SINGAPORE: In a stunning display of interest, the October Build-To-Order (BTO) exercise attracted an astounding 33,983 applicants, marking an application rate of nearly four times — that is, four applicants for every flat — just hours before its closure on October 23.
According to a Singapore Business Review report, this surge represents the highest engagement since August 2022, when a staggering 7.8 times application rate was recorded, with over 39,000 submissions.
Two-room Flexi flats
Real estate experts are buzzing about the influx of singles eager to secure their first homes. PropNex reports that the record-breaking figures are fuelled by shorter waiting times—around two years for select projects—and a new policy allowing singles to apply for two-room Flexi flats in all locations.
These two-room Flexi flats have emerged as the stars of this month’s launch, with 31% (10,477) of applications dedicated to them, yielding an impressive application rate of 5.5 times. This marks the highest demand ever seen for this flat type in the BTO landscape.
Among the highlights, the West BrickVille @ Bukit Batok project has become a hot favourite for singles, boasting a staggering first-timer application rate of 34.3 times.
With its appealing location near the upcoming Tengah Park MRT station and town centre, it’s no wonder singles are flocking to this two-year wait project.
Other BTO high-demand projects
The October BTO exercise also spotlighted other high-demand projects like Costa Riviera I and II in Pasir Ris, which collectively achieved a 7.2 times application rate, while Central Trio @ AMK followed closely with 7.5 times.
However, not all applicants are finding success. Huttons warns that second-timer families are facing fierce competition, particularly for four-room flats, which saw an eye-popping application rate of 52 times. Many may need to consider waiting for the next BTO launch in February 2025 or exploring resale options.
The strong interest in Plus and Prime flat types signals a long-term commitment among buyers, despite some restrictions. Yet, Huttons notes a discrepancy in demand for four-room flats at Central Trio @ AMK, with first-timer applicants dropping 67% compared to previous launches. This has led to speculation that some may believe certain projects should be categorized as Standard instead of Plus.
As the BTO landscape evolves, one thing is clear: Singaporeans are more eager than ever to stake their claim on new homes, turning the October launch into a remarkable chapter in the housing narrative.