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According to the Urban Redevelopment Authority (URA), the central region comprises the towns of Bishan, Toa Payoh, Bukit Merah, Bukit Timah, Geylang, Marine Parade, Kallang, Novena, Tanglin, Queenstown including the Southern Islands and a central area consisting of, among others, the central business district and Orchard
For many Singaporeans, successfully balloting for a Build-To-Order (BTO) flat in a centrally located mature housing estate is akin to striking the lottery. Competition is stiff in the hotly sought-after estates of Toa Payoh, Geylang and Bishan, with the number of applicants per available flat sometimes veering into double digits, especially for five-room flats.
A total of 3,953 Build-To-Order (BTO) flats were launched for sale by the Housing Board on 17 Feb this Thursday, including 398 units in Kallang/Whampoa - the second project under the prime location public housing (PLH) HDB BTO model.
In central matured estate of Geylang, HDB also launched BTO project Dakota Crest in Geylang, with 443 two-room flexi, three-room and four-room flats on offer across three blocks located along Geylang River and the Geylang Park Connector, and is served by both Mountbatten MRT station and Dakota MRT station. Prices start from $352,000 for a three-room flat and $522,000 for a four-room flat estimated to be completed in the fourth quarter of 2027.
A total of 3,953 Build-To-Order (BTO) flats were launched for sale by the Housing Board on 17 Feb this Thursday, including 398 units in Kallang/Whampoa - the second project under the prime location public housing (PLH) HDB BTO model.
In central matured estate of Geylang, HDB also launched BTO project Dakota Crest in Geylang, with 443 two-room flexi, three-room and four-room flats on offer across three blocks located along Geylang River and the Geylang Park Connector, and is served by both Mountbatten MRT station and Dakota MRT station. Prices start from $352,000 for a three-room flat and $522,000 for a four-room flat estimated to be completed in the fourth quarter of 2027.
Last year's River Peaks I & II in Rochor were the first BTO flats launched under the recently announced Prime Location Public Housing (PLH) scheme by HDB. They come with a 6 per cent subsidy clawback upon resale of the homes and a 10-year minimum occupation period (MOP). Other restrictions include an income ceiling for future buyers of resale PLH flats.
These four-room PLH BTO flats in Rochor were the most popular in the latest BTO launch, and were 10.3 times oversubscribed with a total of 6,976 applications were received for 680 four-room BTO flats in Rochor. Three-room flats in the area drew far less demand, with 867 applications for 280 units.
Since 2015, there has not been a single five-room BTO flat launched outside of the Bidadari estate, which is part of Toa Payoh town. This comes even as HDB launched 9,273 four-room BTO flats in centrally located mature estates from 2015.
Due to the limited number of five-room HDB flats put out by the Housing Board (HDB) in the central region of Singapore, there are 14 times fewer five-room flats compared with four-room flats in the central region. In the towns of Bishan, Geylang, Kallang/Whampoa and other parts of Toa Payoh, four-room flats are the biggest flat type available in recent BTO projects.
According to the Urban Redevelopment Authority (URA) masterplan, the central region comprises the towns of Bishan, Toa Payoh, Bukit Merah, Bukit Timah, Geylang, Marine Parade, Kallang, Novena, Tanglin and Queenstown.
HDB feel that 4 room BTO flats in central areas were not the most in-demand BTO units this year, with flats in Bukit Merah and Hougang in earlier launches being far more popular. Four-room flats in Bukit Merah, launched in May, were 49.6 times oversubscribed, while similar sized flats in Hougang, launched in August, were 24.9 times oversubscribed.
These four-room PLH BTO flats in Rochor were the most popular in the latest BTO launch, and were 10.3 times oversubscribed with a total of 6,976 applications were received for 680 four-room BTO flats in Rochor. Three-room flats in the area drew far less demand, with 867 applications for 280 units.
Since 2015, there has not been a single five-room BTO flat launched outside of the Bidadari estate, which is part of Toa Payoh town. This comes even as HDB launched 9,273 four-room BTO flats in centrally located mature estates from 2015.
