SINGAPORE — The Build-to-Order (BTO) sales exercise for October saw an overall application rate of about 1.4 times its available supply, a few hours before applications for flats were slated to close on Tuesday (Oct 10) night.
An artist's impression of the Plantation Edge I & II project in Tengah, which is among the public housing projects launched for sale in the October 2023 Build-to-Order exercise.
Property analysts have described the application rate of 1.4 as “underwhelming” and one of the lowest for a BTO exercise in recent years — attributing this chiefly to the kicking in of a“The last time overall BTO application rates fell below two times was in November 2017 where the application rate came in at 1.7 times for the 4,829 flats launched then,” said Mr Ismail Gafoor, chief executive officer of PropNex Realty.
Commenting on this, Mr Gafoor noted that October’s BTO exercise would be the first since the stricter rules for non-selection had kicked in. Beyond this, property analysts also cited the attractive projects expected in the upcoming December BTO exercise as a reason buyers may have chosen to hold out their application in October, among other considerations.
The October BTO exercise was postponed from August due to delays in the ballot results for the May BTO exercise. The postponement would also give the housing authority more time to finalise changes that would take effect from this month’s sales exercise.“The flipside of lesser applicants for October BTO exercise is that almost all first-timers will get to select their flats,” said Mr Lee.
Meanwhile, the Verandah @ Kallang and Tanglin Halt Cascadia PLH projects had overall application rates of about 1.3 times and 1.1 times respectively. The December BTO exercise, for example, is expected to potentially have a higher application rate due to the projects on offer, the analysts said.
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