February 2025 is ripe with opportunities for prospective homeowners. Not only is HDB releasing 5,000 BTO flats, but also 5,500 flats in the largest-ever Sale of Balance Flats (SBF) exercise.
New Update: According to PM Wong’s Budget 2025 speech in Feb 2025, HDB will hold another SBF exercise later in the year.
If you’re a first-time homebuyer who can’t afford to wait four or five years for a BTO flat, this could be your best chance to secure an affordable home. Here’s everything you need to know to make the most of this unprecedented housing event.
What is the SBF exercise?
The SBF exercise is an HDB initiative that offers unsold flats from previous BTO launches, surplus SERS replacement flats, and repurchased flats. These flats are typically in various stages of construction — some are near completion or even fully built, offering faster move-in timelines compared to new BTO flats.
Key highlights of the Feb 2025 SBF exercise
- Largest Offering Yet: Over 5,500 flats will be available, marking the largest SBF exercise in HDB’s history.
- Wide Range of Flat Types: Options include 2-room Flexi, 3-, 4-, 5-room flats, Executive flats, and 3Gen flats.
- Quicker Move-in: About 40% of the flats are already completed, while the rest are expected to be ready between 2025 and 2028.
- Diverse Locations: Flats will be available in both mature and non-mature estates.
A breakdown of SBF prices in Feb 2025
Ang Mo Kio
- Supply: 677 flats (2-room Flexi, 3-room, 4-room).
- Prices:
- 2-room Flexi: From $26,000 (99-year lease) – 4 Malay, 4 Chinese
- 3-room: From $208,000 – 172 Malay, 97 Chinese, 145 Indian/Other Races
- 4-room: From $309,000 – 434 Malay, 170 Chinese, 380 Indian/Other Races
- Good for: Buyers looking for a mature estate with excellent amenities and connectivity.
- Consideration: Competitive demand due to location.
Bishan
- Supply: 101 flats (2-room Flexi, 3-room, 4-room).
- Prices:
- 2-room Flexi: From $93,000 – 13 Malay, 9 Chinese
- 3-room: From $208,000 – 10 Malay, 10 Chinese, 9 Indian/Other Races
- 4-room: From $509,000 – 64 Malay, 64 Chinese, 61 Indian/Other Races
- Good for: Those looking for an estate with strong resale value and near prestigious schools.
- Consideration: Limited supply, high competition.
Bukit Merah (Prime Location)
- Supply: 85 flats (2-room Flexi, 3-room, 4-room, 5-room).
- Prices:
- 2-room Flexi: From $100,000 – 27 Malay, 24 Chinese
- 3-room: From $168,000 – 18 Malay, 18 Chinese, 12 Indian/Other Races
- 4-room: From $264,000 – 20 Malay, 20 Chinese, 11 Indian/Other Races
- 5-room: From $611,000 – 6 Malay, 6 Chinese, 2 Indian/Other Races
- Good for: Those looking for a prime city-fringe location with high connectivity.
- Consideration: High price point.
Clementi
- Supply: 66 flats (2-room Flexi, 3-room, 4-room, 5-room).
- Prices:
- 2-room Flexi: From $141,000 – 9 Malay, 10 Chinese
- 3-room: From $168,000 – 25 Malay, 25 Chinese, 20 Indian/Other Races
- 4-room: From $584,000 – 13 Malay, 13 Chinese, 11 Indian/Other Races
- 5-room: From $516,000 – 18 Malay, 18 Chinese, 16 Indian/Other Races
- Good for: Buyers looking for a mature estate with good schools and MRT access.
- Consideration: High prices due to strong demand.
Geylang
- Supply: 162 flats (2-room Flexi, 3-room, 4-room).
- Prices:
- 2-room Flexi: From $139,000 – 13 Malay, 13 Chinese
- 3-room: From $153,000 – 20 Malay, 20 Chinese, 15 Indian/Other Races
- 4-room: From $329,000 – 61 Malay, 61 Chinese, 48 Indian/Other Races
- Good for: Buyers looking for city-fringe properties with strong rental potential.
- Consideration: Limited availability for larger flats.
