Singapore HDB launches 8,573 BTO flats in October

This is a record number of flats since November 2022.

The HDB has launched 8,573 new Build-to-Order (BTO) flats across 15 projects in Ang Mo Kio, Bedok, Geylang, Kallang Whampoa, Pasir Ris, Bukit Batok, Jurong West, Sengkang, and Woodlands.

According to Ismail Gafoor, CEO of PropNex, this is the highest number of BTO flats offered since November 2022. The BTO supply in this latest sales exercise is about 24% higher than the 6,938 BTO flats launched in June 2024. October’s BTO exercise will take the number of new BTO flats launched in 2024 to 19,637 flats.

Here’s more from PropNex:

Many projects offered in this exercise are located near to an MRT station and have desirable location attributes. In particular, we anticipate that the three projects in Bedok (two in Bayshore and one Kembangan), the North Bridge Road/Crawford Street project in Kallang Whampoa, the Ang Mo Kio project, and the two projects in Pasir Ris should see strong interest from applicants. Some of these areas have not had new public housing for many years, and there will be some pent-up demand for the BTO flats.

We think the October 2024 BTO exercise is a watershed in Singapore’s public housing sector, as it will be the first time that the HDB is selling new flats under the “Standard, Plus, Prime” classification framework. Furthermore, eligible first-timer singles can buy new 2-room Flexi flats in all locations across Standard, Plus and Prime BTO projects. In addition, the HDB will also be piloting the new open-concept white flats at the Prime project Crawford Heights.

Despite the number of attractive BTO projects offered, we expect that the application rate could hover at around 3 times – just a touch lower than the 3.3 times in June 2024 – owing to the larger supply of BTO units, and the possibility that some households may hold back on applying as they do not wish to be subjected to the tighter restrictions and longer minimum occupation period (10 years) for Plus and Prime flats. By classification, 58.2% of the offerings being Standard flats, 38.2% are Plus flats, and 3.6% being Prime flats.

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