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 condos are spread across five sites over 4 communities– Queenstown, Kallang and also Whampoa, Jurong West as well as Tengah. This is the very first BTO exercise since the Budget plan announcement, where steps targeted at helping new homebuyers were announced, including greater CPF housing grants for those aiming to get a resale flat.

The 2nd PLH project remains in Kallang as well as Whampoa, on an area bounded by Race Course Road, Hampshire Roadway and also 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 also four– space apartments. Suggestive rates 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.

Pertaining to the non-PLH undertakings, OrangeTee & Tie’s Sun anticipates the Jalan Rajah site– though not alongside an MRT station– to still attract strong demand provided its site near Toa Payoh Central, which has enough services.

Lee Sze Teck, Huttons Asia’s senior research executive, includes that bordering facilities, including Farrer Park Primary School, the upcoming shopping center Piccadilly Galleria, Tekka Market and also City Square Shopping center, additionally increase the appeal of the project. Lee includes that the other PLH venture in Queenstown, Ulu Pandan Glades, is close to one more PLH plan, Dover Forest, launched last November. “The costs for flats in Ulu Pandan Glades are similar to the earlier release.”

The site in Tengah may gather attraction adhering to the announcement of ACS Primary’s relocation to Tengah in 2030. “This may lead to more candidates trying this batch of apartments, although we do not expect a huge spike in numbers,” states Sun.

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In Jurong West, HDB is introducing 2 non commercial blocks of 18 floors, which are going to house 271 units of 3- and four-room condos. The site lies along Jurong West Street 93. Rates begin with $187,000 for a three-room flat and also from $288,000 for a four-room one.

Amongst the remaining three BTO areas, one more resides in Kallang, Whampoa, along Jalan Rajah. It has 510 three- and also four-room apartments in 2 40-storey blocks. Prices start from $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, securing a flat with the balloting process might be challenging, states One Global Group’s Sandrasegeran.

Sun includes that some first-time customers may stand by until the August BTO exercise, which is likely when the government will enable newbie households to obtain an additional ballot for their BTO applications.

Under the February 2023 BTO exercise, 2 of the 5 sites have been marked Prime Location Public Housing (PLH) properties. The original – Ulu Pandan Glades – lies around Ghim Moh Link along with Commonwealth Avenue West in Queenstown, close to the Dover MRT Terminal. It is going to have 732 units making up 3- and four-room condos. Indicative rates begin with $372,000 for a three-room flat $541,000 for a four-room condo, leaving out awards.

Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, believes this might draw away some BTO interest to the resell market. “Since extra aids are given, we might just anticipate extra qualified buyers to buy at prominent locations such as older estates, or they might buy somewhat bigger condos,” she states.

Specialists expect Farrer Park Fields to see healthy demand offered its proximity to city as well as 2 MRT terminals– Farrer Park and Little India, the latter of which is an interchange for the Downtown and North-East Lines. “We can anticipate solid competition for Farrer Park Fields, specifically because BTO projects in the Kallang as well as Whampoa vicinity have a tendency to be increasingly disputed when near an MRT terminal,” states Mohan Sandrasegeran, One Global Group’s superior expert for research and content creation.

The last area remains in the Brickland district of Tengah estate, bounded by Brickland Roadway and Tengah Boulevard. With 1,641 units around 12 non commercial blocks, it is the biggest site under the February 2023 BTO exercise and even the just one with five-room apartments. Some other unit types are two-room flexi, 3- and four-room flats. Costs 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.

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