HDB Unveils Record-Breaking Number of Projects in October 2024 BTO Launch
On October 16, 2024, the Housing and Development Board (HDB) of Singapore announced an unprecedented launch of 8,573 flats across 15 projects during its latest Build-To-Order (BTO) exercise. This initiative is part of a newly introduced flat classification framework aimed at enhancing homeownership accessibility for Singaporeans. The latest offering represents the largest number of projects ever launched in a single BTO exercise, accounting for over 40% of the total new HDB flat supply for the year.
The new classification framework includes Standard, Plus, and Prime flats, with Plus and Prime flats benefiting from additional subsidies beyond the standard market discounts. This strategic move is designed to make homeownership more affordable for a broader spectrum of the population. For instance, eligible first-time homebuyers from lower-to-middle income brackets can now access the Enhanced CPF Housing Grant (EHG), which has been increased to a maximum of $120,000 for families and $60,000 for singles.
Among the flats launched, 70% are expected to have waiting times of four years or less, with many projects offering even shorter waiting periods. Notably, the 2-room Flexi flats are available for first-time singles across various locations, expanding their options significantly compared to previous launches where they were restricted to non-mature estates.
| Town | Project | Flat Type | Selling Price (Excluding Grants) | Selling Price (Including Grants) | Transacted Prices of Resale Flats Nearby #) |
|---|---|---|---|---|---|
| Standard Projects | |||||
| Bukit Batok | West BrickVille @ Bukit Batok~ | 2-room Flexi | From $140,000 | From $20,000 | $303,000 – $380,000 |
| 3-room | From $247,000 | From $142,000 | $450,000 – $488,000 | ||
| 4-room | From $335,000 | From $255,000 | $555,000 – $648,888 | ||
| 5-room | From $496,000 | From $441,000 | $630,000 – $828,888 | ||
| 3Gen | From $529,000 | From $474,000 | – | ||
| Jurong West | Taman Jurong Skyline | 2-room Flexi | From $109,000 | From $6,000* | $305,000 – $355,000 |
| 3-room | From $209,000 | From $104,000 | $450,000 – $480,000 | ||
| 4-room | From $290,000 | From $210,000 | $563,000 – $680,000 | ||
| 5-room | From $427,000 | From $372,000 | $680,000 – $712,888 | ||
| 3Gen | From $465,000 | From $410,000 | – | ||
| Pasir Ris | Costa Riviera I & II | 2-room Flexi | From $194,000 | From $74,000 | $388,000 – $430,000 |
| 3-room | From $329,000 | From $224,000 | $525,000 – $540,888 | ||
| 4-room | From $481,000 | From $401,000 | $612,000 – $745,000 | ||
| 5-room | From $635,000 | From $580,000 | $825,000 – $843,000 | ||
| 3Gen | From $644,000 | From $589,000 | – | ||
| Sengkang | Fernvale Oasis~ Fernvale Sails~ | 2-room Flexi | From $126,000 | From $7,000* | – |
| 3-room | From $277,000 | From $172,000 | $440,000 – $515,000 | ||
| 4-room | From $324,000 | From $244,000 | $526,000 – $668,000 | ||
| 5-room | From $465,000 | From $410,000 | $640,000 – $790,000 | ||
| Woodlands | Marsiling Ridge | 4-room | From $329,000 | From $249,000 | $560,000 – $696,000 |
| 5-room | From $488,000 | From $433,000 | $680,000 – $826,000 | ||
| Plus Projects | |||||
| Ang Mo Kio | Central Trio @ AMK | 2-room Flexi | From $187,000 | From $67,000 | – |
| 4-room | From $481,000 | From $426,000 | $740,000 – $915,888 | ||
| Bedok | Bayshore Vista Bayshore Palms Kembangan Wave | 2-room Flexi | From $190,000 | From $70,000 | – |
| 3-room | From $369,000 | From $279,000 | $605,000 – $663,000 | ||
| 4-room | From $453,000 | From $398,000 | $728,000 – $930,000 | ||
| Geylang | Merpati Alcove | CCA+ (30-year Lease) | From $102,000 | From $6,000* | – |
| 4-room | From $530,000 | From $475,000 | $878,000 – $1,080,000 | ||
| Kallang / Whampoa | Kallang View Towner Breeze | 2-room Flexi | From $216,000 | From $96,000 | – |
| 3-room | From $388,000 | From $298,000 | $780,000 – $820,000 | ||
| 4-room | From $522,000 | From $467,000 | $868,000 – $1,200,000 | ||
| Prime Projects | |||||
| Kallang / Whampoa | Crawford Heights | 3-room | From $390,000 | From $300,000 | – |
| 4-room | From $568,000 | From $513,000 | $890,000 – $938,000 | ||
The pricing strategy for these new flats is designed to ensure affordability. The selling prices are set significantly lower than the market rates for comparable resale flats, with Plus and Prime flats receiving additional subsidies to maintain their accessibility. For example, a 3-room Standard flat in West BrickVille is priced at $290,000, which translates to just 16% of a household income of $4,000, allowing buyers to service their mortgage payments primarily through their CPF contributions.
To further support buyers, HDB has implemented tighter resale conditions for Plus and Prime flats, requiring owners to occupy their units for a minimum of 10 years before selling. This measure aims to ensure that these flats are used for genuine owner-occupation rather than investment purposes. Additionally, a subsidy recovery mechanism will be in place, where owners will need to return a percentage of the resale price to HDB upon selling their flats after the minimum occupation period.
In a bid to cater to diverse housing needs, HDB is also piloting a new concept called “White flats” at the Crawford Heights Prime project. These units will offer buyers the flexibility of an open-concept living space, allowing for greater customization at a reduced price.
The October 2024 BTO exercise reflects HDB’s commitment to providing affordable housing options while adapting to the evolving needs of Singaporeans. With plans to launch a total of 100,000 flats from 2021 to 2025, HDB continues to monitor housing demand closely and adjust its offerings accordingly. Interested applicants are encouraged to apply online during the designated application period, ensuring they have the necessary eligibility documentation in place.
As Singapore navigates its housing landscape, the HDB’s proactive measures aim to foster a more inclusive environment for homeownership, ensuring that all citizens have the opportunity to secure a place they can call home.