Bigger units, faster completion; keener interest in Yishun, Jurong BTO flats

by Albert02

Bigger units, faster completion; keener interest in Yishun, Jurong BTO flats

Bigger units, faster completion; keener interest in Yishun, Jurong BTO flats. According to real estate analysts, attractive locations and faster completion times comparable to pre-Covid-19 days are among the factors driving the popularity of two public housing developments in Yishun and Jurong West for the latest Build-To-Order (BTO) flat application exercise.

At the same time, the lower-than-expected demand seen at the Prime Location Public Housing scheme’s Bukit Merah and Ghim Moh projects may be due to the greater distance from the city center compared to previous launches in other areas under the same scheme.

According to the analysts, another possible factor is the smaller size of the flats compared to those in Yishun and Jurong West, as well as the larger number of units in the most recent prime location offerings and the rapid succession of prime location project launches.

This time around, approximately 1,900 four-room flats are available under the prime location scheme, compared to less than 700 in the Rochor Road district and 300 in Kallang-Whampoa, which were the scheme’s first two launches in November last year and February this year, respectively.

Four-room flats at Bukit Merah Ridge and Ghim Moh Ascent were subscribed 4.9 and 3.9 times, respectively, as of 5pm on Thursday (June 2), the last day of the latest BTO application exercise, compared to more than 10 times for the first flats in Rochor under the new scheme.

DEMAND FOR NON-PRIME LOCATION HOUSING

According to HDB data, demand for four-room flats was higher in all three non-prime developments in terms of application rates than in the two prime location schemes.

Four-room flat application rates at Lakeside View and Yishun Beacon were 6.8 and 11.5 times higher, respectively. Similar flats in Toa Payoh’s mature estate, Kim Keat Heights, were 9.7 times oversubscribed.

One key reason, according to Mr Nicholas Mak, head of research and consultancy at ERA Realty Network, is the development’s shorter completion time.

“This could be because of the shorter waiting time of only 39 months, which is comparable to the pre-Covid waiting time for BTO projects,” he explained, citing Yishun Beacon as an example.

Click the image to read the full details of report.
Source: https://www.todayonline.com/singapore/faster-completion-bigger-units-factors-bto-popular-yishun-jurong-1915121

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