February 2024 BTO: Lots of choices from well-established towns
By Elizabeth Choong
/ EdgeProp Singapore |
The BTO flats near Sumang Lane is expected to be popular with applicants because there were no BTO flats in Punggol last year. (Photo: Albert Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) – 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.
Read also: Estimated 11,000 flats will MOP this year
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 Swastik 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.
Punggol BTO: Wide variety of choice
The upcoming BTO project in Punggol features an estimated 960 flats, which includes two integrated sold and rental blocks with 60 two-room rental flats. The Punggol BTO project is expected to appeal to applicants because of its popularity among young homebuyers. Furthermore, there was no BTO project in Punggol last year, so application rates might be given a boost by pent-up demand.
Analysis of Punggol BTO project
The project overlooks Sungei Punggol, so some of the flats can be expected to have unblocked water views, which should greatly appeal to nature lovers. Furthermore, the project is located near Sengkang Riverside Park.
Farmway LRT Station is the nearest LRT station, but it is not within a comfortable walking distance, which might deter some applicants who commute via the MRT. However, it might not be an issue for applicants who drive because of the nearby Tampines Expressway.
Three nearby projects obtained MOP last year
Punggol Bayview, located along Sumang Walk, is a massive project featuring 1,616 three-room, 3,696 four-room, 3,040 five-room, and 416 3Gen flats. Matilda Edge is a smaller project located along Sumang Lane and features 384 two-room, 1,076 three-room, and 1,200 four-room flats. Block 226D of The Verandah @ Matilda, along Sumang Lane, features 784 four-room and 564 five-room flats. All three projects obtained MOP last year and are located within walking distance of the upcoming BTO project.
HDB Prices in Punggol
The five-room flats in Punggol achieved the strongest rate of price growth, increasing by 57% since 2015. Price growth for four-room and three-room flats is 45% and 36%, respectively. Despite having the strongest price growth, five-room flats in Punggol have the lowest average price of $596 psf this year, compared to average prices of $665 psf for three-room and $625 psf for four-room flats.
Hougang: Poised to take off
The upcoming BTO project in Hougang is located near the Paya Lebar Air Base, which will be relocated from 2030. URA has plans to progressively transform the vacated area into a liveable and sustainable new town. The neighbouring towns are expected to enjoy some spillover benefits.
Analysis of Hougang BTO project
Parents of daughters are expected to be drawn to this BTO project because of its location adjacent to Paya Lebar Methodist Girls’ School. However, the lack of five-room flats may deter large families. Additionally, applicants who are not first-timers may be discouraged by the small number of available flats. Competition might be keen because there were no BTO projects in Hougang last year, which could mean some pent-up demand from those who are keen to live in the neighbourhood.
Some drawbacks of the project include the limited number of amenities in the vicinity. Additionally, Bartley MRT Station is the nearest MRT station, but it is not within walking distance.
Buyers might want to consider Buangkok Woods along Buangkok Link if they are keen to live in Hougang but want to have more amenities within walking distance. While Buangkok Woods is not located within a 1km radius of Paya Lebar Methodist Girls’ School, it is located within an established housing estate with a variety of amenities, including Tongkang LRT Station. Buangkok Woods features 1,820 two-room, 485 three-room flats, and 1,250 four-room flats. It is expected to achieve MOP this year.
HDB Prices in Hougang
Since 2016, average prices for two-room and three-room flats in Hougang grew at similar paces of 37% and 36%, respectively. In contrast, the average price for four-room flats grew the fastest at 48% to the current price of $548 psf, which is slightly higher than the average price of $546 psf for three-room flats. The current average price for two-room flats is significantly higher at $707 psf.
Source: EdgeProp Market Trends (as at 22 January 2024)
Woodlands: Upcoming rail linkage to Johor Bahru
Woodlands North MRT Station will be Singapore’s terminus for the Johor Bahru-Singapore Rapid Transit System (RTS) Link, while Malaysia’s terminus will be in Bukit Chagar. The RTS is a shuttle train service between the two cities that will have a capacity of 10,000 passengers per hour in each direction. It is expected to start operating in December 2026. The upcoming BTO project is located near Woodlands South MRT Station, which is a mere two stops away from Woodlands North MRT Station via the Thomson-East Coast Line.
