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

HDB has launched 4,428 flats available for sale under the February 2023 Build-To-Order (BTO) exercise. The flats are spread across 5 sites over 4 towns– Queenstown, Kallang and also Whampoa, Jurong West as well as Tengah. This is the initial BTO exercise given that the Funds news, where steps targeted at assisting new homebuyers were revealed, consisting of higher CPF real estate grants for those wanting to acquire a resale flat.

In Jurong West, HDB is launching two home blocks of 18 floors, which will place 271 units of three- and four-room condos. The site lies along Jurong West Street 93. Rates start from $187,000 for a three-room flat as well as from $288,000 for a four-room one.

The 2nd PLH project remains in Kallang as well as Whampoa, on an area bounded by Race Course Road, Hampshire Road and Farrer Park Road. The property– Farrer Park Fields– will have 7 24-storey blocks real estate 1,274 units of two-room flexi, three-room and also 4– 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.

Lee Sze Teck, Huttons Asia’s chief research executive, includes that surrounding facilities, consisting of Farrer Park Primary School, the forthcoming shopping center Piccadilly Galleria, Tekka Market and City Square Shopping mall, better improve the appeal of the project. Lee adds that the other PLH project in Queenstown, Ulu Pandan Glades, is close to another PLH project, Dover Forest, released last November. “The prices for flats in Ulu Pandan Glades are similar to the earlier launch.”

The remaining area remains in the Brickland area of Tengah estate, bounded by Brickland Road and Tengah Boulevard. With 1,641 units throughout 12 residential blocks, it is the biggest area under the February 2023 BTO exercise and the just one with five-room apartments. Some other unit types are two-room flexi, three- and four-room apartments. Costs begin with $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.

Consultants assume Farrer Park Fields to find strong demand given its closeness to town as well as 2 MRT stations– Farrer Park along with Little India, the latter of which is an interchange for the Downtown and North-East Lines. “We can prepare for strong rivalry for Farrer Park Fields, particularly given that BTO properties in the Kallang and also Whampoa vicinity tend to be very contested when near an MRT station,” says Mohan Sandrasegeran, One Global Group’s top analyst for research and content creation.

The area in Tengah might gather attraction complying with the announcement of ACS Primary’s relocation to Tengah in 2030. “This may cause even more applicants trying this batch of apartments, although we do not anticipate a big spike in numbers,” states Sun.

Kassia Condo Flora Drive

Relating to the non-PLH undertakings, OrangeTee & Tie’s Sun expects the Jalan Rajah spot– though not near to an MRT terminal– to still bring in solid demand given its location near Toa Payoh Central, which has ample features.

On the other hand, the Jurong West site is expected to benefit from its venue near Pioneer MRT Station. Nevertheless, with only 271 apartments, getting a flat via the balloting process may be tough, states One Global Group’s Sandrasegeran.

Among the remaining three BTO areas, another remains in Kallang, Whampoa, around Jalan Rajah. It has 510 3- and four-room flats in 2 40-storey blocks. Costs begin with $326,000 for a three-room flat and from $459,000 for a four-room flat.

Christine Sun, top vice ceo of research and analytics at OrangeTee & Tie, strongly believes this may divert some BTO demand to the resell market. “Considering that extra aids are offered, we might just expect extra eligible purchasers to buy at well-known locations such as older estates, or they might acquire a little bigger condos,” she claims.

Sun adds in that some first-time buyers might stand by until the August BTO exercise, which is likely when the authorities will allow first-time family members to receive an extra ballot for their BTO applications.

Under the February 2023 BTO exercise, 2 of the five locations have been assigned Prime Location Public Housing (PLH) properties. The very first – Ulu Pandan Glades – stands around Ghim Moh Link and Commonwealth Avenue West in Queenstown, near the Dover MRT Station. It will have 732 units comprising 3- and four-room flats. Indicative prices begin with $372,000 for a three-room apartment $541,000 for a four-room flat, leaving out subsidies.

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