HDB launched 4,428 flats for sale today, under the February 2023 Build-To-Order (BTO) exercise. The flats are spread across five projects in both mature and non-mature estates – Kallang Whampoa, Queenstown, Jurong West and Tengah.

Wide Selection of Affordable Flats Offered for Different Budgets and Needs

2. As with all our BTO exercises, a wide selection of flats, ranging from 2-room Flexi to 5-room flats, is offered to meet diverse housing needs. With significant subsidies, the new flats will be priced considerably lower than the transacted prices of comparable resale flats. In particular, all the 4-room flats in the non-mature estates offered in this sales exercise are priced below $400,000, before grants. The starting prices before and after the Enhanced CPF Housing Grant (EHG) are set out in Table 1 below. The details of BTO flat prices and nearby resale transactions can be found in Annex A.

Table 1: Flat Prices in February 2023 BTO Exercise

Town	Project	Flat Type	Selling Price (Excluding Grants)	Selling Price (Including Grants^)	Transacted Prices of Resale Flats Nearby #
Non-Mature Towns
Jurong West	Jurong West Crystal	3-room	From $187,000	From $112,000	$348,000 - $363,000
Jurong West	Jurong West Crystal	4-room	From $288,000	From $228,000	$460,000 - $520,00
Tengah	Brickland Weave	2-room Flexi	From $97,000	From $17,000	-
		3-room	From $190,000	From $115,000	$391,000 - $450,000
		4-room	From $291,000	From $231,000	$480,000 - $566,800
		5-room	From $401,000	From $356,000	$580,000 - $680,000
Mature Town
Kallang/ Whampoa	Rajah Summit	3-room	From $326,000	From $266,000	$490,000 - $580,000
Kallang/ Whampoa	Rajah Summit	4-room	From $459,000	From $414,000	$690,000 - $795,000
Prime Location Public Housing Model
Kallang / Whampoa	Farrer Park Fields	2-room Flexi	From $185,000	From $105,000	-
		3-room	From $356,000	From $296,000	$533,888 - $568,000
		4-room	From $484,000	From $439,000	$660,000 - $790,888
Queenstown	Ulu Pandan Glades	3-room	From $372,000	From $312,000	$602,000 - $730,000
Queenstown	Ulu Pandan Glades	4-room	From $541,000	From $496,000	$860,000 - $996,000

Note: Selling prices are rounded up to the nearest thousand dollars.

^ Unless otherwise stated, the starting prices of the flats are based on 99-year leases. For illustration purposes, the assumed EHG amounts are:

i) 2-room Flexi flat: $80,000

ii) 3-room flat: $75,000 in non-mature towns and $60,000 in mature town and Prime Location Public Housing Model

iii) 4-room flat: $60,000 in non-mature towns and $45,000 in mature town and Prime Location Public Housing Model

iv) 5-room flat: $45,000 in non-mature town

The starting prices after grant amounts are illustrative, assuming that the household incomes of eligible first-time buyers of flats in the mature towns are higher. The actual grant amount received will depend on the buyers’ income and eligibility. Read more on EHG in HDB InfoWEB.

^# Details on the comparable resale flats can be found on the HDB Flat Portal. In making comparison, please take into account the differences in attributes between the comparable resale flats and the BTO flats.

3. In this sales exercise, after including the Enhanced CPF Housing Grant (EHG) of up to $80,000, eligible first-timer families can purchase a 3-room flat from $112,000, or a 4-room flat from $228,000, in the non-mature estate of Jurong West. Other examples are as follows:

Eligible first-timer families earning $3,000 (between 10^th and 20^th income percentile of resident employed households) would enjoy an EHG of $65,000. They will be able to purchase a 3-room BTO flat in the non-mature estates of Jurong West and Tengah, using about 17% of their household income to pay their monthly mortgage instalments, with no cash outlay.
Eligible first-timer families earning $5,000 (slightly below 30^th income percentile of resident employed households) would enjoy an EHG of $45,000. They will be able to purchase a 4-room BTO flat in the non-mature estates of Jurong West and Tengah, using about 20% of their household income to pay for the monthly mortgage instalments, with no cash outlay.
Eligible first-timer families earning $7,000 (slightly below 40^th income percentile of resident employed households) would enjoy an EHG of $25,000. They will be able to buy a 5-room BTO flat in the non-mature estate of Tengah, using about 22% of their household income to pay for the monthly mortgage instalments, with no cash outlay.

