Chinese Junior College, Anglo Chinese School (International), Fairfield Methodist Primary School and Fairfield Methodist Secondary School.
Near Buona Vista MRT Station, Travel to the CBD in 10 to 20 Minutes
The HDB BTO May 2022 Queenstown site is located five minutes’ walk from Buona Vista MRT station, which connects directly to Raffles Place MRT station. No line changes are required and the journey to the CBD takes about 17 minutes via public transport.
Residents can also drive to the city centre in 10 to 15 minutes via the AYE, Holland Road or Commonwealth Avenue.
Near one-north Business Park
The HDB BTO May 2022 Queenstown project is located within walking distance of the business park at one-north, making it convenient for anyone working in the area. If residents are planning to rent out a room (or the entire unit after MOP), there is likely to be good demand for such rooms.
Residents can also enjoy the many restaurants and cafes that have popped up to serve those working there, including Peperoni Pizzeria @ Biopolis and Jimmy Monkey Cafe & Bar.
Conclusion: Is Ghim Moh Ascent (HDB May 2022 Queenstown BTO) Worth Balloting For?
The HDB BTO May 2022 Queenstown launch is ideal for those who have the budget for a flat in a desirable and well-located neighbourhood. Due to the availability of only 3-room and 4-room flats, Ghim Moh Ascent is better suited to couples without children and smaller households.
Pros of Ghim Moh Ascent (May 2022 Queenstown HDB BTO)
Attractive neighbourhood with plenty of food and lifestyle options
Five minutes’ walk to nearest MRT station
Near several popular schools
Connects to the city centre in 10 to 20 minutes
Near one-north business park
Cons of Ghim Moh Ascent (May 2022 Queenstown HDB BTO)
Pricey
2-room Flexi and 5-room flats not available
Competition for flats is likely to be fierce
Under the PLH model (subject to additional restrictions when selling/renting after MOP is over)
Due to its desirable location and good connectivity to the city centre, expect competition for the HDB BTO May 2022 Queenstown launch to be fierce.
Ghim Moh Ascent is likely to be popular with small and affluent households due to its proximity to lifestyle destinations like Holland Village, as well as having an MRT line that directly connects it to the CBD.
Although the proximity to numerous schools might be a plus for some families with kids, the availability of only 3- and 4-room flats might cause larger families to opt for less central neighbourhoods where 5-room flats are available.
One thing is for sure, the Queenstown launch is an expensive one. Those on a tight budget might prefer to opt for BTO flats in non-mature estates like Yishun and Jurong West, both of which are also available in the May BTO 2022 launch.
Not sure if you should ballot for the HDB BTO May 2022 Queenstown flats? Read about the other BTO 2022 launches in May below:
May 2022 HDB BTO Launch Overview: Bukit Merah, Jurong West, Queenstown, Toa Payoh, Yishun
HDB BTO May 2022 Bukit Merah Review: Unbeatable Location Near Redhill and Tiong Bahru MRT
HDB BTO May 2022 Jurong West Review: Good Investment in Singapore’s Second CBD
HDB BTO May 2022 Toa Payoh Review: Foodie Paradise on the City Fringe
HDB BTO May 2022 Yishun Review: Located in the North, But With Good Connectivity
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This article was written by Joanne Poh. A former real estate lawyer, she writes about property and personal finance and spends her free time compulsively learning languages and roller skating in carparks.
