February 2023 BTO exercise sees 4,428 flats launched for sale
Under the February 2023 BTO exercise, two of the five locations have been marked Prime Location Public Housing (PLH) projects. The very first – Ulu Pandan Glades – stands around Ghim Moh Link along with Commonwealth Avenue West in Queenstown, next to the Dover MRT Station. It is going to have 732 units making up three- also four-room apartments. Suggestive rates start from $372,000 for a three-room flat $541,000 for a four-room flat, omitting subsidies.
Lee Sze Teck, Huttons Asia’s senior analysis director, includes that bordering facilities, including Farrer Park Primary School, the upcoming shopping mall Piccadilly Galleria, Tekka Market and City Square Shopping mall, additionally enhance the allure of the work. Lee adds that the other PLH project in Queenstown, Ulu Pandan Glades, is close to another PLH plan, Dover Forest, launched last November. “The rates for flats in Ulu Pandan Glades resemble the earlier release.”
The site in Tengah may gather attraction adhering to the announcement of ACS Primary’s moving to Tengah in 2030. “This may lead to more applicants vying for this batch of flats, although we do not expect a big spike in numbers,” claims Sun.
HDB has introduced 4,428 condos for sale under the February 2023 Build-To-Order (BTO) exercise. The flats are dispersed throughout 5 locations over four communities– Queenstown, Kallang and Whampoa, Jurong West and Tengah. This is the first BTO exercise since the Budget news, where procedures targeted at assisting new homebuyers were introduced, consisting of higher CPF housing grants for those aiming to purchase a resale flat.
Among the remaining 3 BTO areas, an additional is in Kallang, Whampoa, along Jalan Rajah. It has 510 3- and four-room apartments in 2 40-storey blocks. Prices begin with $326,000 for a three-room flat and from $459,000 for a four-room flat.
At the same time, the Jurong West area is anticipated to take advantage of its location near Pioneer MRT Station. Nevertheless, with only 271 flats, obtaining a flat through the balloting procedure may be challenging, says One Global Group’s Sandrasegeran.
Specialists anticipate Farrer Park Fields to see healthy request provided its distance to community and 2 MRT terminals– Farrer Park along with Little India, the latter of which is an interchange for the Downtown and North-East Lines. “We can expect solid competitiveness for Farrer Park Fields, especially considering that BTO developments in the Kallang and also Whampoa proximity have a tendency to be increasingly contested when near an MRT terminal,” claims Mohan Sandrasegeran, One Global Group’s superior analyst for research and content design.
In Jurong West, HDB is introducing 2 non commercial blocks of 18 storeys, which can house 271 units of three- and four-room apartments. The location 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.
The 2nd PLH project is in Kallang and Whampoa, on an area bounded by Race Course Road, Hampshire Road and Farrer Park Road. The development– Farrer Park Fields– are going to have seven 24-storey blocks housing 1,274 units of two-room flexi, three-room and 4– space apartments. Indicative rates start from $185,000 for a two-room flexi flat, $356,000 for a three-room flat, moreover $484,000 for a four-room flat.
The remaining site is in the Brickland area of Tengah estate, bounded by Brickland Road and Tengah Boulevard. With 1,641 units across 12 residential blocks, it is the most extensive site under the February 2023 BTO exercise and even the only one with five-room flats. Other unit kinds are two-room flexi, 3- and four-room flats. Rates start from $97,000 for a two-room flexi flat, from $190,000 for a three-room flat, $291,000 for a four-room flat including $401,000 for a five-room flat.
Sun adds in that some first-time buyers may hang around up until the August BTO exercise, which is most likely when the state will enable new family members to get an added ballot for their BTO applications.
Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, strongly believes this might divert some BTO need to the resale market. “Given that more subsidies are offered, we might anticipate extra qualified buyers to purchase preferred locations such as mature estates, or they may purchase somewhat bigger flats,” she states.
Pertaining to the non-PLH undertakings, OrangeTee & Tie’s Sun expects the Jalan Rajah area– though not near to an MRT station– to still attract strong interest given its location near Toa Payoh Central, which has ample amenities.