Singapore’s housing market is divided into three distinct market segments – the Outside Central Region (OCR) with its satellite towns, where most of us grew up in, the Rest of Central Region (RCR) consisting of city fringe towns, where most Singaporeans aspire to upgrade to, and the Core Central Region (CCR) which is traditionally perceived as the home to Singapore’s most affluent and elite. But what if I told you that living in the CCR might not be as out of reach as you think?

Image 1: The CCR consists of the highlighted areas, which include postal districts 9, 10, 11, as well as the Downtown Core and Sentosa

What we know about the CCR

With a reputation as being home to Singapore’s wealthiest and most distinguished, CCR addresses span across District 9 (Orchard, River Valley), District 10 (Bukit Timah, Holland, Tanglin), and District 11 (Novena, Newton), as well as certain areas of Districts 1, 2, 4, 6, and 7. These additional districts contain areas like the CBD, Bugis, Tanjong Pagar, Harbourfront and Sentosa which have certain areas that fall under the CCR, and some in the Rest of Central Region (RCR).

Famous addresses such as Nassim Road, Cairnhill, Ardmore Park, and many more all lie within the CCR, further painting the picture that living in the CCR is reserved for only the most well-to-do. While that is the case for the Good Class Bungalows, and other landed CCR properties, there are in fact other affordable private properties, or dare we say – value buys such as apartments and condominiums to be found all around the CCR!

A Narrowing Price Gap between CCR and Other Regions

In land scarce Singapore, property has become one of the greatest investment assets, and an almost surefire way to grow one’s wealth. Over the years, we have witnessed rapid development across the various regions in Singapore, with private homes popping up in all corners of the island.

Over the years, key cost drivers, such as land prices and construction expenses, have pushed new private home prices upwards. This climb is more noticeable in the RCR, and especially the OCR, where the availability of buildable plots and greater urban growth potential has resulted in more developer activity. In turn, as developers seize fresh opportunities to build new housing estates, this has contributed to growing demand, and hence, growing home prices outside of Singapore’s urban core.

Chart 1: Property Price Index (PPI) growth by market segment

This growth in property prices is best reflected in Singapore’s Property Price Index (PPI).

Since 2015, the non-landed PPI for OCR and RCR properties have grown tremendously, reaching 257.3 and 223.5 respectively in Feb 2025, indicating a 108.7% and 81.4% growth respectively. In contrast, the CCR has seen a more moderate price growth of 35.8%, reaching an index value of 154.8.

This price gap can be further exemplified by a narrowing median price when comparing 99-year leasehold non-landed properties.

Chart 2: Median all sale transaction prices by year for 99y-Leasehold private (non-landed) property

Traditionally, the CCR held the highest median prices islandwide, with no close comparison, being the only market segment with prices over $2,000 psf. However, over the last decade we have observed an upward trend in RCR and OCR home prices, while home prices in the CCR have been growing at an overall more moderate pace.

In fact, since 2023, the median price of RCR homes has exceeded that of CCR homes. This can be attributed to the launch of many high-profile RCR projects in the city fringe such as The Orie, and District 15 projects such as Emerald of Katong, Tembusu Grand and Grand Dunman setting new benchmark launch prices and driving transactions in the region.

Additionally, we are also seeing recent RCR projects launched extremely near the CCR-RCR boundaries such as Union Square Residences, Canninghill Piers, as well as Pinetree Hill and Nava Grove which have continued to spur on the rate of RCR price growth.

Are CCR Properties Now Value Buys?

Last year, we saw new homes in the OCR and RCR reach new benchmark prices that further narrowed down the price gap to the CCR. As the other market segments continue to peak in pricing, the CCR is starting to become an under-valued market, offering homes with similar prices to the other regions.

A great case study representing this is when we look at 2-bedroom condo units for 99-year leasehold condos. These condos are generally affordable (as far as private property is concerned nowadays), ranging from around $1.8m to $2.1m, making them a popular choice for HDB upgraders.

Here are median transaction prices for such condos in the primary market across all three market segments.

