February BTO 2025: In-Depth Analysis of Each Project

By Yi Qian

February 4, 2025

Table of content

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

The February 2025 Build-To-Order (BTO) exercise features 4,960 flats across five projects in four towns, a significant reduction from the 8,573 flats across 15 projects in nine towns launched in October 2024. Additionally, 5,500 Sale of Balance Flats (SBF) will be introduced, bringing the total supply to over 10,000 flats in this February joint exercise. 

In the October 2024 BTO exercise, four-room and five-room flat types were largely oversubscribed, except for the Standard flats at Jurong West – Taman Skyline, which had application rates of 0.4 for both flat types. The most popular project during that launch was the 5-room/3Gen flats in Pasir Ris, also classified as Standard flats, which recorded an application rate of 6.7 times.

The overall application rate for the October 2024 BTO exercise stood at 4.16, the highest since the 7.8 times recorded in the August 2022 BTO exercise, reflecting the sustained demand for public housing.

Upcoming February BTO Exercise 

As information about the SBF exercise will only be released in February, stay tuned for more details!

Meanwhile, the upcoming February BTO exercise will be the second to implement the categorisation of flats into Prime, Plus, or Standard.

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

Similar to the October 2024 BTO exercise, Prime and Plus flats will have higher price points but will include enhanced government subsidies. However, a subsidy clawback applies to these categories when owners sell them on the secondary market after fulfilling the 10-year Minimum Occupation Period (MOP). In contrast, Standard flats have a shorter MOP of five years and do not include a subsidy clawback. Furthermore, renting out the entire Prime and Plus flats is not allowed, and resale is limited to buyers with a household income capped at $14,000.

This article will focus on the five projects in the February BTO exercise, which are spread across four towns and categorised as Prime, Plus, and Standard.

Kallang/Whampoa (Likely Prime) 

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

Approximately 800 units will be made available in the Kallang/Whampoa project during the February BTO exercise. These units will include 2-room Flexi, 3-room, and 4-room flat types. This project is expected to be classified as Prime flats due to its central location to the Central Business District (CBD) and close proximity to Tanjong Rhu MRT and Stadium MRT stations (refer to Table A).

To note: Prime flats will have tighter restrictions than Plus and Standard flats, such as a 10-year MOP as well as 9% subsidy clawback upon resale on the secondary market 10 years after attaining MOP. Additionally, rental of the entire unit is prohibited, and resale of these flats is limited to buyers whose household income does not exceed the income ceiling of $14,000.

Historic Application Rates in Kallang/Whampoa (October 2024)

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

To gain a better understanding of potential demand, historical application rates from previous BTO exercise in Kallang/Whampoa provide valuable insights:

While historical data may not predict future trends, it provides a useful benchmark.

The 4-room flat type saw a high application rate of 2.8 times compared to 0.9 times for 3-room flats, indicating stronger demand among genuine first-timer families seeking long-term housing in a central location. This preference highlights the appeal of Kallang’s proximity to the CBD.

Based on this trend, we expect continued high demand from genuine first-time home buyers for 4-room flats in the upcoming exercise. For 3-room flats, we are also expecting application rates to be above 1, noting the fact that this is the only project located at Kallang/Whampoa in the upcoming launch, which exhibits convenience to the CBD. Conversely, demand for 2-room is likely to be more subdued, potentially with application rates below 1. 

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

Queenstown (Likely Plus)

Approximately 1,100 units will be available in the Queenstown project as part of the February BTO exercise. These units will include 2-room Flexi, 3-room, and 4-room flat types. This project is anticipated to be classified as Plus flats, given its proximity to Queenstown MRT, located approximately 800 metres away (refer to Table B). However, it is unlikely to be designated as a Prime flat, primarily due to its relative distance from the CBD compared to other centrally located projects.

To note: Plus flats come with tighter restrictions compared to Standard flats, including a 10-year Minimum Occupation Period (MOP) and a 6-8% subsidy clawback upon resale in the secondary market 10 years after fulfilling the MOP. Additionally, rental of the entire unit is prohibited, and resale of these flats is limited to buyers whose household income does not exceed the income ceiling of $14,000.

Historic Application Rates in Queenstown (December 2023 and June 2024)

To gain a better understanding of potential demand, historical application rates from previous BTO exercises in Queenstown provide valuable insights:

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

The 4-room flat types recorded significantly higher application rates, reaching 6.6 times for Holland Vista and 0.8 times for Ulu Pandan Vista. In contrast, 2-room Flexi and 3-room flats saw much lower application rates, falling below 1 time in both launches. These figures highlight a consistent preference among genuine first-time homebuyers for larger flats, particularly 4-room units, which are ideal for families seeking long-term housing solutions.

