So, the results of the Built-To-Order (BTO) exercise for the month of February 2022 was recently announced.
The first BTO launch of 2022 featured sites in Geylang, Kallang / Whampoa, Tengah, and Yishun. This was also the second time a BTO site – the one at Kallang / Whampoa, was subjected to the new Prime Location Housing Model (PLH).
The BTO exercise in February closed with total applications of 26,870 applicants for the 3,953 BTO flats offered. If you were one of the unlucky few who felt like you were outnumbered and were unsuccessful, well there are always plenty of other fishes in the sea!
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 Geylang estate.
Let’s take a look at the BTO project – Dakota Crest in the Geylang estate:
The flats are located along Old Airport Road, Jalan Enam, and Dakota Crescent. A total of 443 flats were offered, comprising 242 four-room flats in the project.
6,961 applicants were vying for these 242 flats, which translates to a 28.8 overall application rate. This was the highest application rate for this round of the BTO exercise.
This means that for every 1 four-room flat that is available, there are about 28 applicants vying for the unit.
Needless to say, this is quite heavy competition for prospective buyers. The estimated price range (excluding grants) was about $522k to $688k for 4-room flats. Among the BTO flats offered in February, this was the highest starting price.
The expected time taken for the building completion of Dakota Crest is 63 month and will be completed in the fourth quarter of 2027. 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 5 years from now.
Resale prices in the Geylang estate
The average prices of 4-room flats have been hovering around the $500k mark for the past 4 years in the Geylang estate.
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 Family Grant and 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 Dakota Crescent
Property Type: HDB Resale
Flat Types: 3-Room, 4-Room, 5-Room, Executive
Completion Date: 1983 / 1984
Nearest MRT Station: Est. 140-160m to Dakota Station (Circle Line)
One of the options that you can consider is the HDB resale flats along Dakota Crescent. In terms of accessibility to a MRT station, these flats are much closer as compared to Dakota Crest. An estimated distance of 140 to 160m to Dakota Station.
Based on the HDB resale transactions from 2021, key attributes of the HDB resale flats in Dakota Crescent were determined.
From the data gathered, we see that the average lease balance for 4 room flats were 61 years and 5 room flats were 60 years. This is still a healthy amount of lease balance.
The average sizes of the varying flat types are also bigger , for example 1,128 sq foot versus 1,033 sq ft for a 4-room flat at Dakota Crest.
A wide range of schools
For families with school-going children, the resale flats at Dakota Crescent are ideal. As there are a number of schools and educational institutions within the 1km to 2km radius of the site.
Kong Hwa School, Geylang Methodist School (primary), Haig Girl’s School, Tanjong Katong Primary School and Broadrick Secondary School.
Suggested available unit(s) at Dakota Crescent:
- 58 Dakota Crescent, 4R, 1,098 sq ft for $800k ($728 psf)
- 60 Dakota Crescent, 4R, 1,119 sq ft for $799k ($714 psf)
2.HDB Resale flats at Pine Close
Property Type: HDB Resale
Flat Types: 3-Room,4-Room, 5-Room
Tenure: 99 Years
Completion Date: 1981/1997/2000
Nearest MRT Station: Est. 200-230m to Mountbatten Station (Circle Line)
Another alternative you can consider are the HDB resale flats at Pine Close. These blocks are slightly older as some of the blocks were completed in 1981.
Accessibility to retail options
The flats at Pine Close are near to Mountbatten Station. It is also just one station away from the Stadium MRT station, where the nearest shopping option, the Kallang Wave Mall is situated. For your grocery needs, there is a Fairprice Xtra located there as well.
For your dining needs, there are a wide range of food options available ranging from Astons, Pastamania and Old Town White Coffee just to name a few. And if you are looking to fulfill your entertainment needs, you can visit the second shopping centre – Leisure Park that is located near the Kallang Wave Mall.
You can easily go bowling, ice skating or even catch the latest blockbuster at the cinema located in the Leisure Park.
The average prices of 4 room flats in 2021, were in the range of between $538k to $800k. These are reasonable price ranges as the flats are closely situated to an MRT station. As proximity to an MRT station usually commands a price premium.
Suggested available unit(s) at Pine Close:
3. The Sunny Spring
Alternatively, If you have a sufficient budget and you are looking for something a little more luxurious, there are also resale condominiums in the vicinity of Dakota Crest . It is called The Sunny Spring.
Property Type: Condominium
Developer: Sing-Indo Development Pte Ltd
Completion Date: 1998
Total units: 338
Nearest MRT station: Est. 510-530m to Dakota MRT Station (Circle line)
The Sunny Spring is a freehold condominium. It has a total of 338 residential units. In terms of closeness to the MRT station, it is not as favorable as compared to the HDB resale alternatives that we mentioned earlier. However, for motorists it is easier to travel to the Paya Lebar area via Guillemard Road.
A wide array of dining and retail options
The closeness to Paya Lebar Quarter, Paya Lebar Square, SingPost Centre and KINEX shopping malls makes living in The Sunny Spring a desirable option. From grocery shopping to dining and retail needs all located in close proximity.
Looking at the average resale unit prices of The Sunny Spring, we can observe that they are relatively lower as compared to the overall resale prices of District 14. Noticeably, this has been the trend for the past few years.
In 2021, average resale prices of The Sunny Spring was at $1,180 psf as compared to the overall District 14 price of $1,275. A 7% percentage difference in average resale prices, making the Sunny Spring a cheaper alternative.
Since 2015, on average the percentage difference in prices of The Sunny Spring and the overall District 14 prices has been 9%.
Suggested available unit(s) at The Sunny Spring:
- 3BR, 1,507 sq ft, $1.9m ($1,261 psf)
- 3BR, 1,195 sq ft, $1.6m ($1,380 psf)
- Aston Mansions, 3BR, 1,195 sq ft, $1.2m ($1,071 psf)
- The Waterina, 2BR, 990 sq ft, $1.6m ($1,634 psf)
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Header Image: HDB