The anticipation is building as the October 2024 Build-To-Order (BTO) launch approaches. This upcoming launch is particularly noteworthy as it will see a total of 8,500 flats launched across 15 projects in 9 townships. It will also see the introduction of the new White Flat model, as well as the debut of the new HDB classification framework and Plus flats.
In this article, we review each of the launch sites, delving into what you can expect and why this BTO launch is generating so much buzz. This first part will cover the launch sites in Ang Mo Kio, Bedok, Bukit Batok, and Geylang. If you are interested in the remaining sites in Jurong West, Kallang/Whampoa, Pasir Ris, Sengkang, and Woodlands, do check out our Part 2 review.
Understanding the BTO System
Before diving into the specifics of the October 2024 launch, it’s essential to understand the BTO system in Singapore. BTO is a public housing scheme under the Housing and Development Board (HDB) designed to make homeownership accessible and affordable to Singaporeans. Applicants can select from various flats in designated sites, which are then built based on demand. The system has evolved over the years, with each launch bringing new features, locations, and types of flats.
The BTO process begins with an application phase where interested buyers submit their applications and undergo a computerised ballot system. Once the applications are processed, successful applicants who receive a queue number can choose from the available flats. This system ensures that flats are allocated fairly, particularly benefiting first-time buyers and those who meet specific eligibility criteria.
What’s New in October 2024?
1. The Introduction of 8,500 New Homes
One of the most exciting aspects of the October 2024 BTO launch is the significant number of new homes being launched. With 8,500 flats available, this BTO launch marks one of the more substantial offerings in recent memory. This influx is expected to address the growing demand for public housing in Singapore, particularly among first-time buyers and young families.
2. Debut of Plus Flats
First announced during last year’s National Day Rally by then-PM Lee Hsien Loong, the HDB classification framework will be revamped from the previous ‘mature’ and ‘non-mature’ categorisation of estates to the Standard, Plus, and Prime models. This also adds a layer of complexity in the resale vs BTO dilemma.
For a deeper understanding of how the new BTO classification may impact your property journey, be sure to catch our NOTG episode below.
3. The New White Flat Model
The introduction of the new White Flat model in the October 2024 BTO launch is generating considerable interest. The White Flat initiative features HDB flats with no beams within the units and no partition walls to segregate the main living areas and the bedroom, providing a ‘blank canvas’ for homeowners to design their space based on their preferences and lifestyle needs.
This concept is designed to cater to the needs of modern homeowners, offering functional spaces that maximise usability. Here are some highlights:
Take note that this will be on an ‘opt-in’ basis, like the Optional Component Scheme (OCS). However, experts have cautioned against opting for the White Flat model as it may not only impact future resalability of the unit, but may cost more in the event that the homeowners’ needs evolve over time and have to reinstate partition walls to segregate the bedrooms from the living areas.
4. Change of Loan-to-Value (LTV) Ratio and Enhanced Housing Grant (EHG)
If you are applying for the October 2024 BTO launch, do take note that the Loan-to-Value (LTV) ratio for HDB loans has been reduced from 80% to 75% following the latest cooling measures. This means that you can only loan up to a maximum of 75% of your flat purchase price, increasing the amount of cash/CPF you have to fork out for the downpayment.
The Enhanced Housing Grand (EHG) was also recently revised, with the maximum amount increasing from $80,000 to $120,000 for families. This will also apply from the October 2024 launch onwards.
Review of October 2024 BTO Launch Sites (Part 1)
1. Ang Mo Kio
This site is located near Djitsun Mall, Jubilee Square, and the Courts outlet next to Ang Mo Kio Public Library. It is very centrally located in the heart of Ang Mo Kio, a very well-established and mature estate with a myriad of amenities. From HDB shophouses to coffee shops, supermarkets, and AMK Hub, residents here have no lack of dining options. In recent years, the area around this site has also undergone an uplift, with the National Healthcare Group Polyclinics (NHGP) officially opening its redeveloped Ang Mo Kio Polyclinic in June 2018.
The nearest MRT station is Ang Mo Kio on the North-South Line (NSL), but the walk will take around 15 minutes. Future residents may have to rely on the bus network to get to the Ang Mo Kio or Yio Chu Kang MRT stations, or Mayflower MRT station for access to the Thomson-East Coast Line (TEL).
With a unit mix of only 2 and 4-room flats, 140 and 270 units respectively, this project is suitable for singles and families who love the central location and homely vibes of this older estate. We expect this project to be popular especially amongst families and couples who plan to have kids in the near future, given the number of educational institutions in the vicinity. Although the popular CHIJ St. Nicholas is just slightly outside the 1km radius, there are still plenty of options within the 1k distance. The area has primary schools all the way to tertiary institutions such as ITE College Central, Nanyang Polytechnic, and Anderson Serangoon Junior College (its current campus is undergoing upgrading until December 2027 tentatively).
