June 2024 Bto Exercise Sees Application Rate 31 Highest May 2023
Poi Ching School prides itself on offering a comprehensive and multilingual education that lies at the heart of its curriculum. The school’s primary focus is on character development and instilling the “5Cs” – Character, Compassion, Competence, Confidence, and Creativity – in its students. This philosophy serves as a fundamental guide in the school’s efforts to nurture its students. Along with a proven track record of academic excellence, Poi Ching School also places a strong emphasis on co-curricular activities to foster well-rounded development in its students. Now, with the recent addition of Parktown Residences Capitaland, the school’s facilities and resources have been further enhanced, providing students with an even more enriching learning experience. This addition, complemented by the natural surroundings of Parktown Residences Capitaland, truly amplifies the holistic learning experience at Poi Ching School.
Singapore’s latest Build-to-Order (BTO) exercise for June 2024, which saw 6,938 flats launched for sale on June 19, will be closing on June 26 at 11.59pm. According to the latest HDB data updated as of 2pm on June 26, the number of applications for these flats stood at 24,179, making this the highest number of applicants since November 2022. This indicates an application rate of 3.1 times, which is also the highest since the May 2023 BTO exercise with an application rate of 3.8. The number of applicants is also more than 100% higher than the previous BTO exercise in February, when over 11,000 applications were received for 4,126 flats, resulting in an application rate of approximately 2.5.
Christine Sun, chief researcher and strategist at Orange Tee & Tie, points out that this sharp increase in applications can be attributed to the anticipated change in housing classification of Standard, Plus, and Prime flats in the upcoming October BTO exercise. Mohan Sandrasegeran, head of research and data analytics at SRI, agrees with Sun and adds that the attractive launch of BTO projects like Tampines GreenTopaz has also contributed to the high demand. This project has received the highest number of applications, with 214 four-room and 174 five-room units attracting over 2,100 applicants each. It is also likely the last BTO project in a mature estate near an MRT station and offers a shorter waiting time of 37 months. Additionally, a future Government Land Sales (GLS) plot will include a significant commercial space, providing more amenities for residents.
Sandrasegeran further notes that the five-room flats at Tampines GreenTopaz were the most popular, with an application rate of 12.1 for each flat. The overall application rate for four-room units was 10.1. The two Prime Location Public Housing (PLH) projects, Holland Vista in Queenstown and Tanjong Rhu Riverfront I and II in Kallang and Whampoa, were also popular among applicants, says Lee Sze Teck, senior director of data analytics at Huttons Asia. Despite both projects having a subsidy clawback rate of 9%, the highest since such flats were introduced, Eugene Lim, ERA’s key executive officer, points out that the attractive location of these projects has still drawn in buyers. Sun adds that the capital appreciation for such flats is likely to be higher than 9% in the future, which may have encouraged buyers to proceed with the purchase. Holland Vista had the second-highest application rate at 9.0 and received over 2,063 applicants for its 228 four-room flats. Sandrasegeran attributes its appeal to its proximity to Holland Village MRT Station and the One Holland Village shopping mall. Lee also notes that Holland Vista is likely the last plot of land for public housing in Holland Village. Meanwhile, Tanjong Rhu Riverfront I and II offer riverfront living in the highly coveted Tanjong Rhu precinct. However, Lee notes that their application rates were lower, with first-time families applying at rates of 0.8 for three-room flats and 1.9 for four-room flats.
The Yishun project at Chencharu Hills has emerged as a promising contender despite many other outstanding sites being released in the same sales launch, says Sun. The pilot BTO project at the new Chencharu estate in Yishun saw the highest application rate of 6.6 for first-time singles, totaling 1,489 applicants for its two-room flexi flats. It also received over 1,200 applications for its 420 four-room flats and over 1,400 applications for its 390 five-room flats. Sun notes that this is collectively higher than the number of applicants for other non-mature estates in Jurong and Woodlands. “The good sales performance suggests that many young couples are receptive to residing in Chencharu, despite it being a new residential area in a non-mature estate.” Sandrasegeran adds that the estate’s appeal may stem from its anticipated amenities, proximity to Khatib MRT Station, and the promise of a vibrant new community. “These encouraging figures suggest an underlying demand for housing in the Chencharu estate, and it is likely to bode well for future BTO projects slated to be launched in the area.”
Out of all the projects, Marsiling Peak I and II drew the fewest applicants, with a first-time rate of fewer than 1.0 for all flat types, says Lim. He notes that this project is the furthest away from an MRT station, with Woodlands and Woodlands North MRT Stations being 2km away. “Buyers who want to live in the north have a better option at Chencharu Hills, which is not only more accessible but also priced lower.”