Kallang/Whampoa (Prime Location)
- Supply: 99 flats (2-room Flexi, 3-room, 4-room).
- Prices:
- 2-room Flexi: From $142,000 – 30 Malay, 28 Chinese
- 3-room: From $134,000 – 34 Malay, 34 Chinese, 31 Indian/Other Races
- 4-room: From $494,000 – 31 Malay, 31 Chinese, 24 Indian/Other Races
- Good for: Those who want a central, well-connected estate near town.
- Consideration: High price and limited supply.
Queenstown (Prime Location)
- Supply: 144 flats (Community Care, 2-room Flexi, 3-room, 4-room, 5-room).
- Prices:
- 2-room Flexi: From $134,000 – 18 Malay, 10 Chinese
- 3-room: From $143,000 – 25 Malay, 25 Chinese, 24 Indian/Other Races
- 4-room: From $289,000 – 17 Malay, 17 Chinese, 10 Indian/Other Races
- 5-room: From $681,000 – 1 Malay, 1 Chinese, 0 Indian/Other Races
- Good for: Those looking for a prestigious, high-value estate.
- Consideration: Very high price and small supply.
Toa Payoh
- Supply: 283 flats (2-room Flexi, 3-room, 4-room, 5-room).
- Prices:
- 2-room Flexi: From $98,000 – 30 Malay, 22 Chinese
- 3-room: From $153,000 – 44 Malay, 44 Chinese, 40 Indian/Other Races
- 4-room: From $279,000 – 134 Malay, 134 Chinese, 123 Indian/Other Races
- 5-room: From $531,000 – 1 Malay, 1 Chinese, 0 Indian/Other Races
- Good for: Buyers looking for a mature estate with strong resale value.
- Consideration: High competition.
| Town/ Estate | Flat Application Category | Flat Supply | Ethnic Quota | Selling Price (Including Grants) | ||
|---|---|---|---|---|---|---|
| Malay | Chinese | Indian/ Other Races | ||||
| Ang Mo Kio | 2-room Flexi (short lease) | 47 (4*) | 4 | 4 | From $108,000 | From $6,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 24 | 37 | 18 | From $26,000 | ||
| 3-room | 172 | 97 | 145 | From $208,000 | From $103,000 | |
| 4-room | 434 | 170 | 380 | From $309,000 | From $229,000 | |
| Bukit Batok | Community Care Apartment (CCA) | 18 | 18 | 18 | From $75,000 | From $4,000 ^ |
| 2-room Flexi (short lease) | 41 (9*) | 9 | 9 | From $69,000 | From $4,000 ^ | |
| 2-room Flexi (99-year/ balance lease) | 29 | 32 | 32 | From $7,000 | ||
| 3-room | 25 | 16 | 25 | From $183,000 | From $78,000 | |
| 4-room | 25 | 21 | 25 | From $229,000 | From $149,000 | |
| 5-room/ Executive | 17 | 17 | 17 | From $471,000 | From $416,000 | |
| Bedok | Community Care Apartment (CCA) | 129 | 59 | 37 | From $87,000 | From $5,000 ^ |
| 2-room Flexi (short lease) | 44 (22*) | 20 | 22 | From $66,000 | From $4,000 ^ | |
| 2-room Flexi (99-year/ balance lease) | 19 | 22 | 22 | From $58,000 | ||
| 3-room | 37 | 33 | 37 | From $158,000 | From $53,000 | |
| 4-room | 25 | 25 | 25 | From $229,000 | From $149,000 | |
| 5-room/ 3Gen/ Executive | 18 | 18 | 17 | From $476,000 | From $421,000 | |
| Bishan | 2-room Flexi (short lease) | 20 (13*) | 13 | 9 | From $93,000 | From $5,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 7 | 7 | 7 | From $172,000 | ||
| 3-room | 10 | 10 | 9 | From $208,000 | From $103,000 | |
| 4-room | 64 | 64 | 61 | From $509,000 | From $429,000 | |
| Bukit Merah | 2-room Flexi (short lease) | 34 (27*) | 27 | 24 | From $100,000 | From $5,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 7 | 5 | 7 | From $6,000 ^ | ||
| 3-room | 18 | 18 | 12 | From $168,000 | From $63,000 | |
