November BTO exercise will include four developments under Prime Location Housing Model
Nine projects will be offered in the next HDB BTO exercise.
Over 9,500 Build-To-Order (BTO) flats will be offered in nine projects by the Housing Development Board (HDB) in the November exercise.
Three of the upcoming projects will be launched in Queenstown, which falls under the Prime Location Housing (PLH) model. Another five projects are expected to launch in non-mature estates like Yishun, Bukit Batok, and Tengah.
These include 720 three and four-room units in one of the upcoming Queenstown projects situated next to Alexandra hospital.
Up to 470 three and four-bedroom units will be launched in the Kallang Whampoa area, situated just a stone’s throw away from Kallang MRT Station.
For those looking to reside in the west, 2,700 units in Tengah and 790 units in Bukit Batok will be up for launch in November.
In a press release on Friday (Oct 28), HDB said that ballot results were delayed in the last BTO exercise in August due to an overwhelming number of applicants. More than 34,000 people applied in the August BTO launch, compared to around 23,000 applicants in the May BTO launch.
The two PLH projects in Bukit Merah that were launched in the August BTO exercise – Alexandra Vale and Havelock Hillside – had more than 8,800 applicants vying for 1,651 units.
While PLH flats are a popular choice, they have a more stringent criteria where they will need to abide by a 10-year minimum occupation period (MOP) and an income ceiling of not more than $14,000.
Rental rates for condominiums and public housing have also risen in the third quarter of 2022, with the median rent surpassing $3,000 for five-room flats in prime areas like Bukit Merah, Toa Payoh, and Queenstown.
The median rent for a four-room flat in the central region also increased by $450 as compared to the previous quarter of $3,050.
Non-landed properties saw an 8.3 per cent increase in rental index for the third quarter, an increase steeper than the 6.7 per cent that was recorded for the previous quarter.
With the increasing demand for BTO flats, HDB said it will continue to monitor the housing demand and adjust the plans accordingly.
In February 2023, HDB will also be offering about 2,900 to 3,900 BTO flats in towns/estates such as Kallang Whampoa, Queenstown, and Tengah.
HDB is slated to launch up to 23,000 BTO flats in 2023 and is prepared to launch 10,000 flats in total from 2021 to 2025 if needed, subject to prevailing demand.