ANALYSIS: The December BTO offers applicants eight projects in seven towns

By Elizabeth Choong

/ EdgeProp Singapore |

December 8, 2023 4:57 PM SGT

Jurong Arcadia has a wide variety of flat types for applicants to choose from. (Picture: HDB)

SINGAPORE (EDGEPROP) – The Build-To-Order (BTO) exercise that was launched earlier this month features eight projects in seven towns, compared to the previous BTO exercise in October, which had only six projects in four towns. However, this month’s BTO exercise has only 6,057 flats, compared to the previous BTO exercise in October, which had 6,800 flats.

The BTO exercise in October also had an underwhelming overall subscription rate of 1.4. This could be because it was the first BTO exercise when there are penalties for non-selection of a flat if the applicant is allocated one. It is also possible that some buyers delayed their application because this month’s BTO has more projects in popular towns.

The next BTO exercise is slated to take place in February next year. An estimated 4,100 flats in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol, and Woodlands are expected to be launched.

Much anticipated project in Bishan

Sin Ming Residences in Bishan is expected to be popular among applicants because there has not been any BTO exercise in the town for the past few years. Hence, Bishan does not have any flats that have reached or will reach the Minimum Occupation Period (MOP) from 2019 to 2025.

Source: HDB and EdgeProp Market Trends (as at 7 December 2023)

Analysis of Sin Ming Residences

Parents will be pleased to know that there are numerous schools within a 1km radius of Sin Ming Residences, including the popular Ai Tong School and Catholic High School. However, Sin Ming Residences may not be suitable for parents with many children because the project features only three-room and four-room flats.

Applicants with more urgent housing needs could consider the project due to its estimated wait time of 32 months, the shortest among all projects in this BTO exercise.

There are many landed homes along Marymount Road and Upper Thomson Road, so applicants allocated a high-floor flat facing these properties may enjoy unblocked views.

Sin Ming Residences might not appeal to applicants who heavily rely on the MRT, as the nearest station (Upper Thomson MRT Station) is not within walking distance. The proximity of Bright Hill Columbarium and Crematorium might also deter some applicants.

Potential applicants should note that the project includes a wholly rental block and two blocks comprising sold flats and 84 rental flats.

HDB prices in Bishan

Since 2013, the average price for resale four-room flats in Bishan has increased at a faster pace of 32% compared to three-room flats (16%). Furthermore, the current average price for four-room flats is higher at $679 psf compared to three-room flats ($624 psf). In comparison, the average resale price for three-room flats in Singapore has grown by 13% to $561 psf over the same timeframe while average price for four-room flats rose by 23% to $574 psf.

Source: EdgeProp Market Trends (as at 7 December 2023)

PLH in Queenstown and Bukit Merah

Ulu Pandan Vista in Queenstown and Alexandra Peaks in Bukit Merah will be launched as Prime Location Public Housing (PLH). Successful applicants for these two projects will be given additional subsidies to ensure affordability. As such, the flats in these projects are worth considering for buyers who want to live in a central location at a more affordable price.

However, applicants should note that there is a higher subsidy recovery rate of 8% of the resale price or valuation (whichever is higher) for the two projects. The usual subsidy rate is 6%. Furthermore, PLH flats have a longer MOP of 10 years instead of the usual five years so successful applicants must be prepared to live in the flat for the long term.

Other than Alexandra Peaks, there has not been any BTO flats launched in Bukit Merah this year. In contrast, the most recent BTO project in Queenstown (Tanglin Halt Cascadia) was launched as a PLH project in October.

Ulu Pandan Vista is likely to be more desirable than Tanglin Halt Cascadia due to its proximity to Dover MRT Station, compared to Tanglin Halt Cascadia, which is a short walk away from Commonwealth MRT Station. However, being close to an MRT station with above-ground tracks could mean more noise. Therefore, applicants for Ulu Pandan Vista may want to choose flats that are situated further from the MRT tracks.