Table 1: Median prices of 99-year leasehold 2-bedroom condos

We can observe that there are affordable 2-bedroom CCR options available, going toe-to-toe with similar options available in other market segments. Additionally, we can observe that CCR projects offer larger unit sizes on average for their 2-bedroom units when compared to the RCR.

This frames these CCR 2-bedroom homes as feasible upgrading options for those coming from the HDB or OCR condo market, who would have traditionally turned to the RCR as the next step in their journey. When you can feasibly afford a new CCR home for a similar price quantum as in the RCR and OCR, I think we can safely say that this market segment is currently undervalued.

CCR Homes are Best Known for their Unbeatable Locations

What about the lifestyle factors when it comes to living in the CCR?

There isn’t much to be said about living in the CCR that hasn’t already been touted by its longtime residents. Living in the city centre promises an unparalleled lifestyle of convenience, featuring short commute times to dining, shopping, and other recreational activities.

Transport Infrastructure

The CCR is also extremely well connected by public transport. Being the nucleus of our city-state, the CCR features layers of connectivity. While road traffic will be congested at peak hours with people commuting in and out, there are various bus services ready to take you up, down, across, and out of town.

Additionally, with the Thomson-East Coast line fully opening last year, the region is more connected than ever, with access to all six of the nation’s MRT lines. This makes getting around the city a breeze, making it easy to visit or for family members to visit you, and to attend events and activities.

Many Good Schools in the CCR

There are a number of good schools that are located within CCR neighbourhoods too. Schools like Nanyang Primary School at Farrer Road, Henry Park Primary School at Mount Sinai and River Valley Primary School at River Valley are prominent examples of such schools, where their high application rates and their 1km priority enrolment radius means that having a home with a CCR address grants the best odds for securing a spot in one of these prestigious schools.

Endless Shopping and Activities

Going beyond its advantageous and convenient location, living in the CCR offers residents a unique, one-of-a-kind lifestyle that you cannot find anywhere else. Living in the heart of the city means that you have the entire city’s offerings at your fingertips.

Home to Singapore’s largest shopping district in Orchard Road, residents have nearby access to hours of retail fun. The various shopping malls and shophouses that can be found in the CCR provide a variety of activities to supplement your lifestyle, such as cinemas, state-of-the-art gyms and fitness classes, as well as art, dance, and wellness studios which have taken the post-pandemic world by storm.

A Whole World of Dining Options

In terms of dining options, the CCR boasts arguably the widest array of dining options of the entire island. From local eateries, and swanky restaurants to chic wine bars and cozy cafes, you are spoilt for choice when it comes to dining in the CCR. Given the metropolitan nature of city living, there is food from all cultures and cuisines waiting for you to explore.

Close Proximity to Mature Estates

Furthermore, the CCR and its surrounding areas also consist of some of Singapore’s oldest and most culturally rich neighbourhoods and estates. These include areas such as Chinatown and Tiong Bahru. With Singapore’s robust infrastructure, those staying in the CCR can visit these mature estates to patronise wet markets, hawker stalls, and much more.

Conclusion

Ultimately, living in the CCR is all about chasing a certain lifestyle, and for those we desire absolute convenience. If you find the prospect of having all the bustling city has to offer at your doorstep, and if short commute times for your daily activities are a priority for you – then now might just be the perfect time to enter the CCR market.

If you would like to find out more about CCR properties, do not hesitate to reach out to an ERA trusted advisor today.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Here’s your chance to snap up a flat in popular locations such as Toa Payoh, Bukit Merah, and more!

Just last month, on 17 February, HDB wrapped up its very first Build-to-Order (BTO) exercise of the year. However, compared to the preceding exercise in October 2024, February 2025’s launch received fewer-than-expected responses, largely due to it being overshadowed by a Sales of Balance Flats (SBF) exercise that took place concurrently.

Moreover, with just five projects across four towns that primarily focused on supplying flats to new townships, it comes as no surprise that Feb 2025’s exercise largely flew under the radar of most Singapore buyers, who often have strong preferences about where they live.

