4,428 apartments are put up for sale as part of the BTO exercise in February 2023

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With 6%–7.9% prime price growth anticipated in 2023, Singapore and Dubai take the top rank

HDB has announced the sale of 4,428 flats under the February 2023 Build-To Order (BTO) exercise. The flats are distributed across five sites in four cities -including Queenstown, Kallang and Whampoa, Jurong West and Tengah. It is the very first BTO exercise following this year’s Budget announcement, when initiatives aimed towards helping first-time buyers were announced, including a boost in CPF housing grants for people seeking to buy a resale flat.

Christine Sun, senior vice head of research and analytics of OrangeTee & Tie, believes this might redirect some BTO customers to the market for resales. “Since the government is providing more subsidies and more are available, we could see buyers who are eligible to purchase in popular areas, such as old estates or even larger flats,” she says.

Sun also notes that first-time buyers might delay their purchases until after the August BTO exercise in which case it will be possible for families who are first time buyers to obtain another ballot for the BTO applications.

As part of the Feb 2023 BTO exercise Five sites were identified as Prime Location Public Housing (PLH) projects. The first, Ulu Pandan Glades – is situated along Ghim Moh Link and Commonwealth Avenue West in Queenstown near Dover MRT Station. Dover MRT Station. The development will include 732 units, which include two- and three-room apartments. The indicative prices start at $372,000 for a three-room apartment and $541,000 for a flat with four rooms without grants.

Second PLH project is located in Kallang and Whampoa situated on an site that is bordered by Race Course Road, Hampshire Road and Farrer Park Road. The development -called Farrer Park Fields will consist of seven 24-storey blocks that will house 1,274 two-room flexi flats, three-room, and four-room units. Prices start from $185,000 for the two-room flexi flat. $356,000 for a flat with three rooms and $484,000 for a four-room flat.

Of the three BTO sites Another is located in Kallang, Whampoa, along Jalan Rajah. It houses five hundred two- and three-room apartments with two blocks of 40 stories. Prices start at $326,000 for a three-room apartment and up to $459,000 for four-room apartment.

The project is located in Jurong West, HDB has announced two residential blocks with 18 stories, which will contain 271 units comprising three- and four-room apartments. Its site is located on Jurong West Street 93. Prices start at $187,000 for a three-room apartment and $288,000 for a 4-room one.

The final site is located in the Brickland district of the Tengah estate, which is bordered with Brickland Road as well as Tengah Boulevard. With 1,641 units in 12 blocks of residential this is the largest site in the Feb. 2023 BTO exercise, and the only one that has five-room flats. The other types of units are two-room flexible, three-, or four-room flats. Prices start at $97,000 for a two-room flexible flat, up to $190,000. three-room flats, $291,000 for a four-room flat , and the price for a five-room flat is $401,000.

Consultants anticipate Farrer Park Fields will be in an increase in demand due to the proximity of town and two MRT stations: Farrer Park, and Little India, the latter of which serves as an interchange point for trains on the Downtown line and the North-East Line. “We are expecting a fierce rivalry in the market for Farrer Park Fields, particularly due to the fact that BTO projects in Whampoa and Kallang and Whampoa region are extremely contested in the vicinity of the MRT station” states Mohan Sandrasegeran the One Global Group’s chief analyst for content and research.

Lee Sze Teck, Huttons Asia’s director of research, says that the surrounding amenities include Farrer Park Primary School, the planned mall Piccadilly Galleria, Tekka Market and City Square Mall, further enhance the attraction of the project. Lee says that the alternative PLH project located in Queenstown, Ulu Pandan Glades is located near an additional PLH initiative, Dover Forest, launched in November. “The rates for flats at Ulu Pandan Glades are similar to those of the previous launch.”

Concerning non-PLH projects, OrangeTee & Tie’s Sun anticipates that Jalan Rajah to be one of them. Jalan Rajah site — although not close to an MRT station will still draw large crowds due to its position close to Toa Payoh Central, which offers a wide range of facilities.

The site located in Tengah could be a hot spot for interest after the announcement that ACS Primary will be moving in Tengah by 2030. “This could result in many more applicants applying for the flats in this group however we don’t anticipate a significant increase in the number of applicants,” says Sun.

Additionally there is a possibility that Jurong West is expected to benefit from its location. Jurong West site is expected to gain from its position close to Pioneer MRT Station. But, with just 271 flats available, getting one through the balloting process could be difficult, according to The One Global’s Sandrasegeran.