Archive for category: Misc

Applications for the October 2023 Build-To-Order (BTO) exercise will close at 11.59pm on Oct 10, with 6,800 flats up for sale across six projects in Queenstown, Kallang-Whampoa, Choa Chu Kang and Tengah, including two Prime Location Public Housing (PLH) projects.

Data shows that response to the exercise has been underwhelming, with 9,848 applications have been received as of 5pm on Oct 10, compared to when more than 16,000 applicants applied for the February 2023 BTO exercise, and over 20,000 applied for the May 2023 BTO exercise.

Lee Sze Teck, senior director of data analytics at Huttons Asia, believes this lower demand may be due to the penalties for non-selection of flats that have kicked in with this exercise. He notes that first-timers who reject their chance to book a flat when invited to do so will be considered a second-timer with lower priority for a year, while second-timers who have one non-selection count will have to wait one year before they can apply for a flat again.

Some buyers may also be waiting for the December 2023 BTO exercise, which will feature long-awaited flats at Sin Ming in Bishan and Alexandra Vale in Bukit Merah.

Based on the applications submitted as of 5pm on Oct 10, the October 2023 BTO exercise has an overall subscription rate of about 1.4 times, possibly one of the lowest BTO application rates in recent years according to Ismali Gafoor, CEO of PropNex Realty.

With the URA Master Plan in action, property owners in the vicinity of Tampines Ave 11 Condo can expect to enjoy the benefits of greater connectivity, convenience and comfort. The CRL will revolutionise Singapore’s transport landscape, bringing with it increased economic dynamism and improved access to amenities for residents. Moreover, property values in the neighbourhood of Tampines Ave 11 Condo are likely to appreciate, as the CRL is expected to transform the district faster than anticipated.

The flats at the Choa Chu Kang project (Rail Green I & II) achieved the second-highest overall application rate of about 1.6 times. However, Gafoor points out that this rate is still lower compared to the last Choa Chu Kang BTO project, which garnered an overall application rate of 2.4 times.

The Tengah project (Plantation Edge I & II) saw the highest subscription rate of 2.1 times, possible due to the five-room flats available, shorter waiting times of 3 to 3.3 years, as well as the location in front of the future Tengah Park MRT Station on the Jurong Region Line which will open in 2028.

Meanwhile, the projects in the mature estates saw a more muted response. The Kallang-Whampoa projects, including the 1,143-unit Verandah @ Kallang PLH project, got an overall application rate of about 1.3 times. This is comparatively lower than past Kallang-Whampoa projects, such as the Farrer Park Arena project which recorded an application rate of 3.6 times.

The 973-unit Tanglin Halt Cascadia PLH project also observed a more measured application rate of 1.1 times.

Given the lower application rates, Gafoor notes that most first-timers stand a high chance of securing a flat. The application rate for four-room flats ranges from 0.8 to 1.0 times, while five-room flats stand at around 1.6 times, and three-room flats from 0.2 to 0.8 times.

Overall, the October 2023 BTO exercise has been a lukewarm response. However, first-timers may still stand a chance of getting a flat they desire.