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HDB launches close to 7,000 new flats in June 2024 BTO sales launch

EdgeProp Singapore
·5-min read


SINGAPORE (EDGEPROP) - The Housing and Development Board (HDB) has launched 6,938 new flats for sale under the June 2024 Build-to-Order (BTO) sales exercise. The newest BTO projects are in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun.

This will be the last BTO sales exercise where projects will be classified under the mature and non-mature categories. The upcoming BTO sales exercise in October will see those BTO projects classified as Standard, Prime and Plus.

Lee Sze Teck, senior director of data analytics at Huttons Asia, expects a high number of applicants for this June BTO exercise, especially for projects near an MRT station. He adds that the uncertainty over how the new Prime, Plus, and Standard categories will be implemented will deter some buyers from balloting in the upcoming October BTO sales exercise.

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Read also: August BTO exercise sees strong demand for larger Ang Mo Kio and Tampines flats

Well-connected projects to stand out

According to Christine Sun, chief researcher and strategist at OrangeTee, Tampines GreenTopaz could see higher application rates than the other seven projects that have been launched for sale. It is the only BTO project in Tampines in this month’s BTO sales exercise.

Given its locality, Sun expects future flats in this area to be classified as Plus flats, which will have a longer minimum occupation period (MOP) of 10 years. The 561-unit BTO project is along Tampines Avenue 1 and consists of two-room flexi, and three- to five-room flats. It will have an MOP of five years.

Mohan Sandrasegeran, SRI’s head of research and data analytics, agrees. He points out that the Tampines GreenTopaz is close to Tampines West MRT station and various amenities, such as the SAFRA clubhouse. It is also close to many schools, including St. Hilda’s Primary and Secondary Schools, Tampines Primary and Secondary Schools, and Temasek Polytechnic.

He adds that the project also has a shorter waiting period of 37 months, which could motivate those looking for immediate housing solutions.

Another BTO project that could attract high application rates is Teban Breeze in Jurong East, says Sun. The 1,086-unit Teban Breeze consists of two-room flexi, and three- to five-room flats.

The project is next to the future Pandan Reservoir MRT Station on the Jurong Region Line, which is expected to be completed by 2029. It is also two MRT stops away from the Jurong Lake District.

Read also: Feb 2022 BTO exercise sees strong demand for flats in Geylang and Kallang/Whampoa PLH

Lee points out that the Teban Gardens area in Jurong East has not seen any new public housing since 2021. This could translate into pent-up demand for new flats in this neighbourhood, so he expects the application rate for four-room flats for first-timer families to be in the range of 2 to 3.

Woodlands and Yishun projects in new locations

The largest BTO project, in terms of number of units, that has been launched this month is Marsiling Peak I/II along Marsiling Lane in Woodlands. The BTO project consists of 1,609 units with a mix of two-room flexi, three- to five-room flats and 3Gen flats.

Though the site is located further out from MRT stations in the area, it may appeal to applicants who regularly cross over to Johor Bahru or have relatives staying there, says Sun.

The project will also appeal to those who want a new BTO flat delivered relatively quickly since it has the shortest completion time among the projects launched in this sales exercise, says Lee. According to HDB, Marsiling Peak I/II will have a completion time of less than three years.

Lee adds that past BTO projects launched in Woodlands also have often seen good interest, and he expects the application rate for four-room flats for first-timer families at Marsiling Peak I/II to range from 1.5 to 2.5.

Commenting on the project’s location in Woodlands, Eugene Lim, KEO of ERA Singapore, says that since the location is new and less developed, more amenities may be constructed alongside the project to serve its future residents.

Meanwhile, Chencharu Hills is a 1,277-unit BTO project in Yishun. It will consist of two-room flexi, and three- to five-room flats. It is the first new BTO project within the new Chencharu housing area and will be built on the site of the former Orto leisure park.

Sun expects lower application rates for this site since it is further away from the nearest MRT station, Khatib MRT station on the North-South Line. In addition, the ongoing construction of about 10,000 new homes in the developing Chencharu estate may deter applicants from applying.

However, Lim expects the project to attract buyers who wish to stay near their family in Yishun. “They can expect more housing and amenities to be built in the area in the future. This includes a new integrated mixed-use development with a bus interchange and hawker centre opposite Chencharu Hills,” he says.

October BTO analysis

The last BTO exercise this year is scheduled for October and is expected to offer over 8,000 new flats across several HDB estates, including Ang Mo Kio, Bedok, Bukit Batok, Geylang, Jurong West, Kallang/Whampoa, Pasir Ris, Sengkang and Woodlands.

SRI’s Sandrasegeran expects that some BTO projects will be classified under the new Plus model. These flats are situated in highly desirable areas, such as near MRT stations, town centres and key facilities.

Possible contenders for Plus flats include BTO projects in Ang Mo Kio, Bayshore and Pasir Ris, while some flats in the Kallang/Whampoa estate might be classified as Prime, he adds. “However, the final classification will depend on the authorities’ assessment of the site attributes and qualifications,” says Sandrasegeran.

The upcoming Kallang/Whampoa BTO project in October will also introduce the 310 units with the new white flat layout, which may appeal to homeowners who prefer an open-concept, beamless flat. “Competition for these flats will be stiff. With its unique design and attractive location, these flats are likely to garner positive responses,” Sandrasegeran says.

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