Oct 2024 BTO exercise

19 June 2024

An estimated 8,540 BTO flats will be launched for sale in Oct. This will bring the number of BTO flats to more than 19,600 units in 2024, 13.9% lower than 2023.

There are a total of 14 BTO projects, making it probably the most number of BTO projects in a single launch. The average size of a BTO project in Feb was 589 units, 1,423 units in Jun and 496 units in Oct. Half of the 14 BTO projects are around 400 units or less. This means that these projects have a high probability of being completed in less than 3 years.

Among the BTO projects, the BTO in North Bridge Road may be Prime flats while the BTOs in Bayshore, Kembangan and Pasir Ris may be Plus flats.

The BTO in North Bridge Road may be popular too. The last project completed in the area was at Crawford Lane in 1982. It is very near to Lavender MRT station and just beside Marina Reservoir. Units overlooking the reservoir can also see the fireworks during National Day. Being a relatively small BTO project, the application rate for 4-room flats may exceed 3.

The Bayshore BTOs are highly anticipated as they are next to the sea and will have full height windows to maximise the views. The Bayshore area has been predominantly private housing. The nearest BTO launch will be the 1,640-unit Bedok South Blossoms in May 2023 where there were 3 first time applicants for every 4-room flat. The application rate for the Bayshore BTO may be similar.

The Kembangan BTO may be sought after as it is integrated with commercial amenities and the MRT station. The flats along Lengkong Tiga were completed in 1988 hence there could be pent up demand for flats. The application rate for 4-room flats may exceed 3.

The BTO projects in Pasir Ris may be the last two plots of land next to Pasir Ris MRT station, an integrated transport hub and the newly opened Pasir Ris mall. Some of the units may have unblock views of the sea. The last BTO project, Costa Grove had an application rate of 3.6 for 4-room flats and 4 for 5-room flats. This new BTO project may have a similar application rate.

The BTO in Jurong West on the former Tang Dynasty site may see good interest as well. It gives buyers the opportunity to stay next to a national garden and in Jurong Lake District which is the largest commercial centre outside the CBD. However, being the largest BTO in Oct 2024, this will dilute the application rate to around 1.