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February 2024 BTO launch

Round up of Feb 2024 BTO launch

  • Feb 2024 BTO is the second last BTO launch before the reclassification of flats kicks in

  • Overall median application rate for

    • First-timer families is 1.6

    • Second-timer families is 17.8

  • Rates fell significantly after the tighter non-selection rules introduced in Aug 2023.

  • Application rates surged in Feb, likely because more applicants who are trying to secure a flat before the reclassification of flat types kicks in.

  • Higher interest for bigger flats.

  • 4-room flats at Tanjong Tree Residences @ Hougang was the most popular (4.6 and 25.7 for 1 st and 2nd timer families respectively)

Looking ahead to Jun 2024’s Launch, last BTO launch before the reclassification of flats

  • Last BTO launch under the current ‘Mature’ and ‘Non-mature’ estates classification

  • Sites located near transport nodes will be popular as they are likely to fall under the “Plus” category under the reclassification rule. The “Plus” flats will be subject to stricter and longer MOP rules.

New rule from 5 March 2024

  • Down payment to be halved from 5% to 2.5%

  • For eligible young couples who are current full-time students and National Servicemen

  • Other eligibility conditions for deferred income assessment include the requirement for at least one applicant to be 30 years old or below.

  • The couple must be married or are applying for a flat under the Fiance-Fiancee Scheme, which has a minimum age requirement of 21 years old.

Upcoming site - Yishun

  • About 10,000 homes will be built in Yishun Estate of Chencharu, 80% will be for public housing

  • 1,270 BTO to be launched in June 2024

  • More projects will be progressively launched in the coming years

  • Proximity to Khatib MRT Station and to Northpoint City (1 MRT stop)

  • Chencharu site will likely form a new residential enclave within Khatib area

  • Offers young families familiar to Yishun another housing option

Potential housing sites - Gillman Barracks Site

  • Environmental and heritage studies will start in 2Q 2024, estimated to complete in 1H 2026

  • New residential neighbourhood with a mix of private and public housing

  • Current lease for commercial tenants will end by 2030, BTO will likely only launched in a few years time

  • BTO flats likely to be classified as ‘Prime’ or ‘Plus’ flats

  • Close proximity to the CBD

  • Easy access to nature, such as the Southern Ridges and Labrador Nature Park Network

Is the resale market affected by BTO launches?

BTO launches complement the HDB resale market.

  • Resale buyers are more likely Furthermore, HDB resale flats come with housing grants support for eligible buyers.

    • to be first-timers with urgent housing needs,

    • to be second-timers as it has been proven difficult for them to secure another BTO flat,

    • to have exceeded income cap

    • have preference for certain locations or flat types.

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