Proposed siteplan of the Dakota Breeze development in Geylang. (Source: HDB)
Despite their higher prices, flats in the mature estates of Bidadari and Geylang attracted the most number of applicants in the Housing and Development Board’s (HDB) latest sales exercise for Build-To-Order (BTO) flats, reported The New Paper.
As of 5pm on Wednesday, the four-room units at the Dakota Breeze development in Geylang recorded over 3,100 applicants vying for around 670 flats, meaning there were about five applicants for each unit.
At Bidadari’s Woodleigh Hillside project, the 374 five-room flats there drew more than 1,700 applicants, signifying that there were nearly five buyers for each unit.
In comparison, only 136 applicants competed for the 100 five-room flats in Yishun, the most popular in the north, translating to around 1.4 potential buyers for each unit.
Moreover, the BTO flats in Bidadari and Geylang were more expensive than those in Yishun and Woodlands. The two-room flexi units at the first two estates were respectively priced from S$169,000 and S$179,000, while a similar flat in Yishun costs S$77,000.
According to experts, the strong demand for BTO flats in Bidadari and Geylang was already anticipated due to their nearness to MRT stations. In fact, the Woodleigh Hillside project is located between the Bartley and Woodleigh MRT stations.
“The demand is expected because Bidadari is often touted as the next Bishan. The site is within walking distance of two MRT stations, and it is very near downtown Singapore. Inevitably, it will attract a lot of applicants,” said ERA Realty Key Executive Eugene Lim.
Meanwhile, SLP International Research Head Nicholas Mak observed that the overall subscription rate in the latest BTO sales exercise seems to have declined.
As of 5pm yesterday, there were 11,183 hopeful buyers for 4,802 BTO flats spread across six developments in Bidadari, Geylang, Yishun and Woodlands. This means there were 2.7 applicants per flat compared to over three applicants per unit in the BTO sales exercise six months ago
“This means that the demand for BTO flats is gradually being satisfied. When the subscription rate falls to about two, that is when every applicant will have a good chance and there is no strong pent-up demand for BTOs.”
“(By then), perhaps the government can then review the allocation proportion between first-timers and second-timers,” he added.
HDB’s latest BTO sales exercise started on 18 May and closed on midnight yesterday (24 May).
This article was edited by Denise Djong.
