HDB launched 4,428 BTO units for sale in Feb. Out of the 5 BTO launches, 2 are designated as PLH flats. They are Farrer Park Fields and Ulu Pandan Glades. A total of 12 PLH projects have been launched to-date. Overall application rates for first timers of 4-room PLH flats have ranged between 1.3 and 10.1 while that for 3-room PLH flats have ranged between 0.3 and 2.6. Application rates for larger PLH flats are higher, possibly due to the fact that applicants are factoring in the growth in family size over the next 15 to 16 years before they can sell.
In terms of location, Farrer Park Fields is probably the best BTO launch in Feb 2023. It is very near to town and there are two MRT stations within walking distance – Farrer Park and Little India interchange station. It is a very prime location with Farrer Park Primary School and the upcoming Piccadilly Galleria at its doorstep. Tekka Market and City Square Mall are a short walk away. The prices for flats in Farrer Park Fields are very similar to another PLH launch nearby, King George’s Heights in Feb 2022. The large number of flats for sale may dilute the application rate to between 1 and 3.
Ulu Pandan Glades is close to Ulu Pandan Banks which was also launched as a PLH project in Nov 2022. So it is not surprising that it is also a PLH project. It is near Dover Forest and next to Ulu Pandan Canal. Residents will enjoy views over the nearby Holland Grove landed estate. It is HDB’s first car-lite precinct and within walking distance to Dover MRT station. Fairfield Methodist Primary School and Henry Park Primary School, two super popular primary schools are within 1km. The prices for flats in Ulu Pandan Glades are very similar to the earlier launch, Ulu Pandan Banks in Nov 2022. The application rate may be between 1 and 3 similar to earlier PLH launches in Nov 2022.
It is likely that the whole stretch of BTO projects from Ulu Pandan to Ghim Moh will be PLH flats. Buyers who want to stay in this area will have to try their luck at all the BTOs otherwise it will be a good 15 to 16 years wait before the PLH flats are available in the resale market.
Another BTO project worth considering is Brickland Weave. The relocation of ACS (P) to Tengah ups the attractiveness of this new HDB town by several notches. However this BTO may not benefit fully from the relocation. Depending on the boundary of ACS (P), some blocks at Brickland Weave may be outside 1km. But nevertheless there are two parcels of land zoned for education use at the doorstep of Brickland Weave. The downside of this BTO is the lack of a MRT station and retail amenities within walking distance. Overall application rate could be between 2 and 5.
There is an upcoming Tengah BTO launch in May 2023 which is right next to ACS (P). It will be next to a future mixed use development at Tengah MRT station. Some applicants might wait for this launch in May.
Although there is an increase in CPF housing grants to buyers of a resale flat, there may not be a noticeable impact on the BTO market immediately as some buyers will be weighing their choices. There may also be buyers who will wait till August to get a higher chance of selecting their choice flat especially when there are planned launches in Bukit Merah, Kallang/Whampoa and Queenstown.