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Business Times
16 hours ago
- Business
- Business Times
First BTO flats in Greater Southern Waterfront, Mount Pleasant to go on sale in October
[SINGAPORE] The first flats in two new housing estates – the Greater Southern Waterfront and Mount Pleasant – will be among 10 Build-To-Order (BTO) projects that will go on sale in October. An assisted-living project in Sengkang, which will be the fifth of its kind in Singapore, will also be on offer. The Housing Board will offer about 9,100 flats in Ang Mo Kio, Bedok, Bishan, Bukit Merah, Jurong East, Sengkang, Toa Payoh and Yishun. The project on the site of the former Keppel Club in Bukit Merah, along Telok Blangah Road, will have about 870 units of two-room flexi, three- and four-room flats, and a pre-school. The upcoming blocks will be between 19 and 46 storeys high, and one of them will have rental flats. The development is located between Telok Blangah and Labrador MRT stations. It will kickstart the development of the Greater Southern Waterfront and will form part of 6,000 HDB flats and 3,000 private homes that will be built there. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Property analysts said the project could fall under the Prime category, given its location on the city fringe, and is expected to be highly sought after. Plus and Prime flats, which are closer to the city centre, transport nodes and amenities, come with stricter resale conditions, such as a 10-year minimum occupation period and a subsidy clawback, unlike Standard flats. Christine Sun, chief researcher and strategist at Realion Group, expects high demand for the flats at the Greater Southern Waterfront as there is a lack of affordable housing in the area. 'Previously, Singaporeans intending to reside in the area would have to purchase resale condominiums, which may price out the middle-income Singaporeans,' she said. Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia, also expects the project to be popular among flat applicants, as units on the top floors may have unblocked sea views. A second BTO project in Bukit Merah is a 1,020-unit development along Jalan Bukit Merah and Redhill Close. It is about a 10-minute walk to Redhill MRT station. Analysts also expect this project to fall under the Prime category as many amenities, such as hawker centres, supermarkets, coffee shops and a polyclinic are located nearby. In Toa Payoh, a 1,350-unit project comprising two-room flexi, three- and four-room flats will be built in the new Mount Pleasant housing estate, along Thomson Road. The development will have a pre-school, eatery, supermarket and shops. Two of its blocks will be integrated with public rental flats and one block will have rental units only. It is a five-minute walk from the future Mount Pleasant MRT station on the Thomson-East Coast Line. The project is the first of six BTO projects to be built in the 33ha estate on the site of the Old Police Academy, which will house about 5,000 flats. A view of the new Mount Pleasant housing estate on the site of the Old Police Academy on Mar 5. PHOTO: ST Analysts expect the Mount Pleasant project to be classified as Prime. Sun said the project could see strong interest from families as it is located close to schools like Raffles Girls' School, Raffles Institution, CHIJ Primary and Secondary schools and SJI International School. In Sengkang, a site bounded by Fernvale Street and Fernvale Link will house 830 two-room flexi, four- and five-room flats near Kupang LRT station. It will also have 200 community care apartments, which come with senior-friendly fittings such as wheelchair-accessible bathrooms, as well as health and community services that are meant to help seniors live independently. In Bishan, about 530 units of two-room flexi, three- and four-room flats will be built along Street 12, less than 10 minutes on foot from Bishan MRT station. In Ang Mo Kio, HDB is set to launch a 1,420-unit project comprising two-room flexi, three- and four-room flats. It will be built along Ang Mo Kio Avenue 5, and the site is about 1km from Yio Chu Kang MRT station. ITE College Central and Nanyang Polytechnic are in the vicinity. Wong Siew Ying, head of research and content at property agency PropNex Realty, said she expects the Bishan and Ang Mo Kio projects - which could be classified as Plus flats - to draw healthy interest as previous BTO projects in the two towns were oversubscribed. Two projects in Bedok and Jurong East are the only ones in the upcoming launch that will have all flat types on offer: two-room flexi, three-, four- and five-room flats as well as three-generation units. The 850-unit project in Bedok will be built along Chai Chee Street. The nearest MRT station is Kembangan, about 1.5km away. In Jurong East, the 620-unit project will be bounded by West Coast Road and Jurong Town Hall Road. It is near a future MRT station on the Jurong Region Line. Two projects in Yishun will offer a combined 1,370 flats. The larger one with 810 units is located in Chencharu, an upcoming HDB residential area. Situated along Chencharu Link and Bah Soon Pah Road, the development is adjacent to Peiying Primary School and Naval Base Secondary School. Khatib MRT station is a 10-minute walk away. The other project, which has 530 units of two-room flexi and four-room flats, is bounded by Yishun Ring Road and Yishun Street 31. In October's sales exercise, a total of about 2,890 two-room flexi flats will be on sale. This is the largest supply of such flats offered in a BTO exercise since the introduction of the two-room flexi scheme in November 2015, noted Wong. 