February 2023 BTO exercise sees 4,428 flats launched for sale

Under the February 2023 BTO exercise, 2 of the five locations have been marked Prime Location Public Housing (PLH) projects. The original – Ulu Pandan Glades – is located along Ghim Moh Link and even Commonwealth Avenue West in Queenstown, next to the Dover MRT Terminal. It will have 732 units comprising three- plus four-room flats. Indicative prices begin with $372,000 for a three-room condo $541,000 for a four-room flat, excluding awards.

Pertaining to the non-PLH projects, OrangeTee & Tie’s Sun projects the Jalan Rajah spot– though not alongside an MRT station– to still attract solid need given its location near Toa Payoh Central, which has ample amenities.

Christine Sun, top vice president of research and analytics at OrangeTee & Tie, thinks this may divert some BTO demand to the resell market. “Given that additional aids are given, we might just anticipate much more eligible purchasers to purchase preferred locations such as developed estates, or they may buy somewhat bigger condos,” she says.

Sun adds that some new buyers might wait till the August BTO exercise, which is most likely when the government will certainly permit newbie families to get an added ballot for their BTO applications.

Amongst the remaining three BTO sites, an additional is in Kallang, Whampoa, along Jalan Rajah. It has 510 3- as well as four-room flats in two 40-storey blocks. Costs start from $326,000 for a three-room flat and from $459,000 for a four-room flat.

The last location remains in the Brickland region of Tengah estate, bounded by Brickland Roadway and Tengah Blvd. With 1,641 units throughout 12 non commercial blocks, it is the most extensive site under the February 2023 BTO exercise and even the only one with five-room apartments. Other unit types are two-room flexi, 3- and four-room flats. Prices start from $97,000 for a two-room flexi flat, from $190,000 for a three-room flat, $291,000 for a four-room flat and $401,000 for a five-room flat.

Meanwhile, the Jurong West location is expected to benefit from its venue near Pioneer MRT Station. Nonetheless, with only 271 flats, obtaining a flat through the balloting procedure might be tough, states One Global Group’s Sandrasegeran.

In Jurong West, HDB is introducing two non commercial blocks of 18 floors, which can house 271 units of three- and four-room apartments. The site lies along Jurong West Street 93. Costs begin with $187,000 for a three-room flat and from $288,000 for a four-room one.

HDB has recently released 4,428 condos to sell under the February 2023 Build-To-Order (BTO) exercise. The apartments are dispersed across 5 areas over four communities– Queenstown, Kallang and Whampoa, Jurong West and Tengah. This is the initial BTO exercise since the Funds announcement, where procedures targeted at assisting newbie homebuyers were announced, consisting of greater CPF housing awards for those aiming to get a secondhand flat.

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Specialists assume Farrer Park Fields to find strong demand provided its closeness to town as well as 2 MRT terminals– Farrer Park together with Little India, the last of which is an interchange for the Downtown and North-East Lines. “We can expect strong rivalry for Farrer Park Fields, specifically because BTO developments in the Kallang and also Whampoa proximity often tend to be fiercely contested when near an MRT station,” says Mohan Sandrasegeran, One Global Group’s senior analyst for research and content creation.

The second PLH project remains in Kallang as well as Whampoa, on an area bounded by Race Course Road, Hampshire Roadway as well as Farrer Park Road. The property– Farrer Park Fields– will have 7 24-storey blocks housing 1,274 units of two-room flexi, three-room as well as four– room flats. Suggestive prices begin with $185,000 for a two-room flexi flat, $356,000 for a three-room flat, moreover $484,000 for a four-room flat.

The area in Tengah might gather interest complying with the statement of ACS Primary’s relocation to Tengah in 2030. “This may lead to more candidates vying for this batch of apartments, although we do not expect a big spike in numbers,” states Sun.

Lee Sze Teck, Huttons Asia’s chief analysis director, adds that surrounding facilities, consisting of Farrer Park Primary School, the upcoming shopping mall Piccadilly Galleria, Tekka Market and City Square Mall, further improve the charm of the project. Lee includes that the other PLH venture in Queenstown, Ulu Pandan Glades, is close to another PLH project, Dover Forest, launched last November. “The costs for apartments in Ulu Pandan Glades resemble the earlier launch.”

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