About 22,000 applications received in July BTO sales exercise so far: Chee Hong Tat
This was higher than the 13,200 BTO applications received by the Housing and Development Board (HDB) in the previous sales exercise held in February, when there were 5,032 BTO flats put up for sale.
This time, 5,547 BTO flats have been launched across eight projects – located in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh and Woodlands – to meet the diverse needs and budgets of home buyers, said Mr Chee in a Facebook post on Wednesday.
The July sales exercise, which started on Jul 23, ends at 11.59pm on Wednesday.
So far, the median application rate for three-room and bigger BTO flats among first-timer families stands at 1.4. This is slightly higher than the rate of 1.1 seen in February's exercise, the minister said.
However, the rate is lower than those seen in the three BTO sales exercises held last year, which ranged from 1.6 to 2.6.
PRIME BTO PROJECTS SEE HIGH DEMAND
Among the new BTO projects on offer, four were Prime projects, which come with subsidy clawbacks that are the highest to date.
The Clementi Emerald project, which is close to Clementi MRT station, has a subsidy clawback rate of 12 per cent, while the other three – Toa Payoh Ascent, as well as Alexandra Peaks and Alexandra Vista in Bukit Merah – come with a subsidy clawback rate of 11 per cent.
Prime flats in the last two exercises had subsidy clawback rates of 9 per cent. The higher rates for the latest projects correspond to the extent of the extra subsidies offered for them, HDB had said.
Prime flats are one of three categories of BTO flats, alongside Standard and Plus. These flats are located in 'exceptionally good locations' and come with more subsidies to keep them affordable.
'This is to ensure that BTO flats in attractive locations remain affordable, accessible and inclusive for Singaporeans,' said Mr Chee. But to maintain fairness, these flats also come with stricter resale rules, like a 10-year minimum occupation period and subsidy clawbacks.
That said, the higher subsidy clawback rates did not seem to deter demand for the latest Prime projects, which had attracted more than 12,000 applications as of 5pm, according to Huttons Asia's senior director of data analytics Lee Sze Teck.
Close to 5,900 applicants were vying for the 741 flats on offer at Toa Payoh Ascent. This demand – it accounted for almost half of the total applications received for the Prime projects – is unsurprising given the project's central location, as well as proximity to Caldecott MRT station and a number of schools, such as CHIJ Primary Toa Payoh, CHIJ Secondary and Raffles Girls' School, analysts said.
'We think applicants could also be attracted to the future development plans in the Toa Payoh Rise area, where more housing and mixed-use projects may potentially come on,' said PropNex CEO Kelvin Fong.
Alexandra Peaks and Alexandra Vista in Bukit Merah saw more than 3,300 applicants for 1,107 flats, while Clementi Emerald, the project with the highest subsidy clawback, received more than 3,100 applications for its 753 units, according to Huttons Asia.
The demand for flats at Clementi Emerald was likely due to a variety of factors such as the project's location in the mature estate of Clementi, proximity to Clementi MRT station and shorter waiting time of less than three years, said Mr Lee.
That said, 'it is possible that applications could have been higher if not for the 12 per cent subsidy recovery rate – the highest clawback rate for Prime BTO projects so far', said Mr Fong.
Among the Standard projects, the most popular was Simei Symphony, located in the Simei estate within Tampines town, which had about eight first-time applicants vying for each of its 100 five-room flats.
The project's 140 four-room flats had a first-time application rate of 6.4, meaning about six first-time applicants were vying for each unit, based on HDB's website, which was last updated at 5pm.
Mr Lee attributed the high application rates to factors such as the pent-up demand for flats in the area, since the project is the first new public housing project in Simei in more than 10 years.
In addition, the Standard classification of this project would appeal to home buyers who do not want to be bound to tighter resale restrictions and a longer minimum occupation period, said Mr Fong.
The ongoing sales exercise also saw the launch of 4,662 Sale of Balance Flats (SBF) units.
For three-room and larger balance flats, the median application rate for first-timer families was at 1.8, a drop from the rate of 2.6 seen in February, when there were 5,590 SBF units on offer, said Mr Chee.
Huttons Asia's Mr Lee said the ongoing BTO exercise likely drew more applicants this time than the SBF exercise due to an offering of projects in more popular locations, such as Bukit Merah, Clementi, Toa Payoh and Tampines.
