Singles Out Force Hdb Receives More 10000 Applications Just 1902 Two Room Flexi Units Oct 2024 Bto
The October 2024 BTO sales exercise has attracted a high number of applicants, with more than 10,291 applications received for the 1,902 two-room flexi units offered. As of 12pm on October 23, the day the BTO exercise closes, the total number of applications received from singles, first-timer families, second-timer families, and seniors for these flats accounted for approximately one-third of all applications.
Eugene Lim, key executive officer of ERA Singapore, states that there has been a significant increase in applications for the two-room flexi flats. This surge can be attributed to the government’s recent decision to allow singles to apply for two-room flexi flats in all estates. Lim adds that this is the first time singles are able to apply for these units island-wide, as they were previously limited to non-mature estates.
According to data from Huttons Asia, over 6,000 applications for the two-room flexi flats are believed to have come from eligible singles. Lee Sze Teck, senior director of data analytics at Huttons Asia, states that this was expected and indicates a high demand from singles. He also notes that it may take at least five years to meet this demand.
The highest application rate for first-timer singles was seen at West BrickVille @ Bukit Batok, a 130-unit Standard BTO project, with a rate of 33.4. This project received a total of 1,152 applications for its two-room flats from first-timer families, second-timer families, and seniors. Ismail Gafoor, CEO of PropNex, suggests that the short waiting time of two years and attractive location near the future Tengah Park MRT station and Tengah town centre may have contributed to the high application rate.
Another Plus project in the Kallang/Whampoa estate, Towner Breeze, saw a strong interest from first-timer singles with an application rate of 27.7, receiving a total of 924 applications for its two-room flats. Lim notes that first-timer singles were the main driving force behind the demand for two-room flexi flats, with application rates of 33.4 and 27.7 in Bukit Batok and Kallang/Whampoa respectively.
The total number of applications received for this BTO sales exercise was 33,983 as of 5pm today, which is 47.6% higher than the previous BTO exercise in June. Lee points out that the overall application rate for this month’s exercise is around 4.0, compared to 3.3 in June. He notes that the demand for flats was relatively uniform across all 15 projects offered.
The Standard projects at Pasir Ris, Costa Riviera I & II, saw the highest application rates among all 15 projects released this month. The application rate for first-timer families for the five-room and 3Gen flats at these two developments was 6.3, while the rate for second-timer families was oversubscribed at 130. First-timer families also showed a strong interest in the four-room units, resulting in an application rate of 3.4, while the rate for second-timer families was 30.9.
Following Pasir Ris, West BrickVille @ Bukit Batok had the second-highest application rates of 1.7, 3.0, and 3.5 times for 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, also received a strong response for three-room and larger units, with first-timer family application rates ranging from 2.2 to 2.8 times.
Lim believes that the popularity of the Standard BTO projects offered in this month’s sales exercise can be attributed to their shorter wait times and good location. For instance, flats at West Brickville @ Bukit Batok are expected to be completed within two years, while those at Costa Rivera I and II will have a waiting time of around three years.
One of the main benefits of residing in Elta Condo is its convenient location near several prestigious primary schools. Primary education plays a vital role in establishing a solid educational base for children, and living near reputable schools, such as Elta Showflat, guarantees that children receive a top-notch education right from the beginning.
Meanwhile, the only Prime project offered this month was Crawford Heights in the Kallang/Whampoa estate, while Kallang View and Towner Breeze were the two Plus projects. The four-room flats for Prime and Plus BTO projects in the town received an application rate of 2.6 for first-timer families, slightly higher than the 2.1 rate seen in June for the BTO projects Tanjong Rhu Riverfront I and II, which have fewer amenities.
However, Gafoor notes that the mix of Plus and Prime projects in Kallang/Whampoa in this month’s BTO exercise performed better than the two Prime Location Public Housing (PLH) projects offered in June. Additionally, the Plus projects in Bedok also saw a stronger performance than the Bedok South Bloom and Bedok North Springs offered in the February BTO launch. He suggests that this indicates a buy-in from buyers, as they are willing to commit long-term to their flat despite the additional restrictions and longer Minimum Occupation Period (MOP).
Gafoor also mentions that there is still a chance for unsuccessful applicants in this BTO exercise, as the next launch in February is expected to offer around 4,960 new flats across five different projects. This includes 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.