So, the Built-To-Order (BTO) exercise for the month of May ended recently. The second BTO launch of 2022 featured sites in Bukit Merah, Jurong West, Queenstown, Toa Payoh and Yishun.
There was an overwhelming response for both the BTO and the Sale of Balance (SBF) flats that were offered. A total of 26,683 applications were submitted for the 4,583 BTO flats that were released. On the other hand, a total of 24,518 applications were submitted for the 1,952 SBF flats that were offered.
There are a lot of options in the HDB resale market that you can consider and besides you do not have to wait as long as compared to BTO flats.
We will be focusing on the alternatives for the most popular BTO flats in this round of the BTO exercise, particularly at the Bukit Merah estate.
Bukit Merah Ridge
The flats are located along Bukit Merah View, Henderson Road, Tiong Bahru Road and Lower Delta Road. A total of 1,669 flats were offered, comprising 1,226 four-room flats in the project.
6,560 applicants were vying for these 1,226 flats, which translates to a 5.4 overall application rate. This means that for every 1 four-room flat that is available, there are about 5 applicants vying for the unit.
Needless to say, this is quite heavy competition for prospective buyers. The estimated price range (excluding grants) was about $540k to $737k for 4-room flats. Among the BTO flats offered in May, this was the highest starting price.
The expected time taken for the building completion of Bukit Merah Ridge is 60 months and will be completed in the first quarter of 2028. This is also the longest completion time for this round of the BTO exercise. That is a pretty long wait for a BTO flat, which is 6 years from now.
Resale prices in the Bukit Merah estate
The average prices of 4-room flats have been hovering around the $640k to $700k mark for the past 4 years in the Bukit Merah estate.
However, under the CPF Housing Grant Scheme, there are housing subsidies available to purchase your resale flats. First-time buyers who are eligible could apply for the Enhanced CPF Housing Grant (EHG). You could receive up to $160k in grants, depending on your fulfillment of the criteria and requirements. If you are purchasing a resale flat to live with or near your parents or child, you can also apply for the Proximity Housing Grant.
1.HDB Resale flats at Havelock Road
Property Type: HDB Resale
Flat Types: 3-Room, 4-Room, 5-Room, Executive
Completion Date: 1969 / 1983 / 2013
One of the options that you can consider is the HDB resale flats along Havelock Road.
Based on the HDB resale transactions from the first 4 months of 2022, the key attributes of the HDB resale flats in Havelock Road were determined.
From the data gathered, we see that the average lease balance for 4 room flats were 90 years and 5 room flats were 60 years. These are relatively new flats, especially the 4 room flats.
A wide range of schools
For families with school-going children, the resale flats at Havelock Road are suitable. As there are a number of schools and educational institutions within the 1km to 2km radius of the site.
Alexandra Primary School, River Valley Primary School, Zhangde Primary School, Cantonment Primary School, Gan Eng Seng Primary School and Radin Mas Primary School.
Suggested available unit(s) at Havelock Road:
55 Havelock Road, 3R, 743 sq ft for $668k ($899 psf)
2.HDB Resale flats at Telok Blangah Drive
Property Type: HDB Resale
Flat Types: 3-Room,4-Room, 5-Room, Executive
Completion Date: 1969 / 1973 / 1983 / 2013
Another alternative you can consider are the HDB resale flats at Telok Blangah Drive. Although some of the blocks are slightly older.
Close proximity to the Greater Southern Waterfront
Announced by the Urban Redevelopment Authority (URA) in 2013, the Greater Southern Waterfront is set to be one of Singapore’s biggest redevelopment projects in recent years. The area will stretch from Pasir Panjang to Marina East, covering approximately 30km of Singapore’s southern coastline. Comprising Keppel Club, Mount Faber, and the former Pasir Panjang Power District, redevelopment plans will be gradually rolled out over the next five to 10 years, transforming the Greater Southern Waterfront into a gateway and urban living space.
Living near such major transformations could essentially allow residents to tap on the neighboring amenities and transport nodes as well. For instance, Five Circle Line MRT stations lie along the stretch of the Greater Southern Waterfront area, including Telok Blangah MRT, Haw Par Villa MRT, Labrador Park MRT, and the North-East Line connecting Harbourfront MRT.
The prices of 3 room flats in the first 4 months of 2022, were in the range of $345k to $720k. While, 4 room flats were in the range of $815k to $950k.
These are reasonable price ranges as the flats are closely situated to an MRT station (Telok Blangah). As proximity to an MRT station usually commands a price premium.
Suggested available unit(s) at Telok Blangah Drive:
52 Telok Blangah Drive, 5R, 1,291 sq ft for $628k ($487 psf)
64 Telok Blangah Drive, 4R, 990 sq ft for $530k ($535 psf)
3. HDB Resale flats at Boon Tiong Road
Another option you can also consider the HDB resale flats at Boon Tiong Road as well.
If you have a sufficient budget and you are looking for something a little more costly, you can consider the HDB resale flats at Boon Tiong Road.
Property Type: HDB Resale
Flat Types: 3-Room,4-Room, 5-Room
Completion Date: 2001 / 2005 / 2016
The prices of all the room types are slightly on the higher end. For instance, 3 room flats in the first 4 months of 2022, were in the range of $569k to $723k. While, 4 room flats were in the range of $768k to $996k. Whereas, 5 room flats were in the range of $940.0k to $1.2 million.
The reason for the higher prices is due to the flats being attractively positioned near the Tiong Bahru MRT station. It is literally a stone’s throw away from the flats.
If you are unfazed by high prices and have ample liquidity, you can give these flats a shot. Especially, if you place heavy emphasis on locational attributes and in having a spacious home.
Suggested available unit(s) at Boon Tiong Road:
2C Boon Tiong Road, 5R, 1,237 sq ft, $1.1m ($889 psf)
9B Boon Tiong Road, 5R, 1,205 sq ft, $1.5m ($1,244 psf)
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Header Image: HDB