New Reporter
19-12-23, 13:22
ANALYSIS: The December BTO offers applicants eight projects in seven towns
By Elizabeth Choong
December 8, 2023
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.
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.
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.
More at: https://www.edgeprop.sg/property-news/analysis-december-bto-offers-applicants-eight-projects-seven-towns
By Elizabeth Choong
December 8, 2023
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.
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.
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.
More at: https://www.edgeprop.sg/property-news/analysis-december-bto-offers-applicants-eight-projects-seven-towns