Analysis of Ulu Pandan Vista

There are numerous popular schools, ranging from primary to tertiary levels, near Ulu Pandan Vista. However, the project may not be appealing to families with many children because only three and four-room flats are available. Another drawback of Ulu Pandan Vista is its estimated waiting time of almost five years and a higher price range compared to Tanglin Halt Cascadia.

Source: HDB and EdgeProp Market Trends (as at 7 December 2023)

Unsuccessful applicants might consider Ghim Moh Edge along Ghim Moh Link, which reached MOP last year. There are no projects in Queenstown that reached MOP this year. Ghim Moh Edge might appeal to buyers working in one-north due to its proximity to the business park. The project is located between Dover and Buona Vista MRT Stations, but it is not within walking distance of either station.

Alternatively, buyers can wait for the next BTO exercise scheduled for February next year when there will be a project in Queenstown. The upcoming project is located next to New Town Primary School and is a short walk from Commonwealth MRT Station. It will feature approximately 250 two-room flexi and four-room flats.

HDB prices in Queenstown

The average resale price for three-room flats in Queenstown has increased by only 6% since 2013, compared to a 24% increase for four-room flats. Furthermore, the current average price for four-room flats ($883 psf) is significantly higher than that for three-room flats ($629 psf). In comparison, the average prices for three-room ($561 psf) and four-room flats ($574 psf) islandwide have grown by a stronger 13% and 23% respectively.

Source: EdgeProp Market Trends (as at 7 December 2023)

Analysis of Alexandra Peaks

There are two-room flexi flats available in Alexandra Peaks, marking the first time such flat types are offered in PLH projects. Unfortunately, singles are currently allowed to buy two-room flexi BTO flats only in non-mature estates. They will be able to purchase such flats starting from 2H2024, following the reclassification of BTO projects.

Source: HDB and EdgeProp Market Trends (as at 7 December 2023)

Alexandra Peaks is a short walk from numerous amenities, including Redhill MRT Station, a wet market, food centre, as well as a sports centre and swimming complex. Future residents could potentially enjoy water views if they are allocated a flat facing Alexandra Canal.

The well-located Alexandra Peaks is expected to be popular among applicants, but they should take note of the estimated wait time of almost five years. Additionally, there will be an integrated block of sold and 60 two-room rental flats within the project. It is also important to note that there are no five-room or larger flats.

Unsuccessful applicants may wish to consider Telok Blangah Parcview along Telok Blangah Street 31, which reached MOP this year. Nature lovers may prefer it due to its location adjacent to The Southern Ridges. Although the project does not have any MRT stations within walking distance, Blangah Rise Primary School, Telok Blangah Market, and Gillman Barracks are a short walk away.

HDB prices in Bukit Merah

Since 2013, the average resale price for four-room flats in Bukit Merah has grown the fastest at 20%, compared to 15% for three-room flats and 5% for two-room flats. Additionally, four-room flats have the highest current average resale price of $805 psf, significantly surpassing three-room flats ($673 psf) and two-room flats ($640 psf).

Source: EdgeProp Market Trends (as at 7 December 2023)

Community Care Apartments in popular Bedok

Chai Chee Green in Bedok is the only project in this BTO exercise with Community Care Apartments (CCA). It is also one of the few projects featuring five-room flats. The CCAs will be housed within a block with communal spaces on every floor for residents. Only senior citizens aged 65 years and above are eligible to apply for these flats.

Source: HDB and EdgeProp Market Trends (as at 7 December 2023)

Analysis of Chai Chee Green

Chai Chee Green has over a thousand flats, providing applicants with a higher chance of success. Additionally, there is a wide variety of flat types to choose from, including five-room flats and CCAs. Senior citizens looking to downsize to a smaller home may want to consider applying for a CCA in Chai Chee Green, especially those residing in Bedok who wish to remain in a familiar neighbourhood.

Within a 1km radius, there are two schools catering to children with special needs, potentially encouraging parents with such children to apply for a flat in Chai Chee Green. Furthermore, Chai Chee Green is one of the few projects in this BTO exercise offering five-room flats, which are more suitable for large households.