Affordability of BTO Flats Based on Mortgage Servicing Ratio (MSR)

4. HDB is committed to keeping BTO flats affordable. In 2022, almost 9 in 10 BTO flat buyers who collected keys to their new flats have Mortgage Servicing Ratios (MSRs) of less than 25%. This means that these flat buyers use less than a quarter of their total household income to pay for their mortgage and can service their HDB loans completely using their monthly CPF contributions, with little or no cash outlay. The mortgage servicing figures are even lower for those in the lower income percentiles, as they receive higher grants.

Waiting Times for Projects Launched

5. For BTO projects launched in February 2023, the median waiting time is about 4.4 years. Those who are looking to move into their flats sooner can consider applying for the flats at Jurong West Crystal, and Brickland Weave in Tengah. Both projects are in non-mature estates where application rates tend to be lower. They also come with shorter waiting times, at about 3.9 years (or 47 months) and 4 years (or 48 months) respectively. Additionally, with at least 95 per cent of the 4-room and bigger flats set aside for first-timer families, applicants can look forward to a higher chance of securing flats in these projects.

6. Projects with a large number of dwelling units or higher storeys will take a longer time to complete. In addition, at infill or brownfield sites which are usually located in more built-up areas, infrastructure preparation and construction may take a longer time to complete due to the more challenging site conditions, need for demolition works to be carried out, and the generally more extensive service diversion works involved at these sites.

Prime Location Public Housing

7. Two projects – Farrer Park Fields and Ulu Pandan Glades – are offered under the Prime Location Public Housing (PLH) model. The PLH model aims to ensure that new public housing in prime and central locations remains affordable and accessible for Singaporeans. As PLH flats are priced with additional subsidies on top of the substantial subsidies already provided for all BTO flats, owners of these flats will have to return six percent of the resale price or valuation (whichever is higher), upon the sale of their flats.

8. In Farrer Park Fields, HDB will provide 2-room Flexi flats sold on both 99-year leases as well as shorter leases, to cater to the different needs of flat buyers. The six percent subsidy recovery will similarly apply to 2-room Flexi flats sold on 99-year leases. However, 2-room Flexi flats on short lease will not be subject to the subsidy recovery, as they cannot be sold on the open market.

Fresh Start Housing Scheme

9. Families under the Fresh Start Housing Scheme will have the additional option to buy 3-room flats on a shorter lease^[1] starting from this sales exercise. The new shorter lease 3-room flats will be more affordable than those on 99-year leases, while ensuring families still have a home for life.

Advice to First-time Flat Buyers

10. The vast majority of BTO flats in non-mature estates are set aside for first-timers. With additional ballot chances, first-timer applicants who apply for a BTO flat in the non-mature estates enjoy a higher chance of success in securing a flat. Virtually all first-timer households who applied for a flat in non-mature estates have been invited to book their flat within three tries, and 90% of them were in fact successful within two tries.

11. Of the projects launched in 2021 and 2022, about 40% of the projects with 3-room or bigger flats had one or more flat types with first-timer application rates of 1.7 and lower. With a BTO rejection rate of about 40%, applicants of these flats stand a good chance of selecting their flats. To increase their chances of securing their new BTO flats, flat applicants can look out for projects with application rates of around 1.7 and lower. Information on application rates of each BTO project can be found on the HDB Flat Portal and is updated several times a day over the course of the 7-day application window.

Application for February 2023 BTO Exercise

12. Applications for the flats can be made online on HDB InfoWEB from today (28 February 2023) to 6 March 2023 (Monday). Applicants can apply for only one flat type/category in one town under the BTO exercise. There is no need to visit HDB Hub to get the information or make an application. More details on the application procedures can be found in Annex B.

13. All the information on the flats offered is available on the HDB Flat Portal or through scanning the QR code below for quicker access.

14. Applicants without internet access may seek support from their family members. Those who need further assistance, such as seniors without family support, may call the HDB Sales/Resale Customer Service Line at 1800 - 866 3066.

Upcoming BTO Launch in May and August 2023

15. In May 2023, HDB will offer about 5,400 BTO flats in towns/estates such as Tengah, Bedok, Kallang Whampoa and Serangoon. In August 2023, HDB will offer between 5,200 and 6,200 flats in towns/estates such as Choa Chu Kang, Tengah, Bukit Merah, Kallang Whampoa, and Queenstown. This number is subject to review as more project details will be firmed up closer to the launch date.

16. HDB will continue to monitor the housing demand closely and is prepared to launch up to a total of 100,000 flats from 2021 to 2025.

[1] Starting from the February 2023 BTO sales launch, families under the Fresh Start Housing Scheme can also buy shorter lease 3-room flats. As with the 2-room Flexi flats on shorter leases, families can choose lease lengths ranging from 45 to 65 years in five-year increments, as long as the lease of the flat can cover the applicant and their spouse (if applicable) up to the age of 95.

HDB Launches 4,428 Flats in February 2023 BTO exercise