February BTO exercise launches 4,126 flats for sale
/ EdgeProp Singapore |
Artist's impression of the Bedok North Springs BTO project in Bedok (Source: HDB)
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HDB had launched 4,126 flats for sale under the February Build-To-Order (BO) exercise. The flats are located across seven projects over six estates — Queenstown, Bedok, Choa Chu Kang, Hougang, Punggol and Woodlands. The February BTO exercise is the first of three launches scheduled in 2024, which will see 19,600 new flats launched.
Over 80% of the BTO flats launched in February have a waiting time of less than 3½ years, HDB said in a Feb 21 press release. These flats are located at the Bedok, Hougang, Punggol and Woodlands projects. HDB also announced the sale of 1,588 units under the Sale of Balance Flats (SBF) exercise for February.
Among the seven BTO projects for this exercise, one falls under the Prime Location Public Housing (PLH) model. Located in Queenstown, Tanglin Halt Courtyard has 251 units of two-room flexi and four-room flats. Excluding grants, prices start from $235,000 for a two-room flexi flat and from $565,000 for a four-room flat. The project is within walking distance of Commonwealth MRT Station on the East-West Line.
There are two projects located in Bedok, the only other mature estate in the February BTO exercise. Bedok North Springs and Bedok South Bloom have a total of 961 units, comprising two-room flexi, four- and five-room flats. Prices start from $155,000, $451,000 and $605,000 respectively. Bedok North Springs is roughly a 10-minute walk to Bedok Reservoir MRT Station (Downtown Line), while Bedok South Bloom is located opposite Bedok Stadium, between Bedok and Tanah Merah MRT Stations.
In Punggol, 962 flats are up for sale at Matilda Riverside, located near Sumang Lane on the Punggol Reservoir waterfront. Units comprise two-room flexi, three-, four- and five-room flats with prices from $131,000; $242,000; $318,000; and $464,000 respectively.
In Woodlands, Woodgrove Edge has 1,127 flats available. Located along Woodgrove Avenue and Rosewood Drive, units comprise two-room flexi, three-, four- and five-room flats with prices starting from $119,000; $223,000; $303,000; and $412,000 respectively.
In Hougang, 360 units of two-room flexi, three- and four-room flats are up for sale at Tanjong Tree Residences @ Hougang. Prices start from $136,000; $247,000; and $371,000 respectively.
In Choa Chu Kang, Rail Garden @ CCK has 465 units of two-room flexi, three- and four-room flats with prices from $102,000; $202,000; and $300,000 respectively. The site is situated between the Rail Corridor along Woodlands Road and a linear green space along Sungei Pang Sua.
Artist's impression of Matilda Riverside in Punggol (Source: HDB)
Bedok projects likely to draw strong interest
Christine Sun, chief researcher and strategist at OrangeTee Group, expects the Bedok North Springs project in Bedok to see the strongest interest, given its location close to Bedok Reservoir MRT Station and other amenities. “There is still a lack of new flats in this area as there have only been two launches in Bedok in recent years — Bedok South Blossoms and Chai Chee Green,” she adds. Bedok North Springs also offers five-room flats, which will appeal to families seeking bigger units.
Sun sees Bedok North Springs as having an edge over the other Bedok project — Bedok South Bloom — as the latter is situated further away from an MRT station, while its largest units are four-room flats. Nonetheless, she notes that both sites are within 1km of multiple schools, which may boost its appeal among families.
The project located in Punggol is also expected to draw healthy interest. Lee Sze Teck, senior director, data analytics at Huttons Asia, observes that the area may see pent-up demand as the last BTO launch was over four years ago. The project also has the shortest completion time of just over three years while also offering five-room flats, he adds.
Similarly, OrangeTee’s Sun predicts five-room flats at the Woodlands BTO project to see robust applications. “Woodlands Edge may be quite popular due to its proximity to the Singapore Sports School and a few other schools,” she adds.
While the PLH project in Queenstown, Tanglin Halt Courtyard, has a location close to the city-fringe and an MRT Station, it may not attract many applicants given the supply of over 11,000 PLH flats already launched in the estate. “The last PLH project launched, Tanglin Halt Cascadia, saw application rates of less than 1.0 probably due to the high price, restrictions on resale and distance from the city centre,” Huttons’ Lee points out.
Eugene Lim, key executive officer at ERA Singapore, has a more optimistic view, noting that the Tanglin Halt estate is undergoing redevelopment that includes a new integrated project at the site of the former Tanglin Halt Neighbourhood Centre that will house HDB flats, a hawker centre, polyclinic and other amenities. “[Tanglin Halt Courtyard] will likely draw high demand from applicants, particularly former residents of the area,” he predicts.
Overall, Lim highlights that the 4,126 units launched in the February BTO exercise represent just 21% of the 19,600 flats targeted for launch this year. “We should see significantly more units being released in June and October,” he says.
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