A drawback of Chai Chee Green is the absence of an MRT station within walking distance. However, this inconvenience might be mitigated by the nearby Pan Island Expressway (PIE).

The most recent BTO project in Bedok is Bedok South Blossoms, that was launched in May. All flat types were oversubscribed, possibly due to its close proximity to Tanah Merah MRT Station and the availability of five-room and 3Gen flats.

Unsuccessful applicants might want to consider Fengshan Greenville along Bedok North Street 4, which reached MOP this year. Like Chai Chee Green, Fengshan Greenville is also not within walking distance of any MRT stations. However, several popular schools, including Red Swastika School, St. Anthony’s Canossian Primary School, and Anglican High School, are within a 1km radius.

Unsuccessful applicants may also consider waiting for the BTO exercise in February next year, which will feature two projects in Bedok. One project, along Upper Changi Road, is adjacent to Bedok Green Primary School and is expected to have 520 two-room flexi and four-room flats. The second project is located next to Yu Neng Primary School and across the road from Bedok Reservoir MRT Station. It will have an estimated 430 two-room flexi, four, and five-room flats.

HDB prices in Bedok

Since 2013, the average resale price for four-room flats in Bedok has grown by 21%, reaching the current average price of $576 psf. This represents a stronger price growth compared to three-room (8%) and five-room flats (16%). Furthermore, the current prices for three-room ($522 psf) and five-room flats ($546 psf) are comparatively lower.

It is notable that four-room flats in Bedok South Blossoms had the lowest subscription rate. Therefore, applicants with a small household might want to consider applying for a four-room flat in Chai Chee Green to increase the likelihood of a successful application. Additionally, four-room flats in Bedok have exhibited the highest price growth compared to their three-room and five-room counterparts.

Source: EdgeProp Market Trends (as at 7 December 2023)

Up-and-coming Jurong West

The Jurong West Planning Area is expected to benefit from spillover effects resulting from URA's transformative plans for the nearby Jurong Lake District (JLD). Consequently, the demand for housing in Jurong West is anticipated to increase.

Source: HDB and EdgeProp Market Trends (as at 8 December 2023)

Analysis of Jurong Arcadia

Jurong Arcadia is expected to attract larger families with school-going children as it is one of the few projects in this BTO exercise offering five-room flats. Additionally, numerous schools from primary to tertiary levels are within a 1km radius.

The main drawback of Jurong Arcadia is that the nearest operating MRT station (Lakeside) is more than 1km away. However, a station on the Jurong Region Line (JRL) is expected to be completed in 2027, coinciding with the expected completion year of Jurong Arcadia. While the JRL station is closer to the project than Lakeside MRT Station, it is still not within walking distance. However, drivers will be pleased to know that the PIE is nearby.

The most recent BTO project in Jurong West is Jurong West Crystal that was launched in February. Similar to Jurong Arcadia, Jurong West Crystal does not have any MRT station within walking distance. It is noteworthy that the estimated wait time for Jurong West Crystal is 47 months, which is 10 months longer than Jurong Arcadia.

Unsuccessful applicants can consider Spring Haven @ Jurong, located along Jurong West Street 42 and within walking distance of Jurong Arcadia. Alternatively, they can consider Yung Ho Spring I and II along Corporation Drive. All projects reached MOP this year. Unfortunately, for larger families, none of the projects offer five-room flats.

HDB prices in Jurong West

Since 2013, the average resale price for five-room flats in Jurong West grew marginally faster (17%) than four-room flats (16%) and significantly faster than three-room flats (8%). The current average price for three-room flats is the highest at $486 psf, while the average price for four-room flats ($479 psf) is marginally higher than five-room flats ($478 psf).

Source: EdgeProp Market Trends (as at 8 December 2023)

Bukit Panjang: A green and accessible haven

Bukit Panjang greatly benefited from the completion of the Downtown Line (DTL) in 2017 because the MRT line connected previously underserved areas, such as Bukit Panjang, Bukit Timah, MacPherson, and Bedok, to the MRT network. Petir Park Edge is located within walking distance to Pending LRT Station, which is only two stops away from the dual-line Bukit Panjang MRT Station on the DTL.