Many Singaporeans are also creatures of habit, preferring to live in older estates that they grew up in or know well.

If this resonates with you, there’s reason to rejoice! The upcoming BTO launch in July 2025 will feature projects in familiar towns, such as Toa Payoh, Bukit Merah, and Tampines. Combined with even more options in newer satellite towns, this will bring the upcoming supply of new flats to 5,430 units across eight BTO projects when July comes around. Below, a closer look at these offerings! 

Bukit Merah – Two projects featuring 1,080 units in total

Consisting of two separate projects one road away from each other, these flats are located in the Redhill estate, within 5 minutes’ walk of the MRT. Given its choice location near the city centre and access to transport and amenities, it is almost certain the pair of projects will be under the Prime category.

It’s a no-brainer that this is going to be one of the most popular projects. Mature estates are usually high in popularity as there are plenty of amenities such as malls, dining options and schools catering to its residents. Plus, Bukit Merah has a fantastic central location – the nearby Redhill MRT puts residents within arm’s reach of both the CBD, as well as the Buona Vista business districts within 10 minutes each!

Furthermore, with the last Bukit Merah BTO flats being completed in 2018, we will certainly see high application rates for these flats.

Bukit Panjang – Featuring 620 units

This project shares a few similarities with the pair of Sengkang projects in the previous BTO launch. They are located near LRT stations within satellite towns and generally have fewer amenities – with more to come as the project develops.

As a result, it is more than likely that this would be a Standard flat project.

The essential amenities are taken care of in the immediate neighbourhood, with two primary schools, and a neighbourhood centre, as well as two parks. However, a 10-minute trip to Bukit Panjang town centre would be required if residents require to visit a mall, or to access the Downtown Line.

Clementi – Featuring 750 units

This Clementi project packs 750 units and will be located about a 5-minutes’ walk from Clementi MRT station. It will be located across the road from a condo estate, and is bordered by two schools, and a polyclinic.

The location speaks for itself – Clementi is the most sought-after location in the west, comfortably scoring the best property resale prices in the region. It is a mature estate with lots of amenities and conveniences, while also having to closest distance to the city centre. It is located only 5 minutes from Buona Vista and Jurong East via MRT, granting it easy access to nearby transit options and more amenities.

Based off these attributes, it is likely that this would be a Plus project. The longer 10-year MOP and other resale restrictions might moderate demand for these flats, but we should still expect them to be popular, especially among the westies.

Sembawang – Featuring 750 units

This project as Sembawang is situated in an up-and-coming area, bringing 750 units across all unit sizes to the estate.

Given the 15-minute walking distance and general lack of amenities in the area so far, this is highly likely to be a Standard project.

We might see this project starting at an affordable price point, as we have recently witnessed HDB flats in developing areas to have attractive prices, such as in the Chencharu project launched in the recent February BTO exercise.

Tampines – Featuring 380 units

Classified under Tampines town, this project is located more at Simei and Upper Changi Road. Offering a limited and enticing 380 units, this project is the first BTO launch in Simei in 10 years and is sure to be hotly contested.

The location is quiet, being located next to a private housing estate.

There is a slew of amenities planned for this development, and the project is adjacent to Upper Changi MRT station, granting residents a direct route to the city via the Downtown line.

If these happens to be Standard flats, we will definitely expect fierce competition for the 380 available units.

Toa Payoh – Featuring 720 units

This Toa Payoh project is one of the highlights of the BTO launch. It is located off Toa Payoh Lorong 1, near Caldecott MRT station. With the opening of the Thomson-East Coast Line last year, homes near Caldecott MRT have been in high demand, due to the fast access the MRT brings them to work nodes such as Buona Vista and one-north (12 mins), as well as Orchard (10 mins) and the CBD (15-20 mins).

The project will be served by amenities in Toa Payoh, which come aplenty. Additionally, the project will be within a 1km radius of CHIJ Toa Payoh Primary School, a location that Singaporeans are very much willing to pay for.

