About half of the BTO flats have waiting times of 4 years or less; 1,352 flats in Woodlands and Tampines have shorter waiting times of about 3 years

HDB launched 6,938 flats for sale today, under the June 2024 Build-to-Order (BTO) exercise. This is the second of the three BTO launches in 2024, with 19,600 new flats to be launched in total this year. These flats are spread across eight new BTO projects in different estates, one of which is the new Chencharu housing area in Yishun. About half of the BTO flats offered have waiting times of 4 years or less. Buyers keen to move into their flat sooner can consider flats in Woodlands and Tampines, which have shorter waiting times of about 3 years.

2 From this sales exercise, young couples who are eligible to defer their income assessment for the Enhanced CPF Housing Grant (EHG) and HDB housing loan, need only pay an initial downpayment of 2.5% (down from 5% or 10% previously) of the flat price, when they sign the Agreement for Lease (AFL). This was announced by Minister for National Development, Mr Desmond Lee, at the Committee of Supply debate in March 2024.

Wide Selection of Affordable Flats for Different Budgets and Needs

3 The eight BTO projects offered in the June 2024 exercise are in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun. A wide selection of flats, ranging from 2-room to 3Gen flats, is offered to meet diverse housing needs and budgets. All new flats are priced with significant market discounts to ensure affordability, and hence selling prices are considerably lower than the transacted prices of comparable resale flats.

4 Eligible first-timer families can benefit from the EHG of up to $80,000. With the EHG, buyers of flats in the non-mature estates may pay as little as $132,000 for a 3-room flat in Woodlands or $219,000 for a 4-room flat in Yishun, and service their monthly mortgage payments using their CPF monthly contributions, with little or no cash outlay.

5 In the mature estate of Tampines, the prices after grants start from $400,000 for a 4-room flat. See Table 1 for the starting BTO flat prices before and after grants, and the comparable resale prices. The Tampines BTO project will also include 24 units of 2-room rental flats. More details on the BTO flat prices and nearby resale transactions can be found in Annex A.

Table 1: Flat Prices in June 2024 BTO Exercise

Town	Project	Flat Type	Selling Price (Excluding Grants)	Selling Price (Including Grants ^)	Transacted Prices of Resale Flats Nearby ^#
Jurong East	Teban Breeze	2-room Flexi	From $120,000	From $40,000	-
		3-room	From $233,000	From $158,000	-
		4-room	From $345,000	From $285,000	$570,000 - $675,000
		5-room	From $465,000	From $420,000	$735,888 - $760,000
Woodlands	Marsiling Peak I & II~	2-room Flexi	From $94,000	From $14,000	$325,000 - $360,000
		3-room	From $207,000	From $132,000	$435,000 - $485,000
		4-room	From $304,000	From $244,000	$565,000 - $651,888
		5-room	From $449,000	From $404,000	$680,000 - $790,000
		3Gen	From $467,000	From $422,000	-
Yishun	Chencharu Hills	2-room Flexi	From $113,000	From $33,000	-
		3-room	From $219,000	From $144,000	$425,000 - $500,888
		4-room	From $279,000	From $219,000	$508,000 - $610,000
		5-room	From $407,000	From $362,000	$593,000 - $750,000
Mature Estate
Tampines	Tampines GreenTopaz	2-room Flexi	From $152,000	From $72,000	$328,000 - $388,000
		4-room	From $445,000	From $400,000	$660,000 - $770,000
		5-room	From $589,000	From $559,000	$768,000 - $935,000
Prime Location Public Housing Model
Kallang / Whampoa	Tanjong Rhu Riverfront I & II	2-room Flexi	From $207,000	From $127,000	-
		3-room	From $402,000	From $342,000	$730,000 - $828,000
		4-room	From $568,000	From $523,000	$868,000 - $1,080,000
Queenstown	Holland Vista	2-room Flexi	From $209,000	From $129,000	-
Queenstown	Holland Vista	4-room	From $582,000	From $537,000	$888,000 - $1,150,000

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 town and $60,000 in Prime Location Public Housing Model
iii) 4-room flat: $60,000 in non-mature town and $45,000 in mature town and Prime Location Public Housing Model
iv) 5-room/3Gen flat: $45,000 in non-mature town and $30,000 in mature town

~ Prices include the costs of floor finishes, internal doors and sanitary fittings for flats with shorter waiting time of less than 3 years.

