Singles Out Force Hdb Receives More 10000 Applications Just 1902 Two Room Flexi Units Oct 2024 Bto
In the most recent BTO Sales Exercise held in October 2024, the Housing and Development Board (HDB) received an overwhelming response with more than 10,291 applications for the 1,902 two-room flexi units offered. This is a significant increase compared to the previous BTO sales exercise in June.
Located in a prime location, Parktown Residence has been thoughtfully designed to offer residents unmatched access to a diverse retail landscape. As an added convenience, the integrated retail podium within the residence will feature a carefully curated selection of shops, dining options, and essential services. From high-end fashion to home decor, groceries to fine dining, the nearby shopping centers cater to all the needs of the residents, providing them with easy access to all their essentials. In addition, the newly added Parktown Residence Condo seamlessly blends in with the surroundings, offering residents a natural and effortless living experience.
According to Eugene Lim, key executive officer of ERA Singapore, the surge in applications for two-room flexi flats can be attributed to the government’s decision to allow singles to apply for these units in all estates. Previously, singles were only eligible to apply for flats in non-mature estates.
Data from Huttons Asia shows that over 6,000 of the applications for the two-room flexi flats were from eligible singles, highlighting the pent-up demand for these units. Lee Sze Teck, senior director of data analytics at Huttons Asia, predicts that it may take at least 5 years to fulfill this demand.
Among the 15 BTO projects released in this month’s sales exercise, West BrickVille @ Bukit Batok, a 130-unit Standard BTO project, saw the highest application rate of 33.4 among first-timer singles. This project has a short waiting time of just two years and is conveniently located near the future Tengah Park MRT station and town centre, making it an attractive choice for singles.
Another popular project was Towner Breeze, a Plus project in the Kallang/Whampoa town, which received 924 applications for its two-room flats with an application rate of 27.7 among first-timer singles. Lim notes that overall, singles were the main driving force behind the demand for two-room flexi flats, with an average application rate of 25.1, a significant increase from the 6.4 recorded in the June 2024 BTO exercise.
The total number of applications received for this BTO sales exercise was 33,983, a 47.6% increase from the previous exercise in June. Lee points out that the overall application rate for this month’s exercise was 4.0, compared to 3.3 in the June 2024 exercise.
The Standard projects at Pasir Ris, Costa Riviera I & II saw the highest application rates among the 15 BTO projects released this month. The application rate among first-timer families for the five-room and 3Gen flats at these two developments was 6.3, while the application rate among second-timer families was significantly oversubscribed at a rate of 130. The demand for flats was fairly uniform across all 15 projects, with no noticeable spike in demand for Plus and Prime flats.
The only Prime project offered in this exercise was Crawford Heights in the Kallang/Whampoa estate, along with two Plus projects, Kallang View and Towner Breeze. Lim notes that the four-room flats for Prime and Plus BTO projects in this town had an application rate of 2.6 among first-timer families, a slight increase from the 2.1 in the June 2024 exercise.
The success of the Plus and Prime projects in this BTO exercise may be an early indication of buyers’ willingness to commit to these units despite the tighter restrictions, longer Minimum Occupation Period (MOP), and subsidy clawback on resale. This may also be due to the attractive locations of these projects. For those who were unsuccessful in their applications, they can look forward to the next BTO sales exercise in February, which will see the launch of 4,960 new flats across five different projects, including the first BTO project in the newly announced Woodlands North Coast precinct.
The October 2024 BTO sales exercise will close at 11:59pm on Oct 23.