SINGAPORE: There were 2,390 applicants for the 129 five-room flats in the Serangoon North Vista BTO project, meaning there were 13 applicants per five-room flat. The project’s four-room flats were nearly as much in demand, with nine applicants for each flat.
Four-room flats are listed at $397,000, while five-room flats go for $558,000. The application period was closed at 11:59 pm on Thursday (June 8).
The project has a total of 330 flats, and the number of applicants is a likely indication of the demand for Singapore to offer bigger dwellings for its residents.
“If you are willing to pay to live in a mature estate with lots of established amenities and good food options, the Serangoon North Vista May 2023 BTO project could be suitable for you,” said PropertyGuru in a June 5 piece.
It also said that since there was only one other BTO launch in Serangoon, which was in 2014, nearly a decade ago, many were excited about the launch of the Serangoon North Vista BTO project.
Additionally, the 2014 BTO only involved 150 studio apartments, which hardly made it attractive to young families.
The project is near several eateries that include Chomp Chomp Food Centre and Serangoon Garden Market Food Centre, as well as other restaurants and cafés. It is also close to Serangoon Swimming Complex and Serangoon Stadium.
The BTO, however, is not very near MRT stations. Both Kovan, on the North East Line (NEL), and Serangoon MRT station, are around 20 minutes away on foot.
As for pricing, “HDB’s resale statistics for Q1 2023 indicate that the median resale price for 4-room flats was $577,000. If this median price seems a bit low, this is because most of the sales involve older resale flats.
New flats in the area are likely to be priced at a premium and could also have a decent chance of enjoying good capital gains right after the Minimum Occupation Period (MOP) is complete,” PropertyGuru added. /TISG