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SINGAPORE: The demand for Build-to-Order (BTO) flats in non-mature estates was far larger than that at mature estates in the latest sales exercise, according to figures from the Housing and Development Board (HDB) on Wednesday (Aug 18).
Applications in the latest exercise closed at midnight on Tuesday, with the final figures released by HDB on Wednesday afternoon. Nearly 5,000 units were on offer.
Of the three BTO exercises this year, this was the first where demand for an HDB flat in non-mature estates surpassed those in mature estates.
Traditionally, mature towns command higher demand due to their amenities, said Mr Thomas Tan, chief operating officer of ERA Singapore.
This month’s exercise also saw the highest number of applications since August 2020, the first BTO launch after the COVID-19 “circuit breaker”.
DEMAND SOARS FOR FLATS IN NON-MATURE ESTATES
The demand for a BTO flat in the two non-mature estates - Hougang and Jurong East - ballooned in the latest exercise.
The flat-type with the highest demand were four-room units in Hougang - more than 11,400 people applied for just 459 of such flats. That means each applicant only has a 4 per cent chance of getting a unit.
With more than 18 first-time applicants per four-room flat in Hougang, this is one of the highest application rates seen in recent years.
One of the main draws for applicants for Kovan Wellspring is its location next to the MRT station, said Mr Lee Sze Teck, senior director of research at Huttons Asia.
The development in Kovan is also “highly popular”, with few new BTO flats in the area, said Ms Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.
For Hougang Citrine, it is close to Paya Lebar Methodist Girls’ School and Maris Stella High - both “popular among parents”, she added.
There was also huge demand for four-room flats at Toh Guan Grove in Jurong East, with 3,628 applicants for just 240 units. This means each applicant only has a 6.6 per cent chance of success.
There is “pent-up” demand in the Jurong East area as there have not been many BTO launches there, said Mr Lee and Ms Sun.
This is the first BTO project in Jurong East in 10 years, and it is within walking distance to a station on the future Jurong Region Line.
Both Hougang Citrine and Toh Guan Grove also have an average construction period of about four years.
“The shorter construction period is the draw and the cash over valuation in the resale market is the push,” said Mr Lee.
In total, there were more than 18,600 applications for three-room or bigger BTO flats in non-mature estates, despite there being only 1,064 units available. This equates to more than 17 applicants per unit.
https://www.channelnewsasia.com/sin...ast-mature-tampines-queenstown-resale-2120816
Applications in the latest exercise closed at midnight on Tuesday, with the final figures released by HDB on Wednesday afternoon. Nearly 5,000 units were on offer.
Of the three BTO exercises this year, this was the first where demand for an HDB flat in non-mature estates surpassed those in mature estates.
Traditionally, mature towns command higher demand due to their amenities, said Mr Thomas Tan, chief operating officer of ERA Singapore.
This month’s exercise also saw the highest number of applications since August 2020, the first BTO launch after the COVID-19 “circuit breaker”.
DEMAND SOARS FOR FLATS IN NON-MATURE ESTATES
The demand for a BTO flat in the two non-mature estates - Hougang and Jurong East - ballooned in the latest exercise.
The flat-type with the highest demand were four-room units in Hougang - more than 11,400 people applied for just 459 of such flats. That means each applicant only has a 4 per cent chance of getting a unit.
With more than 18 first-time applicants per four-room flat in Hougang, this is one of the highest application rates seen in recent years.
One of the main draws for applicants for Kovan Wellspring is its location next to the MRT station, said Mr Lee Sze Teck, senior director of research at Huttons Asia.
The development in Kovan is also “highly popular”, with few new BTO flats in the area, said Ms Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.
For Hougang Citrine, it is close to Paya Lebar Methodist Girls’ School and Maris Stella High - both “popular among parents”, she added.
There was also huge demand for four-room flats at Toh Guan Grove in Jurong East, with 3,628 applicants for just 240 units. This means each applicant only has a 6.6 per cent chance of success.
There is “pent-up” demand in the Jurong East area as there have not been many BTO launches there, said Mr Lee and Ms Sun.
This is the first BTO project in Jurong East in 10 years, and it is within walking distance to a station on the future Jurong Region Line.
Both Hougang Citrine and Toh Guan Grove also have an average construction period of about four years.
“The shorter construction period is the draw and the cash over valuation in the resale market is the push,” said Mr Lee.
In total, there were more than 18,600 applications for three-room or bigger BTO flats in non-mature estates, despite there being only 1,064 units available. This equates to more than 17 applicants per unit.
https://www.channelnewsasia.com/sin...ast-mature-tampines-queenstown-resale-2120816