August BTO exercise sees strong demand for Sun Plaza Spring project in Tampines

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In August, 2022 the BTO exercise ended on September 5th, with 39,136 requests to purchase the 4993 units that were launched to be sold. This is 30% higher than the 27,000 who submitted applications in the May BTO exercise, where there were 4,583 units launched in the exercise, according to Christine Sun, senior vice head for research and analysis for OrangeTee & Tie.

Sun believes that the increased amount of applicants could be a sign of increasing demand for buyers in market BTO market, considering that BTO units are less expensive than the increasing rates of resale flats as well as private residences. “There aren’t any new launches of private homes in the last few months. Thus, buyers are now faced with limited options when it comes to housing, especially for those with cash issues,” she adds.

Large flats in older estates have the highest rate of applications. Apartments with five and four rooms located at Sun Plaza Spring in Tampines were able to get applications between 22.3 in the 2nd and 26.3 for the 177 and 150 available flats for the 177 and 150 flats. Central Weave@AMK, located in the city of Ang Mo Kio in Ang Mo Kio, the 398 four-room apartments received the 12.6 percent rate of application, whereas the five-room, and three-generation (3Gen) flats that totaled 372 units were offered an 17.5 applicant rate.

Sun is adamant that the success of projects in estates that are mature due to the abundance of amenities , as well as the proximity in proximity to MRT stations. “The Tampines project also has one of the most short durations of completion, which is about 36 to 36 months” She adds.

Two projects which were launched in the public housing prime-location (PLH) model the two projects Havelock Hillside and Alexandra Vale which are both within Bukit Merah There were application rates in the range of 2.7 per three-room apartments, and 6.1 4 for apartments with four rooms. The total number of applications was 8,883. had been submitted for 1,651 PLH units that were launched.

When PLH models were sold out, Sun says the application rate was lower than earlier PLH launches. “Perhaps the number of potential buyers has dwindled since a number of PLH flat models were launched in the last year, and a few people might have already purchased one in earlier BTO exercise,” she opines.

She says the minimum 10-year period of occupation for PLH flats as well as stricter selling requirements may have discouraged buyers. PLH apartment owners will be entitled to the clawback tax in the amount of six% in the event of selling their home in the very first instance.

In the non-mature estates by the developer, the project located in Woodlands had the highest applications rates, at 6.6 in two-room flats that are Flexi. The rate was 8.1 in three-room apartments as well as 11.7 in four-room flats. In contrast, flats in the developments which were launched at Choa the Chu Kang had rates of application ranging from 2.0 to 2.6 The project located in Jurong East saw the highest rates of applications, ranging from 4.1 and 6.7.