Nov 2021 BTO application rate down 51% compared to Aug 2021 BTO exercise
By Timothy Tay
/ EdgeProp Singapore |
Applicants for the four-room flats at River Peaks I & II made up almost a third of the total number of applicants in the Nov 2021 exercise.
SINGAPORE (EDGEPROP) - Based on HDB’s data for the August 2021 Build-To-Order (BTO) sales exercise there were about 17,811 applicants vying for 4,501 new BTO flats. This translates to an average application rate of 4.0 as of 5pm on Nov 23. (Find HDB flats for rent or sale with our Singapore HDB directory)
This figure is down 51% from the 8.1 application rate that was clocked during the August 2021 BTO sales exercise which saw 4,989 BTO flats launched.
According to Ismail Gafoor, CEO of PropNex Realty, the drag in the number of applicants in the latest BTO sales exercise is due to a lower-than-expected turnout for some projects in non-mature estates at Tengah and Jurong West. Projects in these areas recorded application rates that range from 1 to 3.
Table: HDB, captured on Nov 25 at 0000.
However, the pilot project in Rochor that was launched under the Prime Location Housing (PLH) model achieved an overall subscription rate of 7.3. The two projects under this model are River Peaks I and II.
“The application rate for this project had exceeded our initial expectations of five to six times, showcasing the strong underlying demand for housing in the central area,” says Gafoor.
He adds that the overwhelming popularity of these flats shows that the clawback of the resale price to HDB has not put off buyers. “Considering the huge advantages that one is able to enjoy in the central location as well as the potential capital appreciation,” he says.
More than 6,000 applicants are competing for the 680 four-room units at River Peaks I & II. The total number of four-room applicants for these units comprise about a third of the total number of applicants in the Nov BTO exercise.
Meanwhile, three-room flats at River Peaks I & II saw a subscription rate of 2.7.
The Heart of Yew Tee in Chua Chu Kang was one of the popular projects in the Nov 2021 BTO sales exercise, with a subcription rate of 10.2. (Picture: HDB)
The project at Chua Chu Kang called the Heart of Yew Tee was one of the most popular projects in this launch, with 693 applicants vying for 68 units. This translates to a subscription rate of 10.2. The project consists of two-room flexi flats under a 40-year lease.
“The integrated development features, accessibility to facilities and public transport were huge selling points that proved to be popular amongst senior applicants. The subscription rates were overwhelming compared to the senior-living public housing project at Bukit Batok (Harmony Village @ Bukit Batok) which was launched in February this year,” says Gafoor.
Harmony Village @ Bukit Batok saw a subscription rate of 4.2 at the close of the sales exercise.
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