Strong demand expected for second Mount Pleasant BTO project launching next February

A second Build-To-Order (BTO) project in the Mount Pleasant area of Toa Payoh will be launched next February and is expected to be classified under the Prime Location Public Housing model. Analysts expect strong demand, with potentially two to three first-time homebuyer households vying for each four-room flat.

According to the Housing and Development Board (HDB) website, next year’s first BTO sales exercise will offer about 4,300 flats across five projects in four towns: Bishan, Tampines, Toa Payoh and Tengah.

The Toa Payoh project is next to the yet-to-open Mount Pleasant MRT Station on the Thomson-East Coast Line. It is expected to offer 450 two-room Flexi flats, 90 three-room flats and 600 four-room flats, with amenities including eateries, a preschool and an active ageing centre.

Mount Pleasant’s first BTO project, Mount Pleasant Crest, drew 3.3 first-time buyer families for each four-room flat when it was launched last October. Lee Sze Teck,  senior director of data analytics, Huttons, expects the new project to draw two to three applications per four-room flat, with prices potentially starting at $565,000 before housing grants. The subsidy recovery rate may be the same as the first project’s, at 12%.

Among the other projects, analysts also expect strong demand for the two in Tampines, particularly the Simei project offering five-room flats. Located at the junction of Upper Changi Road East and Simei Road, it will offer 460 flats, ranging from two-room Flexi to five-room units. It is the only project in next February’s sales exercise to offer five-room flats in a mature estate.

Lee said Simei has long been popular with homebuyers because it is close to shopping malls, schools and employment opportunities, and not far from the airport. When the nearby Simei Symphony project was launched last year, it drew more than six first-time applicants for each four-room flat and more than eight for each five-room flat. With some demand still unmet, he expects the new project to draw about five applicants for each four-room flat, with prices starting at around $550,000.

The other Tampines project, located along Tampines Street 11, will offer 240 Community Care Apartments and 90 four-room flats. These will be the first Community Care Apartments in Tampines.

Christine Sun, Chief Researcher & Strategist of Realion (OrangeTee & ETC) Group, said demand is likely to come largely from seniors, as Community Care Apartments make up the majority of the 330 units.

She noted that the project will be near a planned medical centre and community club. It could attract seniors looking to downsize and use the proceeds for retirement, as well as families wanting to live close to their elderly parents.

The Bishan project, located along Marymount Road, is expected to offer 1,070 flats ranging from two-room Flexi to four-room units, along with a supermarket and a preschool.

Eugene Lim, Key Executive Officer, ERA Singapore, said the project is near both the Upper Thomson and Marymount MRT stations, with several prominent schools in the vicinity, which he believes will attract young families. He expects the project could be classified as Plus or Prime, and draw strong demand.

In the non-mature estate of Tengah, next February’s project will be near the Brickland Weave BTO development, which is under construction. It will offer 1,280 flats ranging from two-room Flexi to five-room units.

Sun said that in addition to having a preschool, the project will be surrounded by green spaces, including parks and forest corridors, and will be close to schools and future healthcare facilities. These features will appeal to young families and nature-loving homebuyers.

HDB reminded those interested in next February’s sales exercise to apply early for an HDB Flat Eligibility Letter and submit all documents by 15 December this year.

Meanwhile, this year’s final BTO sales exercise was launched on Wednesday (4 November). As of 5pm on Thursday (5 November), the most popular four-room flats were at Plantation Dew, a Standard project in Tengah, and Toa Payoh Hillside, a Prime project in Toa Payoh. They drew 2.8 and 2.6 first-time buyers per flat respectively.

Plantation Dew also had the most sought-after two-room Flexi flats, drawing 9.8 first-time single applicants per flat. The application rate for Community Care Apartments at Toa Payoh Hillside was 0.8.