'The higher supply will help to cater to demand for such units among first-timer singles,' she said. The Mount Pleasant project will offer 540 two-room flexi flats, the largest in the upcoming launch. THE STRAITS TIMES
Business Times
2 days ago
- Business
- Business Times
HDB offers more than 5,500 BTO flats in July with four Prime projects in Bukit Merah, Clementi, Toa Payoh
[SINGAPORE] A total of 5,547 Build-To-Order (BTO) flats across eight projects were launched for sale on Wednesday (Jul 23) by the Housing and Development Board (HDB) under its July BTO exercise. HDB also put up 4,662 Sale of Balance Flats (SBF) for sale under its July SBF exercise – the second SBF exercise this year. Four Prime category projects were offered, in Bukit Merah (Alexandra Peaks and Alexandra Vista), Clementi (Clementi Emerald) and Toa Payoh (Toa Payoh Ascent). This round, HDB has also raised the additional subsidies for Prime flats to keep flats more affordable for Singaporeans. In line with this, subsidy recovery rates for this round's Prime projects will increase to 12 per cent for Clementi and 11 per cent for Bukit Merah and Toa Payoh, up from 9 per cent in the June exercise. Prime flats command higher market values due to their more favourable attributes, and thus receive additional subsidies to ensure their affordability and accessibility to Singaporeans across a range of incomes. Their selling prices are substantially lower than those of comparable resale flats, as part of the subsidy is recovered upon the flat's first sale. Huttons senior director of data analystics, Lee Sze Teck, noted that the subsidy clawback for the July BTO exercise is the highest to date. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up He pointed out that the clawback for an Alexandra Peaks project launched in December 2023 was 8 per cent, but the clawback for the project in the current July batch has risen to 11 per cent, 'presumably due to higher HDB resale prices'. 'If resale flat prices continue to rise, HDB may need to give more subsidies for Prime flats in future BTO projects. The question is how high can the clawback go,' said Lee. PropNex CEO Kelvin Fong believes the higher subsidy clawback rates are unlikely to deter applicants, as the Prime projects on offer are in 'attractive' locations. In the Standard category, flats are available under four projects across Bukit Panjang (Bangkit Breeze), Sembawang (Sembawang Beacon), Tampines (Simei Symphony) and Woodlands (Woodlands North Grove). Seven out of 10 of the BTO flats offered this time have waiting times of four years or less, HDB said. About 1,396 flats at Bangkit Breeze and Clementi Emerald have waiting times under three years. Another 775 flats at Sembawang Beacon have a three-year waiting time. Starting prices, excluding grants, range from S$148,000 for a two-room flexi under the Sembawang Beacon project to S$658,000 for a five-room unit at the Simei Symphony project. Eligible first-timer families may apply for the Enhanced Central Provident Fund Housing Grant (EHG) of up to S$120,000. HDB said this allows buyers to purchase a three-room Standard flat starting from S$162,000, or a four-room Standard flat starting from S$248,000. This is the first BTO exercise where the HDB's relaxed income assessment rules – which let young couples get higher loans – kick in. This allows couples to delay their income assessment for a housing loan until just before they collect the keys to their flat, so long as one party is a full-time student or national serviceman. Christine Sun, OrangeTee Group's chief researcher and strategist, said this shifts the assessment focus from immediate to future income. 'We expect more couples to opt for larger or pricier flats, as they are more likely to qualify for a higher loan amount, given that many would have been working for some time by then,' Sun said. Given that this is the first BTO sales exercise granting priority access to singles who apply for two-room flexi flats to live with or near their parents, PropNex's Fong expects higher demand for two-room flexi flats from singles. For SBF units, starting prices before EHG are S$81,000 for a 30-year lease community care apartment, S$111,000 for a two-room flexi, S$351,000 for a five-room unit and S$645,000 for an executive flat.
