The launch of the February 2025 Build-To-Order (BTO) and Sale of Balance Flats (SBF) sales exercise features 5,032 flats across five BTO projects, as well as 5,590 SBF units across various HDB developments around Singapore.
Eugene Lim, key executive officer of ERA Singapore, observes that many of the SBF units offered in this sales exercise have relatively shorter remaining land leases of 40 to 60 years, which may not appeal to first-time applicants who are typically younger buyers. “However, these units may attract older second-timer applicants who prioritise affordability and may not require the extensive lease,” he says.
This is the second BTO sales exercise which HDB’s new location-based classification framework is applied, which classifies BTO flats into three categories – Standard, Plus, and Prime projects.
The new classification does not apply to existing HDB flats and non-Prime Location Public Housing flats launched before the October 2024 BTO exercise, when these units are re-offered for sale in SBF exercises.
Christine Sun, chief researcher and strategist at OrangeTee Group, opines that the latest BTO sales exercise demonstrates that the government is intensifying its efforts to improve the accessibility and availability of public housing.
“This includes releasing more flats with shorter waiting times and offering many completed SBF units. Furthermore, there are several large projects available this time, which increases the chances of securing a unit,” she says.
Table: HDB
Tanjong Rhu Parc Front, an 812-unit BTO project in Kallang/Whampoa, is the only Prime project launched as part of this month’s sales exercise. The development consists of two-room flexi flats that will be priced from $211,000 (excluding grants), as well as three- and four-room flats that will be priced (excluding grants) from $399,000 and $548,000, respectively.
The last BTO launch in the Tanjong Rhu vicinity was the 2,063-unit Tanjong Rhu Riverfront I & II, which was launched during the June 2024 BTO sales exercise. Sun reckons that many of the unsuccessful applicants then will likely apply for Tanjong Rhu Parc Front.
Stirling Horizon, a 1,126-unit BTO project in Queenstown, is the only Plus project on offer. The development also offers a mix of two-room flexi units starting from $224,000 (excluding grants), as well as three- and four-room flats that are priced (excluding grants) from $408,000 and $554,000, respectively.
The 1,126-unit Stirling Horizon is the only Plus project offered in the Feb 2025 BTO sales exercise. (Picture: HDB)
Lim of ERA notes that Stirling Horizon will be the first Plus BTO project in Queenstown. “Compared to the most recent Prime Queenstown BTO project launched in June 2024, we observe lower starting prices for 4-room units compared to the BTOs offered at Holland Village and Tanglin last year. There are also 3-room units, which were omitted in last year’s project,” he says.
Meanwhile, three Standard projects are also available. Woodlands North Verge is a 1,563-unit project in Woodlands that has two-room flexi and three- to five room flats, with prices ranging from $140,000 to $486,000. This is also the first BTO project to be launched in the new Woodlands North Coast precinct.
The other two projects, the 848-unit Chencharu Vines and the 683-unit Chencharu Green, are both located in Yishun and both projects offer a mix of two-room flexi and three- to five room flats. Prices (excluding grants) at these two projects range from $108,000 to $447,000.
Lim says that the Standard projects in Yishun and Woodlands indicate that HDB is focused on releasing affordable housing in up-and-coming estates.
“Unsubsidised 4-room and 5-room units in Chencharu start from $316,000 and $447,000 respectively, making them affordable options for most Singaporeans. Likewise, the Woodlands North Verge project, which benefits from the revitalisation of Woodlands North, will see slightly higher but affordable prices, with 4-room flats starting from $365,000”.
The 1,563-unit Woodlands North Verge is the first BTO project to launch in Woodlands North Coast. (Picture: HDB)
He expects the two Standard BTO projects in Yishun will be very popular among BTO applicants as the flats are priced affordably and will be subjected to the typical 5-year minimum occupation period (MOP).
According to HDB, the flats at Chencharu Vines and Chencharu Green will have waiting times of just over three years. Woodlands North Verge and Tanjong Rhu Parc Front will take 48 months, while Stirling Horizon will have an approximate waiting time of 55 months.
Ismail Gafoor, CEO of PropNex Realty, says that the overall application rate for the February BTO sales exercise will be about three times – which is lower than the 4.2 times for the October 2024 BTO exercise, given the larger supply of SBF units available this time around.
Lee Sze Teck, senior director of data analytics at Huttons Asia, says that in addition to the 2,500 SBF flats on offer that are already completed, there are more than 4,000 BTO flats with relatively short waiting times for buyers who need homes in a short time.
He reckons that the availability of recently completed, and soon to be completed flats, may pull demand away from the resale HDB market. “This may address the supply drought in the resale market. In 2025, there are around 6,974 flats that will meet the 5-year MOP,” he says, adding that it is the lowest supply of MOP flats in 10 years.
In total, the February BTO and SBF exercises will offer 2,759 two-room flexi flats. Recent policy changes also mean that singles may apply for any two-room flexi flat of their choice island wide. “With a greater degree of flexibility in terms of location, this will help alleviate demand for 2-room flats, which have generally been oversubscribed in BTO launches,” says Lim.
Looking ahead, Sun of OrangeTee notes that HDB will offer a strong line up of BTO projects during the next sales exercise in July. The next BTO sales exercise will offer about 5,400 flats, and includes two possible Prime projects in Bukit Merah, Plus projects in Clementi and Toa Payoh, as well as several Standard projects in Bukit Panjang, Sembawang, Tampines, and Woodlands.
– Areon Kahpan
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