Bigger units, faster completion; keener interest in Yishun, Jurong BTO flats
Bigger units, faster completion; keener interest in Yishun, Jurong BTO flats. Attractive locations and faster completion times comparable to pre-Covid-19 days, according to real estate analysts, are among the factors driving the popularity of two public housing developments in Yishun and Jurong West for the latest Build-To-Order (BTO) flat application exercise.
At the same time, lower-than-expected demand at the Prime Location Public Housing scheme’s Bukit Merah and Ghim Moh projects could be attributed to their greater distance from the city center when compared to previous launches in other areas under the same scheme.
Another possible factor, according to the analysts, is the smaller size of the flats compared to those in Yishun and Jurong West, as well as the larger number of units in the latest prime location offerings and the rapid succession of prime location project launches.
This time, approximately 1,900 four-room flats are available under the prime location scheme, compared to less than 700 in the Rochor Road district and 300 in Kallang-Whampoa, which were the first two launches under the scheme in November last year and February this year, respectively.
As of 5 p.m. on Thursday (June 2), the last day of the latest BTO application exercise, four-room flats at Bukit Merah Ridge and Ghim Moh Ascent had been subscribed 4.9 and 3.9 times, respectively, compared to more than ten times for the first flats in Rochor under the new scheme.
NON-PRIME LOCATION HOUSING DEMAND
According to Housing and Development Board (HDB) data, demand for four-room flats was higher in all three non-prime developments in terms of application rates than in the two under the prime location scheme.
Application rates for four-room flats at Lakeside View and Yishun Beacon were 6.8 and 11.5 times higher, respectively. Similar flats at Kim Keat Heights, located in Toa Payoh’s mature estate, were 9.7 times oversubscribed.
Mr Nicholas Mak, head of research and consultancy at ERA Realty Network, stated that one key reason would be the development’s shorter completion time.
“This could be due to the shorter wait time of only 39 months, which is comparable to the pre-Covid waiting time for BTO projects,” he explained, using Yishun Beacon as an example.
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