The August 2022 BTO exercise will close today at 2359. As of 5pm today, a total of 35,694 applications have been submitted.
As expected, all projects are oversubscribed. But what’s even more striking is the application rate for a few popular projects.
5,907 families are willing to pay up to S$877k for a BTO flat
Among the August 2022 BTO projects, the Central Weave @ AMK BTO has been the most anticipated project before its launch.
When the exercise launched last week, one thing that stood out was the price range of S$720k to S$877k for the 5-room flats at the Ang Mo Kio project. The price range for the 3Gen flats is in the similar range of S$713k to S$842k.
(We explain more about the history of BTO prices in Ang Mo Kio here.)
Nevertheless, this did not deter 5,907 people from vying for the 372 5-room and 3Gen flats. As of 5pm, 7.4 first timers are competing for each available unit. 95% of the flat supply has been allocated to the first timers, translating to approximately 353 units set aside for them.
181.7 second timers are vying for each available unit in Ang Mo Kio
What’s even more striking is the application rate for the second timers. 181.7 second timers are competing for each available 5-room or 3Gen unit at Ang Mo Kio! The stiff competition is due to the fact that only 5% of the units, or approximately 19 units, have been set aside for these second timers.
178.2 second timers are competing for each available unit at Tampines
Equally competitive is the ballot for a 5-room flat at Sun Plaza Spring BTO at Tampines. With only 117 units available, 2,813 applications have been submitted so far.
Breaking down the numbers, 17.2 first timers are competing for each of the available flats set aside (approximately 111 units).
And like what we’ve seen with the Central Weave BTO, 178.2 second-timer families are vying for each available unit. Given the low number of flats in the project, only 6 units have been set aside for second timers.
So if you die die also want to get a 5-room flat this time round, your best bet is to apply for the Keat Hong Grange BTO at Choa Chu Kang. For first timers, the application rate currently stands at 1.8. For second timers, it’s a little higher at 17.9. But your odds are still better than if you were to apply for the Ang Mo Kio BTO or Tampines BTO.
In general, competition is stiffer for second timers, given the very low supply of flats set aside for them.
On top of that, HDB recently announced the increase in the allocation of BTO flats in non-mature estates for first timers (from 85% to 95% for 4-room flats). This means that the quota has been reduced for second timers.
One strategy to increase your chance of getting a queue number is to look for projects with a higher supply of flats available. This includes the Bukit Merah BTO (Alexandra Vale and Havelock Hillside) and the Choa Chu Kang BTO.
Which August 2022 BTO project have you applied for? Let us know in the comments section below.
If you found this article helpful, 99.co recommends Aug 2022 HDB BTO stack analysis: Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Tampines, Woodlands and The REAL reasons why HDB doesn’t build new five-room BTO flats in central areas.
About Virginia Tanggono
Virginia covers the property news in Singapore, from record sales to profile stories on home ownership. In her free time, she occasionally searches for spoilers of movies and TV shows.
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I find it hard to believe the HDB is losing money on the flats it offers.
Something is wrong if, at the new ridiculous high prices, HDB is losing money. Is this a case of creative accounting?
The thing is that there are people like me who are cynical of what the government puts out. I find it hard to believe and trust the government. This government seems very mercenary and lacks empathy.
I remember when HDB prices were really,really affordable that eg I was able to pay off my HDB loan for my then 4A-Rm within 5 years.
Now, the young couple would have to be in debt for 25 to 30 years!