Business Times
06-07-2025
- Business
- Business Times
First Sembawang North BTO flats to be launched in July
[SINGAPORE] The first batch of Housing & Development Board (HDB) Build-To-Order (BTO) flats in the new Sembawang North neighbourhood will be launched in July this year. The development, Sembawang Beacon, will comprise 775 flats ranging from two-room flexi to five-room as well as 3Gen flats. The project will have a waiting time of about three years, said HDB in a statement on Sunday (Jul 6). The flats form part of about 5,500 BTO units to be offered in the upcoming BTO sales exercise. Other projects to be offered include those in Bukit Merah, Bukit Panjang, Clementi, Tampines, Toa Payoh and Woodlands. The new project is located near amenities and public transport nodes, including a neighbourhood park, Sembawang MRT station and the Sembawang Mart, which houses a supermarket, food court and retail shops. HDB is also planning new amenities in the area, such as a neighbourhood centre, a one-hectare park with playgrounds and fitness stations, as well as an extensive network of cycling paths and walkways. Analysts expect healthy demand for the project. Lee Sze Teck, senior director of data analytics at Huttons Asia, noted: 'It has been five years since the last BTO launch in Sembawang. This BTO is less than 10 minutes' walk from Sembawang MRT station, and there are several primary schools nearby.' A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up He estimated that the application rate for a four-room flat could range between three and four times, with prices potentially starting from S$300,000 – possibly making Sembawang Beacon the 'most affordable project' in the July BTO exercise. However, compared to the last BTO project in the area, Sembawang Beacon is located further away from key amenities, which may affect its 'overall appeal', said Eugene Lim, key executive officer at ERA Singapore. The last BTO project, Sun Sails, was launched in November 2020 and drew reasonable subscription rates among first-timers, at three times for three-roomers, 3.7 times for four-roomers, and 4.6 times for five-room flats, he noted. Still, looking beyond location, Lim said Sembawang Beacon could see 'reasonable interest', given its affordable price point and shorter construction timeline. 'Taking cue from the last BTO launch, we expect the five-room flats to see stronger demand compared to other flat types.' Both Lim and Lee expect the project to be classified as Standard flats, given its distance from the city centre and the MRT station. The agency noted that the design of Sembawang Beacon was inspired by the area's maritime identity and colonial architecture. For instance, the residential blocks and drop-off porches feature white facades outlined by bold black frames, drawing inspiration from the nearby black-and-white bungalows. Spanning 53 hectares, the new Sembawang North housing estate is expected to yield close to 10,000 new homes, comprising about 8,000 BTO flats and 2,000 private housing units. It is located not far from Sembawang Shipyard, which was previously a British naval base, and in its vicinity is a cluster of black-and-white bungalows, currently managed by the Singapore Land Authority. A portion of the land parcel, along Admiralty Road West, is currently occupied by foreign workers dormitories, operated by dormitory management company Vobis Enterprise. The new Sembawang North housing estate was first announced in October 2024. HDB said: 'When fully developed, homes in Sembawang North will be well-served by a comprehensive range of amenities, green spaces and public transport.' Minister for National Development Chee Hong Tat said in a social media post that HDB and NParks are working with other agencies to 'ensure that residents can enjoy convenient access to various amenities, lush green spaces, and well-connected public transport nodes'. Separately, a nearby executive condominium site along Sembawang Road was launched for tender in May 2025 under the government land sales programme. The site, which can yield about 265 homes, is expected to garner strong interest from developers, given the lack of supply of executive condo units in the north. The tender closes on Sep 11.
