Possible reasons why Toa Payoh BTO flats were so hugely oversubscribed

By EdgeProp Singapore / EdgeProp Singapore | June 8, 2018 11:59 AM SGT
A Built-To-Order (BTO) project in Toa Payoh was oversubscribed by nearly five times in the latest sale of new flats by the Housing Development Board (HDB) in May 2018.
The BTO project, Kim Keat Beacon, saw a total of 2,569 applicants for its 542 three- and four-room units, as of May 28. This translates to an application rate of 4.7.
In total, the May 2018 exercise launched 3,970 BTO units and 3,022 Sale-of-Balance Flats (SBF) units across various towns and estates. It had 8,142 applicants vying for 3,970 units – an application rate of 2.1.
In this article, we will look at Kim Keat Beacon, its surrounding vicinity, nearby amenities, connectivity and connectivity within the area.
1) Modern design
The 542-unit Kim Keat Beacon was named as such due to its prominent height and location.
The project comprises three residential blocks ranging from 25 to 30 storeys. Buyers can choose from three- and four-room flat units.
To encourage a 'green' lifestyle, Kim Keat Beacon is designed with several eco-friendly features They include separate chutes for recyclable waste, motion sensor-controlled energy efficient lighting at staircases to reduce energy consumption and regenerative lifts to reduce energy consumption.
2) Location
Kim Keat Beacon is located along Kim Keat Avenue in Toa Payoh, the oldest housing estate in Singapore.
Industry experts attribute the project’s popularity to its central location and the lack of BTO launches in Toa Payoh in recent years. The last time a BTO project was launched in the Kim Keat vicinity was in 2012, and it was a studio apartment project for the elderly.
3) Connectivity
The Kim Keat Beacon site is about a 15-minute bus ride from Toa Payoh central and Toa Payoh MRT station.
The site is smacked right in between the Pan-Island Expressway (PIE) and the Central Expressway (CTE), giving residents easy and convenient access to the highway.
4) Nearby schools
Kim Keat Beacon is located within 1km radius from Pei Chun Public School and St. Andrew’s Junior School.
Pei Chun Public School is a primary school that is particularly popular with parents who want their kids to master the Chinese language from an early age. Meanwhile, St. Andrew’s is part of the larger St. Andrew’s campus, which includes a secondary school and a junior college. Find more properties near schools here!
5) Amenities
Toa Payoh offers a wide range of commercial amenities and recreational venues.
For a start, residents at Kim Keat Beacon can visit nearby HDB neighbourhood centres such as Kim Keat Palm and Toa Payoh Vista for their daily needs.
For fun and fitness activities, they can consider going for a swim at Toa Payoh Swimming Complex, or workout at Toa Payoh Sports Hall and Toa Payoh Stadium. Alternatively, they can enjoy the great outdoors at Toa Payoh Sensory Park and Toa Payoh Town Park.
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6) Pricing
BTO flats in mature estates tend to come with a premium and this is reflected in the prices of Kim Keat Beacon. For instance, a three-room flat costs between $245,000 and $292,000, while a four-room flat costs between $380,000 and $463,000.
In comparison, a three-room flat at Fernvale Dew in Sengkang costs between $187,000 and $227,000, while a four-room flat costs between $279,000 and $342,000.
Below is a pricing comparison of BTO launches in the May 2018 exercise:
Fernvale Dew in Sengkang
Casa Spring @ Yishun
Tampines Greenvines
Kim Keat Beacon in Toa Payoh
Overview on the May 2018 BTO launch
Aside from 542 units at Kim Keat Beacon in Toa Payoh, a total of 2,157 units offered this time around are located in the non-mature estates of Yishun and Sengkang. Meanwhile, the other 1,271 units were offered in Tampines. None of the BTO projects offered in this sale exercise are located near MRT stations.
However, the May 2018 exercise is the first to feature the new measures that were announced during the budget for the Ministry of National Development this year.
This include the deferment of income assessment for housing loans and grants for young couples. This assessment of income will be deferred to just before they collect the keys to their homes instead of at the time of application.
Meanwhile, those applying for a flat under the Married Child Priority Scheme (MCPS) and Senior Priority Scheme may now do so if their married child or parents are living within 4km of the flat they are applying for. The previous radius was 2km.