Approximately 5,430 flats from eight projects across seven towns will be available for application in the upcoming Build-To-Order (BTO) exercise in July (see Table 1). There are two projects in Bukit Merah, while each of the remaining six towns has one project.
The number of available flats is comparable to the previous BTO exercise in February, when applicants could apply for 5,032 flats from five projects across four towns.
Notably, the project in Woodlands for the upcoming BTO exercise is the only one with more than 1,000 available flats. In contrast, the project in Tampines, with 380 flats, is the smallest for this BTO exercise.
Additionally, the project in Sembawang offers the largest variety of flat types. It is also the only project with 3Gen flats.
Deferred Income Assessment
The upcoming BTO exercise will be the first in which applicants can request a Deferred Income Assessment if they have fulfilled the required eligibility conditions within the 12 months prior to their HDB Flat Eligibility (HFE) letter application. If the young couple is found eligible, they can request for their incomes to be assessed, for the Enhanced CPF Housing Grant (EHG) and HDB housing loan, closer to their key collection appointment date.
To be eligible for a deferred income assessment, at least one of the applicants must be a student or a National Serviceman who would have completed their studies or national service within 12 months of the HFE letter application. In addition, at least one party must be 30 years old or younger, and one of them must be a first-time applicant. The applicants must also be a married couple or have applied for the flat under the Fiancé/Fiancée Scheme.
The deferment may allow young couples to obtain a higher HDB mortgage loan, enabling more applicants to purchase Prime and Plus flats, which are usually launched at higher prices. Hence, stronger demand for such flats may be observed in this BTO exercise. However, it would be financially more prudent for applicants to make conservative estimates of their future incomes.
BTO #1 & 2: Bukit Merah
Bukit Merah is the only town with more than one project in this BTO exercise. Combined, the two Bukit Merah projects will offer a total of 1,080 flats (see Table 2). As both projects are located a short walk from each other, they will be analysed together.
Future residents of both Bukit Merah projects can enjoy the convenience of being surrounded by numerous amenities, including Redhill MRT Station, which is only four stops away from Raffles Place MRT Station, making the two projects ideal for applicants who work in the CBD. Additionally, Redhill MRT Station is only two stops away from the triple-line Outram Park MRT Station, providing future residents with access to the East-West, North-East, and Thomson-East Coast Lines.
Due to their central location and close proximity to numerous amenities, both projects in Bukit Merah are expected to be launched under the Prime category. Furthermore, Alexandra Peaks, the most recent BTO project in Bukit Merah, was launched in December 2023 as a Prime Location Public Housing (PLH) Model project.
However, Prime projects come with tighter restrictions, including a longer Minimum Occupation Period (MOP) of 10 years instead of the usual five years. Prime projects are also launched at higher price points than non-Prime projects, so interested applicants may have to set aside more money for their dream home.
They may wish to use the launch prices of Alexandra Peaks as a guideline, since the project is located adjacent to the upcoming BTO project along Alexandra Road (see Table 3). Notably, the two-room flexi and four-room flats in Alexandra Peaks were oversubscribed, unlike the three-room flats.
HDB resale prices in Bukit Merah
Among the different flat types in Bukit Merah, the average resale price for four-room flats is the only one that has surpassed $800 psf, reaching the current $891 psf. In comparison, the average resale prices for two-room and three-room flats are $726 psf and $753 psf, respectively (see Chart 1).
However, the average resale price for four-room flats (33.4%) in Bukit Merah recorded the weakest price growth since 2020, compared to their two-room (46.7%) and three-room (44.2%) counterparts. The weaker growth for four-room flats in Bukit Merah could be attributed to their significantly higher prices, which translate to less room for price growth before encountering resistance from buyers.
Source: EdgeProp Market Trends (as at 10 June 2024)
Which Bukit Merah project to choose?
Unfortunately for singles, they have no choice but to opt for the project along Tanglin Road (see Map 1) if they wish to purchase a Bukit Merah flat in the upcoming BTO exercise. This is because singles are only allowed to purchase two-room BTO flats. They would have to turn to the resale market if they wish to purchase a larger HDB flat.