Based off the resale performance for newer flats in Toa Payoh, which often surpass $900,000 or even $1m in transaction prices, it is almost definite that this would be a Prime project.

Woodlands – Featuring 1,130 units

Located in the far north, this project will be a part of the Woodlands masterplan and transformation, expanding the regional centre to Woodlands North.

The project is the largest of the launch, with 1,130 units. Residents will be able to commute to central Singapore via the Woodlands North MRT, or the North-South Corridor.

There will be 410 5-room units available here, a layout size that is getting increasingly rarer. Those looking to secure a 4-room or 5-room home at a reasonable price and are willing to wait for the town to fully flourish in the long run could find this Woodlands north project enticing.

Shorter Waiting Time (SWT) flats

As the HDB has promised an increase in the number of SWT flats (flats with a construction timeline of under 3 years), we are likely to see them featured again in this exercise.

Based on the allocation of SWT flats that we have seen in previous exercises, the BTO projects at Sembawang, Woodlands, and Bukit Panjang will be the most likely candidates. These are mainly developing estates that generally see lower rise building construction, trends that are common in previous SWT projects such as West Brickville at Bukit Batok in last year’s October BTO launch.

SWT flats are a great option for buyers with more urgent homebuying needs and allows them to secure a home in a shorter period, making them a popular option among families that already have or are planning to have children in the near future.

Additionally, these shorter wait times, alongside lower prices could incentivise people to consider moving into these newer estates.

In summary

From prime flats in hotly contested areas to affordable SWT flats, the eight options in store for potential BTO applicants in July this year will certainly make a buzz. We can expect to see livelier application rates compared to the recent exercise, as those who have failed to secure their units in either the BTO or SBF exercise might fancy their chances then.

If you would like to know more about which BTO project might be suitable for you and your eventual property goals, do not hesitate to reach out to an ERA Trusted Advisor today! And with that – may the odds be ever in your favour.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Clementi is a mature estate located in the Easternmost fringe of the West region of Singapore. It is served by the East-West Line, where people might recognise it as one of two stations between the major interchanges of Buona Vista and Jurong East.

Clementi town has its roots as a kampong and a swamp, before undergoing extensive development between 1975-1979 into a satellite housing town by the HDB.

Over the decades, Clementi has blossomed into one of the most popular estates in Singapore, not only as a HDB town, but also in the condo market. In the last ten years, we have seen the launch and completion of 5 condos in Clementi, including blockbuster projects like Parc Clematis, Clavon, and Whistler Grand. Another major development, ELTA, is expected to launch in Clementi in 2025 as well.

The popularity of the town is anchored a multitude of factors, which we will explore in-depth in today’s article.

A mature estate chock full of amenities!

When we think of mature estates in Singapore, towns such as Toa Payoh, Queenstown, Bukit Merah, and Ang Mo Kio often come to mind. These towns are characterised by their charming old flats, and abundance of amenities such as markets and hawker centres, shophouses, and an established transport infrastructure.

Clementi is unique as it is the only mature estate in the west region of Singapore. There are countless neighbourhood shops and shophouses providing essential services, dining options and conveniences to its residents. There are even interesting hotspots in Clementi – a notable example is C328, or Block 328 Clementi Ave 2, known for its number of fish and aquarium supply stores among fish-keeping hobbyists island wide.

Image 1: Clementi town map of amenities (shopping malls and markets/food centres)

Source: OneMap, ERA Research and Market Intelligence

Shopping Malls

1. Clementi Mall
2. Grantral Mall
3. 321 Clementi
4. NEWest (Mixed-use development)

Markets/Food Centres

5. Clementi 448 Market and Food Centre
6. Ayer Rajah Food Centre
7. West Coast Market and Food Centre
8. 353 Clementi Food Centre

In addition to this, Clementi has three shopping malls, and four food centres, offering a plethora of dining options to its residents. Not to mention, if somehow you have somehow exhausted the number of retail and dining options, Jurong East is just a stop away, offering even more options at your disposal.

Clementi has some of the best connectivity in the West region.

