Housing
HDB launches 6,938 BTO flats in June 2024 exercise
The Housing and Development Board (HDB) has launched 6,938 flats for sale in the June 2024 Build-to-Order (BTO) exercise. The diverse range of flats is located in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun. HDB said about half of the BTO flats in this launch have waiting times of four years or less.
SINGAPORE: The Housing and Development Board (HDB) has launched 6,938 flats for sale as part of the June 2024 Build-to-Order (BTO) exercise. This is the second of three BTO launches planned for 2024, contributing to a total of 19,600 new flats for the year.
According to a press release issued by HDB on Wednesday (19 June), the June 2024 exercise offers a diverse range of flats in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun.
About half of the BTO flats in this launch have waiting times of four years or less, HDB announced.
Notably, 1,352 flats in Woodlands and Tampines feature shorter waiting times of approximately three years, appealing to buyers eager to move in sooner.
These include 791 flats in Marsiling Peak I in Woodlands, with a waiting period of two years and 11 months, and 561 flats in Tampines GreenTopaz, with a waiting period of three years and one month.
Young couples eligible for deferred income assessment for the Enhanced CPF Housing Grant (EHG) and HDB housing loan will benefit from a reduced initial downpayment.
Mr Desmond Lee, Minister for National Development announced in March 2024 that these couples would need to pay only 2.5% of the flat price when signing the Agreement for Lease (AFL), down from the previous 5% or 10%.
The flats in the June 2024 exercise ranging from 2-room to 3Gen units, are priced with significant market discounts, making them considerably more affordable than comparable resale flats.
Eligible first-time families can benefit from the EHG of up to S$80,000, potentially reducing the cost of a 3-room flat in Woodlands to as low as S$132,000 or a 4-room flat in Yishun to S$219,000.
In mature estates like Tampines, prices for 4-room flats start from $400,000 after grants. The Tampines project also includes 24 units of 2-room rental flats.
Prime Location Public Housing
The June 2024 BTO exercise includes three Prime Location Public Housing (PLH) projects: Tanjong Rhu Riverfront I and II, and Holland Vista.
These PLH flats are priced lower than comparable resale flats due to additional subsidies on top of the market discounts applied to all BTO flats. This ensures affordability for a wide range of Singaporeans.
To maintain fairness, PLH flat owners will return a percentage of the resale or valuation price to HDB upon selling their flats after the 10-year Minimum Occupation Period (MOP).
HDB has increased subsidies for the PLH projects to keep the flats affordable for more Singaporeans.
Consequently, the subsidy recovery rate for Tanjong Rhu Riverfront I and II and Holland Vista is set at 9%, up from the initial 6% in 2021 and 8% in December 2023.
PLH flats for first-time families
To support family needs, 20% of the PLH flats in Tanjong Rhu Riverfront I and II and Holland Vista are set aside for first-time families, and 2% for second-time families under the Married Child Priority Scheme.
HDB advises applicants to carefully plan their finances and select flats that meet their budget and needs.
Those looking to improve their chances of securing a flat are encouraged to apply for units in non-mature towns like Jurong East, Woodlands, and Yishun, where a significant proportion of larger flats are reserved for first-time families.
Applications for the June 2024 BTO exercise can be made online via the HDB Flat Portal from 19 to 26 June 2024.
Applicants must have a valid HDB Flat Eligibility (HFE) letter to participate. HDB will use a computer ballot system to shortlist applicants, ensuring fairness in the selection process.
A glance at BTO Projects in HDB June 2024 sales launch
Observing the BTO projects released in June, the Tanjong Rhu Riverfront I and II PLH projects along Kampong Arang Road will offer a combined 2,063 two-room flexi, three-room, and four-room flats on a site by the Geylang River.
Prices, excluding grants, range from S$402,000 to S$544,000 for a three-room unit, and S$568,000 to S$779,000 for a four-room flat, making these the priciest flats in this launch.
In comparison, three-room resale flats in Kallang/Whampoa transacted between S$730,000 and S$828,000, and four-room flats between S$868,000 and S$1.08 million, HDB said.
The 11 blocks in Tanjong Rhu Riverfront I and II range from eight to 29 storeys and are near the Stadium and Mountbatten MRT stations.
The other PLH project, Holland Vista, will have 342 two-room flexi and four-room flats on a site along Holland Drive near Holland Village and Buona Vista MRT stations.
Two-room flexi units are priced (without grants) from S$209,000 to S$367,000, and four-room flats from S$582,000 to S$762,000.
Four-room resale flats nearby cost between S$888,000 and S$1.15 million, HDB said.
The 40-storey project has the longest waiting time in this launch, at four years and nine months.
The Chencharu Hills project in Yishun, comprising 1,277 units of two-room flexi, three-room, four-room, and five-room flats, is the first BTO launch in this up-and-coming housing area.
It is bounded by Sembawang Road and Lorong Chencharu, and is fairly near Khatib MRT station.
Two-room flexi units in this project are priced from S$113,000 to S$170,000, three-room flats from S$219,000 to S$271,000, four-room flats from S$279,000 to S$346,000, and five-room units from S$407,000 to S$496,000 (all prices exclude grants).
The wait for a flat will be about three years and eight months.
Tampines GreenTopaz, located near Tampines West MRT station, offers 561 two-room flexi, four-room, and five-room flats across four blocks.
One of the blocks will have 24 units of two-room rental flats.
Prices range from S$152,000 to S$238,000 for a two-room flexi flat, S$445,000 to S$569,000 for a four-room flat, and S$589,000 to S$719,000 for a five-room flat.
Meanwhile, Marsiling Peak I and II, along Admiralty Road and Marsiling Lane in Woodlands, will offer a combined 1,609 two-room flexi, three-room, four-room, and five-room flats as well as three-generation units.
Marsiling Peak II will have a waiting time of four years and six months.
In Jurong East, the Teban Breeze project along Teban Gardens Road and Jurong Town Hall Road offers 1,086 two-room flexi, three-room, four-room, and five-room flats. The waiting time for a flat is four years and six months.
Upcoming October 2024 BTO exercise
The upcoming October 2024 BTO exercise will feature new projects categorized as Standard, Plus, or Prime flats, based on their location attributes.
About 8,500 flats will be offered, including 260 Community Care Apartments for seniors in Geylang.
HDB will also pilot a new White Flat layout in Kallang/Whampoa, offering greater flexibility in living space configuration. Interested buyers are encouraged to apply for an HFE letter early to participate in the October launch.
HDB reiterated that they committed to providing affordable housing and will continue to monitor and adjust to meet the housing demand, aiming to launch a total of 100,000 flats from 2021 to 2025.
This article was first published on Gutzy Asia.