Given the high subscription rate for the two-room flexi flats in nearby Alexandra Peaks, intense competition can be expected for the 240 two-room flexi flats in the upcoming Bukit Merah BTO project along Tanglin Road.
Both projects are surrounded by ample schools, which should appeal to parents of school-going children. However, the project along Alexandra Road might be more ideal for parents of younger children, as it is nearer to Alexandra Primary School. Meanwhile, parents of older daughters might prefer the Tanglin Road BTO project because it is adjacent to Crescent Girls’ School.
Amenities such as an eating house and supermarket are expected to be developed within the BTO project along Tanglin Road, which will appeal to residents who prioritise convenience. In contrast, the BTO project along Alexandra Road is not expected to have any amenities within it.
However, the upcoming Bukit Merah BTO project along Alexandra Road might appeal to residents who place a high priority on connectivity, as it is nearer to Redhill MRT Station compared to the Tanglin Road BTO project (see Map 2).
BTO #3: Toa Payoh
The upcoming BTO project in Toa Payoh is a short walk from Caldecott MRT Station, which serves the Circle and Thomson-East Coast Lines (see Map 3). Its close proximity to the dual-line station will allow future residents to enjoy being only one stop away from Botanic Gardens MRT Station, which serves the Circle and Downtown Lines, as well as Stevens MRT Station, which is an interchange station for the Thomson-East Coast and Downtown Lines. Caldecott MRT Station is also two stops away from Bishan MRT Station, which serves the Circle and North-South Lines.
In addition to its close proximity to the dual-line Caldecott MRT Station and other interchange stations, the upcoming BTO project in Toa Payoh is surrounded by reputable schools ranging from primary to tertiary levels (see Table 4).
The convenient and well-connected project is expected to be launched under the Prime or Plus categories, which will mean tighter restrictions for applicants. However, this is not expected to dampen applicants’ interest, especially among parents keen for their children to attend one of the nearby reputable schools. Furthermore, Toa Payoh is a well-established neighbourhood, so applicants can expect fierce competition.
HDB resale prices in Toa Payoh
Since 2020, the average resale prices for HDB flats in Toa Payoh have grown significantly, driven by the popularity and high prices of the Bidadari projects which have recently reached their MOP. HDB classifies Bidadari as part of Toa Payoh town.
The highest price growth since 2020 for Toa Payoh was observed for three-room flats, whose average resale price surged by 67% to $628 psf. In comparison, the average resale prices for two-room ($642 psf) and four-room ($806 psf) flats rose by 51.4% and 42.7%, respectively (see Chart 2).
Source: EdgeProp Market Trends (as at 10 June 2024)
BTO #4: Clementi
The upcoming BTO project in Clementi is expected to appeal to many applicants because of its close proximity to Clementi Town Centre, The Clementi Mall, Grantral Mall @ Clementi, Clementi MRT Station and Clementi Bus Interchange (see Map 4).
Furthermore, Clementi MRT Station is expected to serve as an interchange station for the East-West and Cross Island Lines when the latter is completed in 2032. Future residents may experience some construction noise and dust but will benefit from greater connectivity upon the completion of the Cross Island Line.
The project’s close proximity to the above-mentioned amenities makes it likely that its flats will be launched under the Plus category. Additionally, some amenities are expected to be developed within the upcoming project, which will add to its appeal to applicants.
The project is also located within a 1 km radius of four primary schools and one secondary school (see Table 5). Furthermore, the National University of Singapore and Ngee Ann Polytechnic are located within Clementi.
The upcoming Clementi BTO project is a short drive from the Ayer Rajah Expressway, which will provide convenience for future residents who drive. However, the project’s proximity to the expressway could result in increased traffic noise and dust for future residents.
Given the lack of recent BTO projects near this development and its excellent location close to Clementi Town Centre, applicants can expect the upcoming BTO flats in Clementi to be oversubscribed.
HDB resale prices in Clementi
In addition to having the highest average resale price of $864 psf, two-room flats in Clementi also recorded the highest price growth of 47.7% since 2020 (see Chart 3). In comparison, the average resale price for three-room flats in Clementi increased by 25% to $590 psf, while that for four-room flats rose by 34.4% to $777 psf.
