SINGAPORE – For the first time in nearly a decade, around 610 BTO homes are being offered for sale in Queenstown, Singapore’s oldest city and one of the most sought-after mature housing developments.
Another 560 BTO apartments will also open in Jurong East, which will receive its first new units in 10 years.
The two residential projects belong to the seven BTO locations with around 4,900 apartments that will be put into operation by HDB in August.
The yet to be named BTO project in Queenstown is located next to the Alexandra Hospital and the 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 with 1,179 studio, three- and four-bedroom apartments.
Prices then started at $ 310,000 without grants for a three bedroom apartment and $ 450,000 for a four bedroom apartment.
In Jurong East, a non-mature city, around 560 flexi, three- and four-room apartments with two rooms are being built on land near the upcoming Toh Guan MRT station on the Jurong Region Line.
The last BTO launch for Jurong East was Teban View in September 2011, where around 518 three- and four-bedroom apartments were released for sale.
Prices then started at $ 158,000 for a three bedroom apartment and $ 271,000 for a four bedroom apartment.
The other lands for the upcoming launch in August are Kallang / Whampoa, Tampines and Hougang.
Prior to that, HDB will offer around 3,800 BTO apartments in Bukit Merah, Geylang, Tengah and Woodlands in May.
Since 2019, the HDB has announced new BTO locations six months in advance – compared to three months earlier – although the exact details of the projects will only be published on the day of the sales exercise.
There are usually four BTO sales exercises per year.
The Straits Times reported in October 2019, before the outbreak of the Covid-19 pandemic, that more than 5,000 new HDB homes could open in Queenstown by 2027. Of these, around 2,060 could already be offered for sale this year or next.
But National Development Minister Desmond Lee recently said HDB would closely monitor the property market and, if necessary, calibrate the flat supply given the economic uncertainty due to Covid-19.
On Thursday (February 4), HDB kicked off its first sales exercise of the year for 3,740 BTO apartments, including Singapore’s first assisted living project for seniors.
Analysts believe the Queenstown apartments are very popular with buyers and are likely to be oversubscribed due to their amenities and central location.
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Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, referred to the 114 four-bedroom resale apartments on Dawson Road, part of Queenstown, that changed hands last year at an average price of around $ 840,000 Has .
Another 14 five-bedroom resale apartments fetched an average price of $ 990,000.
“The high selling price and capital appreciation could be another reason buyers might be drawn to the next BTO exercise in Queenstown,” she said.
Accountant Toh Jun Yong, 26, is one of those contemplating the Queenstown Project.
“I think property amenities, proximity to the MRT station and distance to work in the central business district are very important,” said the 26-year-old, who plans to apply for the start in February but will try both in May and August train if he fails to get a dial number.
This article was first published in The Straits Times. Permission is required for reproduction.