Due to the limited number of five-room HDB flats put out by the Housing Board (HDB) in the central region of Singapore, there are 14 times fewer five-room flats compared with four-room flats in the central region. In the towns of Bishan, Geylang, Kallang/Whampoa and other parts of Toa Payoh, four-room flats are the biggest flat type available in recent BTO projects.
According to the Urban Redevelopment Authority (URA) masterplan, the central region comprises the towns of Bishan, Toa Payoh, Bukit Merah, Bukit Timah, Geylang, Marine Parade, Kallang, Novena, Tanglin and Queenstown.
HDB feel that 4 room BTO flats in central areas were not the most in-demand BTO units this year, with flats in Bukit Merah and Hougang in earlier launches being far more popular. Four-room flats in Bukit Merah, launched in May, were 49.6 times oversubscribed, while similar sized flats in Hougang, launched in August, were 24.9 times oversubscribed.
Straits Times Graphics
As to why there is a limited supply of five-room BTO flats since 2015, HDB said the reason for the limited supply of five-room BTO flats in the central region was due to land constraint. “While flats in mature towns and estates are popular with flat buyers, land for new housing in central region areas is limited. Hence, more four-room and smaller BTO flats are provided to allow more families to live closer to the city.”
According to the Urban Redevelopment Authority (URA) masterplan, the central region comprises the towns of Bishan, Toa Payoh, Bukit Merah, Bukit Timah, Geylang, Marine Parade, Kallang, Novena, Tanglin, Queenstown including the Southern Islands and a central area consisting of, among others, the central business district and Orchard.
HDB had also offered around 500 five-room flats in the central region throughout the last five years under the Sale of Balance Flats exercises, Re-Offer of Balance Flats exercises - which has since been scrapped -and open booking of flats.
Whether HDB will launch five-room PLH HDB BTO flats will depend if there is demand for such units in central locations. If there are more five-room BTO flats launched in other non-central mature estates, especially near MRT stations, then demand for larger HDB flats may be drawn away from centrally located PLH areas. The demand for five-room PLH HDB BTOs will also depend if HDB relaxes the policy rules for HDB BTO flats purchased under the PLH model, such as the 6 per cent clawback and 10 year MOP period, etc.
Kiwi Lim from the 3rd largest real estate agency Huttons Asia believe another reason why HDB is not building any five-room HDB BTO flats in the central areas may be the price quantum. The selling price for a five-room HDB BTO in the central area may be priced around $700,000 to $850,000 even under the stricter PLH BTO model. These units will most probably be sold at more than $1 million in the resale market in future creating the sentiment that HDB is overpriced and no longer serving the interests of Singaporeans.
According to the Urban Redevelopment Authority (URA) masterplan, the central region comprises the towns of Bishan, Toa Payoh, Bukit Merah, Bukit Timah, Geylang, Marine Parade, Kallang, Novena, Tanglin, Queenstown including the Southern Islands and a central area consisting of, among others, the central business district and Orchard.
HDB had also offered around 500 five-room flats in the central region throughout the last five years under the Sale of Balance Flats exercises, Re-Offer of Balance Flats exercises - which has since been scrapped -and open booking of flats.
Whether HDB will launch five-room PLH HDB BTO flats will depend if there is demand for such units in central locations. If there are more five-room BTO flats launched in other non-central mature estates, especially near MRT stations, then demand for larger HDB flats may be drawn away from centrally located PLH areas. The demand for five-room PLH HDB BTOs will also depend if HDB relaxes the policy rules for HDB BTO flats purchased under the PLH model, such as the 6 per cent clawback and 10 year MOP period, etc.
Kiwi Lim from the 3rd largest real estate agency Huttons Asia believe another reason why HDB is not building any five-room HDB BTO flats in the central areas may be the price quantum. The selling price for a five-room HDB BTO in the central area may be priced around $700,000 to $850,000 even under the stricter PLH BTO model. These units will most probably be sold at more than $1 million in the resale market in future creating the sentiment that HDB is overpriced and no longer serving the interests of Singaporeans.
