Toa Payoh, Tengah flats most popular in Nov BTO launch; highest application rates since Aug 2022

SINGAPORE - Four-room flats in Toa Payoh and Tengah were the most sought-after among first-time home buyers in HDB’s latest Build-To-Order (BTO) sales exercise, where application rates climbed to the highest since August 2022.

This comes as higher income ceilings of $16,000 for families and $8,000 for singles took effect from this launch, which opened for applications on Nov 4.

As at 5pm on Nov 11, there were a total of 35,603 applicants for the 7,964 BTO flats, translating to a rate of 4.5 applicants for each flat.

Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia, said this was the highest BTO application rate since August 2022, when the rate was 7.8.

It is also the highest number of applications for a BTO launch since October 2024, when there were 35,678 flat applicants.

There were about 22,600 applicants in the last BTO sales exercise in June, and about 14,000 for the one in February.

Property analysts attributed the higher demand to the higher income ceiling, as well as projects being launched in popular locations like Toa Payoh and Bayshore.

The latest rates on Nov 11 showed that more than six first-time applicants were vying for each of the 584 four-room flats in Toa Payoh Hillside, a Prime project next to Caldecott MRT station. These flats have a subsidy clawback of 11%.

Prime and Plus flats, which are closer to the city centre, transport nodes and amenities, come with stricter resale conditions. Both come with a 10-year MOP, and Prime flats have a higher subsidy clawback upon resale.

Christine Sun, chief researcher and strategist at property firm Realion (OrangeTee & ETC) Group, said that despite the clawback rate, the Toa Payoh project drew strong demand as it is close to schools such as CHIJ Primary and Secondary, as well as the ample amenities in the neighbourhood.

Lee said that buyers were willing to pay more for the project’s rare attributes, such as a balcony that comes with some of the four-room flats. He noted that the most expensive four-room flat in this project is priced at $832,000.

In Tengah, four-room flats in Standard project Plantation Dew were more than five times oversubscribed among first-timers, while the five-room and three-generation flats had a first-timer application rate of 3.8.

The 178 two-room flexi flats were also in high demand among seniors and singles - drawing a total of 1,619 applicants. Among singles, the units were more than 18 times oversubscribed, the highest application rate for singles in this launch.

Standard flats do not incur subsidy recovery when they are sold and come with a five-year minimum occupation period (MOP).

Two Plus projects in the upcoming Bayshore estate, which is part of Bedok town, also saw firm demand, with a first-timer application rate of 3.1 for its four-room flats.

Both projects are located in Bayshore Drive and near Bayshore MRT station, and have a subsidy recovery rate of 9%.

At Sembawang Anchor in the new Sembawang North estate, which have the shortest wait in this launch at under three years, the four- and five-room flats were undersubscribed with a first-time application rate of below one. This means all first-time buyers are virtually guaranteed the chance to pick a unit.

Lee said that despite the shorter wait, the lack of nearby amenities and the distance from an MRT station could have deterred buyers. The nearest is Sembawang station, which is a 15- to 20-minute walk away.

The 256 community care apartments in Toa Payoh Hillside had an application rate of two, rebounding from past launches that were undersubscribed.

From this exercise, those aged 55 or older can apply for these flats, down from 65 years old. Property analysts said the widened eligibility, coupled with the reduced monthly basic service package fees, helped to boost demand.

Applications will close at 11.59pm on Nov 11 on the HDB Flat Portal.

Those who get a queue number for the November launch can expect to book their flat at the HDB Hub in Toa Payoh between March and June 2027.