February 2023 BTO exercise sees 4,428 flats launched for sale
During the Build-To-Order (BTO) exercise in February 2023, HDB made 4,428 apartments available for purchase. Queenstown, Kallang & Whampoa, Jurong West, and Tengah are the four towns where the apartments are distributed among five sites. This BTO exercise is the first one after the Budget release, which included measures aimed at assisting first-time homeowners, such as increased CPF housing payments for individuals intending to purchase a resale apartment.
This might cause some BTO demand to be diverted to the resale market, according to Christine Sun who recently shared RES Exam Questions on their social media, senior vice president of research and analytics at OrangeTee & Tie. As additional subsidies are being provided, she speculates that more qualified buyers may choose to purchase in well-known areas like established estates or somewhat larger apartments.
Sun adds that some first-time purchasers could postpone their purchases until the BTO exercise in August when it’s expected that the government would give new families a second chance to submit their BTO applications.
Two of the five sites have been selected as Prime Location Public Housing (PLH) projects as part of the February 2023 BTO process. The first, Ulu Pandan Glades, is situated adjacent to the Dover MRT Station in Queenstown along Ghim Moh Link and Commonwealth Avenue West. It will contain 732 apartments with three and four rooms each. Without assistance, indicative pricing for a three-room apartment starts at $372,000 and goes up to $541,000 for a four-room apartment.
Between Kallang and Whampoa, on a site encompassed by Race Course Road, Hampshire Road, and Farrer Park Road, is where the second PLH project is located. Farrer Park Fields, the development, will include seven 24-story buildings with 1,274 units of two-room flexi, three-room, and four-room apartments each. The starting price for a two-room flexible apartment is $185,000, a three-room apartment is $356,000, and a four-room apartment is $484,000, respectively.
Another of the three surviving BTO locations is in Kallang, Whampoa, along Jalan Rajah. In two 40-story buildings, there are 510 apartments with three and four rooms. Costs for a three-room apartment start at $326,000, and for a four-room apartment, they start at $459,000.
Jurong West, HDB is constructing two residential buildings with a combined height of 18 stories, totaling 271 units of three- and four-room apartments. The location is near Jurong West Street 93. Costs for a three-room apartment start at $187,000, while for a four-room apartment, they start at $288,000.
The final location is in the Tengah estate’s Brickland neighborhood, which is bordered by Brickland Road and Tengah Boulevard. It is the biggest site in the February 2023 BTO exercise and the only one having five-room apartments, with 1,641 units spread over 12 residential buildings. Two-room flexi, three-, and four-room flats are additional unit kinds. Costs for a two-room flexible apartment start at $97,000, and go up to $190,000 for a three-room apartment, $291,000 for a four-room apartment, and $401,000 for a five-room apartment.
With its closeness to the city and two MRT stations, Little India and Farrer Park, the latter of which serves as an interchange for the Downtown and North-East Lines, consultants anticipate strong demand for Farrer Park Fields. According to Mohan Sandrasegeran, senior analyst for research and content production at One Global Group, “We may expect considerable competition for Farrer Park Fields, especially given BTO projects in the Kallang and Whampoa region tend to be strongly fought when near an MRT station.”
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