| 4-room | 20 | 20 | 11 | From $264,000 | From $184,000 | |
| 5-room | 6 | 6 | 2 | From $611,000 | From $556,000 | |
| Bukit Panjang | 2-room Flexi (short lease) | 18 (11*) | 11 | 10 | From $81,000 | From $5,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 7 | 7 | 7 | From $24,000 | ||
| 4-room | 11 | 11 | 11 | From $289,000 | From $209,000 | |
| Choa Chu Kang | 2-room Flexi (short lease) | 40 (19*) | 19 | 19 | From $62,000 | From $4,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 21 | 21 | 21 | From $13,000 | ||
| 3-room | 8 | 7 | 8 | From $213,000 | From $108,000 | |
| 4-room | 25 | 23 | 25 | From $239,000 | From $159,000 | |
| 5-room | 8 | 7 | 8 | From $431,000 | From $376,000 | |
| Clementi | 2-room Flexi (short lease) | 10 | 9 | 10 | From $152,000 | From $32,000 |
| 2-room Flexi (99-year/ balance lease) | From $141,000 | From $21,000 | ||||
| 3-room | 25 | 25 | 20 | From $168,000 | From $63,000 | |
| 4-room | 13 | 13 | 11 | From $584,000 | From $504,000 | |
| 5-room/ 3Gen | 18 | 18 | 16 | From $516,000 | From $461,000 | |
| Geylang | 2-room Flexi (short lease) | 47 (13*) | 13 | 13 | From $139,000 | From $19,000 |
| 2-room Flexi (99-year/ balance lease) | 34 | 33 | 33 | From $21,000 | ||
| 3-room | 20 | 20 | 15 | From $153,000 | From $48,000 | |
| 4-room | 61 | 61 | 48 | From $329,000 | From $249,000 | |
| Hougang | 2-room Flexi (short lease) | 65 (37*) | 37 | 29 | From $65,000 | From $4,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 28 | 28 | 25 | From $31,000 | ||
| 3-room | 25 | 25 | 23 | From $223,000 | From $118,000 | |
| 4-room | 37 | 37 | 36 | From $224,000 | From $144,000 | |
| 5-room | 8 | 8 | 8 | From $521,000 | From $466,000 | |
| Jurong East | 2-room Flexi (short lease) | 21 (11*) | 10 | 1 | From $81,000 | From $5,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 9 | 10 | 10 | From $31,000 | ||
| 3-room | 12 | 12 | 12 | From $178,000 | From $73,000 | |
| 4-room | 15 | 14 | 15 | From $239,000 | From $159,000 | |
| 5-room | 4 | 4 | 4 | From $361,000 | From $306,000 | |
| Jurong West | 2-room Flexi (short lease) | 63 (27*) | 22 | 27 | From $62,000 | From $4,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 35 | 36 | 36 | From $7,000 ^ | ||
| 3-room | 48 | 23 | 48 | From $158,000 | From $53,000 | |
| 4-room | 41 | 35 | 41 | From $289,000 | From $209,000 | |
| 5-room/ 3Gen/ Executive | 28 | 25 | 27 | From $376,000 | From $321,000 | |
| Kallang/Whampoa | 2-room Flexi (short lease) | 32 (30*) | 30 | 28 | From $142,000 | From $22,000 |
| 2-room Flexi (99-year/ balance lease) | 2 | 2 | 2 | From $46,000 | ||
| 3-room | 34 | 34 | 31 | From $134,000 | From $29,000 | |
| 4-room | 31 | 31 | 24 | From $494,000 | From $414,000 | |
| Punggol | 2-room Flexi (short lease) | 153 (14*) | 14 | 14 | From $78,000 | From $4,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 135 | 139 | 139 | From $23,000 | ||
| 3-room | 25 | 25 | 25 | From $303,000 | From $198,000 | |
| 4-room | 96 | 95 | 93 | From $289,000 | From $209,000 | |
| 5-room/ 3Gen/ Executive | 40 | 40 | 40 | From $421,000 | From $366,000 | |
| Pasir Ris | 2-room Flexi (short lease) | 11 (5*) | 4 | 3 | From $55,000 | From $3,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 4 | 6 | 6 | From $83,000 | ||