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Artist impression of the new King George's Heights development, under the Prime Location Public Housing Model. (Image: HDB)
The Housing Development Board (HDB) launched its 2nd Prime Location Public Housing (PLH) model BTO flats located in Kallang Whampoa in HDB's efforts to keep new public housing built in prime and central locations affordable and accessible for Singaporeans.
3,953 new Built-To-Order (BTO) flats are launched today on 17 Feb 2022 under the February 2022 BTO exercise including 398 flats under the PLH BTO project in Kallang Whampoa.
The 398 units in Kallang/Whampoa being the second project under the Prime Location Public Housing (PLH) model comprises three-room and four-room flats housed in one block with two wings of 33 and 47 storeys. Bounded by King George's Avenue, Syed Alwi Road, and Rochor Canal, the site is within a six-minute walk to the first PLH project in Rochor launched in November last year.
King George's Heights in Kallang/Whampoa under the PLH model comes with stricter buying and selling conditions, e.g. being subjected to a 10-year minimum occupation period (MOP). Additional subsidies will be clawed back by the government upon their resale as well under the new prime location public housing (PLH) model.
3,953 new Built-To-Order (BTO) flats are launched today on 17 Feb 2022 under the February 2022 BTO exercise including 398 flats under the PLH BTO project in Kallang Whampoa.
The 398 units in Kallang/Whampoa being the second project under the Prime Location Public Housing (PLH) model comprises three-room and four-room flats housed in one block with two wings of 33 and 47 storeys. Bounded by King George's Avenue, Syed Alwi Road, and Rochor Canal, the site is within a six-minute walk to the first PLH project in Rochor launched in November last year.
King George's Heights in Kallang/Whampoa under the PLH model comes with stricter buying and selling conditions, e.g. being subjected to a 10-year minimum occupation period (MOP). Additional subsidies will be clawed back by the government upon their resale as well under the new prime location public housing (PLH) model.
Buyers who want one of these flats on the resale market in future will also have to meet the prevailing eligibility conditions for buying a flat directly from the HDB . These include having at least one applicant who is a Singapore citizen, meeting the household income ceiling of $14,000 and not holding a private property or sold any in the last 30 months.
Singles above 35 years old will not be allowed to buy these PLH flats in the resale market in future. This is in contrast to current rules that do not place limitations on singles above the age of 35 buying resale flats. The new PLH model will be implemented for public housing in prime, central locations such as the city centre and Greater Southern Waterfront area.
HDB provides additional subsidies, on top of the existing subsidies provided for other Build-To-Order (BTO) flats, to ensure these flats under the PLH model are launched at affordable prices. HDB will claw back the additional subsidies as a percentage of the resale price, also known as the "subsidy recovery", when the owner sells the unit. The subsidy recovery applies only to the first resale, and not to subsequent resale transactions. The exact percentage of the subsidy recovery will be announced next month, at the launch of the Rochor BTO project, the first site under the PLH model. It may be adjusted for other projects in the future depending on market conditions and the amount of subsidies given by HDB.
These PLH BTO flats in King George's Heights in Kallang/Whampoa comes with a 6 per cent subsidy clawback clause upon their resale and Kiwi Lim from Huttons Asia expect these PLH BTO flats to be heavily over-subscribed by young home buyers in the first HDB BTO sales exercise of the year as the location is really very attractive and centrally located, surrounded by amenities and eateries. "I expect the pricing of these PLH BTO flats in Kallang Whampoa to be similar to the Rochor PLH BTO project."
Singles above 35 years old will not be allowed to buy these PLH flats in the resale market in future. This is in contrast to current rules that do not place limitations on singles above the age of 35 buying resale flats. The new PLH model will be implemented for public housing in prime, central locations such as the city centre and Greater Southern Waterfront area.