Analysis of Woodlands BTO project
The Woodlands project is the largest project in this BTO exercise, which might improve the odds of a successful outcome for applicants. Furthermore, this project features a wide variety of flat types.
The upcoming Woodlands BTO project is expected to appeal to applicants who travel to Johor Bahru frequently because of the ease of travel from their home to the Malaysian city via the upcoming RTS. Another group of applicants that the project is expected to attract are parents with children who are aspiring Olympians and aim to attend the nearby Singapore Sports School.
A drawback of this project is the lack of a nearby MRT station, but this could be mitigated by Seletar Expressway, which is a short drive away. There is also a lack of amenities within walking distance. Future residents will most probably have to travel to Causeway Point which is near Woodlands MRT Station.
Two well-received BTO projects in Woodlands last year
There were two BTO projects in Woodlands that were launched in December last year. All flat types in both projects were oversubscribed, especially the two-room flexi and five-room flats in Urban Rise @ Woodlands. The overwhelming application rate could be due to both projects' close proximity to Woodlands MRT Station and the numerous amenities surrounding the MRT station.
The Woodlands project in this BTO exercise is expected to achieve a less impressive application rate because it is located further from amenities. However, the less ideal location could mean that the project will be launched at lower prices, which could attract applicants with more modest budgets.
No projects in Woodlands will achieve the MOP this year, so unsuccessful applicants might want to consider the two projects that obtained MOP last year.
Marsiling Greenview along Woodlands Street 13 is located a short walk away from many amenities, including Marsiling MRT Station, Marsiling Primary School, Marsiling Mall Hawker Centre, as well as Woodlands Swimming Complex, Sports Hall, and Stadium. The massive project features 1,701 two-room, 1,746 three-room, 5,490 four-room, 5,067 five-room, and 450 3Gen flats.
In contrast, Woodlands Pasture I along Woodlands Rise is a small project with 156 three-room, 509 four-room, and 353 five-room flats. While there are no MRT stations within walking distance, Riverside Primary School and Admiralty Secondary School are a short walk away.
HDB Prices in Woodlands
The current average prices for four-room and five-room flats in Woodlands are almost on par at $501 psf and $506 psf, respectively. In contrast, the average price for three-room flats is slightly higher at $524 psf despite having the weakest price growth of 31% since 2014. Price growth for four-room and five-room flats is stronger at 37% and 46%, respectively.
Source: EdgeProp Market Trends (as at 22 January 2024)
Choa Chu Kang BTO: Second chance for some unsuccessful applicants
The upcoming BTO project in Choa Chu Kang is located next to Rail Green I & II @ CCK, which was launched in October last year. Hence, the upcoming project might see some demand from unsuccessful applicants in the previous BTO exercise.
Analysis of Choa Chu Kang BTO project
The upcoming BTO project overlooks Sungei Pang Sua, which could appeal to applicants who want unblocked water views. The project might also appeal to parents because there are numerous nearby schools, ranging from primary school to junior college. However, applicants should note that there are no five-room flats available, so parents with many children may want to give this project a miss.
Part of the project abuts the Kranji Expressway, which would offer convenience to drivers but may bring more traffic noise and dust. To mitigate this, applicants may want to choose flats further from the expressway. There are no MRT or LRT stations within walking distance. Senja LRT Station, which is only a stop away from Bukit Panjang MRT Station, is the nearest LRT station.
Large BTO project in Choa Chu Kang last year
The most recent BTO project in Choa Chu Kang, Rail Green I & II @ CCK, was launched in October last year. It was a large project comprising 1,895 flats, ranging from two-room flexi to 3Gen. The larger flat types of Rail Green I & II @ CCK achieved the highest application rates. Additionally, Choa Chu Kang does not have any flats that obtained or will obtain MOP from 2022 to this year.
HDB Prices in Choa Chu Kang
Since 2015, the average prices for three-room and four-room flats in Choa Chu Kang grew at similar paces of 51% and 48%, respectively. The current average price for three-room flats is $560 psf, while the average price for four-room flats is lower at $484 psf. The average price for two-room flats is the highest at $633 psf, despite growing at the weakest pace of 27%.
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