Source: HDB and EdgeProp Market Trends (as at 8 December 2023)

Analysis of Petir Park Edge

Petir Park Edge is expected to appeal to nature lovers due to its proximity to the Central Catchment Nature Reserve. Moreover, the project is well-connected via Pending LRT Station and the Bukit Timah Expressway.

However, the odds do not favour interested applicants, unless they are first-time buyers, as Petir Park Edge is a small project with only 334 flats. Furthermore, the project features only two-room flexi and four-room flats.

Unfortunately for buyers keen to live in the neighbourhood, there are no other BTO projects in Bukit Panjang this year. Additionally, there are no projects in Bukit Panjang that have reached or will reach MOP from 2022 to 2025.

The most recent HDB project in Bukit Panjang that reached MOP is Senja Gateway along Senja Road, which obtained MOP in 2021. However, buyers who rely on the MRT may not want to consider the project as there are no MRT or LRT stations within walking distance. Nevertheless, this may not deter drivers due to the nearby Kranji Expressway.

HDB prices in Bukit Panjang

Since 2018, the average resale prices for two-room (36%) and four-room (38%) HDB flats in Bukit Panjang have grown at approximately the same pace. However, the current average resale price for two-room flats ($605 psf) is significantly higher than that for four-room flats ($506 psf). In contrast, the price growth during the same timeframe was much strong for four-room flats (23%) islandwide than their two-room counterparts (16%). The current average prices for four-room and two-room flats islandwide is $574 psf and $659 psf, respectively.

Source: EdgeProp Market Trends (as at 8 December 2023)

Two projects in Woodlands

Woodlands is the only town with two projects in this BTO exercise. Urban Rise @ Woodlands and Woodlands Beacon are located a short walk away from each other.

Source: HDB and EdgeProp Market Trends (as at 8 December 2023)

Analysis of Woodlands Beacon and Urban Rise @ Woodlands

Urban Rise @ Woodlands and Woodlands Beacon will feature a wide variety and large number of flats. However, only Urban Rise @ Woodlands will include two-room flexi and five-room flats. Additionally, both projects are located a short walk away from the dual-line Woodlands MRT Station.

There are plenty of amenities clustered around Woodlands MRT Station, making it convenient for future residents of the two projects to meet their daily needs easily. However, those who work in the CBD will have a long commute.

Urban Rise @ Woodlands and Woodlands Beacon are the only BTO projects in Woodlands this year. Unsuccessful applicants who are not in urgent need of a roof might want to wait for the upcoming BTO exercise in February next year when there will be another project in Woodlands with an estimated 1,120 two-room flexi, three, four, and five-room flats. The project, located along Rosewood Drive, is not within walking distance of any MRT station, which could translate to lower prices.

Unsuccessful applicants could also consider Marsiling Greenview along Woodlands Street 13 and Woodlands Pasture I along Woodlands Rise. Both projects reached MOP this year. Marsiling Greenview is within walking distance of Marsiling MRT Station, but there are no MRT stations near Woodlands Pasture I. Furthermore, Marsiling Greenview is near Woodlands Beacon. Woodlands Pasture I might appeal to parents of school-going children because it is located next to Riverside Primary School and across the road from Admiralty Secondary School.

Which Woodlands BTO project to choose?

Urban Rise @ Woodlands might be more suitable for large families due to its five-room flats. Its closer proximity to Woodlands MRT station might also appeal to those who heavily rely on the MRT. However, applicants with a more modest budget may want to consider Woodlands Beacon because it is less costly, especially for the four-room flats. Woodlands Beacon’s closer proximity to Woodlands Stadium, Sports Centre, and Swimming Complex might also make it more appealing to sporty families.

HDB Prices in Woodlands

Since 2013, the average resale price for five-room flats in Woodlands has grown marginally faster (26%) than four-room (23%) and three-room (19%) flats. However, the current average price for three-room flats ($523 psf) has surpassed the $500 psf benchmark, unlike the average prices for four-room ($486 psf) and five-room flats ($464 psf).