During August’s Build-to-Order (BTO) sales exercise, the most popular flats were the larger ones in the mature estates of Ang Mo Kio and Tampines.
As of Monday at 5:00 p.m., there were around eight first-time applicants for each of the Central Weave @ AMK project’s 398 four-room apartments and 372 five-room and three-generation units.
Prices range from $535,000 to $676,00 for a four-room apartment, and from $720,000 to $887,00 for a five-room unit.
17.2 first-time applicants competed for each of the 117 five-room flats in the Sun Plaza Spring development in Tampines, which start at $520,000.
In established communities, at least 95% of the flats are allocated for first-time applicants.
The initial application rate for the 353 three-room flats in the Alexandra Vale and Havelock Hillside complexes in Bukit Merah was less than one.
This indicates that it will likely be possible for all first-time renters to select an apartment.
The two developments adhere to the premier location public housing (PLH) model, which imposes a 10-year minimum occupation period (MOP) and a 6% subsidy clawback clause on first-time home sellers on the open market.
In the majority of complexes, the Housing Board said in a statement released Monday evening, the proportion of first-time applicants for three-room flats was lower.
The survey revealed that, with the exception of Woodlands South Plains in Woodlands, the first-time applicant rate for all three-bedroom apartments was 1.9 or less.
Each of the 1,298 four-room apartments available in the Bukit Merah estate attracted 3,3 first-time applicants.
Alexandra Vale provides three- and four-bedroom apartments priced between $385,000 and $477,000, excluding grants, and $547,000 and $705,000, respectively, next to Redhill MRT station. One of the two structures in the project will house apartments for rent.
Within walking distance of the Tiong Bahru MRT station, the Havelock Hillside BTO project provides three-room flats priced between $370,000 and $515,000 and four-room flats priced between $531,000 and $730,000.
There is an approximate five-year waiting period for both projects.
Monday at 11:59 p.m. Eastern Standard Time is the application deadline for all HDB flat portal projects. A lottery will be used to distribute the flats.
Those with queue numbers for this launch can reserve flats in person between November of this year and August of the following year at the HDB Hub in Toa Payoh.
Despite prices of up to $877k, Ang Mo Kio 5-room BTO flats are in hot demand.
Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, remarked that Ang Mo Kio and Tampines developments have greater demand than Bukit Merah.
In addition, some projects in mature estates could be sold more quickly on the secondary market because they would be constructed around the same period as PLH model apartments but would have a shorter MOP.
Ms. Sun observed that buyers favored five-room flats in this BTO launch because fewer five-room apartments were available in recent releases for mature estates.
According to Nicholas Mak, head of research and consultancy for ERA Realty, first-time buyers may reevaluate their long-term goals in light of the extended MOP. He observed that the demand for three-bedroom apartments in Bukit Merah was declining.
He remarked that a two-bedroom apartment may not be sufficient for individuals who plan to have children in the long run.
In Woodlands, 8.7 first-time applicants competed for each of 268 four-bedroom residences on Woodlands Avenue 1, where prices for four-bedroom apartments started at $303,000.
Each of the 252 four-room apartments in the Jurong East Breeze development in Jurong East Central near to the Pan-Island Expressway received 4.3 first-time applicants.
The starting price for a four-room apartment is $283,000.
There were somewhat more than one first-time applications for each of the three-, four-, and five-room apartments located in Choa Chu Kang near ITE College West.
As HDB allocates three times more queue numbers than the number of available apartments in anticipation of applicants dropping out throughout the flat selection process, the majority of first-time applicants have a good chance of selecting a unit.
During the selection process for flats, HDB claimed an average rejection rate of 40%.
Prices start at $194,000 for a three-bedroom apartment, $277,000 for a four-bedroom apartment, and $390,000 for a five-bedroom home.
Mr. Mak remarked that the application rates for the non-mature estates indicated that buyers generally preferred mature estates.
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