New February BTO offers 4,126 flats with Arina East Residences
Woodlands projects the most oversubscribed in November BTO exerciseBedok projects most oversubscribed in September BTO exercise
HDB recently released 4,126 flats for sale under the February Build-To-Order (BO) exercise, spread out across six different estates in Singapore. The first of three BTO launches scheduled in 2024, these new flats will be located in Queenstown, Bedok, Choa Chu Kang, Hougang, Punggol, and Woodlands.
With over 80% of the flats having a waiting time of less than 3½ years, HDB is confident that this BTO exercise will attract a strong response from potential buyers. In addition to the BTO flats, HDB also announced the sale of 1,588 units under the Sale of Balance Flats (SBF) exercise for February.
Of the seven BTO projects, one falls under the Prime Location Public Housing (PLH) model. Tanglin Halt Courtyard in Queenstown consists of 251 units of two-room flexi and four-room flats, with prices starting from $235,000 and $565,000 respectively (excluding grants). This project is located within walking distance of Commonwealth MRT Station on the East-West Line.
In Bedok, there are two projects available, making it the only other mature estate included in this exercise. Bedok North Springs and Bedok South Bloom offer a total of 961 units, comprising of two-room flexi, four-room, and five-room flats. Prices range from $155,000 to $605,000 depending on the unit size and type. Bedok North Springs is conveniently located near Bedok Reservoir MRT Station (Downtown Line), while Bedok South Bloom is situated between Bedok and Tanah Merah MRT Stations.
Matilda Riverside, situated along Sumang Lane on the Punggol Reservoir waterfront, offers 962 units of two-room flexi, three-room, four-room, and five-room flats. Prices start from $131,000 and go up to $464,000. This project is expected to generate significant interest due to its location and attractive pricing.
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Woodlands has 1,127 flats available through the Woodgrove Edge project. Located along Woodgrove Avenue and Rosewood Drive, units range from two-room flexi to five-room flats, with prices starting from $119,000. In Hougang, Tanjong Tree Residences @ Hougang offers 360 units of two-room flexi, three-room, and four-room flats, with prices starting from $136,000. In Choa Chu Kang, Rail Garden @ CCK has 465 units available, with prices starting from $102,000.
One of the biggest draws for potential buyers is the fact that most of the projects released in this exercise will have a short waiting time of just over three years. This is expected to result in a higher number of applications, with some projects attracting more attention than others.
Christine Sun, chief researcher and strategist at OrangeTee Group, believes that the Bedok North Springs project will receive the strongest interest, thanks to its strategic location. In addition, the project offers five-room flats, which is a plus for families in search of larger units. While the other Bedok project, Bedok South Bloom, may not attract as much attention due to its distance from an MRT station and availability of fewer four-room flats, both projects are still located within 1km of multiple schools.
The project in Punggol is expected to see significant interest as well, since the last BTO launch in the area was over four years ago. The project offers the shortest waiting time of just over three years and also includes five-room flats. Similarly, five-room flats at the Woodlands BTO project are projected to receive robust applications, largely due to its proximity to the Singapore Sports School and several other schools.
The PLH project in Queenstown, Tanglin Halt Courtyard, may not receive as many applications as the other projects due to the high price, resale restrictions, and distance from the city centre. However, Eugene Lim, key executive officer at ERA Singapore, notes that the Tanglin Halt estate is undergoing major redevelopment, especially the integrated project at the site of the former Tanglin Halt Neighbourhood Centre. This project will house not only HDB flats, but also a hawker centre, polyclinic, and other amenities, which will likely attract former residents of the area.
Overall, with the release of just 21% of the 19,600 flats planned for launch in 2024, there may be more opportunities to apply for BTO flats in the months to come.