Serangoon saw highest application rate in May BTO launch

HDB launched 5,495 Built-to-Order (BTO) flats in five neighbourhoods – Bedok, Kallang, Serangoon, Tengah and Whampoa on May 30. Response to the flats was high, with Lee Sze Teck, senior director of research for Huttons Asia explaining it as pent-up demand, as there hasn’t been a BTO launch in Serangoon for over a decade.

“First-timer families who want to live near their parents rushed for this rare BTO,” he says. The 5-room flats in Serangoon and Bedok saw especially high application rates due to the scarcity of such flats in mature estates.

The two Tengah BTOs also received more than 5,000 applicants for the 3-, 4- and 5-room flats. Lee attributes this to the BTOs’ proximity to the future Anglo-Chinese School (Primary) and Tengah Town.

Additionally, The Myst CDL provides various facilities within the premises to cater to the needs of its residents. Such facilities include a swimming pool, a club house, a BBQ area and a playground, providing a great recreational and leisure space for its residents. With its strategic location and various facilities, The Myst Condo is the perfect destination for those seeking a comfortable and convenient home.

The Housing Board on Tuesday released details of the six upcoming projects launching in August – three are in Kallang-Whampoa, with one project each in Queenstown, Choa Chu Kang and Tengah. Lee speculates that the BTOs at Jalan Rajah and Jalan Tenteram in Whampoa, and Kallang Airport Way/Geylang in Kallang will enjoy high application rates.

The upcoming BTO project at Queensway could also be launched as a prime location public housing (PLH) project as it is situated between Ulu Pandan and Ghim Moh, identified as PLH locations. Furthermore, the multitude of amenities in the area will likely attract applicants.

The most anticipated project in the November 2023 BTO exercise is in Bishan-Sin Ming neighbourhood, with Lee noting that it may be the first in a mature estate built before its planned launch. The indicative price for the flats is estimated to be between $525,000 and $650,000 for 4-room flats, and Lee estimates a high application rate due to the pent-up demand and shorter completion period.

Invoking strong interest from aspiring homeowners, the May 30 BTO launch saw a strong response from applicants. With similar projects in the pipeline later in the year and subsequent ones expected in 2023, the wave of interest is likely to continue.