HDB launches second BTO project under prime location model

A total of 3,953 Build-To-Order (BTO) flats were launched for sale by the Housing Board yesterday, including 398 units in Kallang/ Whampoa - the second project under the prime location public housing (PLH) model - which come with a 6 per cent subsidy clawback clause upon their resale.

The units are spread across six housing projects in four estates, in the first sale exercise of the year, with waiting time ranging from about three to five years.

The project under the PLH model - King George's Heights - comes with stricter buying and selling conditions.

It comprises three-room and four-room flats housed in one block with two wings of 33 and 47 storeys. Bounded by King George's Avenue, Syed Alwi Road and Rochor Canal, the site is within a six-minute walk of the first PLH project in Rochor launched in November last year.

Prices range from $353,000 to $462,000, without grants, for a three-room flat, and $488,000 to $675,000 for a four-room flat, lower than those in the Rochor BTO project.

The estimated floor area of the Kallang/Whampoa units is also slightly smaller than the other BTO projects in this launch, with three-room units at 66 sq m each and four-room units at 89 sq m each.

Buyers will have to wait an estimated 59 months - just under five years - for these flats, estimated to be ready in the third quarter of 2027.

Owners of the Kallang/ Whampoa flats will have to pay 6 per cent of the resale price or valuation, whichever is higher, to the 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, up from the five years for other flats, before they can sell their flats on the open market.

Standard BTO flats come with a five-year MOP and do not have a subsidy clawback clause.

The other mature estate BTO project is Dakota Crest in Geylang, with 443 two-room flexi, three-room and four-room flats on offer across three blocks.

The project is located along the Geylang River and the Geylang Park Connector, and is served by both Mountbatten and Dakota MRT stations.

Prices start from $352,000 for a three-room flat and $522,000 for a four-room flat.

This comes on top of the 63 months - slightly more than five years - estimated waiting time for these units, estimated to be ready in the fourth quarter of 2027.

There are two BTO projects in the non-mature estate of Yishun.

Flats in both projects - Grove Spring @ Yishun and Yishun Boardwalk - have shorter waiting times ranging from 26 to 30 months.

Buyers can also choose from two BTO projects in the "forest town" of Tengah.

The bigger project is Plantation Creek in the Plantation district, where 713 four-room and five-room flats are on offer.

The smaller project is Parc Flora @ Tengah, where 560 two-room flexi, three-room, four-room and five-room flats are on offer.

Applications for the flats close on Feb 23 at 11.59pm on the HDB flat portal.

In May, about 5,300 flats will be offered in towns such as Bukit Merah, Jurong West, Ghim Moh, Toa Payoh and Yishun. An adjoining site in Ghim Moh is also planned for public housing and will be launched this year, said HDB.

Another 6,300 to 6,800 flats in towns such as Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Queenstown and Woodlands will be offered in August.

Details of these projects will be released closer to the launch date.

To meet strong demand for public housing, the HDB will ramp up its BTO supply and launch up to 23,000 flats each year in 2022 and 2023.

In the current sale exercise, property analysts said strong demand is expected for the PLH flats in Kallang/Whampoa despite the stricter conditions.

PropNex Realty chief executive Ismail Gafoor said the King George's Heights project presents another opportunity for those who have missed out on the Rochor BTO flats to try to secure a unit in the same area.

Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, noted that the median price of $581,500 for a four-room flat in King George's Heights is slightly lower than previous BTO launches in the Kallang/Whampoa area.

For instance, the median price of a four-room flat in Kent Heights, rolled out in November last year, was $585,500, she said.

"The slightly lower price this time could be to compensate for the longer MOP and more stringent selling and buying restrictions," said Ms Sun.