3,317 flats have been launched across three projects in Queenstown for the November 2022 HDB BTO launch. The new flats in the estate comprise around one-third of the total number of flats to be launched. It also includes the highly anticipated Ulu Pandan Banks BTO at Dover Forest.
November 2022 Queenstown HDB BTO: At a glance
| Location |
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| Classification | Mature estate |
| Flat types and number of units |
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| Number of blocks |
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| Price range for a 4-room flat |
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| Estimated waiting time |
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| Estimated completion date |
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| Nearest MRT |
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| Notable amenities | The Star Vista, Holland Village, Alexandra Hospital, IKEA Alexandra |
November 2022 Queenstown HDB BTO: Price range
Here are the price ranges excluding grants.
Ulu Pandan Banks
| Flat type | Price range |
| 3-room | S$362k – S$504k |
| 4-room | S$546k – S$725k |
Ghim Moh Natura
| Flat type | Price range |
| 2-room Flexi (Type 1) | S$206k – S$244k |
| 2-room Flexi (Type 2) | S$261k – S$314k |
| 3-room | S$364k – S$487k |
| 4-room | S$516k – S$696k |
Queensway Canopy
| Flat type | Price range |
| Community Care Apartments (15 – 35-year leases) | S$82k – S$111k |
| 3-room | S$392k – S$488k |
| 4-room | S$551k – S$695k |
Estimated downpayment, monthly instalment and income
Based on these price ranges, we can estimate the downpayment, monthly instalments and household income needed to pay for the November 2022 Queenstown BTO flat. These estimates are based on the following assumptions:
- An HDB loan is taken, maximising the 80% loan-to-value (LTV), given the latest round of cooling measures
- The loan tenure is 25 years, with a current interest rate of 2.6%
- There is no other housing loan to service
To illustrate, we’ll use the median of the price range and won’t be taking into account any CPF grants or savings to be used. We’ll also be using a mortgage calculator to do the math.
For public housing, you can only use up to 30% of your monthly household income to service the home loan. This is called the Mortgage Servicing Ratio (MSR), which you can calculate using our MSR calculator. A stress-test interest rate of 3% will also be considered to calculate the MSR (and essentially how much you can borrow from the bank).
By taking this into account, we can then find the estimated household monthly income needed to afford the flat.
Ulu Pandan Banks
| Flat type | Median price | Loan amount (80%) | Min. downpayment (20%) | Estimated monthly instalment at 2.6% interest rate | Estimated monthly household income with 3% stress-test interest rate |
| 3-room | S$433,000 | S$346,400 | S$86,600 | S$1,571.51 | S$5,475.57 |
| 4-room | S$635,500 | S$508,400 | S$127,100 | S$2,306.46 | S$8,036.30 |
Ghim Moh Natura
| Flat type | Median price | Loan amount (80%) | Min. downpayment (20%) | Estimated monthly instalment at 2.6% interest rate | Estimated monthly household income with 3% stress-test interest rate |
| 2-room Flexi (Type 1) | S$225,000 | S$180,000 | S$45,000 | S$816.61 | S$2,845.27 |
| 2-room Flexi (Type 2) | S$287,500 | S$230,000 | S$57,500 | S$1,043.44 | S$3,635.63 |
| 3-room | S$425,500 | S$340,400 | S$85,100 | S$1,544.29 | S$5,380.73 |
| 4-room | S$606,000 | S$484,800 | S$121,200 | S$2,199.39 | S$7,663.27 |
Queensway Canopy
| Flat type | Median price | Loan amount (80%) | Min. downpayment (20%) | Estimated monthly instalment at 2.6% interest rate | Estimated monthly household income with 3% stress-test interest rate |
| 3-room | S$440,000 | S$352,000 | S$88,000 | S$1,596.92 | S$5,564.07 |
| 4-room | S$623,000 | S$498,400 | S$124,600 | S$2,261.09 | S$7,878.23 |
Do note that for a Community Care Apartment, you’ll have to pay for it fully in cash and/or CPF.
Check your affordability with 99.co’s affordability calculator.
What we noticed about the November 2022 Queenstown HDB BTO
*Disclaimer: Walking, public transport rides and driving durations are based on Google Maps estimates. Actual times may vary.
Three BTO projects will be launched in different areas of Queenstown. This includes Ulu Pandan Banks BTO at Dover Forest. The site drew some controversy when plans for public housing was announced in December 2020.
Nevertheless, we think this is probably the most anticipated project in the November 2022 BTO launch. After all, here’s where you can get unblocked views of the landed housing estate at Holland just across the Ulu Pandan canal.
Last month, HDB also announced some amenities you can expect here, such as a linear park along the Ulu Pandan Canal and a park with a natural stream.
This BTO will also be HDB’s first car-lite precinct. So residents can expect amenities such as sheltered elevated linkways to Dover MRT and a pedestrian walkway that’s separated from the vehicular roads.