Source: EdgeProp Market Trends (as at 10 June 2024)
BTO # 5: Woodlands
The upcoming project in Woodlands is the only project in this BTO exercise with more than 1,000 available flats (see Table 6). The large number of available flats could mean better odds of a successful application, especially for first-time applicants.
The flats in the Woodlands project are likely to be launched under the Standard category because Woodlands is not a central location. Furthermore, Woodlands is a developing town with fewer amenities. Hence, the flats in this upcoming project could be launched at more affordable prices, which will be good news for applicants with more modest housing budgets.
The main appeal of this upcoming BTO project lies in its proximity to Woodlands North MRT Station and Admiralty Park (see Map 5).
The nearby MRT station will allow future residents to travel easily to all parts of the island. Additionally, Woodlands North MRT Station is only one stop away from Woodlands MRT Station, which is an interchange station for the Thomson-East Coast and North-South Lines. There are also more amenities near Woodlands MRT Station, including Causeway Point, Woods Square, and Woodlands Civic Centre.
Meanwhile, the project’s proximity to Admiralty Park might appeal to nature lovers. It could also attract applicants who frequently travel to Malaysia, as it is a short drive to the Causeway.
Parents of school-going children may want to note that there is only one primary school and one secondary school within a 1 km radius of the upcoming Woodlands project. However, Republic Polytechnic is a short walk away, which could appeal to applicants who work there.
The most recent BTO project in Woodlands is Woodlands Ridge, which was launched under the Standard category during the BTO exercise in October last year. Woodlands Ridge is a short walk from Marsiling MRT Station, Marsiling Primary School, and Marsiling Park (see Map 6).
Given that Woodlands Ridge featured only 500 flats comprising a mix of four-room and five-room flats, it is significantly smaller compared to the upcoming project. Both flat types from Woodlands Ridge had at least four applicants per flat (see Table 7).
Affordability could be the driving force behind the popularity of Woodlands Ridge. The launch prices for four-room and five-room flats at Woodlands Ridge were under $500,000 and $650,000, respectively. In comparison, data from HDB indicates that the median resale prices in 1Q 2025 for flats in Woodlands were higher; at $552,000 for four-room flats and $658,300 for five-room flats.
HDB resale prices in Woodlands
Notably, the average resale prices for HDB flats in Woodlands bottomed out in 2020 but have since recovered to $592 psf for three-room, $540 psf for four-room, and $523 psf for five-room flats (see Chart 4). In addition to having the highest average resale price, three-room flats (66.3%) in Woodlands also recorded the strongest price growth since 2020, followed by four-room (58.4%) and five-room (59.9%) flats.
Source: EdgeProp Market Trends (as at 11 June 2024)
BTO # 6: Tampines
After examining the largest project in this BTO exercise, we move on to the smallest, which is located in Tampines. This upcoming project features only 380 flats (see Table 8).
The upcoming Tampines BTO project is also expected to be launched as Standard flats, despite being adjacent to Upper Changi MRT Station, due to the lack of nearby amenities. However, this could be mitigated by the facilities, including a supermarket and eateries, that will be developed within the project.
The upcoming Tampines project is near three employment hubs, namely Changi Business Park, Changi Airport, and Singapore Expo. Hence, the project is expected to attract those who work at these three locations.
The nearby Upper Changi MRT Station will further add to the appeal of the upcoming project (see Map 7). Additionally, the MRT station is only one stop away from Expo MRT Station, which serves the Downtown and East-West Lines. Upper Changi MRT Station is also three stops away from Sungei Bedok MRT Station, which will serve as an interchange station for the Downtown and Thomson-East Coast Lines upon the completion of the latter next year.
A drawback of the upcoming project could be the lack of a primary school within a 1 km radius, but there are four primary schools within a 2 km radius, namely Changkat Primary School, Chongzheng Primary School, East Spring Primary School, and Yumin Primary School. Furthermore, the Singapore University of Technology and Design is located across the road from the upcoming project.
There are no three-room flats in this upcoming Tampines project, which could deter smaller households or families with more modest housing budgets from applying.
Likewise, Tampines GreenTopaz, the most recent BTO project is Tampines, did not feature any three-room flats. Located across the road from SAFRA Clubhouse (Tampines), Tampines GreenTopaz was part of the BTO exercise in June last year. It is also a short walk from Tampines West MRT Station, which is three stops away from Upper Changi MRT Station (see Map 8).