Echoing that, PropNex CEO Kelvin Fong said: "The record-high proportion of Prime flats in attractive locations offered in this exercise, along with the introduction of priority access for singles who wish to live near their parents, may have collectively contributed to the healthy number of applicants."
July's sales exercise marked the implementation of a slew of policy changes, including the inclusion of singles in an improved Family Care Scheme, which gives priority to BTO applicants looking to live with or near their parents.
With that, the authorities 'continue to see strong interest' among first-time singles for two-room flexi flats islandwide, said Mr Chee.
Other policy changes include a larger allocation quota for second-time families applying for three-room and larger flats, and an expansion in the rules for the deferred income assessment such that only one party in a couple needs to be a recent or current full-time student or national serviceman. Previously, both parties needed to meet the requirement.
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For example, the way seating is arranged can influence the way people enjoy use and enjoy the space. The design of spaces should create opportunities for 'chance encounters and social interactions', the report said. At One Holland Village, for instance, the Village Square is a 530sqm open-air public space sheltered by a canopy. It creates a 'central focal point' for gatherings, events and performances by offering a shared space that invites community participation, said Far East Organization's executive director for property services Marc Boey. The chairs and tables in the Village Square are available for anyone to arrange to their liking at any time, added NUS' Prof Chang. It's an example of how an urban space 'provides the resources and lets people use them' however they wish, giving them a sense of responsibility to the wider community. It aligns with one of the elements that make a great place, as stated in the URA report. Such a place "allows for flexible use of space, and inspires spontaneity and creativity, for people to make the place feel like their own.' Consider also the staple busking act in One Holland Village. Prof Chang noted that while such performers require a permit, their presence and constant music makes the place feel welcoming. 'It doesn't seem very obvious that this person has been approved by any licensing unit. It feels organic; it doesn't feel thought-out even though it is,' he said, and added that it takes a 'very skilled planner' to curate a place that patrons can connect with effortlessly. The URA report also identified elements such as reflecting local identity and ensuring easy accessibility as key to making a great place. For One Holland Village, the need to complement and respect the neighbourhood's existing 'low-rise, shopping-street character' was a 'deliberate and central tenet' of the planning process, said Boey. 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'This is probably the result of post-COVID space design which is more open – but this is also the feel of Holland Village. It's never been a closed-up space. So I'm glad that when they developed the mall, they respected the vibes.' WILL ONE HOLLAND VILLAGE'S SUCCESS BRING CROWDS BACK? For now, the success of One Holland Village doesn't appear to have spilt over to the surrounding areas. This could be due to factors like weather and parking convenience among others. 'When you have a huge parking lot underneath (One Holland Village) and in this kind of (hot and wet) weather – where you don't want to be walking so much – you'll stay in the shade,' said Dr Chan. 'Now people can just go straight up from the car park. They don't have a need to venture out (into the older parts of Holland Village) anymore.' As a result, one part of Holland Village ends up 'cannibalising the other', added Prof Chang. Still, even within One Holland Village, F&B outlets appear to be less packed compared to months after the mall's opening. The restaurant manager at Extra Virgin Pizza, who declined to be named, told CNA Lifestyle the weekday lunch crowd isn't 'too much' – there were a handful of customers on the couple of days we passed by – but it picks up at dinner time and on weekends as expected. He noted that the footfall used to be higher when the outlet first opened. Japanese cafe Tsujiri's owner Andrew Goh shared similar concerns, despite the F&B outlet being at a prominent spot on Level 2 near the escalator. Over the past nine months, his sales have fallen by at least 40 per cent – a decline that he pegged to more people travelling to Malaysia during the weekends and the death of novelty over the mall's pet-friendly concept. 'We are expecting a better crowd than what it is now (around 700 customers per month), but we have to (carry) on and hopefully the whole market situation will be better as soon as possible,' he said. In other words, it might take much more to rejuvenate Holland Village as a whole and for the long term. This goes beyond ensuring tenants find it financially sustainable to stick around. Dr Chan pointed to introducing a Business Improvement District (BID) as a possible starting point. The business-led and funded initiative encourages businesses and local communities to take greater ownership in developing projects that enhance their precincts. 'There will always be the tension of having to leave something behind, but it's not that you cannot enjoy One Holland Village as it is,' she said. 'I think more effort could be made (for) Holland Village (to become) a business improvement district, so it doesn't need to be the case where one part thrives and the other dies. It's about the whole neighbourhood. Because One Holland Village, if not for Holland Village, would be really out of place.'