| 4-room | 2 | 1 | 2 | From $369,000 | From $289,000 | |
| 5-room | 9 | 7 | 9 | From $486,000 | From $431,000 | |
| Queenstown | Community Care Apartment (CCA) | 67 | 61 | 33 | From $110,000 | From $6,000 ^ |
| 2-room Flexi (short lease) | 26 (18*) | 18 | 10 | From $134,000 | From $14,000 | |
| 2-room Flexi (99-year/ balance lease) | 8 | 6 | 8 | From $161,000 | ||
| 3-room | 25 | 25 | 24 | From $143,000 | From $38,000 | |
| 4-room | 17 | 17 | 10 | From $289,000 | From $209,000 | |
| 5-room | 1 | 1 | 0 | $681,000 | $626,000 | |
| Sembawang | 2-room Flexi (short lease) | 29 | 29 | 29 | From $92,000 | From $5,000 ^ |
| 2-room Flexi (99-year/ balance lease) | From $159,000 | From $39,000 | ||||
| 3-room | 4 | 4 | 4 | From $275,000 | From $170,000 | |
| 4-room | 34 | 34 | 34 | From $314,000 | From $234,000 | |
| 5-room/ 3Gen | 17 | 17 | 17 | From $341,000 | From $286,000 | |
| Serangoon | 4-room | 8 | 8 | 8 | From $299,000 | From $219,000 |
| Sengkang | 2-room Flexi (short lease) | 67 (24*) | 24 | 24 | From $75,000 | From $4,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 43 | 43 | 43 | From $39,000 | ||
| 3-room | 10 | 10 | 9 | From $293,000 | From $188,000 | |
| 4-room | 31 | 31 | 29 | From $284,000 | From $204,000 | |
| 5-room/ 3Gen/ Executive | 20 | 20 | 19 | From $376,000 | From $321,000 | |
| Tampines | 2-room Flexi (short lease) | 49 (27*) | 25 | 25 | From $72,000 | From $4,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 19 | 22 | 22 | From $64,000 | ||
| 3-room | 22 | 17 | 22 | From $248,000 | From $143,000 | |
| 4-room | 131 | 116 | 131 | From $384,000 | From $304,000 | |
| 5-room | 98 | 91 | 97 | From $576,000 | From $521,000 | |
| Tengah | 2-room Flexi (short lease) | 182 | 171 | 182 | From $77,000 | From $4,000 ^ |
| 2-room Flexi (99-year/balance lease) | From $131,000 | From $11,000 | ||||
| 3-room | 137 | 91 | 136 | From $261,000 | From $156,000 | |
| 4-room | 681 | 450 | 676 | From $355,000 | From $275,000 | |
| 5-room/ 3Gen | 375 | 281 | 368 | From $475,000 | From $420,000 | |
| Toa Payoh | 2-room Flexi (short lease) | 72 (30*) | 30 | 22 | From $98,000 | From $5,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 42 | 30 | 32 | From $6,000 ^ | ||
| 3-room | 44 | 44 | 40 | From $153,000 | From $48,000 | |
| 4-room | 134 | 134 | 123 | From $279,000 | From $199,000 | |
| 5-room | 1 | 1 | 0 | $531,000 | $476,000 | |
| Woodlands | 2-room Flexi (short lease) | 185 (15*) | 14 | 13 | From $71,000 | From $4,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 107 | 170 | 118 | From $7,000 ^ | ||
| 3-room | 89 | 20 | 89 | From $208,000 | From $103,000 | |
| 4-room | 224 | 111 | 224 | From $219,000 | From $139,000 | |
| 5-room | 232 | 117 | 232 | From $346,000 | From $291,000 | |
| Yishun | 2-room Flexi (short lease) | 92 (31*) | 31 | 21 | From $65,000 | From $4,000 ^ |
| 2-room Flexi (99-year/ balance lease) | 57 | 61 | 61 | From $6,000 ^ | ||
| 3-room | 27 | 23 | 27 | From $198,000 | From $93,000 | |
| 4-room | 95 | 85 | 95 | From $249,000 | From $169,000 | |
| 5-room | 56 | 53 | 56 | From $445,000 | From $390,000 | |
| Total | 5,590 | 4,276 | 5,291 | |||
* for offer to elderly (aged 55 and above) only, and will be sold on a short lease of between 15 to 45 years.