All flat types from Tampines GreenTopaz were oversubscribed, especially the four-room and five-room flats, which had subscription rates exceeding 10 (see Table 9).
Given the popularity of Tampines GreenTopaz and the limited number of available flats in the upcoming Tampines project, the soon-to-be-launched flats are expected to be oversubscribed. Competition is expected to intensify if the unsuccessful applicants for Tampines GreenTopaz also apply for a flat in the upcoming Tampines BTO project.
HDB resale prices in Tampines
The average resale prices for four-room ($670 psf) and five-room ($644 psf) flats in Tampines have consistently trended very closely to each other, while that for two-room flats ($812 psf) is significantly higher (see Chart 5). However, the average resale prices for all three flat types in Tampines have grown at a similar pace since 2020. Four-room flats lead the pack with a price growth of 57.6%, followed by two-room (53.8%) and five-room (49.8%) flats.
Source: EdgeProp Market Trends (as at 11 June 2024)
BTO # 7: Sembawang
The upcoming BTO project in Sembawang stands out because it is the only project in the upcoming BTO exercise with 3Gen flats. Hence, the project might see more applicants from multi-generational households. Additionally, the Sembawang project features 200 five-room flats, which may appeal to large families.
Smaller households are not forgotten, as the upcoming Sembawang project offers the widest variety of flat types compared to the other projects in the same BTO exercise (see Table 10).
Despite being located near several amenities, the upcoming BTO project is expected to be launched as Standard flats because Sembawang is still a developing town and is not in a central location. Furthermore, the upcoming project is not within walking distance of any MRT station, making it one of two projects in this BTO exercise without a nearby MRT station (see Map 9). Sembawang MRT Station is the nearest station, but it is more than 600 metres away.
If launched under the Standard category, the BTO flats in Sembawang are expected to be priced at a more affordable level, which might appeal to applicants with more modest housing budgets.
HDB resale prices in Sembawang
Significant price growth has been observed for HDB flats in Sembawang. Since 2020, the average resale price for four-room flats has surged by 76%, while that for three-room and five-room flats has risen by 69.1% and 68.3%, respectively.
Despite recording the strongest price growth, the average resale price for four-room flats ($632 psf) in Sembawang is still lower than that for three-room flats ($717 psf). Meanwhile, the average resale price for five-room flats ($574 psf) has yet to cross the $600 psf threshold (see Chart 6).
The limited number of three-room flats in Sembawang could have contributed to their higher average resale price. According to the latest HDB annual report, there are only 1,705 three-room flats in Sembawang. In comparison, there are 12,250 four-room and 9,056 five-room flats in the same town.
Source: EdgeProp Market Trends (as at 11 June 2024)
BTO # 8: Bukit Panjang
The upcoming BTO project in Bukit Panjang is the second project without a nearby MRT station, but this could be mitigated by Bangkit LRT Station, which is within walking distance (see Map 10). Bukit Panjang MRT Station is the nearest MRT station, but it is more than 1.5 km away. The lack of a nearby MRT station and its non-central location mean that the project is likely to be launched under the Standard category.
Furthermore, the upcoming Bukit Panjang project is a short drive from the Bukit Timah Expressway, which should please future residents who drive. Zhenghua Nature Park, situated between the upcoming project and the expressway, will probably act as a buffer against traffic noise and dust.
A plus point for the project is the wide variety of available flats, ranging from two-room flexi to five-room. Families are expected to gravitate towards the larger flats, especially those with school-going children, as there are three primary schools within a 1 km radius of the project (see Table 11). In fact, the upcoming project is adjacent to Beacon Primary School.
HDB resale prices in Bukit Panjang
From 2020 to last year, the average resale prices for three-room, four-room, and five-room flats in Bukit Panjang trended closely together (see Chart 7). This year, the average resale price for three-room flats in Bukit Panjang spiked by 13.1% y-o-y to $630 psf, while that for four-room ($564 psf) and five-room ($576 psf) flats increased by 5.4% y-o-y and 5.7% y-o-y, respectively.
Source: EdgeProp Market Trends (as at 11 June 2024)
