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First Mount Pleasant BTO project to go on sale in October as part of 19,600 new flats

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SINGAPORE: Singapore’s first Build-to-Order (BTO) project in the upcoming Mount Pleasant will be launched for sale in October, Minister for National Development (MND) Desmond Lee announced on Wednesday, March 5.

The project will have around 1,500 two- to four-room flats and public rental units in residential blocks over 40 storeys high. It will also include an eating house, a supermarket, and the Mount Pleasant MRT station on the Thomson-East Coast Line. The station will open alongside the completion of Mount Pleasant’s BTO projects.

Mount Pleasant is located between Thomson Road and the Pan-Island Expressway, close to Toa Payoh town and MacRitchie Reservoir, providing residents easy access to amenities and green spaces, according to the MND and the Housing and Development Board (HDB).

The Mount Pleasant BTO project is the first of six planned for the estate. First announced in November 2021, the entire development will bring about 5,000 new homes to a 33-hectare site, which previously housed the Old Police Academy and pre-war black-and-white bungalows.

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According to Channel News Asia, authorities have emphasised the importance of preserving Mount Pleasant’s heritage. As part of this, six buildings from the Old Police Academy will be conserved and “sensitively integrated” into the estate’s design.

The first BTO project in Mount Pleasant will be classified as either Prime or Plus under the new HDB framework, according to Mr Lee.

Prime and Plus flats are located in central or highly desirable locations and come with more subsidies than Standard flats. However, they also have stricter resale and rental conditions to prevent windfall gains from public housing.

Owners of these flats must fulfil a minimum occupation period (MOP) of 10 years before selling, compared to the standard five years for Standard flats. Those who eventually sell their flats will also need to return a portion of their resale profits under a subsidy clawback.

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Property experts also believe the Mount Pleasant flats are likely to be classified as Plus or Prime due to their central location.

Eugene Lim, key executive officer of ERA, noted that the project could be seen as an extension of Toa Payoh and would likely receive strong demand.

Huttons’ senior director of data analytics, Lee Sze Teck, agreed, pointing out that the flats will be less than a kilometre from established schools like CHIJ Primary (Toa Payoh).

He also highlighted that resale prices in nearby Toa Payoh are already high, meaning the government may provide more subsidies to keep the Mount Pleasant BTO flats affordable.

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Pricing estimates suggest that four-room flats in the project could start from S$525,000. Units on higher floors, particularly those with unblocked city views, could be priced above S$700,000, Mr Lee said.

The Mount Pleasant BTO project is among the 19,600 new flats HDB plans to launch this year.  Mr Lee said HDB will roll out BTO flats in about 60 per cent of towns and estates this year./TISG

Read also: 38 Executive condominium units resold with at least S$1M profit in 2024, up from 15 in 2023, 6 in 2022

Featured image by Depositphotos (for illustration purposes only)

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