Clementi is located adjacent to, and right outside the prime areas of Queenstown and Bukit Timah. This positions the town as having one of the best locations available in the West.

It directly borders the Ayer Rajah Expressway, which provides fast connectivity to both the industrial and commercial hubs in the West region, as well as quick access to the city centre in under 20 minutes.

Residents of Clementi can enjoy easy access to work nodes in Buona Vista (10 mins) and one-north (15 mins), as well as the many schools located in the Dover/Buona Vista/Holland areas. To the West, Clementi is only one MRT stop, or 5 mins away from Jurong East MRT Interchange, where the Jurong Lake District (JLD) is currently undergoing development.

Proximity to the Jurong Lake District promises growth potential

Source: JLD.gov.sg

The JLD aims to transform the western region of the city-state into a vibrant business, residential, and leisure hub – spanning almost 3 times the size of the CBD. This means that there will be a huge influx of amenities and conveniences coming only a few minutes away!

Hence, due to its unique location, residents of Clementi get to experience the best of what the West has to offer, while still being well-connected to central locations and the rest of the island!

An educational hotspot in Singapore

Within the neighbourhood schools of Clementi lie a multitude of schools for all education levels.

The 1km proximity for priority enrolment to primary schools are an important factor for homebuyers – be it for own stay or investment purposes. Fortunately, Clementi has a few options within its neighbourhoods.

Nan Hua Primary School is the most notable among all the primary schools in Clementi. As one of few schools in Singapore offering the Gifted Education Program, they are among the most popular schools islandwide, with the fewest vacancies available.

Image: 1km and 2km radius of Nan Hua Primary School

Source: OneMap School Query, ERA Research and Market Intelligence

Other primary schools in Clementi include Pei Tong Primary School, Qifa Primary School, and the namesake Clementi Primary School.

Secondary schools in Clementi include Clementi Town Secondary School, Nan Hua High School, Kent Ridge Secondary School, New Town Secondary School, as well as the NUS High School of Math and Science, that offers the integrated program and an accelerated math and science curriculum.

Tertiary educational institutions situated along Clementi Road include Ngee Ann Polytechnic, Singapore Institute of Management, Singapore University of Social Sciences, and the National University of Singapore. Singapore Polytechnic is also situated a singular MRT stop away.

Strong upgrader potential due to HDB price growth

The multitude of advantages of Clementi’s location has led to strong price growth in its HDB market.

Over the past five years, the transaction prices of resale flats have bean steadily rising in Clementi. In addition to this, we are also witnessing a rapid growth in the number of resale flats that are surpassing the $500-750k price range. For the past three years, the median price of 5-room and larger flats has not only hovered above this price range, but are approaching the million-dollar price mark, reaching $970k in the previous year.

Chart 1: Median HDB Resale Prices in Clementi (3-room and larger only)

Source: HDB as at 1 Jan 2025, ERA Research and Market Intelligence

Million-Dollar Flat transactions in Clementi have also been steadily rising across recent years. These transactions are primarily driven by larger flats that have recently or just completed their minimum occupation period, freeing up capital for their next property upgrade.

With a rising number of high-value resale flats, these upgraders will naturally turn the private home market within Clementi, an area they are already familiar with for their dream home. In 2025, we can expect vibrant transaction activity for the recently TOP-ed Clavon and Park Clematis, as well as lively demand for the upcoming launch of Elta.

Conclusion

As a mature estate boasting a wealth of amenities, proximity to good schools and swift connectivity to central Singapore, it is no surprise why Clementi is such a popular location, especially among those that are familiar with, or grew up in the west.

Being so close to the burgeoning JLD, it is inevitable that property prices in Clementi will continue to grow and prosper in the years to come.

With the launch of Elta on the horizon alongside two newly TOP’ed condos in Parc Clematis and Clavon, there is no better time to enter the Clementi private property market. If you are interested in, or thinking to purchase a condo in Clementi, do not hesitate to reach out to an ERA trusted advisor today!

