On Wednesday (4 Oct), the Housing Development Board (HDB) announced a total of 6,800 new Build-To-Order (BTO) flats.
They’re located in Choa Chu Kang, Kallang/Whampoa, Queenstown, and Tengah neighbourhoods.
Two projects – Verandah @ Kallang and Tanglin Halt Cascadia – are offered under the Prime Location Public Housing (PLH) model.
Verandah @ Kallang is located at the site of the old Gay World Amusement Park.
HDB notes that the new BTO flats are priced with “significant market discounts” so that they remain affordable.
The new flats, which range from 2-room Flexi all the way to 3Gen flats, are as follows:
The latter two are under the PLH model, which has additional subsidies on top of market discounts.
The owners of these flats will have to return 6% of the resale price or valuation, whichever is higher, upon the sale of their flats.
“20 per cent of the PLH flats in Verandah @ Kallang and Tanglin Halt Cascadia will be set aside for first-timer families, and 2 per cent for second-timer families under the Married Child Priority Scheme,” HDB said.
This is two-thirds of the usual quotas.
For those eyeing a flat in Verandah @ Kallang and Tanglin Halt Cascadia, here are the deets:
HDB said the playground’s design takes inspiration from Gay World Amusement Park, which used to sit on the site of Verandah @ Kallang.
A 3-room flat at Verandah @ Kallang can cost from S$308,000 after grants and S$490,000 for a 4-room flat.
Meanwhile, a 2-room flexi costs from S$113,000 post-grants.
To give a better idea of the location’s desirability, nearby 4-room flats have been sold at a range of S$928,000 to S$1,100,000.
3-room flats were transacted from S$675,000 to S$833,000.
Block 74A and 75A Tanglin Halt Cascadia will have a whopping 47 storeys. 74A notably only has 4-room flats, while the other three blocks consist of a mix of 3- and 4-room flats.
A 3-room flat at Tanglin Halt Cascadia can cost from $304,000 after grants.
Meanwhile, a 4-room flat can cost from S$492,000 after grants.
Flats in the area are resold at significantly higher prices.
For example, nearby 4-room flats have been sold at a range of S$745,000 to S$938,000.
3-room flats were transacted from S$540,000 to S$655,288.
According to HDB, around 75% of the projects in the Oct 2023 launch will have a waiting time of four years and below.
The exceptions are Tanglin Halt Cascadia (Queenstown) at 54 months and Rajah Residences (Kallang/Whampoa).
HDB also said it introduced a new First-Timer (Parents & Married Couples), also known as FT(PMC), priority category.
First-timers do not need to request this priority — HDB will assess and inform them of their eligibility after they submit their new flat application.
“Additionally, FT(PMC) applicants applying for 4-room and smaller BTO flats in non-mature estates will be given first priority under the Family and Parenthood Priority Scheme (FPPS),” HDB noted.
This means that they will be shortlisted ahead of all other FPPS-eligible applicants. They also stand a higher chance of being invited to select a flat.
Up to 40% of the public flat supply in each BTO exercise is set aside for the FPPS.
To ensure that those with urgent housing needs can secure a home more quickly, HDB is introducing tightened rules for the non-selection of flats from this launch.
“First-timer families, including those under the FT(PMC) category, who incur one non-selection count will be considered second-timers for one year in the computer ballot,” HDB said.
Also, second-timer families and first-timer singles who incur one non-selection count have to wait one year before they can apply for a new flat.
You can read the full press release here.
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Featured image adapted from Housing Development Board.
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