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.

About Half of the BTO Flats have Waiting Time of 4 Years or Less

6 In this June BTO launch, about half of the flats on offer will have waiting times of 4 years or less. Amongst them, the 791 flats in Marsiling Peak I will have shorter waiting times of less than 3 years¹. The 561 flats at Tampines GreenTopaz will also have shorter waiting times of about 3 years. Flat buyers who are looking to move into their flats sooner may consider applying for these projects.

Prime Location Public Housing

7 Tanjong Rhu Riverfront I and II, as well as Holland Vista, are offered under the Prime Location Public Housing (PLH) model. Like BTO flats, PLH flats are priced lower than comparable resale flats, considering the location, individual flat attributes, and prevailing market conditions. Given that new flats in prime locations naturally command higher market values, these PLH flats will be priced with additional subsidies on top of the substantial market discounts applied across all BTO flats. This will ensure that flat prices remain affordable for a wide range of Singaporeans with different budgets and needs. To maintain parity with other BTO flat owners who are not accorded these additional subsidies, PLH flat owners will be required to pay HDB a percentage of the resale or valuation price (whichever is higher) of the flat upon selling it, after meeting the 10-year Minimum Occupation Period (MOP).

8 For the PLH projects at Tanjong Rhu Riverfront I and II and Holland Vista, we will increase the additional subsidies to keep the flats affordable for a wider range of Singaporeans. With these additional subsidies and the substantial market discounts already applied across all BTO flats, the selling prices of these PLH projects will be significantly lower than the transacted prices of comparable resale flats nearby (refer to Table 1).

9 Consequently, for fairness, the subsidy recovery rate for these two projects will be set at 9%, to commensurate with the extent of the additional subsidies provided. Owners of these flats will have to return 9% of the resale price or valuation (whichever is higher), upon the sale of their flats.

10 20% of the PLH flats in Tanjong Rhu Riverfront I and II and Holland Vista will be set aside for first-timer families; and 2% for second-timer families under the Married Child Priority Scheme. This is two-thirds of the usual quota² for BTO flats in mature estates.

Reduced Downpayment for Young Couples Eligible for Deferred Income Assessment Scheme

11 Young couples who are current or recent full-time students and/or National Servicemen can apply for a new flat first and defer their income assessment for the EHG and an HDB housing loan to just before key collection. To provide further support to these couples who are eligible to defer their income assessment for the EHG and an HDB housing loan, the initial downpayment payable at the signing of the Agreement for Lease (AFL) will be reduced to 2.5% of the flat price, starting from the June 2024 BTO exercise. The remaining downpayment amount is payable upon key collection, which is also when they can take up a housing loan and potentially receive the EHG, if they are eligible.

Advice for Flat Buyers

12 Applicants are encouraged to plan their finances (including renovation costs) carefully and select a suitable flat based on their budget, needs and preferences. Applicants who wish to improve their chances of securing a flat are encouraged to apply for a flat in the non-mature towns of Jurong East, Woodlands and Yishun, where at least 95% of the 4-room and bigger flats are set aside for first-timer families. To further increase their chances, applicants are encouraged to look out for projects with lower application rates. Information on application rates of each BTO project is available on the HDB Flat Portal, which is updated several times a day throughout the 8-day application window.

13 We encourage all flat applicants to carefully consider when they should apply for a new flat and to book a flat when invited to do so. Applicants who have received a queue position within the flat supply (e.g. in the Feb 2024 BTO/SBF exercise) will not be eligible to apply for a flat in subsequent BTO/ SBF exercises (e.g. in the June 2024 BTO exercise) until after their flat booking appointment. This ensures that they do not crowd out other sincere applicants who have not secured a queue position.