Expectations for the February BTO Launch in Queenstown

For the upcoming February launch, the project enjoys a prime location, approximately 800 metres from Queenstown MRT station. While this proximity enhances its attractiveness, the classification is likely to remain under the Plus flat type rather than Prime, based on historical classifications for similar locations and its relative distance to the CBD compared to the Kallang/Whampoa project.

The high demand for 4-room flats is expected to persist, particularly as the most recent Queenstown BTO launch occurred in June 2024. Additionally, its proximity to Tiong Bahru MRT—just two stops away—offers excellent connectivity to key locations across Singapore. This strong locational advantage and the time gap since the last launch in this area are likely to contribute to robust demand for this February launch, especially for larger flat types such as 4-room units.

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

Woodlands (Likely Standard)

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

Approximately 1,540 units will be available in the Woodlands project as part of the February BTO exercise. These units will include 2-room Flexi, 3-room, 4-room, and 5-room flat types.

This project is anticipated to be classified as Standard flats, given its location further from the CBD. Although it is situated just 450 metres from Woodlands North MRT Station on the TEL, the commute to the CBD by car would take approximately 50 minutes.

To note: Standard flats do not come with the tighter restrictions associated with Plus or Prime flats. They are subject to a 5-year MOP, with no subsidy clawback upon resale in the secondary market after fulfilling the MOP.

Historic Application Rates in Woodlands (February 2024 and June 2024)

To better understand potential demand, historical application rates from previous BTO exercises in Woodlands offer valuable benchmarks:

The 4-room and 5-room flat types consistently recorded higher application rates compared to 2-room Flexi and 3-room flats, except for the 3-room flats in Woodgrove Edge that saw slightly stronger demand (1.1 times) compared to other launches. These figures reaffirm that genuine first-time homebuyers prefer larger flats, which are better suited for families seeking long-term housing solutions.

Expectations for the February BTO Launch in Woodlands

The project enjoys close proximity to Woodlands North MRT Station, located just 450 metres away. While this enhances its attractiveness, the classification is likely to remain under the Standard flat type, based on historical classifications for similar locations and its relative distance from the CBD compared to projects in more centralised areas.

Demand for 4-room and 5-room flats is expected to remain high, particularly since this project offers 5-room flat type and the most recent Woodlands BTO was launched in June 2024. Additionally, the project benefits from its proximity to multiple sports amenities, such as Admiralty Park, further increasing its appeal. These amenities contribute to a vibrant precinct, making the area attractive to families and active individuals.

The combination of ample amenities within the precinct and the time gap since the last launch in the area is expected to drive robust demand for the February launch, particularly for larger flat types such as 4- and 5-room units.

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

Yishun (Likely Standard)

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

Two projects will be offered in Yishun as part of the February 2025 BTO exercise, comprising approximately 1,510 units across a range of flat types: 2-room Flexi, 3-room, 4-room, and 5-room flats.

These projects are anticipated to be classified as Standard flats, as they are located further from an MRT station, with distances ranging from 2.0 km to 2.4 km from Khatib MRT Station. Standard flats do not carry the tighter restrictions associated with Plus or Prime flats. Instead, they are subject to a 5-year MOP and do not require a subsidy clawback upon resale in the secondary market after the MOP is fulfilled.

Historic Application Rates in Yishun (June 2024)

Historical application rates from previous BTO exercises in Yishun offer valuable benchmarks for assessing demand:

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

The 3-room, 4-room, and 5-room flat types consistently recorded higher application rates compared to 2-room Flexi flats, highlighting strong demand for larger units that better cater to families seeking long-term housing in the heartlands.

Expectations for the February BTO Launch in Yishun

Despite its distance from Khatib MRT Station, the February 2025 Yishun projects are expected to draw strong demand, primarily due to their affordability compared to other projects in the February BTO launch. Additionally, their classification as Standard flats—which have fewer restrictions, such as a shorter 5-year MOP, no restrictions on whole-unit rental, and no income ceiling for resale buyers in the secondary market 5 years later—enhances their appeal.

Demand for 4-room and 5-room flats is anticipated to remain high, particularly as these projects are among the three of five February BTO launches to include 5-room flats, making them ideal for families looking for larger housing options.

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

For reference, we have provided monthly price trends (2022 to 2025, and Apr 2024 to Jan 2025) for 2-room, 3-room, 4-room, and 5-room HDB flats across Kallang, Queenstown, Woodlands, and Yishun.

While most flat types, including 3-room, 4-room, and 5-room units, have experienced steady price increases, 2-room flats in Queenstown, Woodlands, and Yishun have shown a price decline since March 2024.

Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.
Discover a detailed breakdown of the February 2025 BTO exercise, covering 4,960 flats across four towns, and  pricing insights.

For more details, you may view the interactive charts here

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