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

February 2025 will see the first of three Build-to-Order (BTO) launches of the year, as well as the yearly Sale of Balance Flat (SBF) exercise. This launch will offer about 5,000 BTO flats, as well as 5,500 SBF flats, totalling a supply of over 10,000 flats in this joint exercise.

Interested applicants will require an approved HDB Flat Eligibility (HFE) Letter in order to participate in this exercise.

For those who have a valid HFE letter, they will be able to choose from five projects across Kallang/Whampoa (800 units), Queenstown (1,110 units), Woodlands (1,540 units), and Yishun (two projects of 840 and 670 units). Likewise, a HFE letter will be required to apply for flats under the SBF exercise.

They will likely be a mix of Standard (Yishun and Woodlands) and Prime (Kallang/Whampoa and Queenstown) flats, based on their location. It is unlikely that any of these projects will be classified under Plus. Therefore, if you are looking for a Plus flat, there will likely be a greater number of them launched in latter parts of the year.

Let’s go over these projects, as well as their location attributes and unit mixes.

Kallang Whampoa – 800 units

Source: HDB

This project is located within the upcoming Tanjong Rhu area, which saw its first BTO flats in the June 2024 BTO launch. Similar to the previous project in this area, we expect this to be a Prime project.

There will be a mix of 2-room flexi, 3-room and 4-room units, typical of Prime projects.

Located a 7-minute walk from Tanjong Rhu MRT station, the main Plus point of this project would be the easy, sub 10-minute commute to the Central Business District (CBD) via the Thomson-East Coast Line. Additionally, the higher floor units will have access to views of East Coast Park facing the south, as well as downtown and the Marina Reservoir to the north-west.

Additionally, there are plans to construct amenities to transform Tanjong Rhu into a new housing estate.

The previous projects at Tanjong Rhu received 3,963 applicants for 1,296 units, with a 2.1 first timer and 22.3 second-timer application rate for 4-room flats, which make up a majority of these Prime flats. We can expect to see similar demand for this project, following the success of the prior launch.

It is also worth noting that singles will be able to apply for 2-room units here, following the change in policies allowing singles to apply for Prime location 2-room flats that took place in the October 2024 BTO launch.

While the application rates for the exercise have yet to be revealed, it is likely that there is a strong and healthy demand for these Prime 2-room units, due to the oversubscribed nature of the flat type.

Queenstown – 1,110 units

Source: HDB

The other likely Prime project in this launch is this Queenstown BTO project, offering 2-room flexi, 3-room and 4-room units.

Off the bat, we can expect a much stronger demand for this project among Prime flat buyers as compared to the Tanjong Rhu development. This is due to Queenstown being a mature estate – looking at the map we can see that the project site is surrounded by amenities, such as a neighbourhood centre and library nearby.

Another major Plus for this site is that it falls within the 1km priority enrolment distance for both Queenstown and New Town Primary Schools. Compared to the Tanjong Rhu project which does not have the same benefits, couples planning to have kids are likely more inclined to apply for this project, especially given the lengthy 10-year minimum occupation period that they are obligated to stay for.

The previous BTO project that took place at Queenstown was Holland Vista, which saw a staggering 2,233 applicants for 228 4-room units. This consisted of a 6.6 application rate for first-timers, and 72.8 for second-timers.

We can expect a strong demand for this project, given its proximity to the nearby MRT station, as well as the access to nearby primary schools and a variety of amenities. This extends to the 2-room flexi units, where singles are likely to be drawn to the central location and conveniences.

Woodlands – 1,540 units

Source: HDB

This BTO project, which happens to be the largest among the February bunch, is located in Woodlands North, in the Marsiling area, and near the causeway.

The project will be standard project, offering a mixture of 2-room flexi, 3-room, 4-room and 5-room units.

As the area has yet to be developed, there is a lack of amenities in the area, which affected the application rates for the project in Marsiling during the June 2024 BTO launch. The launch received 581 applications for 429 units for 4-room, and 406 applicants for 362 units in 5-room.

