Toa Payoh, Tengah flats most popular in Nov BTO launch; highest application rates since Aug 2022

SINGAPORE – Four-room flats in Toa Payoh and Tengah were the most sought-after among first-time home buyers in HDB’s latest Build-To-Order (BTO) sales exercise, where application rates climbed to the highest since August 2022.

This came as higher income ceilings of $16,000 for families and $8,000 for singles took effect from this launch, which opened for application on Nov 4.

As at 5pm on Nov 11, there were a total of 35,603 applicants for the 7,964 BTO flats, translating to a rate of 4.5 applicants for each flat.

Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia, said this is the highest BTO application rate since August 2022, when the rate was 7.8.

It is also the highest number of applications for a BTO launch since October 2024, when there were 35,678 flat applicants.

There were about 22,600 applicants at the last BTO sales exercise in June, and about 14,000 for the one in February.

National Development Minister Chee Hong Tat said in a Facebook post on Nov 11 that the increase in applicants was not unexpected as more Singaporeans are eligible to apply for BTO flats with the raising of income ceilings.

He noted that the median application rate among first-timer families applying for three-room and larger flats was higher in this exercise – at 2.6 applicants per flat, compared with 1.4 at the previous launch in June.

Demand for two-room flexi flats among singles also remained strong, even though these units made up more than a third of the flats launched, Chee said. The median application rate for singles stood at 8.2, compared with 7.8 at the last sales exercise.

Property analysts attributed the higher demand to the higher income ceilings, and projects being launched in popular locations like Toa Payoh and Bayshore.

The latest rates on Nov 11 showed that more than six first-time applicants were vying for each of the 584 four-room flats at Toa Payoh Hillside, a Prime project next to Caldecott MRT station. These flats have a subsidy clawback of 11%.

Prime and Plus flats, which are closer to the city centre, transport nodes and amenities, come with stricter resale conditions. Both come with a 10-year minimum occupation period (MOP), and Prime units have a higher subsidy clawback upon resale.

Christine Sun, chief researcher and strategist at property firm Realion (OrangeTee & ETC) Group, said that despite the clawback rate, the Toa Payoh project drew strong demand as it is close to schools like the CHIJ primary and secondary schools, and there are ample amenities in the neighbourhood.

Lee said buyers were willing to pay more for the project’s rare attributes, such as the balconies that come with some of the four-room flats. He noted that the most expensive four-room flat in this project is priced at $832,000.

In Tengah, four-room flats at Standard project Plantation Dew were more than five times oversubscribed among first-timers, while the five-room and three-generation flats had a first-timer application rate of 3.8.

The 178 two-room flexi flats were also in high demand among seniors and singles – drawing a total of 1,619 applicants. Among singles, the units were more than 18 times oversubscribed, the highest application rate for singles across projects at this launch.

Standard flats do not incur subsidy recovery when they are sold and come with a five-year MOP.

PropNex chief executive Kelvin Fong said the relatively affordable pricing and wide selection of flat types – including “white flats” with no partition walls – attracted buyers to the project.

“There may also be some pent-up demand since the last BTO launch in Tengah was in October 2023, when Plantation Edge I and II garnered an application rate of 2.3 times,” he added.

He said the high singles application rate could be due to the two-room flexi units at this project being the most affordable in this sales exercise.

Two Plus projects in the upcoming Bayshore estate, which is part of Bedok town, also saw firm demand, with a first-timer application rate of 3.1 for their four-room flats.

Both projects are located in Bayshore Drive and near Bayshore MRT station, and have a subsidy recovery rate of 9%.

Fong noted that the two projects, Bayshore Oasis and Bayshore Sails, collectively received the highest number of applicants in this launch, with 10,293 applicants vying for 2,492 flats. “This points to healthy demand for the Bayshore precinct, with applicants potentially drawn to the appeal of waterfront living,” he said.

Lee added that the projects were also near amenities such as East Coast Park and an upcoming mall at Bedok South MRT station.

At Sembawang Anchor in the new Sembawang North estate, which has the shortest wait in this launch at under three years, the four- and five-room flats were undersubscribed, with a first-time application rate below one. This means all first-time buyers are virtually guaranteed the chance to pick a unit.

Lee said that despite the shorter wait, the lack of amenities nearby and the distance from an MRT station could have deterred buyers. The nearest is Sembawang station, which is a 15- to 20-minute walk away.

At Toa Payoh Hillside, the 256 community care apartments had an application rate of two, rebounding from undersubscription at past launches.

From this exercise, those aged 55 or older can apply for these flats, down from a minimum age of 65. Property analysts said the widened eligibility, coupled with the reduced monthly basic service package fees, helped boost demand.

Fong said the application rate was the highest since the pilot project, Harmony Village @ Bukit Batok, was launched in 2021. That launch saw 4.2 applicants per unit.

“The early signs may suggest widening interest. However, with only one community care apartment project on offer this round, and in a central location, it is perhaps too early to credit the policy alone,” he added.

Applications close at 11.59pm on Nov 11 on the HDB Flat Portal.

Those who get a queue number for the November launch can expect to book their flat at the HDB Hub in Toa Payoh between March and June 2027.

With the final BTO sales exercise of 2026, HDB has launched 23,928 new flats this year, Chee said in his Facebook post.

In the next BTO exercise in February, HDB will offer about 4,300 flats in Bishan, Tampines, Tengah and Toa Payoh. Community care apartments will be offered at one of the two Tampines projects.

About 5,000 balance flats will also be on offer.

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