October 2024 BTO Exercise Results: Strongest Demand for Standard Projects in Pasir Ris and Bukit Batok

SINGAPORE, 23 October 2024 – Housing & Development Board (HDB)’s October 2024 BTO exercise concludes today, following a substantial offering of 8,573 HDB homes and the first Plus flats being made available to the public.

Most of the 15 projects that were launched garnered strong interest across the board, with only a few pockets of undersubscription.

As of 12pm on Oct 23, publicly-available HDB data shows that there were 33,256 applicants.

The positive response is largely rooted in various compelling factors for today’s buyers, including attractive pricing, convenient locations, and shorter completion times. The sustained enthusiasm – even with stricter resale conditions on Plus and Prime flats – also suggests that buyers could be focusing on affordability and location over resale flexibility.

Top picks: Standard projects in Pasir Ris and Bukit Batok see strongest demand

As of 12pm on Oct 23, Standard projects at Pasir Ris (Coasta Rivera I and II) recorded the highest application rates amongst all BTO developments for October 2024. First-timer family application rates were 2.3 times for 3-room flats, 3.4 times for 4-room flats and 6.3 times for 5-room/3Gen flats at these projects.

Table 1: Number of Applications Received for 3-room and bigger flats as at 12pm, 23 Oct 2024

Source: HDB

Following Pasir Ris, Standard flats at Bukit Batok (West BrickVille @ Bukit Batok) were the subsequent favourites among first-timer family applicants, with application rates of 1.7, 3.0 and 3.5 times for 3-room, 4-room and 5-room/3Gen flats as follows.

Other Standard projects at Sengkang (Fernvale Oasis and Fernvale Sails) and Woodlands (Marsiling Ridge) too witnessed fairly robust responses across the board for 3-room and larger units, with first-timer family application rates ranging from 2.2 – 2.8 and 2.7 – 2.8 times respectively.

Generally, the popularity of October 2024’s Standard projects can be chalked up to shorter wait times and good locational attributes.

Pasir Ris (Coasta Rivera I and II)

In Pasir Ris, both project sites are conveniently situated near the town’s namesake MRT station, as well as two shopping malls. Moreover, as an established estate, Pasir Ris boasts a variety of existing amenities, including eateries like Pasir Ris Central Hawker Centre and green spaces such as Pasir Ris Park.

Future upgrades will connect Pasir Ris MRT station to the Cross-Island Line, providing resident access to major business hubs in the North and West, including Jurong Lake District and Punggol Digital District.

Bukit Batok (West BrickVille @ Bukit Batok)

Healthy demand from first-timer families for 4- and 5-room flats at West Brickville @ Bukit Batok may be linked to Bukit Batok’s proximity to Tengah, the first Housing Board town to be developed in 20 years since Punggol.

Moreover, West Brickville @ Bukit Batok is just a five-minute walk from Bukit Batok Neighbourhood Centre and the upcoming Tengah Park MRT station on the Jurong Regional Line – both of which will enhance convenience for future residents.

Sengkang (Fernvale Oasis and Fernvale Sails)

Although flats of all sizes at both projects in Sengkang were oversubscribed by first- and second-time families, application rates were comparably lower than those observed for Pasir Ris.

On top of attractively-priced 3- and 4-room flats, both Fernvale Oasis and Fernvale Sails also offer much-coveted 5-room units that are suited for larger households. These twin projects are also located near several LRT stations (Layar, Thanggam, and Kupang), which could be a major draw for buyers prioritising their commuting experience.

Good reception for 3- and 4-room flats in Plus and Prime projects

Plus projects that debuted in Ang Mo Kio (Central Trio @AMK), Bedok (Bayshore Vista, Bayshore Palms, and Kembangan Wave), and Kallang Whampoa (Kallang View and Towner Breeze) were warmly received too.

Among the two towns with Plus projects offering 3-room flats, Bedok saw a higher first-timer application rate of 1.6 times, slightly more than twice the 0.8 times observed at Kallang Whampoa.

On the other hand, Ang Mo Kio recorded the highest first-timer family application rate for 4-room flats at 3.9 times, followed by Bedok at 2.5 times.

Ang Mo Kio’s status as an established town with extensive retail, dining, and transport amenities likely explains the popularity of Central Trio @AMK.

