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SINGAPORE – For the first time in almost a decade, some 610 built-to-order (BTO) flats will go up for sale in Queenstown, Singapore’s oldest city and one of the most sought-after mature developments.
Another 560 BTO flats will also be launched in Jurong East, receiving their first new units in 10 years.
The two housing projects are among seven BTO sites offering some 4,900 apartments that the HDB will launch in August.
The BTO project, which has yet to be named, in Queenstown will be adjacent to Alexandra Hospital and Alexandra Fire Station in Queensway and offers three- and four-bedroom apartments.
The last BTO launch in Queenstown was the Ghim Moh Edge project in November 2012, which featured 1,179 studio, three- and four-bedroom apartments.
Prices then started at $ 310,000, without subsidies, for a three-bedroom apartment and $ 450,000 for a four-bedroom apartment.
In Jurong East, an immature city, some 560 flexible two-bedroom, three-bedroom and four-bedroom apartments will be built on a site near the upcoming Toh Guan MRT station on the Jurong region line.
BTO’s latest release for Jurong East was Teban View in September 2011, where some 518 three- and four-bedroom apartments went up for sale.
Then prices started from $ 158,000 for a three-bedroom apartment and $ 271,000 for a four-bedroom apartment.
The other properties in the upcoming August release are Kallang / Whampoa, Tampines and Hougang.
Prior to this, HDB will offer around 3,800 BTO flats in Bukit Merah, Geylang, Tengah and Woodlands in May.
Since 2019, HDB has announced new BTO sites six months in advance, compared to the previous three months, although exact project details are released only on the day of the sales exercise.
Typically there are four BTO sales exercises per year.
The Straits Times reported in October 2019, ahead of the Covid-19 pandemic, that more than 5,000 new HDB flats could be launched in Queenstown by 2027. Of these, around 2,060 could be available for sale this year or next. .
But National Development Minister Desmond Lee recently said that HDB will closely monitor the housing market and calibrate the flat bid if necessary, given the economic uncertainty due to Covid-19.
On Thursday (Feb 4), HDB launched its first sales exercise of the year for 3,740 BTO flats, including Singapore’s first assisted living public housing project for seniors.
Analysts expect Queenstown apartments to be very popular with buyers and will likely be oversubscribed due to its amenities and central location.
Referencing the 114 four-bedroom resale flats on Dawson Road, which is part of Queenstown, Christine Sun, senior vice president of research and analysis at OrangeTee & Tie, said they changed hands at an average price of about $ 840,000 on last year. .
Another 14 five-bedroom resale floors fetched an average price of $ 990,000.
“The high sales price and capital appreciation may be another reason why buyers might be attracted to the next BTO exercise in Queenstown,” he said.
Accountant Toh Jun Yong, 26, is among those looking at the Queenstown project.
“I think the amenities around the farm, the proximity to the MRT station, and the distance to the workplace in the central business district are very important,” said the 26-year-old, who plans to apply for the February launch. but will try both May and August Exercises if unable to get a ballot number.
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