SINGAPORE: More than 35,600 applications were received for the 8,573 Build-to-Order (BTO) flats on offer in the October sales exercise, which marked the launch of a new classification system.
This is the highest number of applications received since the sales exercise in August 2022, with most of the 15 projects launched drawing strong interest, analysts said.
The launch, which ran from Oct 16 to 23, was the first time new flats were labelled as Standard, Plus and Prime based on their proximity to the city centre, transport connectivity and amenities. This replaces the decades-old classification of mature and non-mature estates.
In general, Prime and Plus flats have better locations and are priced with more subsidies. But they also come with stricter resale rules, like a 10-year minimum occupation period and subsidy clawbacks of 6 to 9 per cent, to counter what authorities call the “lottery effect” of owning flats in prime areas.
This time, seven projects were placed in the Plus category, one in Prime and another seven given the Standard classification.
The two Standard projects in Pasir Ris were the most sought-after, based on final figures available on HDB’s website on Thursday after (Oct 24).
The Costa Riviera I and II projects had a first-time application rate of 6.7 for the 145 five-room and three-generation flats on offer, meaning about six applicants were vying for each unit.
The two projects, located near Pasir Ris MRT station, also saw first-time rates of 3.6 and 2.4 for the 394 four-room and 86 three-room units respectively.
Also well-received was the West BrickVille @ Bukit Batok project, which will be near the future Jurong Regional Line’s Tengah Park MRT station. Around three first-timer families were gunning for each of the 260 four-room units and 208 five-room and 3Gen flats available.
The project also offered 91 three-room units, which attracted a first-timer application rate of 1.7.
Shorter waiting times and being located near MRT stations are reasons behind the strong demand for these BTO projects, said ERA’s key executive officer Eugene Lim.
For instance, the flats at Bukit Batok will be completed within two years – the project with the shortest waiting time in this sales exercise. Those at Pasir Ris will take around three years.