Business Times
01-07-2025
- Business
- Business Times
HDB resale prices rise at a slower 0.9% pace in Q2: flash data
[SINGAPORE] Housing and Development Board (HDB) resale prices continued to rise in the second quarter of 2025, but at a slower pace of 0.9 per cent compared with the 1.5 per cent in the first quarter. This marks the third consecutive quarter of slowdown in price growth and is the lowest quarter on quarter growth since Q2 2020, flash data from HDB indicated on Tuesday (Jul 1). It is also the first time since Q2 2020 that resale prices increased by less than 1 per cent, said Huttons Asia's senior director of data analytics Lee Sze Teck. Transaction volumes of resale flats stood at 6,981 units as at Jun 29, down 5 per cent from the same period the previous year. The increase was due to lower supply of resale flats for sale, which capped activities, said Lee. However, resale volume was up 5.9 per cent on quarter. Lee noted that activities picked up in the HDB resale market in Q2 due to seasonal factors and the absence of Build-To-Order (BTO) or Sale of Balance Flats (SBF) exercises. HDB said: 'Singapore's GDP growth for 2025 is expected to moderate from last year. Against this backdrop of slowing economic growth and increasing headwinds arising from escalating global trade conflicts, there are also early signs of moderating labour demand.' In July, HDB will launch about 5,500 BTO flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands. It will also conduct a SBF exercise, offering about 3,000 flats. Together with the 5,590 SBF flats launched in February 2025, the total SBF supply this year will exceed 8,500 flats.
Business Times
29-06-2025
- Business
- Business Times
Orchid Country Club, Science Park sites among plots rezoned for housing
[SINGAPORE] Three sprawling golf club sites and five Buona Vista business park plots are among parcels of land that have been rezoned for housing in the new Draft Master Plan 2025 (DMP2025). Unveiled on Wednesday (Jun 25), the DMP2025 charts Singapore's development in the next 10 to 15 years, with a review done every five years. Key planning priorities outlined in the blueprint's latest iteration include carving out new residential neighbourhoods to meet demand, as well as retooling the city-state's regional hubs and industrial estates for an evolving economy. Analysts highlighted the rezoning of existing golf courses Orchid Country Club in Yishun and Warren Golf & Country Club in Choa Chu Kang, where leases end in 2030. Marina Bay Golf Course, which closed its doors in July 2024 after its lease expired, has also been earmarked for residential use. ' More than 10,000 private and public homes could be built at the Orchid Country Club location, which overlooks the Seletar Reservoir. ' — Lee Sze Teck, Huttons Asia senior director of data analytics Several plots in the research and development and technology clusters in Media Circle and Science Park, previously zoned for business parks, are also being prepped for residential development. Catherine He, head of research at Colliers Singapore, said these plans align with the government's goal to meet Singapore's housing needs and make 'the highest use of land to benefit the most number of residents, as opposed to just select groups'. 'Land scarcity means underutilised sites, like golf courses or low-density areas, are prime candidates for rezoning,' she said. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Being plum sites near work hubs such as the Central Business District (CBD), one-north, Buona Vista and the National University of Singapore, and with the potential for waterfront living, these 'would probably be in high demand by homebuyers'. Rezoning business park land is also ideal for Singapore's bifurcated market, said He. Business parks that are older and farther out have not performed as well as newer ones, and those in the city fringe have underutilised space. Huttons Asia senior director of data analytics Lee Sze Teck reckons that more than 10,000 private and public homes could be built at the Orchid Country Club location, which overlooks the Seletar Reservoir. The Marina Bay Golf Course site – sitting beside the Founders' Memorial – could yield an iconic public housing precinct similar to Pinnacle @ Duxton and another 10,000 homes in a prime area. In Buona Vista, three business park sites in the Media Circle location along Ayer Rajah Crescent have been rezoned from business park use to residential with commercial on the first floor. These are on top of the four land parcels that were rezoned from business park use to housing in May last year. One was a plot of land opposite Infinite Studios in one-north, that was proposed for residential with commercial use on the first floor, with a plot ratio