February 2023 BTO exercise sees 4,428 flats launched for sale

HDB launches 7,177 BTO flats in two batchesHDB launches 4,097 flats in Nov 2021 BTO exercise

HDB has launched 4,428 flats for sale in their February 2023 Build-To-Order (BTO) exercise, spread across five sites located in four towns – Queenstown, Kallang and Whampoa, Jurong West, and Tengah. This is the first BTO exercise since numerous measures were announced in the Budget, such as higher CPF housing grants for those looking to purchase a resale flat.

Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, believes the budget may cause some who would have bought a BTO flat to instead buy a resale one, as it provides additional subsidies. “We may expect more eligible buyers to buy at popular locations such as mature estates, or they may buy slightly bigger flats,” Sun adds.

Two of the five sites have been designated as Prime Location Public Housing (PLH) projects. The first – Ulu Pandan Glades – is located near the Dover MRT station in Queenstown and will have 732 units consisting of three and four-room flats. Indicative prices start from $372,000 for a three-room and $541,000 for a four-room, with grants excluded.

Farrer Park Fields, the second PLH project, is located in Kallang and Whampoa and will have seven 24-storey blocks comprising of 1,274 two-room flexi, three-room, and four-room flats. Prices start from $185,000 for a two-room flexi, $356,000 for a three-room, and $484,000 for a four-room.

The remaining three BTO sites consist of two located in Kallang and Whampoa as well as one in Jurong West. The Kallang project is along Jalan Rajah and will have 510 three and four-room flats in two 40-storey blocks, with indicative prices starting from $326,000 for a three-room flat and $459,000 for a four-room one. The Jurong West project is two 18-storey blocks offering 271 three-room and four-room flats, with indicative prices starting from $187,000 and $288,000 respectively.

The last BTO project is in Tengah’s Brickland district, comprising 12 residential blocks and taking up 1,641 units. These units will include two-room Tengah Plantation EC flexi, three-room, four-room, and five-room flats in total, with prices starting from $97,000, $190,000, $291,000, and $401,000 respectively.

Given its proximity to town and two MRT stations – Farrer Park and Little India – Farrer Park Fields is projected to see healthy interest from potential homebuyers. Places like the upcoming Piccadilly Galleria mall, Tekka Market, and City Square Mall are also set to make this project more attractive.

Ulu Pandan Glades, the other PLH project in Queenstown, will also benefit from being close to the previously launched Dover Forest.

Jalan Rajah, not near an MRT station, is still expected to attract strong demand as it is close to Toa Payoh Central, which has plenty of amenities. The Tengah site may also be more popular following the announcement of ACS Primary relocating to Tengah in 2030.

The site in Jurong West should benefit from its proximity to Pioneer MRT Station, though the 271 units available may make securing a flat through the balloting process difficult.