February 2023 BTO exercise sees 4,428 flats launched for sale
HDB has recently introduced 4,428 flats for sale under the February 2023 Build-To-Order (BTO) exercise. The flats are spread throughout 5 sites over 4 towns– Queenstown, Kallang and Whampoa, Jurong West and Tengah. This is the first BTO exercise given that the Budget announcement, where measures targeted at assisting new buyers were revealed, consisting of higher CPF real estate awards for those aiming to acquire a secondhand flat.
In Jurong West, HDB is releasing 2 home blocks of 18 storeys, which will house 271 units of 3- and also four-room flats. The site rises along Jurong West Street 93. Prices start from $187,000 for a three-room flat and from $288,000 for a four-room one.
Amongst the lasting 3 BTO sites, another remains in Kallang, Whampoa, around Jalan Rajah. It has 510 3- and also four-room flats in 2 40-storey blocks. Rates begin with $326,000 for a three-room flat and from $459,000 for a four-room flat.
Lee Sze Teck, Huttons Asia’s senior research executive, includes that surrounding facilities, including Farrer Park Primary School, the coming shopping center Piccadilly Galleria, Tekka Market as well as City Square Mall, further improve the appeal of the project. Lee includes that the other PLH property in Queenstown, Ulu Pandan Glades, is close to one more PLH plan, Dover Forest, launched last November. “The prices for apartments in Ulu Pandan Glades are similar to the earlier launch.”
Consultants expect Farrer Park Fields to see healthy request offered its closeness to city and also 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 anticipate strong rivalry for Farrer Park Fields, particularly given that BTO properties in the Kallang and Whampoa proximity have a tendency to be increasingly disputed when near an MRT station,” states Mohan Sandrasegeran, One Global Group’s senior expert for research and content design.
Christine Sun, top vice ceo of research and analytics at OrangeTee & Tie, strongly believes this might lead away some BTO need to the resell market. “Considering that additional aids are given, we might just anticipate much more suited purchasers to purchase prominent locations such as developed estates, or they might acquire somewhat bigger flats,” she says.
Under the February 2023 BTO exercise, 2 of the five sites have actually been designated Prime Location Public Housing (PLH) properties. The first – Ulu Pandan Glades – lies along Ghim Moh Link along with Commonwealth Avenue West in Queenstown, near the Dover MRT Terminal. It is going to have 732 units making up 3- and four-room condos. Indicative rates start from $372,000 for a three-room flat $541,000 for a four-room flat, excluding awards.
The site in Tengah may amass interest following the announcement of ACS Primary’s moving to Tengah in 2030. “This might cause more applicants trying this set of flats, although we do not expect a large spike in numbers,” states Sun.
The second PLH property remains in Kallang and Whampoa, on a location bounded by Race Course Road, Hampshire Road as well as Farrer Park Road. The development– Farrer Park Fields– will have seven 24-storey blocks real estate 1,274 units of two-room flexi, three-room and also 4– room apartments. Indicative costs start from $185,000 for a two-room flexi flat, $356,000 for a three-room flat, and $484,000 for a four-room flat.
Sun adds that some new buyers may stand by till the August BTO exercise, which is likely when the authorities will certainly enable new families to obtain an extra ballot for their BTO applications.
Regarding the non-PLH projects, OrangeTee & Tie’s Sun anticipates the Jalan Rajah site– though not alongside an MRT terminal– to still bring in strong demand offered its site near Toa Payoh Central, which has sufficient services.
At the same time, the Jurong West site is expected to gain from its venue near Pioneer MRT Station. Nevertheless, with only 271 flats, getting a flat via the balloting process may be difficult, says One Global Group’s Sandrasegeran.
The last location remains in the Brickland region of Tengah estate, bounded by Brickland Roadway and Tengah Boulevard. With 1,641 units throughout 12 housing blocks, it is the largest location under the February 2023 BTO exercise and even the only one with five-room apartments. Some other unit kinds are two-room flexi, three- 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 and $401,000 for a five-room flat.