of 3.7. Another two Dover area sites at Portsdown Road and Portsdown Avenue were proposed for residential with commercial use, with one subject to detailed planning and the other with a plot ratio of 4.3. A fourth parcel in the vicinity was also proposed for pure residential use. PropNex chief executive Ismail Gafoor pointed out that the provision of more commercial space in the Media Circle location in the DMP2025 will offer more amenities to future residents. Not far from Media Circle, two sites in Singapore Science Park 2 that were reserved for business parks have also been rezoned to residential use. One is a large parcel along South Buona Vista Road, opposite Kent Ridge Park. The other smaller plot is just across Zehnder Road. Gafoor said this was in line with the ongoing rejuvenation of Singapore Science Park, and follows the launch of CapitaLand Development's (CLD) 99-year leasehold LyndenWoods condominium – the area's first residential project. In an interview with The Business Times on Wednesday, CLD (Singapore) CEO Ronald Tay said LyndenWood's launch over the weekend kick-starts the second phase of Singapore Science Park's rejuvenation. The aim is to create a 50,000-strong vibrant work-live-play community, with another one or two residential projects in the pipeline. 'When the whole (estate) is fully rejuvenated, it will be around 75 per cent business park, about 20 per cent residential and the rest commercial retail,' said Tay. Previously, the area was fully zoned for business park use. He added that such residential and commercial opportunities could emerge beyond Singapore Science Park, given CapitaLand's ecosystem and CLD's expertise in building integrated developments. 'There are potential opportunities in places such as Changi as well, which is also a business park. A lot of them also need serious rejuvenation... and they are already in our land bank.' Turning underutilised business parks to residential use will help to optimise land use while making the area more lively, said Colliers' He, especially in the evenings and weekends. ' There are potential opportunities in places such as Changi as well, which is also a business park. A lot of them also need serious rejuvenation... and they are already in our land bank. ' — CapitaLand Development (Singapore) CEO Ronald Tay Alan Cheong, Savills Singapore executive director for research and consultancy, pointed out that since business parks had limited uses, only a few industries would qualify for it, posing a concentration risk for this type of real estate. 'A sudden blowout in the funding for certain tech sectors, the contraction in technology cycles and/or the rapid emergence of foreign competition for certain uses (could lead) to greater demand volatility than, say, office or residential uses,' said Cheong. This can already be seen in business parks throughout the island, with many having heightened vacancies. 'The insertion of residential and white sites into such (business park) zones would reduce that risk,' he said. Cheong noted that some companies may relocate to the area if more high-quality offices are developed there, with rents being significantly lower than those in the CBD. 'The provision of more residential developments would enhance the attractiveness of locating there for multinational tenants, who have a sizable workforce on Employment Passes.' Catering to demand In the south, a massive site in Bukit Merah has been rezoned to residential use, from being a reserve site with undetermined use. The parcel, bounded by Telok Blangah Road and Alexandra Road, includes the art enclave Gillman Barracks and the Academy of Singapore Teachers campus. In March 2024, then minister for national development Desmond Lee had said at his ministry's Committee of Supply debate that the Gillman Barracks area may be turned into a residential neighbourhood after 2030. Industry experts predicted that demand for homes will likely be robust. The last Build-To-Order sales exercise in the Telok Blangah area was in May 2021, and saw an application rate of 23.3. Further south, part of Keppel Distripark has been rezoned for residential use. It was previously a reserve site. The plot, which sits next to the upcoming Keppel MRT station, is likely part of the government's Greater Southern Waterfront initiative, said PropNex's Gafoor. In his 2019 National Day Rally, then prime minister Lee Hsien Loong said the mega waterfront development would be double the size of Punggol town, with private and public housing. With Keppel Distripark closing by 2027 and Keppel MRT station opening in 2026, Lee from Huttons Asia predicts that the first plot to be released for redevelopment will be as early as 2028. More than 20,000 new homes may be built on the site, he added.
