February 2023 BTO exercise sees 4,428 flats launched for sale

HDB has released 4,428 condos to sell under the February 2023 Build-To-Order (BTO) exercise. The flats are spread across 5 sites over 4 neighborhoods– Queenstown, Kallang and also Whampoa, Jurong West and Tengah. This is the initial BTO exercise considering that the Budget plan news, where actions targeted at helping newbie buyers were introduced, including greater CPF real estate awards for those wanting to buy a resale flat.

Consultants anticipate Farrer Park Fields to see strong request provided its proximity to town and 2 MRT terminals– Farrer Park together with Little India, the latter of which is an interchange for the Downtown and North-East Lines. “We can expect strong competition for Farrer Park Fields, particularly considering that BTO properties in the Kallang and Whampoa vicinity tend to be fiercely contested when near an MRT station,” says Mohan Sandrasegeran, One Global Group’s senior analyst for research and content development.

At the same time, the Jurong West site is expected to benefit from its location near Pioneer MRT Station. Nevertheless, with only 271 apartments, getting a flat through the balloting process may be challenging, states One Global Group’s Sandrasegeran.

Concerning the non-PLH undertakings, OrangeTee & Tie’s Sun expects the Jalan Rajah area– though not near to an MRT station– to still draw in solid need offered its place near Toa Payoh Central, which has sufficient facilities.

Under the February 2023 BTO exercise, 2 of the five locations have been marked Prime Location Public Housing (PLH) properties. The very first – Ulu Pandan Glades – lies around Ghim Moh Link along with Commonwealth Avenue West in Queenstown, next to the Dover MRT Terminal. It is going to have 732 units making up 3- plus four-room flats. Suggestive rates start from $372,000 for a three-room apartment $541,000 for a four-room condo, omitting awards.

The final location remains in the Brickland district of Tengah estate, bounded by Brickland Road and Tengah Boulevard. With 1,641 units across 12 residential blocks, it is the largest location under the February 2023 BTO exercise including the only one with five-room apartments. Other unit kinds are two-room flexi, three- and four-room flats. Rates begin with $97,000 for a two-room flexi flat, from $190,000 for a three-room flat, $291,000 for a four-room flat and $401,000 for a five-room flat.

In Jurong West, HDB is releasing 2 home blocks of 18 storeys, which can house 271 units of 3- and four-room apartments. The area is located along Jurong West Street 93. Prices begin with $187,000 for a three-room flat as well as from $288,000 for a four-room one.

Sun includes that some newbie customers might stand by up until the August BTO exercise, which is most likely when the authorities will allow newbie households to receive an extra ballot for their BTO applications.

Christine Sun, senior vice ceo of research and analytics at OrangeTee & Tie, strongly believes this can divert some BTO demand to the resale market. “Since additional subsidies are given, we may assume a lot more suited customers to buy at preferred locations such as older estates, or they may get somewhat bigger condos,” she states.

The 2nd PLH venture is in Kallang as well as Whampoa, on an area bounded by Race Course Road, Hampshire Road and Farrer Park Road. The project– Farrer Park Fields– are going to have seven 24-storey blocks housing 1,274 units of two-room flexi, three-room and four– area flats. Suggestive costs begin with $185,000 for a two-room flexi flat, $356,000 for a three-room flat, and also $484,000 for a four-room flat.

The Continuum Singapore

Lee Sze Teck, Huttons Asia’s chief research executive, incorporates that bordering amenities, including Farrer Park Primary School, the upcoming shopping mall Piccadilly Galleria, Tekka Market as well as City Square Shopping center, further increase the allure of the property. Lee adds that the other PLH property in Queenstown, Ulu Pandan Glades, is close to another PLH project, Dover Forest, launched last November. “The rates for flats in Ulu Pandan Glades resemble the earlier release.”

The location in Tengah might garner attraction complying with the announcement of ACS Primary’s transfer to Tengah in 2030. “This may lead to even more applicants vying for this set of flats, although we do not expect a big spike in numbers,” claims Sun.

Among the remaining 3 BTO locations, an additional resides in Kallang, Whampoa, along Jalan Rajah. It has 510 3- and also four-room apartments in two 40-storey blocks. Prices begin with $326,000 for a three-room flat and from $459,000 for a four-room flat.

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