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

HDB has launched 4,428 flats in its February 2023 Build-To-Order (BTO) exercise, spread across five sites located in Queenstown, Kallang and Whampoa, Jurong West, and Tengah. This is the first BTO exercise since the Budget announcement, where measures targeted at helping first-time buyers were rolled out.

Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, believes this may divert some BTO demand to the resale market. “Since more subsidies are given, we may expect more eligible buyers to buy at popular locations such as mature estates, or they may buy slightly bigger flats,” she says.

Two of the sites have been designated Prime Location Public Housing (PLH) projects. The first, Ulu Pandan Glades, is located in close proximity to the Dover MRT Station in Queenstown and will comprise of 732 units of three- and four-room flats. Indicative prices start from $372,000 for a three-room flat and $541,000 for a four-room flat, excluding grants.

The second PLH project, Farrer Park Fields, located along Race Course Road, Hampshire Road, and Farrer Park Road in Kallang and Whampoa, will have 1,274 units of two-room flexi, three-room, and four-room flats. Indicative prices start from $185,000 for a two-room flexi flat, $356,000 for a three-room flat, and $484,000 for a four-room flat.

The remaining three BTO sites include one in Kallang, Whampoa, with two 40-storey blocks housing 510 three- and four-room flats. Prices start from $326,000 for a three-room flat and from $459,000 for a four-room flat.

In Jurong West, two 18 storey residential blocks of 271 units of three- and four-room flats will be launched. Indicative prices start from $187,000 for a three-room flat and from $288,000 for a four-room flat.

The last site, which is the largest in the February 2023 BTO exercise with 1,641 units spread across 12 residential blocks, is located in the Brickland district of Tengah. It will house five-room flats in addition to two-room flexi, three- and four-room flats. Prices start from $97,000 for a two-room flexi flat, $190,000 for a three-room flat, $291,000 for a four-room flat, and $401,000 for a five-room flat.

Consultants believe Farrer Park Fields is likely to gain strong demand due to its proximity to town and two MRT stations, Farrer Park and Little India. Its surrounding amenities, including Farrer Park Primary School, the upcoming Piccadilly Galleria mall, Tekka Market, and City Square Mall, may also boost its appeal.

As for the Jalan Rajah site, OrangeTee & Tie’s Sun expects it to attract strong demand given its location Senja Close EC close to Toa Payoh Central. The Tengah site may also garner interest following the announcement of ACS Primary’s relocation to Tengah in 2030. The Jurong West site will benefit from its location near Pioneer MRT Station, but only 271 flats are being offered, thus making it difficult to secure one through balloting.