At the same, parking spaces will be reduced, with season parking in the BTO restricted to residents only.
Read this: 3 things to know about the latest Ulu Pandan BTO flats.
Another notable project is Ghim Moh Natura, which is near Buona Vista MRT and close to the Holland area. In fact, it’s next to Ghim Moh Ascent BTO, which is a PLH project launched in the May 2022 BTO.
As we’ve predicted, both Ulu Pandan Banks and Ghim Moh Natura BTO are Prime Location Public Housing (PLH) projects, given their proximity to the MRT and prime area.
November 2022 Queenstown HDB BTO: The pros
Accessibility
All three Queenstown BTO projects are generally within walking distance of the MRT. Ulu Pandan Banks BTO and Ghim Moh Natura BTO are within a five-minute walk to their respective nearest MRT, which are Dover MRT and Buona Vista MRT.
Queensway Canopy BTO is a little further away from the MRT, at a 15-minute walk away from the Queenstown MRT.
For drivers, there’s the Ayer Rajah Expressway a couple of streets away, which connects to the Central Expressway (CTE) and Marina Coastal Expressway (MCE).
Food and retail amenities
Both Ulu Pandan Banks BTO and Ghim Moh Natura BTO are located close to each other. So they share the same range of food and retail options, from affordable to more atas options.
The nearest supermarkets of the Ulu Pandan Banks BTO include NTUC Fairprice and Sheng Shiong Supermarket, at around a six-minute walk away.
The Star Vista and Ghim Moh Market and Food Centre are also around a 10-minute walk away from the BTO. A little further is Holland Village, at around a 20-minute walking distance.
On top of that, a social and wellness hub will be built at the Ulu Pandan site, where it will house various retail shops, supermarkets and eateries.
But if you prefer a BTO closer to a market and hawker centre, we suggest going for the Ghim Moh Natura BTO. Both Ghim Moh Market and Food Centre and Holland Drive Market and Food Centre are within a 10-minute walk. The Star Vista and Holland Village are also located closer to the BTO, at an eight-minute and 15-minute walk, respectively.
Likewise, the Queensway Canopy BTO has a good range of food and retail options in the vicinity. For starters, Mei Ling Market and Food Centre is around an eight-minute walk.
More importantly for meatball lovers, IKEA is around a 12-minute walking distance. You can also find Anchorpoint, Queensway Shopping Centre and Alexandra Village Food Centre in the area.
Schools (for Ulu Pandan Banks and Ghim Moh Natura BTO)
All three BTOs in Queenstown will have childcare within the development. But we’d say that the Ulu Pandan Banks BTO and Ghim Moh Natura BTO are more ideal for small families with school-going kids.
This is because there are lots of schools located in the area, including:
- Henry Park Primary
- Fairfield Methodist Primary and Secondary
- New Town Secondary
- School of Science and Technology
- Anglo-Chinese School (Independent)
- Dover Court Preparatory School
- United World College of South East Asia
- Anglo-Chinese JC
- Singapore Polytechnic
- NUS
However, we’d also like to note that there’s a lack of primary schools within a 1km radius of the BTOs, with Ulu Pandan Banks BTO only having Henry Park Primary within the radius.
Healthcare facilities
The Queensway Canopy BTO is right across the street from Alexandra Hospital, which can be both a boon and a bane. The good thing is that those who require more medical attention will have the option to have easier access to healthcare facilities.
(And for those looking to earn some rental income, the flats here can serve the foreign healthcare workers working nearby.)
The bad thing is that residents here will have to contend with heavier traffic and higher noise levels.
In comparison, for Ulu Pandan Banks BTO and Ghim Moh Natura BTO, hospitals are a little further, around an eight-minute drive to Alexandra Hospital and NUH.
At the same time, we note there’s a proposed health and medical centre next to Ulu Pandan Banks BTO, although there are currently not many details on it.
Green spaces
Green spaces are aplenty in the vicinity, with the western part of the Dover Forest to be set aside for a nature park. This was after calls by the public and nature groups to have the area preserved, instead of having it deforested for housing.
A liner park will also be built along Ulu Pandan, which will connect green spaces within the housing parcels and landscaped portion of the Ulu Pandan Canal.
We also notice the Rail Corridor stretches along the site of the Queensway Canopy BTO, where its nearest entrance is at Queen’s Close.
A little further (around a 20-minute stroll or an eight-minute bus ride from Queensway Canopy BTO) is the Southern Ridges, where you can enter from Alexandra Arch. You can either head west to HortPark and Kent Ridge Park, or east to Telok Blangah Hill Park and Mount Faber.
Sustainability and community living at the heart of Queenstown’s BTO projects
In line with Singapore’s vision of sustainable and community-centric living, the new BTO projects in Queenstown are designed with green living in mind. The Ulu Pandan Banks BTO, being the first car-lite precinct, is a testament to this commitment, offering residents a lifestyle that prioritizes pedestrian connectivity and eco-friendly practices. The proximity to green spaces like Dover Forest and Ulu Pandan Canal provides a serene escape from the urban hustle, promoting mental well-being and a closer bond with nature.
