7,964 flats launched in year's final BTO exercise; Toa Payoh Prime Project has 11% subsidy recovery rate

The Housing and Development Board (HDB) has launched its final Build-To-Order (BTO) sales exercise of the year, with 7,964 flats available for application. Of the seven projects, the only Prime Project is in Toa Payoh and has a subsidy recovery rate of 11%.

This is also the first sales exercise since the income ceilings for flat purchases were raised and the minimum application age for Community Care Apartment (CCA) units was lowered to 55.

According to an HDB statement on Wednesday (4 November), the flats launched in this exercise are spread across six towns — Sembawang, Bedok, Tengah, Geylang, Toa Payoh and Yishun. They comprise three Standard Projects, three Plus Projects and one Prime Project.

The Prime Project, Toa Payoh Hillside, offers two-room Flexi flats, four-room flats and Community Care Apartment units on 40-year leases. Prices before housing grants start at $243,000, $558,000 and $151,000 respectively.

This is also the first launch of CCA units since the authorities announced in July this year that the minimum application age would be lowered. A total of 256 such units are on offer.

The project has a subsidy recovery rate of 11%. This means that owners eligible to resell their flats after meeting conditions including the ten-year minimum occupation period must pay HDB 11% of the resale price or valuation, whichever is higher.

The three Plus Projects are Merpati Meadow in Geylang, and Bayshore Sails and Bayshore Oasis in Bedok. Merpati Meadow has a subsidy recovery rate of 8%, while the other two projects have a rate of 9%.

All three projects offer two-room Flexi and four-room flats, while Bayshore Sails also offers three-room flats. Prices before housing grants start at $208,000 for two-room Flexi flats, $409,000 for three-room flats and $545,000 for four-room flats.

The three Standard Projects are Chencharu Acres in Yishun, Sembawang Anchor in Sembawang and Plantation Dew in Tengah. They offer flats ranging from two-room Flexi to five-room units. Plantation Dew also offers 3Gen flats.

Across these three projects, prices before housing grants start at $131,000 for two-room Flexi flats, $266,000 for three-room flats, $312,000 for four-room flats and $479,000 for five-room flats. Prices for 3Gen flats start at $551,000.

Sembawang Anchor has 1,310 flats and a waiting time of two years and ten months, the shortest in this sales exercise. The other six projects all have waiting times of under four years.

Minister for National Development Chee Hong Tat said in a Facebook post that homebuyers have different considerations. Some prioritise affordability, while others want to move in sooner, live near their loved ones or find a home that meets their needs as they grow older.

The government is therefore continuing to build more flats in different parts of Singapore and to build them faster.

Chee noted that, in fulfilment of an earlier promise to increase the supply of two-room Flexi flats, more than a third of the units launched in this exercise are of this type. Spread across all seven projects, they offer more choices for first-time single buyers and seniors.

Applications can be submitted from today until 11 November through HDB's online flat portal (HDB Flat Portal).

HDB will hold its next BTO sales exercise in February next year, offering about 4,300 flats in Bishan, Tampines, Toa Payoh and Tengah. It will also hold a Sale of Balance Flats (SBF) exercise at the same time, with about 5,000 flats on offer.