Despite Bayshore Vista and Bayshore Palms being situated in newer neighbourhoods, they too offer comparable amenities. Both developments will be within a 5-minute walk of Bayshore MRT station on the Thomson-East Coast Line. Bayshore will also be a car-lite precinct where residents can comfortably access eateries, supermarkets, and a preschool by bicycle and walking paths.

Kembangan also sees its first HDB flats launched since the late-1980s. While the area currently lacks amenities, a new 5-storey integrated building will be built to inject much needed options to serve the everyday needs of residents. The building will include a Community Club, eateries, shops, a supermarket and healthcare facilities. The project is also just in front of Kembangan MRT Station, which will take residents to the CBD in around 20 minutes.

Kallang Whampoa had the sole Prime project for October 2024’s launch, namely Crawford Heights. Overall, 4-room flats for Prime and Plus BTO projects in the town (including those at Crawford Heights) saw an application rate of 2.6 for first-timer families. This figure is marginally higher than the 2.1 application rate last seen in June 2024’s BTO launch in Kallang Whampoa (Tanjong Rhu Riverfront I and II) which have fewer amenities.

Among Plus projects with 4-room flats, Geylang (Merpati Alcove) saw the weakest demand, registering a 2.0 times application rate for first-timer families. The subdued interest might be due to Merpati Alcove’s location between the older Circuit Road estate and industrial areas that lack modern amenities, making it less desirable to young families.

Pockets of undersubscription at Jurong West and Kallang Whampoa projects

Taman Jurong Skyline, located in Jurong West was by far the most undersubscribed project of the entire launch, despite having the lowest launch prices. This is consequent of its subpar location, where residents would have to endure a 20-minute bus ride to the nearest MRT station.

This attests that convenience is king, especially as Singapore receives more infrastructure upgrades and people grow used to the convenience of a nearby MRT station.

The 3-room Plus at Kallang/Whampoa received a lukewarm response compared to the 3-room Standard flats, with a first timer application rate of 0.8. We believe young couple planning to start a family may hesitant to commit to an extended MOP period in a smaller flat.

Singles out in force as 2-room Flexi application rates soar

Following the easing of HDB restrictions permitting singles to apply for 2-room Flexi flats exclusively in non-mature estates, applications for these units have jumped dramatically. As of 12pm on Oct 23, there were 10,291 applicants for 1,902 two-room Flexi units; this makes up nearly a third of all applications received for October 2024’s BTO exercise.

Table 2: Number of Applications Received for 2-room flats as at 12pm, 23 Oct 2024

Source: HDB

First-timer singles were the major driving force behind the demand for 2-room Flexi flats, with relevant application rates reaching as high as 33.4 in Bukit Batok and 27.7 in Kallang Whampoa. This show in force also puts the median application rate for single first-timers at 25.1, which is markedly higher than the 6.4 median registered during June 2024’s BTO exercise.

For the first time, singles are able to apply for 2-rooms island-wide, while in the past they could only apply to flats in non-mature estates.

Singles’ priority is to buy the best possible 2-room flat in the location of their choice. Additionally, they might choose to apply for a house in former ‘mature’ estates like AMK, Bedok or Kallang in order to live near their parents to make it easier to take care of them while having their own space. As such, they do not have any concerns about having to commit to a 10-year MOP for Prime or Plus flats.

The Central Trio @ AMK (Plus) and Towner Breeze (Plus) projects have only 40% of the total of 155 and 139 units respectively set aside for Singles. AMK is an established housing estate with comprehensive infrastructure and amenities while Kallang Whampoa is on the city fringe. Singles are understandably attracted by these locational attributes and the lifestyle conveniences that they offer.

For standard flats, Costa Riviera II (Standard) at Pasir Ris is saw very high application rates as it is located just next to the Pasir Ris town centre. As most Singles commute by train, starting journey at Pasir Ris MRT station guarantees them a seat even every time; even during rush hour.

Bukit Batok is also popular with buyers due to its shortest waiting time of less than 3 years. Buyers don’t mind the location because it will be near the upcoming Tengah Park MRT station that is slated to open in 2028.

For media enquiries, please contact:

Eugene Lim, Key Executive Officer, ERA Singapore

Email: [email protected]