SINGAPORE: In the February 2024 exercise by the Housing and Development Board (HDB), property experts say the Tanglin Halt Courtyard in Queenstown will stand out among the seven Build-To-Order (BTO) projects slated for launch.
Singapore Business Review reports that experts, including Ismail Gafoor, PropNex’s CEO, said that Tanglin Halt Courtyard is “the most compelling” of the bunch.
With just 251 BTO flats on offer, it marks the smallest Private Land Redevelopment (PLH) project since its inception in Nov 2021.
Gafoor anticipates a healthy application rate, saying, “We expect the application rate for this latest PLH development to be healthy, also helped by the fact that applicants will be drawn to the range of facilities on-site, being an integrated project, as well as its proximity to the Commonwealth MRT station.”
Christine Sun, OrangeTee’s chief researcher and strategist, echoes this sentiment, noting the project’s appeal due to its location on the city fringe and the limited supply of new flats in the area.
However, Sun also warns of potential future competition for sellers in Queenstown, citing the over 1,000 PLH model flats already launched in the area.
One significant advantage of Tanglin Halt Courtyard is its accessibility. It is one of only two projects within walking distance of an MRT station in the Feb 2024 exercise alongside the Bedok Reservoir BTO.
Lee Sze Teck, Huttons’ senior director for data analytics, anticipates “the project may not attract many applicants,” particularly for 4-room flats. She cited factors like high pricing, resale restrictions, and distance from the city centre.
Lee said, “The PLH project is very near to Commonwealth MRT station and a short walk to the rail corridor and one-north business park.
The application rate for first-timers for 4-room flats should be between 1 and 2. The last PLH project, Tanglin Halt Cascadia, had seen application rates of less than 1.0 probably due to the high price, restrictions on resale and distance from the city centre.”
For those preferring mature estates, alternatives like Bedok South Bloom and Bedok North Springs offer compelling options. With 528 and 433 flats respectively, these projects are expected to draw interest.
Sun, commenting on Bedok North Springs, highlighted the potential appeal for couples considering this location due to its proximity to condos where their parents might reside.
She noted the abundance of condominiums along Bedok Reservoir Road and Tanah Merah, which could incentivize applicants with familial ties to the area.
She also pointed out the availability of 5-room flats in this project, which could attract families searching for larger living spaces.
Lee anticipates good interest in both Bedok BTOs, particularly for 4-room flats in Bedok South Bloom, which could fall within one to three applications per unit.
He said, “The larger room types like 4- and 5-room flats in Bedok North Springs should see good application rates.”
He also highlighted the project’s advantageous location near transportation hubs and schools, noting, “Couples planning to have children will find Bedok Green Primary School is just downstairs.” /TISG
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