HDB provides additional subsidies, on top of the existing subsidies provided for other Build-To-Order (BTO) flats, to ensure these flats under the PLH model are launched at affordable prices. HDB will claw back the additional subsidies as a percentage of the resale price, also known as the "subsidy recovery", when the owner sells the unit. The subsidy recovery applies only to the first resale, and not to subsequent resale transactions. The exact percentage of the subsidy recovery will be announced next month, at the launch of the Rochor BTO project, the first site under the PLH model. It may be adjusted for other projects in the future depending on market conditions and the amount of subsidies given by HDB.
These PLH BTO flats in King George's Heights in Kallang/Whampoa comes with a 6 per cent subsidy clawback clause upon their resale and Kiwi Lim from Huttons Asia expect these PLH BTO flats to be heavily over-subscribed by young home buyers in the first HDB BTO sales exercise of the year as the location is really very attractive and centrally located, surrounded by amenities and eateries. "I expect the pricing of these PLH BTO flats in Kallang Whampoa to be similar to the Rochor PLH BTO project."
The first project launched by HDB under the new PLH model for public housing in prime locations will be built in Rochor and launched at the Build-to-Order (BTO) exercise in November last year.
The Rochor PLH BTO project will have a mix of 960 three-room and four-room flats, and also include 40 two-room rental flats, as part of efforts to make living in prime areas accessible to all. It will be located on two plots of land along Weld Road and Kelantan Road next to Jalan Besar MRT station. An open-air carpark next to Sim Lim Tower used to occupy one plot, while the other was vacated by the Sungei Road flea market in July 2017. Besides an MRT station at their doorstep, future residents will also be within walking distance of Berseh Food Centre and Stamford Primary School.
The Rochor BTO project is located in the city fringe sitting on two plots of land along Weld Road and Kelantan Road and is directly connected to Jalan Besar MRT station. Prices start from $409,000, without grants, for a three-room flat and $582,000 for a four-room flat, making them the most expensive units in a mature estate in this launch.
The three-room flats at Rochor BTO project were not as popular and were undersubscribed, with just 215 applicants for the 280 units on offer at the launch. Kiwi Lim from Huttons Asia believe this could be due to the longer 10 year MOP period where families may need more space with children staying with them during the longer holding period. The three-room flats have a smaller estimated unit size of 66 sqm each, compared with 88 sqm for the four-room flats. Successful home owners of this Rochor BTO project will likely be able to resell these flats only some time in 2038. "Most applicants were 2nd timers who already have a place of their own to wait out the 7 years of construction period and may have the intention for the Rochor PLH flats to be their forever home".
The Rochor PLH BTO project will have a mix of 960 three-room and four-room flats, and also include 40 two-room rental flats, as part of efforts to make living in prime areas accessible to all. It will be located on two plots of land along Weld Road and Kelantan Road next to Jalan Besar MRT station. An open-air carpark next to Sim Lim Tower used to occupy one plot, while the other was vacated by the Sungei Road flea market in July 2017. Besides an MRT station at their doorstep, future residents will also be within walking distance of Berseh Food Centre and Stamford Primary School.
The Rochor BTO project is located in the city fringe sitting on two plots of land along Weld Road and Kelantan Road and is directly connected to Jalan Besar MRT station. Prices start from $409,000, without grants, for a three-room flat and $582,000 for a four-room flat, making them the most expensive units in a mature estate in this launch.
The three-room flats at Rochor BTO project were not as popular and were undersubscribed, with just 215 applicants for the 280 units on offer at the launch. Kiwi Lim from Huttons Asia believe this could be due to the longer 10 year MOP period where families may need more space with children staying with them during the longer holding period. The three-room flats have a smaller estimated unit size of 66 sqm each, compared with 88 sqm for the four-room flats. Successful home owners of this Rochor BTO project will likely be able to resell these flats only some time in 2038. "Most applicants were 2nd timers who already have a place of their own to wait out the 7 years of construction period and may have the intention for the Rochor PLH flats to be their forever home".
