Latest BTO launch draws highest number of applicants since Aug 2022

Shorter wait, easing of rules for singles, attractive locations cited as factors

- Joyce Lim Senior Correspondent

The latest HDB Build-To-Order (BTO) exercise in October attracted 35,678 applications, the highest number in a BTO launch since August 2022.

The overall application rate was 4.16 or around four people applying for one flat. The August 2022 exercise had an application rate of 7.8 times.

Property analysts highlighted factors such as shorter waiting times for certain projects, more flexible policies for singles, and the attractive location of some projects as significant drivers of demand.

The latest launch in October saw 8,573 flats put up for sale under a new framework, which classified projects as Standard, Plus or Prime, based on factors like proximity to the city centre and transport connectivity.

The Plus and Prime flats come with stricter resale conditions such as a 10-year minimum occupation period (MOP), and a subsidy clawback of between 6 per cent and 9 per cent. That said, Plus and Prime flats still drew significant interest, said analysts.

"We think this is an early indication of the buy-in for the Plus and Prime flat types," said PropNex chief executive Ismail Gafoor.

"It suggests that many buyers both first-timers and second-timers are willing to commit long term to their flat, and that the additional restrictions are not a dampener on their buying decision, especially if the BTO project is in a choice location." Based on the overall application rate, Mr Gafoor noted that Central Trio @ AMK stood out as the most popular project in the latest BTO sales, with a total application rate of almost eight times. The 422 units in this Plus project drew 3,345 applicants.