These initiatives not only enhance the living experience for residents but also contribute to the ecological value of the estate, setting a benchmark for future developments. As Queenstown continues to evolve, these BTO projects are a glimpse into the future of urban living, where sustainability and community go hand in hand.
November 2022 Queenstown HDB BTO: The cons
Schools (for Queensway Canopy BTO)
Unlike Ulu Pandan Banks BTO and Ghim Moh Natura BTO, Queensway Canopy BTO is located closer to Bukit Merah. There are not many school options in the vicinity. Schools nearby include:
- New Town Primary (which is within a 1km radius)
- Queensway Secondary
- Tanglin Trust School
No 5-room flats, smaller flats
As with past launches in centrally located mature estates in the past few years, there are no 5-room flats available.
What’s more, since Ulu Pandan Banks and Ghim Moh Natura BTO are PLH projects, the flats there are smaller. For instance, a typical 4-room BTO flat is 93 sqm. On the other hand, the 4-room PLH flats here span 89 sqm.
It’s also not ideal if you’re looking to expand the family since you’ll have to wait 10 years before moving out to upgrade to a bigger home.
If you die-die want to get a new flat in Queenstown, consider balloting for Queensway Canopy instead, since flats there are slightly bigger and aren’t subjected to the PLH restrictions.
November 2022 Queenstown HDB BTO: What’s the potential price appreciation?
Given the central location and lack of BTO projects, Queenstown has always been one of the most popular areas in the resale market.
Over the last 10 years, the average prices of 3-room and 4-room resale flats in Queenstown have been higher than the average prices of the same flat types in mature estates. Flats here also have a higher price appreciation of 15.10%.
Breaking down the price trend based on flat types, 4-room flats have seen a price increase of 15.36%, more than three times the price increase for 3-room flats. This indicates a higher demand for 4-room flats.
Here are the average prices and price psf of 3-room and 4-room resale flats in Queenstown, as of writing (20 September).
| Flat type | Average price psf | Average price |
| 3-room | S$685 | S$484,583 |
| 4-room | S$883 | S$853,099 |
We also want to point out that there are resale HDB flats at Ghim Moh Edge that have been sold at double their BTO price! Located around 500m away from Ulu Pandan Banks BTO, some flats at Ghim Moh Edge have been resold as they have completed their five-year MOP.
One transaction that caught our eye is the S$1.018 million sale for a 1,001 sq ft unit at Ghim Moh Edge. This is also the current record price for a 4-room flat at Queenstown.
Perhaps it’s also why the government decided to designate Ulu Pandan Banks BTO, along with Ghim Moh Natura BTO, to be PLH flats to curb the lottery effect while giving additional subsidies to make them more affordable.
As mentioned in Minister of National Development Desmond Lee’s Facebook post on 17 November, these two projects would command higher market values than Queensway Canopy due to their location and attributes.
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November 2022 Queenstown HDB BTO: Should you apply?
All three Queenstown BTOs are good options if you want to live in a central location, with the CBD within eight stops.
If unblocked views are a must-have, go for Ulu Pandan Banks BTO. Given that Singapore is already densely built, there are not a lot of places where you can get unblocked views, especially for public housing.
What’s more, the housing blocks nearer the canal will be lower than the rest of the blocks to maximise views of the canal. Sky terraces and roof gardens will be available too, giving you a panoramic view of the landed housing estate at the north.
Another thing to look forward to at Ulu Pandan Banks BTO is the 600-metre jogging track that spans its three housing blocks at the sky bridges on the 34th storey!
If convenient access to the hospital is a bigger priority, consider going for Queensway Canopy BTO.
But take note that Ulu Pandan Banks and Ghim Moh Natura BTO are PLH projects, which come with a 10-year Minimum Occupation Period (MOP).
Exploring the investment potential of Queenstown’s latest BTO offerings
The November 2022 HDB BTO launch in Queenstown presents not just a home, but a promising investment opportunity. With the estate’s mature status and strategic location, these new flats are poised to become highly sought after in the resale market. Historical data suggests a consistent upward trend in Queenstown’s property values, and the latest BTO projects—Ulu Pandan Banks, Ghim Moh Natura, and Queensway Canopy—are expected to follow suit.
Potential homeowners are looking at a wise investment, with the added benefit of living in a well-connected and amenity-rich area. The introduction of PLH models for Ulu Pandan Banks and Ghim Moh Natura further ensures a moderated appreciation rate, making them an attractive proposition for both first-time buyers and seasoned investors seeking long-term value growth.
Will you apply for the November 2022 Queenstown HDB BTO? Let us know in the comments section below.
If you found this article helpful, check out our overview of the November 2022 BTO projects and in-depth reviews:
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.
Looking to sell your property?
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