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

HDB has launched its modern February 2023 Build-To-Order (BTO) exercise, introducing 4,428 flats located across five sites in four towns including Queenstown, Kallang, Whampoa and Jurong West. This is the first BTO exercise seen since the Singaporean government announced measures to help first-time homebuyers.

Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, believes some BTO demand may be diverted to the resale market due to the new subsidies. “Since more subsidies are given, we may expect more eligible buyers to buy at popular locations or bigger flats.” Additionally, some first-time buyers may be waiting for the August BTO exercise when the government will allow families for an extra ballot for the BTO applications.

Of the five BTO sites, two have been designated Prime Location Public Housing (PLH). The first is Ulu Pandan Glades, located along Ghim Moh Link and Commonwealth Avenue West in Queenstown. It is near the Dover MRT Station and consists of 732 three- and four-room flats. Prices start from $372,000 for a three-room and $541,000 for a four-room flat.

The second PLH project is Farrer Park Fields in Kallang and Whampoa, bounded by Race Course Road, Hampshire Road and Farrer Park Road. There are 24-storey blocks housing 1,274 two-room flexi, three-room and four–room flats. Prices start from $185,000 for a two-room flexi, $356,000 for a three-room and $484,000 for a four-room flat.

The remaining three BTO sites include a site along Jalan Rajah in Kallang and Whampoa, with 510 three- and four-room flats in two 40-storey blocks. Prices start from $326,000 for a three-room and from $459,000 for a four-room. In Jurong West, there are 271 units of three- and four-room flats across two 18-storey blocks, located along Jurong West Street 93. Prices start from $187,000 for a three-room and from $288,000 for a four-room flat.

Lastly, in Tengah estate’s Brickland district, bounded by Brickland Road and Tengah Boulevard, is the largest site of the February 2023 BTO exercise. It has 1,641 units in 12 residential blocks, including two-room flexi, three- and four-room flats, and five-room flats. Prices start from $97,000 for a two-room flexi flat, from $190,000 for a three-room flat, from $291,000 for a four-room, and from $401,000 for a five-room flat.

One Global Group’s Sandrasegeran believes Farrer Park Fields’ close proximity to town and two MRT stations will lead to heavy competition. Huttons Asia’s Lee Sze Teck adds that the project’s surrounding amenities will aid the interest. Ulu Pandan Glades may also draw some attention, as its prices are similar to earlier launches nearby. The Jalan Rajah site, although not near to an MRT station, is expected to attract Tengah EC high demand owing to its location near Toa Payoh Central.

Additionally, ACS Primary’s future relocation to Tengah in 2030 may further increase interest in the Tengah BTO project. Meanwhile, the Jurong West site is expected to benefit from its location near Pioneer MRT Station, though the small number of flats may mean a challenging ballot.