Singapore residential housing

SINGAPORE: The latest Build-to-Order (BTO) exercise in June has witnessed a significant increase in applications, with Tampines, Queenstown, and Chencharu emerging as the most popular among home seekers.

According to data from the Housing and Development Board (HDB), a total of 24,179 applications were received, marking the highest turnout in almost two years since November 2022.

This surge is a stark contrast to February, which saw just 11,176 applicants. Additionally, the application rate improved to 3.1 times from 2.7 times in February, the highest participation rate in a year, since May 2023 (3.8).

Huttons suggested to Singapore Business Review (SBR) these strong results may be partly due to upcoming changes in flat classifications for the October BTO exercise, marking this month as the last chance for buyers to face fewer restrictions.

Ismail Gafoor, CEO of PropNex, also told SBR that appealing projects in Tampines, Queenstown, and the new Chencharu estate in Yishun played a big role in attracting home seekers during this campaign.

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Tampines GreenTopaz stood out with an application rate of 9.1 times, the highest for a town since May 2023 when Serangoon North Vista reached 14.5 times.

Mr Gafoor noted the strong demand for 5-room and 3-GEN BTO flats were expected. According to him, “It is evident that larger BTO flats remain the most popular.”

Christine Sun, chief researcher at OrangeTee & Tie, described Yishun Chencharu Hills as a surprising success. Despite being a new residential area in a non-mature estate, sales exceeded expectations, suggesting a growing interest among young couples in settling there. /TISG

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