The latest BTO launch saw overwhelming demand with nearly 36,000 applications.
The October 2024 Build-To-Order (BTO) launch by the Housing & Development Board (HDB) saw an impressive 35,678 applications, the highest demand since the August 2022 BTO exercise. With 8,573 flats available for sale, the application rate stood at 4.16, meaning around four people applied for each flat. Although lower than the August 2022 figure of 7.8 applicants per flat, the demand is still significant.
Several factors contributed to the surge in applications, including shorter waiting times for certain projects, more flexible policies for singles, and the attractive locations of some of the flats.
The launch introduced a new framework categorizing flats as Standard, Plus, or Prime. These categories reflect the projects’ proximity to the city center and transportation hubs. Flats in the Plus and Prime categories come with more stringent conditions, such as a 10-year minimum occupancy period (MOP) and a potential subsidy clawback of 6% to 9%. Despite these restrictions, Plus and Prime flats attracted significant interest, signaling strong demand for these types of flats in future BTO exercises.
