Many Singaporeans have relied on the home & Development Board’s (HDB) Build-To-Order (BTO) program as a means to an end—affordable home. With only a small number of apartments like Affinity at Serangoon available, the four annual BTO exercises are sure to be a spectator sport.

Because they are priced cheaper than the current high resale market rates, these Affinity site plan are incredibly sought after. It is worth taking a deeper look at the intriguing changes in application trends that have occurred since the BTO debut in October 2023.

Current tendencies in BTO implementations

Application rates for the Affinity at Serangoon Floor Plans launch in October 2023 were significantly lower than for earlier launches, which is in sharp contrast to how popular they had been. There was a marked decline in applications for popular unit types including 4-room and 5-room flats in estates like Serangoon North Vista during the May 2023 BTO launch, in contrast to the current situation.

In 2023, the Minister of National Development announced additional penalties for applicants who reject their BTO votes. This policy is seen by experts to be the cause of the decrease in applications. Some may have been discouraged from applying due to this policy’s intention of excluding insincere candidates. The December 2023 BTO debut may be on the minds of others.

Steps to apply for a BTO flat

A valid HDB Flat Eligibility (HFE) letter will be needed of all prospective BTO applicants starting from October 2023. The BTO apartment, CPF Housing Grant, and HDB loan eligibility evaluations are all included in this letter.

Applicants are encouraged to submit their HFE letter requests at least 30 days before the desired BTO launch to account for processing delays on the HDB Flat Portal. Applicants could also look at historical BTO prices and trends to improve their apartment-hunting prospects.

Suggested Article: Pinnacle @Duxton’s 4 bedroom apartment hits estate market record of $1,409 psf

After the buyer exercised their option to purchase the Treasure at Tampines on October 29th, a four-room unit at Pinnacle at Duxton was sold for $1.41 million. Selling at $1,409 per square foot, Treasure at Tampines site plan of 46th-floor home boasts 1,001 square feet of living space.

The sale of an HDB resale apartment at Pinnacle at Duxton for more than $1,400 psf is a first in the development. Associate district director Veroy Chua of PropNex Realty acted as the buyer’s broker in this transaction.

The resale units at Pinnacle at Duxton have been in the headlines recently for a number of reasons, including record-breaking transactions for some of the units at the estate. The development’s record per square foot price was $1,394 per square foot in September, according to EdgeProp Singapore, for a 1,011-square-foot, four-room unit. In absolute terms, this amounts to $1.41 million.

The priciest HDB unit ever sold was a 1,894 sq ft gigantic four-room unit in Tiong Bahru, which for $1.5 million ($792 psf) in June of this year.

The Pinnacle @ Duxton resale apartments, which were finished in 2011, have dominated the HDB secondary market when it comes to high-value, million-dollar purchases. Seven units in this block were been sold for over $1,300 psf, according to HDB caveats.

Located in the Tanjong Pagar neighborhood on Cantonment Road is Pinnacle @ Duxton. Units are in high demand due to the building’s convenient location and closeness to the CBD. Units on higher floors, usually above the 40th, tend to be in higher demand because to the breathtaking views of the city skyline and its environs.

Apartments at Pinnacle at Duxton are expected to experience a dramatic increase in demand as the new categorization of public housing estates gains traction. The reason is, that incoming Prime units will be subject to new 10-year minimum occupation period (MOP) limitations, whereas existing flats in centrally situated complexes will not be affected.

In accordance with the most recent housing statistics for 3Q2023 released by HDB on Oct 27, the average resale prices of HDB properties have been increasing for fourteen successive quarters. Apartment resale prices increased by 1.3% quarter-on-quarter in Q3 of this year. While the market saw rise of 8% in 2022 and 9.1% in 2021 during the same period, the 3.8% gain in resale HDB prices over the first nine months of this year is more modest.

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