The project is about a 5-minute walking distance from Woodlands North MRT station once walkways are paved, which will grant commuters a direct line into the city centre, albeit with a commuting time of about 45 minutes.

Given the large number of units available, there should be muted demand for this project – as it the most undeveloped and far out location of all the launches.

If you are looking to increase your chances at securing a BTO, this might be the project to gun for.

Yishun (Chencharu) – 840 and 670 units

Source: HDB

The last BTO launch that took place in this new estate of Chencharu was in the June 2024 BTO launch, which saw 1385 applicants for 420 4-room units, and 1,609 applicants for 390 5-room units respectively.

Being an entirely new housing zone, there are no nearby facilities. The project will come with amenities such as eating houses and shops, as well as a childcare centre. The surrounding area will be redeveloped to introduce amenities like a park, nursing home, and place of worship.

As this development is to be built as part of an upcoming estate, the area currently suffers from a lack of connectivity. It is a 15-minute walk from Khatib MRT station.

We will also see new bus services providing transit options from this estate to other parts of Yishun, providing further access to amenities for residents.

There should be a healthy response for these standard flats, from the positive previous response and the future development plans of the region – something the HDB has promised about in a recent announcement.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

 

The Toa Payoh Lorong 1 GLS site that made headlines when it was awarded a year ago, and will be launched in 1Q 2025, as a condo called The Orie.

The new development will be built in place of an old police compound, which was an iconic structure that’s a key part of Toa Payoh’s rich and colourful history.

The town is one of the oldest estates in Singapore that frequently sees many high value public housing transactions. Despite this, private housing developments in this town are few and far between.

Here are five exciting facts about the estate of Toa Payoh that should convince you that buying a condo here is the right choice!

1. Few Condo Projects in Toa Payoh

If you look at the neighbourhoods of Toa Payoh, you will find that private housing developments in this town are few and far between.

We can count only four private condos: Trellis Towers, Oleander Towers, Trevista, and the Gem Residences with its location in the town of Toa Payoh. An upcoming development, The Orie will launch in early 2025 as the fifth condo in Toa Payoh.

The most recent Toa Payoh launch prior to The Orie is the 576-unit Gem Residences was launched in 2016.

Coincidentally, the site is also located right opposite Gem Residences. Based on a land parcel size of 15,743 square meter (sqm) and a plot ratio of 4.2, the Orie will offer some 777 housing units, making it the largest condominium development in Toa Payoh to date.

Larger condos have their benefits, such as a wider range of facilities, and higher resale transaction volume, which in turn drives prices. 

2. There is a strong HDB market ready to supply upgraders in the area

One of the most interesting things to consider when buying into a project in a high-demand, low-supply area like the Toa Payoh is the potential exit strategy.

Chart 1: Million-dollar flat transactions in Toa Payoh and Bishan (as of Nov 2024)

Source: data.gov.sg as of 4 Dec 2024, ERA Research and Market Intelligence

Firstly, there are many million-dollar flats being transacted in Toa Payoh, and the neighbouring city fringe town of Bishan. These two towns rank among the top 5 HDB towns for million-dollar flat transactions, with 104 and 71 respectively.

Unless drastic cooling measures come into play, this is a trend that is likely to stay in the future, especially as newer flats in these towns remain scarce.

With a short supply of private condo upgrade options in these towns, a new condo development in the area is likely to catch the eyes of some of these million-dollar flat upgraders!

Furthermore, the median resale prices of 4-room and 5-room flats in Toa Payoh are $800,000 and $920,000 respectively, putting prices across the board in the upper percentile of HDB prices islandwide.

Chart 2: Price ranges of HDB flats in Toa Payoh and Bishan (3-room and larger) up to 3Q 2024

Source: HDB as of 4 Dec 2024, ERA Research and Market Intelligence

The high resale price tags that these resale flats go for means that these homeowners will have the capability to upgrade to new condo developments in these areas that they have previously lived in.

3. Mature estate with lots of amenities

Toa Payoh is one of the oldest districts in Singapore, and the second satellite town to be developed by the HDB in the 1960’s.

