Woodlands Shines: Robust Demand in December BTO Exercise Surpasses Expectations

Woodlands Shines: Robust Demand in December BTO Exercise Surpasses Expectations

The December 2023 Build-To-Order (BTO) exercise witnessed the launch of 6,057 HDB flats, drawing applications from seven towns. Woodlands emerged as the highlight, with strong demand for five-room flats.Woodlands projects see strongest demand in December BTO exercise


Key Points:

  1. Total Applications: As of December 11, 12,235 applications were received for the 6,057 flats, resulting in an application rate of 2.0 times.
  2. Demand Variations: While Woodlands experienced robust demand, the overall application rate was slightly higher than the previous October BTO exercise.
  3. Mild Response: Despite the increased rate, application figures remain subdued compared to the last two years, indicating potentially stabilizing demand for new public housing.
  4. Reasons for Subdued Response: Tighter non-selection rules since October have sifted out less serious applicants, providing a more accurate picture of actual BTO demand.
  5. Woodlands Appeal: Proximity to Woodlands MRT station and the town center contributed to the popularity of Woodlands projects.
  6. Flat Types in Demand: Five-room flats in Woodlands recorded the highest demand, with 1,783 applications for 260 units, indicating 6.9 times the demand.
  7. Overall Project Demand: Woodlands projects, offering various flat types, achieved an application rate of 4.1 times for 1,247 flats.
  8. Bishan's First BTO: Bishan's BTO project, the first in a mature estate with a waiting time under three years, attracted an overall application rate of 3.0 times.
  9. PLH Challenges: Prime Location Public Housing (PLH) projects in Bukit Merah and Queenstown faced challenges, with application rates of 1.3 and 1.0 times, respectively, due to tighter restrictions and longer completion times.
  10. Opportunity for First-Timers: The subdued response increases the chances for first-timer applicants to secure a BTO flat, especially for three and four-room units in various locations.

The December BTO exercise indicates a nuanced demand landscape. While Woodlands stood out as a preferred location, the overall subdued response and variations in application rates suggest that demand for new public housing is potentially stabilizing. The influence of tighter non-selection rules and the impact of different project characteristics, such as PLH restrictions, completion times, and waiting periods, play a

significant role in shaping applicant behavior. The varying demand across locations emphasizes the importance of project-specific factors in influencing homebuyer decisions.

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