February 2024 BTO: Lots of choices from well-established towns

By Elizabeth Choong

January 24, 2024

The upcoming Build-To-Order (BTO) exercise in February will be the first exercise since HDB announced a reduction in the number of BTO exercises from the usual four per year to only three exercises. According to HDB, the reduction is due to stable application rates. Furthermore, the decreased frequency will reduce the extent of overlap between different BTO exercises and hence allow unsuccessful applicants more application time in the next exercise.

HDB also announced that 19,600 new HDB flats will be made available for application this year, down from 22,800 flats last year and 23,200 flats in 2022. The upcoming BTO exercise in February will feature an estimated 4,090 flats in seven projects spread across six towns. This is a decline from the BTO exercise in December last year, which featured 6,057 flats in eight projects in seven towns.

Bedok BTO projects: Ideal for families with young children

There are two projects in the popular residential town of Bedok for the upcoming BTO exercise. One project is located along Upper Changi Road, while the other is situated near the Pan Island Expressway (PIE). An estimated 950 flats from both projects will be made available for application.

Both projects share a number of similarities because they are located within a 2km radius of each other. They are also located adjacent to different primary schools, which should increase their appeal to parents with young children.



Analysis of Bedok BTO (Upper Changi Road)

The project might appeal to sporty families because it is located across the road from Bedok Stadium and other neighbouring sports facilities. Additionally, the prolific number and variety of schools in the vicinity should make this project very appealing to parents of school-going children. Besides being located adjacent to Bedok Green Primary School, there are also a number of nearby schools ranging from primary to tertiary levels, including the reputable Anglican High School. However, the lack of available five-room flats in this project might mean that applicants with many children might give this project a miss despite its proximity to numerous schools.

The main drawback of this project would be the lack of an MRT station within walking distance. The nearest station is Bedok MRT Station, which is more than 800m away. However, this inconvenience is mitigated by the close proximity of two markets and hawker centres.



Analysis of Bedok BTO project (PIE)

The second Bedok BTO project is bounded by Bedok North Avenue 3 and the PIE. Unlike the other Bedok project, this project features five-room flats, which should appeal to applicants with a large household. Furthermore, the project is located within a 1km radius of several primary and secondary schools, including the popular Red Swastika School.

Future residents of this project should find commuting very convenient because of the close proximity of Bedok Reservoir MRT Station and the PIE. However, interested applicants might want to choose a flat that is located further from the expressway to mitigate the potential traffic noise and dust.



Which Bedok BTO project to choose?

Large families are likely to prefer the project that is near the PIE because it is the only Bedok project with five-room flats. The project should also appeal to applicants who commute daily via the MRT because Bedok Reservoir MRT Station is a short walk away.

The Bedok BTO project located along Upper Changi Road might appeal to smaller households because only two-room flexi and four-room flats are available. The project might also attract sporty families because it is located across the road from numerous sports facilities such as the Bedok Sports Centre.

Application rates for Chai Chee Green in Bedok

Launched in December last year, Chai Chee Green is the most recent BTO project launched in Bedok. Chai Chee Green is bound by Bedok North Road and Chai Chee Lane. The five-room flats in the project attracted the highest application rate. As such, the five-room flats from the upcoming Bedok BTO project that is located near the PIE can be expected to attract much interest from applicants.



Unsuccessful applicants might want to consider Bedok North Woods, located along Bedok North Road. Bedok North Woods is a short walk away from the Bedok project near the PIE in the upcoming BTO exercise. Parents of young children will appreciate the proximity of Fengshan Primary School to Bedok North Woods, but the lack of five-room flats might deter some large families. Bedok North Woods features 330 three-room and 714 four-room flats and will reach the minimum occupation period (MOP) later this year.

Another project that unsuccessful applicants might want to consider is Fengshan Greenville along Bedok North Street 4. The project, which will also reach MOP this year, features 182 three-room, 570 four-room, and 108 five-room flats. Fengshan Greenville might appeal to parents whose children are in Anglican High School because the project is located adjacent to the school.

HDB prices in Bedok

Since 2014, the average prices for four-room and five-room flats in Bedok grew at similar paces of 25% and 28%, respectively. Unsurprisingly, the average prices for both flat types reached a similar level of $568 psf for four-room flats and $576 psf for five-room flats this year.

In contrast, the average price for two-room flats in Bedok grew only 9% to $578 psf over the same timeframe. This can be attributed to a decline of $49 psf from the average price of $627 psf last year. The average prices for four-room and five-room flats declined by a less significant $5 psf and $30 psf, respectively.



Queenstown: Smallest project in this BTO exercise

There is a high possibility that the Queenstown project in this BTO exercise will be launched under the Prime Location Public Housing (PLH) model because of its central location and proximity to Commonwealth MRT Station.



Analysis of Queenstown BTO project

The attractiveness of the project is due to its proximity to numerous amenities, including Commonwealth MRT Station, as well as Tanglin Halt Market and Food Centre. Furthermore, future residents are only a MRT stop away from Holland Village or one-north.

However, the longer MOP required if the project is launched as PLH might make the project less appealing to applicants who plan to move after five years. Applicants who are not first-timers might have a lower chance of success due to the limited number of flats in this project. Additionally, larger families might be deterred from applying because there are only two-room flexi and four-room flats available.



Application rates for Ulu Pandan Vista

Ulu Pandan Vista is the most recent BTO project in Queenstown. It was launched under the PLH model in December last year. The project achieved low application rates, especially for the three-room flats, which were undersubscribed. This could be attributed to the adequate supply of BTO flats in the town. Besides Ulu Pandan Vista, there was another project in Queenstown during the BTO exercise in October last year.



Those in urgent need of housing in Queenstown can consider Ghim Moh Edge along Ghim Moh Link. The project obtained MOP in 2022 and features 2,368 three-room and 5,288 four-room flats. Ghim Moh Edge should appeal to buyers working in one-north because the business park is a short drive away.

HDB Prices in Queenstown

There is a significant difference in the pace of price growth for two-room and four-room flats in Queenstown. Since 2014, the average price for two-room and four-room flats grew by 9% and 27%, respectively. The comparatively slower growth for two-room flats could be due to the 15% y-o-y decline from $679 psf last year to $575 psf this year. In contrast, four-room flats remained unchanged at $877 psf.

More at: https://www.edgeprop.sg/property-new...ablished-towns