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In The News Press Release
by OrangeTee & Tie Pte Ltd.

OrangeTee comments on February's BTO & SBF application results

BTO Launches

Singapore, 17 Feb 2025

The February BTO application will close later. We conducted an analysis of the application rates and trends based on today's data as of 4 pm. Below are our comments and analysis for your consideration, please.


As of February 17, 2025, at 5 PM, there were 12,431 applicants applying for 5,032 BTO units, yielding an overall application rate of 2.5. This is lower than the overall 4.2 application rate in the October 2024 sales launch, with 35,678 applicants applying for 8.573 units. This could be because there were many SBF flats released for sale this time around. Additionally, numerous BTO projects are set to launch in July, which may lead some buyers to postpone their applications until that time. When combining the total number of applicants for BTO and SBF, the 34,444 applicants recorded for February 2025 can be considered comparable to the figures from the sales launch in October.


1. Overview of BTO results

The Prime and Plus Flats in Tanjong Rhu and Queenstown were the most popular projects among applicants due to their prime location, being near the city center and their relatively affordable price points.

In the Kallang/Whampoa project, Tanjong Rhu Parc Front, the overall application rates for 3-room and 4-room flats were 2.6 and 5.4, respectively. These rates are higher than the 2.0 and 3.1 application rates recorded for the previous BTO project at Tanjong Rhu, which was Tanjong Rhu Riverfront I and II. Although both projects are located next to each other, the current project has a higher application rate because fewer units were launched—551 3-room and 4-room units, compared to 1,493 units 3-room and 4-room flats offered in Tanjong Rhu Riverfront I and II. Moreover, the prices of 3-room and 4-room flats in the current project are approximately $3,000 to $25,000 (for 3-room) and $20,000 to $52,000 (for 4-room) lower than those offered in Tanjong Rhu Riverfront I and II. Moreover, there are not many projects available for sale in this area. This project is conveniently located near MRT stations and the city center, with many units likely offering river views. Applicants whose parents live in the East may be particularly interested in staying here.

For the Queenstown project, Stirling Horizon, the overall application rates were slightly lower than expected. This project is also less popular than the previous BTO project in Queenstown, Holland Vista, which achieved a high application rate of 9.8 for 4-room flats. In contrast, the application rate for 4-room flats in Stirling Horizon was only about 2.5. The difference in application rates could be attributed to the larger number of 4-room flats available in the current project (586 units compared to 228 units in Holland Vista), potentially leading to a lower overall application rate. Additionally, Holland Vista benefits from its proximity to the MRT and other amenities, making it more attractive to potential applicants. Moreover, Stirling Horizon probably did not do well as it has the longest waiting time of more than 4 years in this BTO exercise.


2. Other key observations for BTO exercise 

The Chencharu projects performed better than expected in terms of application rates for 2-room flexi BTO flats, with an overall rate of 2.5, compared to 2.1 for the Queenstown project, 1.9 for Woodlands. This success is likely attributed to the Chencharu projects' shorter waiting time of just over three years. In contrast, the Woodlands project is the least popular, which may be due to several factors, including its longer wait time compared to Chencharu and its less desirable location compared to the Kallang/Whampoa and Queenstown projects. However, the application rate of the Chencharu project is still lower than the overall 5.8 application rate for Kallang Whampoa 2-room flexi flats. 


3. Overview of SBF results 

The Feb 2025 SBF exercise yielded 22,013 applicants for 5,590 units, or 3.9 application rate. This is higher than the BTO application rate at 2.5. 

The SBF exercise received a higher application rate than the BTO exercise, likely because it offered more available flats, giving applicants a better chance of securing one. Moreover, the diverse range of flats for sale throughout the island provides applicants with more choices. For first-time applicants, some housing projects received higher application rates than others, such as 4-room flats in estates like Bedok, Bishan, Clementi, Hougang, Pasir Ris, Serangoon, Queenstown, and Tampines. These locations are popular with families because of their close proximity to MRT stations, schools, and various amenities.

However, when comparing the median SBF application rates to the previous exercise, the sales performance appears to be lower. For example, the current median SBF application rate for 3-room or larger flats for first-time families is 2.5. In contrast, the median application rate for first-time families for 3-room or larger flats in the previous SBF exercise in February 2024 was 10.5. This decline may be due to the large number of flats that have been launched over the past year, resulting in many people having already applied for homes. Moreover, more flats were launched under the SBF exercise this year, which would result in lesser competition for SBF flats and a lower application rate.



4. Other key observations for SBF exercise 

We have observed that certain areas, such as Tampines, Hougang, Punggol, Woodlands, and Tengah, have a high number of applicants for 2-room flexi flats—over 500 in some cases for the SBF exercise. Most of these areas are non-mature estates, suggesting that many seniors or singles are open to living in these locations rather than in mature estates. This preference may be due to the availability of more units, which increases their chances of securing a flat, as well as the generally lower prices. Additionally, living in non-mature estates allows them to be closer to their children, who are likely residing in these areas.




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