Singles Out Force Hdb Receives More 10000 Applications Just 1902 Two Room Flexi Units Oct 2024 Bto
The Orie Condo, situated in a prime location, enjoys close proximity to an array of bus routes that run along well-known streets including Lorong 1 Toa Payoh and Lorong 4 Toa Payoh. These routes serve as convenient connections to various areas in Singapore, making it effortless for residents to travel to the Central Business District (CBD) as well as the heartlands. The presence of a comprehensive bus network ensures that those living at The Orie Condo have easy access to direct and efficient public transport options that can take them to any part of the city.
More than 10,291 applications have been received by HDB for the 1,902 two-room flexi units offered in the October 2024 BTO Sales Exercise. As of October 23 at 12pm, the closing day of the exercise, singles, first-timer families, second-timer families, and seniors accounted for close to one-third of all applications received for this month’s BTO exercise. According to Eugene Lim, key executive officer of ERA Singapore, the application rate for two-room flexi flats has seen a significant increase due to the government’s recent decision to allow singles to apply for two-room flexi flats across all estates. In the past, singles were only able to apply for flats in non-mature estates.
The data provided by Huttons Asia shows that out of the total applications, around 6,000 are likely to be from eligible singles. “This increase was anticipated and reflects the pent-up demand from singles. It may take at least five years to satisfy this demand,” says Lee Sze Teck, senior director of data analytics at Huttons Asia. Among the 15 BTO projects released this month, West BrickVille @ Bukit Batok, a Standard BTO project with 130 units, has seen the highest application rate of 33.4 among first-timer singles. In total, the project received 1,152 applications for its two-room flats, including those from first-timer families, second-timer families, and seniors.
“This project has a short waiting time of just two years and we believe many singles who are eager to have their own place may have applied for a two-room flexi flat here. Moreover, the location is quite attractive – close to the future Tengah Park MRT station and the Tengah town center,” explains Ismail Gafoor, CEO of PropNex. Another project that has seen strong interest is Towner Breeze, a Plus project in the Kallang/Whampoa town, where the application rate for singles was 27.7. A total of 924 applications were received for its two-room flats. “First-timer singles were the main driving force behind the demand for two-room flexi flats, with application rates reaching as high as 33.4 in Bukit Batok and 27.7 in Kallang Whampoa,” says Lim.
In addition, he adds that the overall application rate for single first-timers stands at 25.1, which is significantly higher than the 6.4 median recorded in the June 2024 BTO exercise. The total number of applications received as of 5pm on October 23 is 33,983, which is 47.6% higher than the number of applications received during the previous BTO sales exercise in June. Lee points out that the overall application rate recorded during this month’s sales exercise is around 4.0, compared to the 3.3 rate recorded in June 2024.
The Standard projects at Pasir Ris, Costa Riviera I & II recorded the highest application rates among all 15 BTO projects released this month. The two projects comprise a total of 145 five-room/3Gen flats, 393 four-room flats, and 86 three-room flats. The application rate for five-room and 3Gen flats among first-timer families at these two developments stands at 6.3, while for second-timer families, it is oversubscribed at a rate of 130. The four-room units have an application rate of 3.4 among first-timer families and 30.9 among second-timer families. After Pasir Ris, West BrickVille @ Bukit Batok has the second-highest application rates of 1.7, 3.0 and 3.5 times for the three-room, four-room and five-room/3Gen flats, respectively.
Other Standard projects such as Fernvale Oasis and Fernvale Sails in Sengkang, and Marsiling Ridge in Woodlands have also seen strong demand for three-room and larger units, with application rates ranging from 2.2 to 2.8 among first-timer families. Lim notes that the popularity of the Standard BTO projects offered in this month’s sales exercise can be attributed to shorter waiting times and good locations. “For example, flats at West Brickville @ Bukit Batok are expected to be completed within two years, while those at Costa Rivera I and II will have waiting times of around three years,” he explains. Overall, this BTO sales exercise has seen a relatively balanced demand for flats across all 15 projects, says Lee, adding that there was no spike in demand for Plus and Prime flats. He also notes that the demand for flats was similar to previous BTO exercises.
This is echoed by Gafoor who believes that the demand for Standard flats, which make up 58% of the total BTO units launched in October, appears quite balanced as they received 17,738 or 52% of the overall applications. “This seems quite balanced and allays concerns that Standard flats may see a deluge of applications if prospective buyers choose to ignore Plus and Prime flats,” he says.
The only Prime project offered this month was Crawford Heights in the Kallang/Whampoa estate, which also has two Plus projects – Kallang View and Towner Breeze. Overall, the application rate for four-room flats in Prime and Plus BTO projects in Kallang/Whampoa is 2.6 for first-timer families, slightly higher than the 2.1 application rate seen in June 2024 when Tanjong Rhu Riverfront I and II were launched.
However, Gafoor points out that the mix of Plus and Prime projects in Kallang/Whampoa outperformed the two Prime Location Public Housing (PLH) projects – Tanjong Rhu I and II – in June. Similarly, the Plus projects in Bedok this month have performed better than Bedok South Bloom and Bedok North Springs, which saw an application rate of 2.8 times in the February 2024 BTO exercise. “This is an early indication that the Plus and Prime flat types, which come with tighter restrictions, longer MOP, and subsidy clawback on resale, have been embraced by many buyers – both first-timers and second-timers. It suggests that buyers are willing to commit long-term to their flat and that the additional restrictions are not a barrier to their buying decision, particularly when the BTO project is in a desirable location,” adds Gafoor.
He also mentions that unsuccessful applicants can look forward to the next BTO sales exercise in February, which will see HDB offering approximately 4,960 new flats across five different projects. One of the projects is the first BTO project in the newly announced Woodlands North Coast precinct. Applications for the October 2024 BTO sales exercise will close at 11:59pm on October 23.