HDB launches 6,800 flats across 8 projects in October BTO exercise
Vivienne Tay
SINGAPORE’S Housing and Development Board (HDB) on Wednesday (Oct 4) launched 6,800 Build-To-Order (BTO) flats for sale across eight projects in Choa Chu Kang, Kallang/Whampoa, Queenstown and Tengah.
Six of the projects, which represent 75 per cent of all flats offered, have a waiting time of four years and below, said HDB. The exceptions are Rajah Residences in Kallang/Whampoa and Tanglin Halt Cascadia in Queenstown.
As this is the first exercise rolling out stricter non-selection rules, property analysts believe there could be a drop in applicants, as the new rules discourage buyers who are “trying their luck” from applying.
Serious buyers and first-time families that qualify for the new first-timer (parents and married couples) priority category may also have a higher chance of getting a flat.
However, the potential drop in applications could be mitigated by buyers rushing to buy flats deemed to be in future “Plus” locations, said Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics.
She added that buyers who wish to avoid being subjected to longer minimum occupation periods (MOPs) and other new rulings may try to obtain a flat ahead of the estate reclassification in H2 2024.
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PropNex Realty chief executive Ismail Gafoor noted that these flats could well be the last batches of new flats in choice sites that are sold with the standard five-year MOP.
For the latest exercise, Gafoor expects keen interest for projects such as Tenteram Vantage, Rajah Residences and Plantation Edge I & II, as they have better locational attributes but do not fall under the prime location public housing (PLH) model.
Only two of the eight projects offer larger-sized flats, such as five-room or 3Gen flats, which may appeal to larger families.
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The first is Rail Green I & II @ CCK, the largest project in the exercise, offering 1,895 units of two-room flexi, three-room, four-room, five-room and 3Gen flats.
The Rail Green projects are also the first BTO projects to be integrated with the rail corridor, said Huttons Asia’s senior director of data analytics, Lee Sze Teck, who noted amenities such as Junction 10 and Hillion Mall, as well as the Bukit Panjang Integrated Transport Hub.
Plantation Edge I & II is the other project offering five-room flats, which comprise 313 out of the total 1,010 units offered that also include two-room flexi, three-room and four-room units. This project has the shortest waiting time of three years for Plantation Edge I, and three years and four months for Plantation Edge II.
Three BTO projects – Rajah Residences, Tenteram Vantage and Verandah @ Kallang – are located in Kallang/Whampoa.
Verandah @ Kallang, which has been deemed the most attractive of the trio by analysts due to its central location, has a waiting time of 3.5 years. It offers 1,143 units of two-room flexi, three-room and four-room flats, and falls under the PLH model.
The project is in close proximity to Kallang MRT station, Singapore Sports Hub and Kallang Wave Mall.
“In the future, the development of the Kampong Bugis precinct could also support upside potential in the area,” Gafoor said.
In contrast, Rajah Residences and Tenteram Vantage are closer to Toa Payoh and not as near MRT stations.
Rajah Residences has 739 units of two-room flexi and four-room flats, with an estimated waiting time for the project of four years and four months.
Meanwhile, Tenteram Vantage offers 1,040 units, which are three-room and four-room flats. These have an estimated waiting time of three years and nine months.
Tanglin Halt Cascadia, which also falls under the PLH model, has 973 units of three-room and four-room flats, with a projected waiting time of 4.5 years.
“The new flats are priced with significant market discounts to ensure affordability, and hence selling prices are considerably lower than the transacted prices of comparable resale flats.”
The selling price of a four-room unit at Rail Green I & II @ CCK, excluding grants, starts from S$319,000, against an estimated S$515,000 to S$615,000 price tag of resale flats nearby.
For mature town projects such as Tenteram Vantage in Kallang/Whampoa, a four-room unit excluding grants, starts from S$480,000, compared with an estimated S$690,000 to S$850,000 for resale flats in the vicinity.
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