1. Selling prices are rounded up to the nearest thousand dollars. Actual selling price of individual flats will vary based on location and other attributes.
2. Starting prices of CCAs/ short lease 2-room Flexi flats are based on 30-/ 40-year lease respectively. Buyers can refer to prices of individual flats on short lease in the project pages.
3. The flats in Jurong East are grouped together with the flats in Jurong West for offer under “Jurong East/ West”.
4. Applicants with multi-generation households (e.g. married child applying together with parents) may book a 5-room, 3Gen, or Executive flat.
5. ^ Buyers need to pay 5% of the published price using their CPF and/or cash savings when their EHG exceeds 95% of the published price.
Why consider an SBF flat?
- Faster Key Collection: Move in sooner compared to waiting for a BTO flat to be built.
- Established Estates: Many SBF flats are in mature estates with better amenities, transport links, and established communities.
- More Choices: A wider variety of locations and flat types to suit different needs.
- Detailed Information: Access to comprehensive details about available flats, helping you make an informed decision.
Eligibility and application process
To participate in the February 2025 SBF exercise, prospective buyers must have a valid HDB Flat Eligibility (HFE) letter at the time of application. Here’s how you can prepare:
- Secure Your HFE Letter: Apply early and submit all required documents by 15 December 2024 to ensure timely processing. The HFE letter is valid for nine months.
- Application Submission: Once the SBF exercise opens in February 2025, submit your online application within this period: 10 February 2025 to 17 February 2025.
- Await Results: Successful applicants are shortlisted through a computer ballot, with results typically announced in about one and a half months.
- Book Your Flat: If shortlisted, you’ll be invited to book your flat at the HDB Hub based on your queue number and available units. Option fees range from $500 to $2,000, depending on the flat type.
- Sign the Agreement for Lease and Make Payment: After booking, you’ll sign the Agreement for Lease and make the downpayment. For completed flats, you can collect your keys immediately after payment.
Take note: There is no need to visit HDB Hub to get the information or make an application. HDB will shortlist applicants using a computer ballot, and not on a first-come-first-served basis. Hence, applicants do not need to rush to submit applications within the first few hours or even the first few days of the application period and can submit their application any time during the 8-day period.
SBF vs. BTO vs. Resale: Which is right for you?
Read Full: The Differences Between BTO, SBF, Open-Booking, and Resale HDB
1. Shorter wait time
BTO: Requires at least 70% of units to be booked before construction begins, resulting in a wait time of three to four years.
SBF: Many flats are already under construction or completed, allowing for quicker move-ins within a few months to a year.
Resale: The fastest option, where you can collect your keys within three months of completing the transaction.
2. More locations to choose from
BTO: Limited to specific locations announced for each launch.
SBF: Offers flats in multiple locations across Singapore, including both mature and non-mature estates.
Resale: Allows complete freedom to choose from all available HDB flats on the open market, including rare unit types in highly desirable locations.
3. More detailed information available
BTO: Limited details available upfront, with only general location and site plans provided.
SBF: HDB provides more details, such as block and unit numbers, floor plans, and ethnic quota restrictions, enabling more informed decisions.
Resale: Buyers can view the actual unit, its condition, and surrounding amenities before making a purchase.
4. Price differences
BTO: Generally the most affordable, as it is sold at subsidised prices.
SBF: Typically slightly more expensive than BTO due to the advanced construction stage but still subsidised.
Resale: Prices vary widely based on demand and location. In mature estates, resale flats can be significantly more expensive than SBF or BTO flats but offer the advantage of immediate occupancy.
5. Higher competition
BTO: Competition depends on the town and project popularity, but applicants generally have a fair chance if they meet eligibility criteria.
SBF: Highly competitive due to limited supply and the faster move-in timeline, leading to high application rates.
Resale: No balloting required, but prices are subject to market conditions and negotiation.
Should you buy, sell, or wait?
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