On the flip side, this is a high density area with lots of traffic. Furthermore, the construction of the upcoming Cross Island Line (CRL) will be ongoing all the way until 2030, which means that you might have to put up with the heavy traffic for a few years after moving in. Not to mention that schools in the vicinity may generate a lot of noise as well. And given the proximity to the town centre, this project may be classified under the Plus model, which comes with stricter resale conditions and a 10-year Minimum Occupation Period (MOP).
But all in all, this is an extremely central and convenient location and we expect competition to be stiff.
2. Bedok (Bayshore)
There will be two BTO sites launching in the new Bayshore estate, which had been a predominantly private estate with a few condos and the Lucky Heights landed enclave. The injection of over 1,400 public housing units into this estate will be interesting to observe over the next decade as it will inevitably drive up property valuations in the area given that more amenities will be introduced. The pool of new HDB homeowners will also form the potential exit audience for private properties in the vicinity. In addition, there were no HDB flats built in the vicinity for almost 40 years so the demand for these two BTOs will be high.
While both sites are in close proximity to East Coast Park and the shoreline, the site along Bayshore Walk has a plot ratio of 3.5 compared to the site along Bayshore Road with a 2.8 plot ratio. This means that the site along Bayshore Walk can theoretically be built higher and may potentially block the sea views of the other site.
In terms of amenities, the area is not the most established. The estate is just shaping up, but according to preliminary information by HDB, there will be shops, a supermarket, and an eating house within these two sites. This will provide some relief in terms of daily necessities and dining options.
Although Bayshore MRT station is right next to these two sites, it will take about 40 minutes to get to the CBD area by train. While this is acceptable for most people, it may not be the most ideal estate if you prefer a more central location closer to the city centre.
We expect fierce competition for the 900 units of 4-room flats here, given the proximity of the MRT station and potential sea views reminiscent of the Punggol Northshore District BTO flats.
3. Bedok (Kembangan)
Also belonging to the Bedok township, this site is right next to Kembangan MRT station. It is a relatively quiet estate due to the large landed enclaves in the vicinity.
Although there are not many retail or entertainment options in the area, future residents will not have to worry about amenities as facilities within the project include an eating house, supermarket, shops, preschool, community club, and even a kidney dialysis centre and outpatient healthcare facility. Convenience is also a plus point here, as you can get to Bedok in just one stop to tap on its mature town centre with Bedok Mall and the famous Bedok 85 hawker centre.
With a flat mix of only 2 and 4-room flats, this project would be ideal for singles and families applying to live near their elderly parents or extended family living in the nearby landed enclaves. With only 230 units of 4-room flats, we expect this project to be oversubscribed as well.
4. Bukit Batok
Although it is categorised under the Bukit Batok township, this site is sitting right next to Tengah Link and could very well have been categorised under the new Tengah township. It is relatively far from transportation nodes at the moment, with Bukit Batok MRT station and the town centre being about a 20-minute bus ride away. However, this will change in the future as the project is located right next to Tengah Park MRT station on the upcoming Jurong Region Line (JRL), which will connect to Jurong East (NSL/EWL) interchange. Take note that this will only materialise in 2028 and beyond.
The plus point is that this project offers bigger flat types like 5-room and 3Gen flats, and is within walking distance to Le Quest Shopping Mall. It is also surrounded by educational institutions, with the future Bukit View Primary (within 1km radius) and Millennia Institute (pre-university) within walking distance as well. Nature lovers may also be drawn to this area, which has green nodes like Bukit Batok Nature Park and Little Guilin.
5. Geylang
Located right opposite Circuit Road Hawker Centre, the Geylang site will yield 160 units of 4-room flats and 260 units of Community Care Apartments (CCAs). The CCAs are meant for seniors, which means that young couples and families will have to contest for just 160 units. With its excellent locational attributes near Mattar MRT station on the Downtown Line (DTL), this project will appeal to those who work around the MacPherson/Tai Seng industrial hub which is just one stop away. Additionally, the travel time to the CBD will only take 20 minutes as Mattar MRT station is located just one-stop away from the dual-line Macpherson MRT station (an interchange station for the Downtown and Circle lines), providing convenience to those who work in the CBD too.
However, for those who drive, the roads to and from MacPherson experience heavy traffic daily especially during peak hours, and with Canossa Catholic Primary School being right next to the project, a certain level of noise is expected.
There is not much greenery in the area, but the nearby Pelton Canal Park Connector should suffice for daily walks. Or you can head down towards the Singapore Sports Hub for a change of environment and other leisure activities.
Final Thoughts
The October 2024 BTO launch is shaping up to be an eventful one, with 8,500 new homes and the debut of Plus flats and the ‘White Flat’ model. With diverse locations and attractive project features, this launch presents a unique opportunity for first-time buyers and families looking to secure their dream home.
To those who are applying for a flat this launch, do take note of the policy changes as well as the new HDB classification framework. And as always, may the odds be ever in your favour.
Do check out Part 2 of our review if you are interested in the remaining sites.
And if you are keen to explore other options in the market or need a second opinion, do reach out to us here and our team of experienced consultants will be glad to assist. Good luck!
