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6 things you should know about the May 2019 BTO sales launch

hdb flats

Photo credits: Pexels

 

The Housing & Development Board's latest offering of 3,485 Build-To-Order (BTO) units gives Singaporeans the chance to purchase brand new homes in Tengah, Woodlands, and Kallang/Whampoa.

If you're considering purchasing from the ongoing sales launch, you're in the right place. ValueChamp has outlined the range of homes available, and dug into the numbers to find potential home buyers the most bang for their buck!

 

1. Various flat sizes & lease lengths available

The current sales launch offers flats ranging from 2-room flexi flats (28-48 sqm) to 5-room flats (113-117 sqm). Unlike previous sales launches, there are more 2-room flexi flats available, and no 3Gen flats. Do note that 140 of these units in Kallang/Whampoa offer 40-year leases!

total number of units available chart

 

2. Prices vary significantly based on location

Prices for BTO units in the more centrally-located Kallang/Whampoa area are significantly higher than those in Tengah and Woodlands. For instance, prices of 4-room flats in Kallang can reach $674,000, while 4-room flats in Tengah and Woodlands max out at $357,000 and $295,000, respectively! However, many individuals may find it attractive to purchase a home with such close proximity to Singapore's downtown core.

estimated price per sqm by town chart

 

3. BTO units in Woodlands offer great value

BTO units in Kallang/Whampoa are listed for higher prices than those being sold on the resale market so far in 2019. For instance, the median price of a 4-room resale flat in this area is $520,000, while 4-room BTO units in this launch start at $562,000.

This is understandable, given the opportunity of obtaining a 99-year lease, as well as the appeal of moving into a brand new home. However, the BTO units being offered in Woodlands are materially cheaper than the median resale prices of resale flats sold in the first quarter of 2019.

For those interested in this neighbourhood, BTO units appear to offer great value as new apartments with prices as much as 25% cheaper than on the resale market.

woodlands bto hdb flat resale market comparison chart

 

4. Wait times vary by project

For most individuals interested in BTO units, a relatively long wait move in is somewhat inevitable. However, wait times can vary by up to a year. For example, prospective homeowners that are interested in the upcoming Kempas Residences project (near Kempas Road) will have the longest wait, with flats expected to be made available to homeowners in mid-2025. 

On the other hand, flats in Garden Vale @ Tengah should be ready by mid-2024.

HDB Town Project Estimated Delivery Possession Date
Tengah Garden Vale @ Tengah 30 April 2024 - 31 July 2024
Plantation Acres 31 August 2023 - 31 December 2023
Woodlands Champions Green 31 August 2024 - 31 October 2024
Kallang/Whampoa Kempas Residences 30 June 2025 - 31 July 2025

 

 

5. There are easy ways to minimise the cost of purchasing a flat

black calculator

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If you're considering purchasing a new HDB flat, look up available CPF Housing Grants! A variety of grants are available to first and second-time home buyers. In total, candidates can obtain as much as $80,000 in housing grants. 

Another easy way to reduce the total cost of purchasing a home is to find the best home loan rate possible. ValueChampion suggests comparing rates offered by HDB as well as those offered by financial institutions in order to get a competitive rate. 

By finding a low rate, you'll minimise the total cost of borrowing, as well as your required monthly instalments!

 

6. How to apply for a BTO unit

hdb flats sky view

Image credits: Pexels

Individuals that are ready to apply have until midnight on Tuesday, 28 May 2019, to submit their application online. There's no harm in waiting until the deadline as the applications are not assessed on a first-come, first-served basis. However, it's important to read the eligibility requirements to ensure that you are able to apply for your desired flat!

 

This article was first published on ValueChampion.

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