SINGAPORE - A total of 4,583 Build-To-Order (BTO) flats were launched for sale by the Housing Board on Friday (May 27), including two projects in Bukit Merah and Queenstown under the prime location public housing (PLH) model, which comes with a 6 per cent subsidy clawback clause upon their resale.
The units are spread across five housing projects in five estates, in the second sales exercise of the year.
In addition, another 1,952 flats were on offer in this year's first Sale of Balance Flats (SBF) scheme.
In total, 6,535 new flats were launched on Friday.
Both the Bukit Merah and Queenstown BTO projects under the PLH model come with stricter buying and selling conditions.
In the mature estate of Bukit Merah, Bukit Merah Ridge offers 1,669 three-room and four-room flats across five blocks, ranging from 29 to 48 storeys.
The project is bounded by Henderson, Tiong Bahru and Lower Delta roads. Future residents will be served by both Redhill and Tiong Bahru MRT stations.
Prices range from $377,000 to $509,000, without grants, for a three-room flat, and $540,000 to $737,000 for a four-room flat.
Prices are slightly lower than those in last November's Rochor BTO project, which are also under the PLH model. Prices start from $409,000 for a three-room flat and $582,000 for a four-room flat.
Buyers of the Bukit Merah flats will have to wait about 60 months - five years - for these flats, as the project is estimated to be completed in the first quarter of 2028.
In the mature estate of Queenstown, a total of 867 three-room and four-room flats across four blocks are on offer at Ghim Moh Ascent. There are two 40-storey blocks, and the two other blocks are between eight- and 31-storey high.
The site is next to Buona Vista MRT station and is bounded by Ghim Moh Road, Ghim Moh Close and the Rail Corridor.
Prices range from $369,000 to $481,000 for a three-room flat, and $511,000 to $691,000 for a four-room flat.
Buyers will also have to wait about 60 months for these flats.
Under the PLH model, owners of these Bukit Merah and Queenstown flats will pay 6 per cent of the resale price or valuation, whichever is higher, to HDB when they sell their home on the open market for the first time.
Owners will also be subject to a 10-year minimum occupation period (MOP), up from the five years for other flats, before they can sell their flats on the open market.
This means owners of the Bukit Merah and Queenstown flats will likely be able to resell these flats only some time in 2038.
Standard BTO flats come with a five-year MOP and do not have a subsidy clawback clause.
In both projects, up to 20 per cent of the flats will be set aside for first-timer families and up to 2 per cent for second-timer families under HDB’s Married Child Priority Scheme. The scheme gives priority to applicants whose parents or children live in the same area.
This is two-thirds of the usual quotas.
“The reduced quota will provide more opportunities for Singaporeans who do not have family members living near the area to also have an opportunity to live in these locations,” said HDB.
The other mature estate BTO project is Kim Keat Heights in Toa Payoh, which does not fall under the PLH model.
A total of 385 two-room flexi, three-room and four-room flats, ranging from 27 to 36 storeys, are on offer across two blocks, on a site bounded by Lorong 6 and Lorong 7 Toa Payoh. Both blocks will house some rental flats.
Prices start from $289,000 for a three-room flat and $420,000 for a four-room flat.
Buyers will have to wait about 55 months - around 4½ years - for these flats, as the project is slated for completion in the third quarter of 2027.
In the non-mature estate of Jurong West, a total of 1,016 two-room flexi, three-room, four-room and five-room flats are on offer across seven blocks ranging from 11 to 18 storeys at Lakeside View.
The site is bounded by Kang Ching and Yuan Ching Roads and is within walking distance to both Jurong Lake Gardens and Lakeside MRT stations.
Prices start from $215,000 for a three-room flat, $320,000 for a four-room flat and $412,000 for a five-room flat.
The estimated completion date is in the fourth quarter of 2026, so buyers have to wait about 46 months - just under four years - for their homes.
In the non-mature estate of Yishun, buyers can choose from 646 two-room flexi, four-room and five-room flats across five blocks at Yishun Beacon.
The site is bounded by Yishun Avenue 2 and Yishun Central 1.
Prices start from $328,000 for a four-room flat and $485,000 for a five-room flat.
Buyers will have the shortest wait for these flats at 39 months - just over three years - as the project is slated for completion in the second quarter of 2026.
First-timer families that are looking to move into their flats sooner are encouraged to apply for either of the two non-mature estate projects as waiting times are shorter, said HDB on Friday.
The 1,952 units offered under the SBF scheme are spread across mature and non-mature estates such as Bishan, Clementi, Hougang and Tengah.
About 34 per cent of them are completed, while the rest are in various stages of construction.
Applications for the flats close on June 2 at 11.59pm on the HDB flat portal. The flats will be allocated through balloting.
In August, about 4,900 BTO flats in towns such as Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Tampines and Woodlands will be offered.
Another 9,500 BTO flats will be offered in towns such as Bukit Batok, Kallang Whampoa, Queenstown, and Yishun in November.
The exact location of these projects and the number of flats at each site will be released closer to the launch date.
HDB is on track to launch up to 23,000 BTO flats this year.
Mr Mohan Sandrasegeran, research and content analyst at real estate agency Ohmyhome, said the move to include two BTO projects from two different towns under the PLH model is not unexpected.
“With the omnipresence of million-dollar deals across Singapore, the progressive move to add more flats under this model is a rational decision to minimise such high value transactions for HDB flats,” he said.
Mr Sandrasegeran said competition is expected to heat up for the Bukit Merah BTO project as the other project there, which was initially planned for May, was moved to the August sales exercise.
ERA Realty head of research and consultancy Nicholas Mak said the geographical area of the PLH model appears to have widened with the addition of the Queenstown BTO project, which sits next to Buona Vista MRT station.
Taking Raffles Place MRT station as the city centre, Buona Vista MRT station, where the BTO project is located, is 7.3km away, said Mr Mak.
Comparatively, Bishan MRT station is 7.2km away and has seen multiple HDB resale flats changing hands for at least $1 million, he added.
“This begs the question: Will future BTO projects in Bishan be launched under the PLH model?” said Mr Mak.