Application for June 2024 BTO Exercise

14 Applicants who wish to participate in the June 2024 BTO exercise must have a valid HDB Flat Eligibility (HFE) letter³ when they submit their flat application. It takes about a month to process an HFE letter application after HDB receives all the required documents, and processing may take longer during peak periods like a BTO sales launch. As such, we had announced earlier that flat applicants should apply for an HFE letter and submit all required documents by 15 May 2024, to be able to apply for a flat in this sales launch. More information on the HFE letter is available on the HDB InfoWEB.

15 Flat applications can be made online via HDB Flat Portal from today (19 June 2024) to 26 June 2024. 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. HDB will shortlist applicants using a computer ballot, and not on a first-come-first-served basis. Hence, applicants do not need to rush to submit applications within the first few hours or even the first few days of the application period and can submit their application any time during the 8-day period⁴ . More details on the application procedures can be found in Annex B.

16 All the information on the flats offered is available on the HDB Flat Portal or through scanning the QR code below.

17 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 Exercise in October 2024

18 In the October 2024 sales exercise, new BTO projects will be offered as Standard, Plus or Prime flats based on their specific locational attributes. Prime and Plus flats would naturally command higher market values given their attractive location, hence, they will be priced with additional subsidies to keep them affordable for a wide range of Singaporeans. The additional subsidies provided for Plus and Prime flats as well as conditions that come along with each category of flats will be calibrated accordingly. This enables Singaporeans to have a range of different housing options while ensuring that they remain affordable. More details on the projects and their classification will be shared at the launch.

19 HDB will offer about 8,500 flats in Ang Mo Kio, Bedok, Bukit Batok, Geylang, Jurong West, Kallang/Whampoa, Pasir Ris, Sengkang and Woodlands. Of these, 260 Community Care Apartments (CCAs) units in Geylang will be offered, to support seniors to age independently in the community. This is the fourth CCA project to be launched, following Harmony Village @ Bukit Batok, Queensway Canopy and Chai Chee Green in Bedok. The October flat supply will be subject to review, as project details are firmed up closer to the launch date.

20 In the October 2024 sales exercise, HDB will pilot a new White Flat layout at a BTO project in Kallang/Whampoa town comprising 310 units of 3-room and 4-room flats. Home buyers who prefer an open-concept with greater flexibility in configuring their living spaces can opt for a contiguous living and bedroom space that will not be pre-partitioned by walls. The non-provision of internal partition walls will be factored into the pricing of the White Flats, which is being finalised. Buyers who do not want to opt for the open-concept White Flats can choose the standard layout with walls.

21 Flat buyers interested to apply for a flat must have a valid HFE letter. We encourage all flat buyers to apply for an HFE letter early and submit all required documents by 15 September 2024 if they are interested to participate in the October 2024 sales launch.

22 HDB is committed to providing affordable and accessible housing options to buyers, and will continue to monitor the housing demand closely, making adjustments where necessary. We remain on track to launch a total of 100,000 flats from 2021 to 2025.

¹ For Marsiling Peaks I, HDB was able to commence construction works earlier in end-2023 when the site was available, to reduce the waiting time for flat buyers.

² The priority quota for BTO flats in mature estates are 30% for first-timer families, and 3% for second-timer families.

³ The HFE letter will inform flat buyers upfront of their eligibility for a new or resale flat purchase, CPF housing grants, and HDB housing loan, including the respective grant and loan amounts. With effect from 7 Nov 2023, HDB extended the validity of all existing and new HFE letters to 9 months.

⁴To allow more time for applicants to make an informed choice during the sales launch, the application window had been extended to 8 days with effect from the Feb 2024 BTO exercise.

HDB Launches 6,938 Flats in June 2024 BTO Exercise