\u003Cp\u003E\u003Cstrong\u003EExperts expect a higher number of applicants for the October BTO exercise.\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003EReal estate experts expect the October BTO exercise to receive healthy demand from Singaporeans despite the new non-selection rules and estate reclassification imposed by the government.\u003C/p\u003E\n\u003Cp\u003E“Overall demand will likely be healthy as many good sites near MRT stations or at the city fringe areas have been released,” OrangeTee said.\u003C/p\u003E\n\u003Cp\u003EHuttons echoed this, saying: “The attractive locations of these BTOs may mean that there will be more applicants for each flat. There may also be more applicants applying for standard flats in mature estates which do not have restrictions like PLH flats. Overall the number of applicants may be higher for Oct BTO exercise.”\u003C/p\u003E\n\u003Cp\u003EHuttons and OrangeTee, however, did not discount the effects of the new non-selection rules and estate reclassification.\u003C/p\u003E\n\u003Cp\u003E“Due to the tightened rules for the non-selection of BTO flats, we expect a drop in applicants since those not ready to commit to a purchase or are uncertain about their buying decision will unlikely apply for a flat now. These may include young couples unprepared for marriage or considering other housing options,” Orangetee said.\u003C/p\u003E\n\u003Cp\u003E“Young couples who do not want to jeopardise their future chances of getting a well-located flat will likely not apply flippantly now,” OrangeTee added.\u003C/p\u003E\n\u003Cp\u003ESince there will be fewer applicants to apply after the non-selection penalty rule kicks in, OrangeTee expects “serious buyers and first-time families to have a higher chance of getting a flat.”\u003C/p\u003E\n\u003Cp\u003E“First-time families with children are given an extra ballot, and more flats will be set aside. However, this group of buyers may be small,” OrangeTee said.\u003C/p\u003E\n\u003Cp\u003EThe reclass
Real estate experts expect the October BTO exercise to receive healthy demand from Singaporeans despite the new non-selection rules and estate reclassification imposed by the government.
Huttons and OrangeTee, however, did not discount the effects of the new non-selection rules and estate reclassification. Since there will be fewer applicants to apply after the non-selection penalty rule kicks in, OrangeTee expects “serious buyers and first-time families to have a higher chance of getting a flat.”
“Some buyers who wish to avoid being subjected to the longer MOP and other new rulings may try to obtain a flat ahead of the estate reclassification that will take place in 2H 2024. Apart from PLH model flats, the new flats still have a 5-year MOP,” OrangeTee explained.Huttons believes the four BTOs at Kallang/Whampoa and Queenstown will see more applicants than the other October projects.
“Tanglin Halt Cascadia is a PLH project as it is sandwiched between Ulu Pandan and Ghim Moh which have been identified as PLH locations. Furthermore, quite several flats at Blk 50 Commonwealth Drive have exceeded $1 million. There will be a new road to one-north making travel for those working there even more convenient. There is a site zoned for commercial and residential which will increase the amenities and attractiveness of the area,” Huttons commented.
Commenting on Rail Green I and II, Huttons said the BTO projects will likely appeal to larger families since it has 3-Gen and 5-room flats.
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HDB resale market ‘may come under pressure’ in 4Q23: expert\u003Cp\u003E\u003Cstrong\u003EIn 3Q23, resale volume dipped 19.7% MoM and 23.3% YoY.\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003EThe HDB resale market will continue to see slower activity in 4Q23, according to several real estate experts.\u003C/p\u003E\n\u003Cp\u003EOrangeTee, PropNex, and Huttons all pointed to the upcoming BTO sales launch as a factor which will affect activity in the HDB resale market in the next quarter. \u003C/p\u003E\n\u003Cp\u003E“The resale market may come under pressure in the fourth quarter of 2023. Around 13,000 new flats will be put up for sale from two BTO sales launches in October and December. Many BTO flats are well-located, in proximity to an MRT station or surrounded by ample amenities. As a result, we expect more buyers to be diverted from the secondary market,” OrangeTee said.\u003C/p\u003E\n\u003Cp\u003EPropNex echoed this, adding that the BTO sales launch already affected transactions in 3Q23.\u003C/p\u003E\n\u003Cp\u003E“We think the decline in the resale market activity could be partially due to the Ghost month which straddled August and September, as well as the HDB’s build-to-order (BTO) exercise, which was postponed from August to 4 October,” PropNex said.\u003C/p\u003E\n\u003Cp\u003E“Some prospective buyers may have decided to wait for the BTO launch, given the desirable locations offered, including in Kallang Whampoa and Queenstown,” PropNex added.\u003C/p\u003E\n\u003Cp\u003EIn 3Q23, resale volume dipped 19.7% MoM and 23.3% YoY.\u003C/p\u003E\n\u003Cp\u003E“Some buyers may have held back the purchase of a resale flat to see if there are BTO flats with a shorter completion time or non-PLH flats in mature estates,” commented Huttons.\u003C/p\u003E\n\u003Cp\u003EPropNex added that a “mismatch in price expectations between sellers and buyers could also have slowed transactions” during the period.\u003Cbr /\u003E\n \u003C/p\u003E
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October 2023 HDB BTO launch review: Ultimate guide to choosing the best unitFor those who've been used to the timely launches, it might seem a little strange (or surprising) to see an October BTO launch. This time, HDB has launched 6,800 BTO flats across four key areas: Choa Chu Kang, Kallang/Whampoa, Queenstown, and Tengah. The best part? About 75 per cent of these homes are expected to be ready in four years...
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Two prime location projects in Kallang, Tanglin Halt launched in October BTO exerciseTighter rules for non-selection of flats will also kick in from the October launch.
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HDB resales in September hit by BTO launch; first price drop since FebruaryThe new BTO units, particularly in prime locations, appear to have diverted potential buyers from the resale market. Read more at straitstimes.com.
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