Yahoo Finance Serangoon saw highest application rate in May BTO launch
The neighbourhood at Serangoon Avenue 1 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - On May 30, HDB launched 5,495 Built-to-Order (BTO) flats in five neighbourhoods - Bedok, Kallang, Serangoon, Tengah and Whampoa. The neighbourhood with the highest application rate was Serangoon, with more than nine applicants for each 4-room flat and over 13 applicants for the 5-room flats, says Lee Sze Teck, senior director of research for Huttons Asia. (Find HDB flats for rent or sale with our Singapore HDB directory)
Lee attributes the response to pent-up demand, as there hasn't been a BTO launch in Serangoon for over a decade. "First-timer families who want to live near their parents rushed for this rare BTO," he says.
The popularity of the 5-room flats at Serangoon was due to its scarcity in mature estates, adds Lee. "A 5-room flat offers space for hybrid work and a growing family." Hence, the 5-room flats in Bedok saw a high application rate too.
The higher number of applicants for the BTO flats in Tengah this May could be due to the proximity to the future Anglo-Chinese School (Primary) and Tengah Town (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The two Tengah BTOs received more than 5,000 applicants for the 3-, 4- and 5-room flats. According to Lee, it's much higher than the November 2022 BTO exercise when 2,077 units were offered for sale at Garden Waterfront I and II in Tengah.
The higher number of applicants for the BTO flats in Tengah this May could be due to the proximity to the future Anglo-Chinese School (Primary), which was said to be moving from Barker Road to Tengah in February. The two new Tengah BTOs launched this May are also near Tengah Town, says Lee.
The Housing Board on Tuesday released details of the six projects it plans to launch in August – three are in Kallang-Whampoa, with one project each in Queenstown, Choa Chu Kang and Tengah.
The sites at Jalan Tenteram in Whampoa and Kallang Airport Way/Geylang had their land use updated by URA recently.
The Jalan Bahagia area is near Jalan Tenteram, where the a BTO project is going to be launched in August (Photo: Albert Chua/EdgeProp Singapore)
In Whampoa, the two BTO projects to launch in August are at Jalan Rajah and Jalan Tenteram. The two BTOs are likely to be 40 storeys in height, assuring residents of high-floor units of unblocked views of the surroundings. Lee reckons they will enjoy high application rates.
The BTO at Kallang Airport Way/Geylang Road is within walking distance of the Kallang MRT station on the East-West Line and the Singapore Sports Hub. The BTO will likely be categorised as a prime location public housing (PLH) project. Hence, it is likely to see a similar response to the Kallang Horizon BTO launch last November, which received an application rate of 6.4 among first-timers.
The former Tanglin Halt flats sold via Selective En Bloc Redevelopment Scheme (SERS) have been demolished to make way for the upcoming BTO at Queensway. Huttons' Lee reckons it could be launched as a PLH as the BTO is sandwiched between Ulu Pandan and Ghim Moh, identified as PLH locations. (See potential condos with en bloc calculator)
The upcoming BTO project at Queensway could be launched as a prime location public housing (PLH) project as it is sandwiched between Ulu Pandan and Ghim Moh, identified as PLH locations (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Furthermore, Lee notes that several flats at Blk 50 Commonwealth Road have changed hands at resale prices above $1 million. The government has zoned a site in the area for commercial and residential use, which will significantly increase the amenities in the area.
The most anticipated project in the November 2023 BTO exercise is in the Bishan-Sin Ming neighbourhood. "This BTO may be the first in a mature estate built before its planned launch," says Lee. The last BTO launch in the area was the 945-unit Sin Ming Court, completed in 1988.
The indicative price for the Bishan-Sin Ming BTO may be between $525,000 and $650,000 for 4-room flats, Lee reckons. Given the "pent-up demand" and the shorter completion period, he expects a high application rate for these flats.
The most anticipated project in the November 2023 BTO exercise is in the Bishan-Sin Ming neighbourhood (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Check out the latest listings near Serangoon, Tengah, Whampoa, Queensway, Bishan, Anglo-Chinese School (Primary), Kallang MRT station
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