A major benefit of staying in a mature estate is that they are well developed, and chock full of amenities. One of the best parts about staying in Toa Payoh is without a doubt, the makan available. Just look at the seven hawker centres that are dotted around the town!

1. Toa Payoh Lor 8 Market and Food Centre
2. Kim Keat Palm Market and Food Centre
3. Blk 75 Toa Payoh Lor 5 Market and Food Centre
4. Toa Payoh Vista Market
5. Toa Payoh Palm Spring Market
6. Toa Payoh West Market and Food Centre
7. Toa Payoh Hub

Image 1: Map of amenities located around condos in Toa Payoh

Source: OneMap, ERA Research and Market Intelligence

Alongside the great number of markets and food centres, Toa Payoh’s HDB estates are home to many shops and merchants, offering goods and services such as bakeries, supermarkets, sundries stores and more.

On the horizon is a new integrated development at the site of the old Toa Payoh Swimming Complex. The development will house a polyclinic, sports centre, and library – all directly connecting to the transport hub.

The upcoming integrated development will feature a polyclinic, sports centre, and library – all directly connecting to the transport hub.

This development is envisioned to be an extension of Toa Payoh Town Centre and a lifestyle destination with community facilities and space.

The development of amenities like this shows that despite being a mature estate, there is always room to modernise and improve upon the facilities in these estates and make better use of Singapore’s scarce land space!

4. Proximity to many good schools

Being within close proximity to well-known and reputable primary schools is a major consideration among those looking to purchase a property, particularly HDB upgraders who have (or plan to have) younger children.

There are four primary schools located within Toa Payoh. Some of these schools are well known for the holistic educational experience they provide their students, and for their academic and co-curricular activity performance.

CHIJ Toa Payoh (Primary) is a popular choice, especially among parents who were former alumni of convent schools. Trellis Towers, Oleander Towers, Trevista, and the upcoming Orie will fall within 1km priority enrolment distance of this school.

Pei Chun Public School is another popular primary school, having a strong multilingual focus in their academic program and producing strong national exam results. Gem Residences, Trevista, and the upcoming Orie will fall within 1km priority enrolment distance of this school.

 

Source: OneMap, ERA Research and Market Intelligence as of 4 Dec 2024.

First Toa Payoh Primary School has Gem Residences, Trevista, and upcoming The Orie listed within 1km, and Kheng Cheng School, noted for its strength in chinese performing arts has Gem Residences, Oleander Towers, Trellis Towers, Trevista and upcoming The Orie listed within 1km.

With the intricate feeder bus network in Toa Payoh, students can easily commute to any school within Toa Payoh. This extends to when they graduate and attend secondary schools in the town, such as Beatty Secondary School, Raffles Girls School and CHIJ Toa Payoh Secondary.

5. City fringe region with good connectivity

It comes without question that the connectivity and location of Toa Payoh is excellent, being a city fringe region, located in the RCR.

Image 4: Map of Toa Payoh’s MRT stations near condos

Source: OneMap, ERA Research and Market Intelligence as of 4 Dec 2024.

Residents of Toa Payoh will have access to two nearby MRT stations on the North South Line, Braddell and Toa Payoh. Toa Payoh MRT is also integrated with Toa Payoh hub, which features many dining options, shops and the bus interchange. With access to the North South Line, Toa Payoh is just 6 minutes from Orchard, and 13 minutes from Raffles Place MRT, two major interchanges in the City Centre.

Also providing accessibility options via the Circle Line and Thomson-East Coast Line is Caldecott MRT, located in Toa Payoh West. Caldecott is notably 10 minutes from the work nodes in Buona Vista and one-north.

Toa Payoh is also well connected via the PIE and CTE, for those who drive as their primary form of transportation.

In the coming years, a new interchange station will be opened at Ang Mo Kio, just 5 minutes away. This will comprise the new and upcoming Cross Island Line, further opening connectivity options to other regions of Singapore.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

For Singaporeans, the Executive Condominium (EC) presents an opportunity to enjoy all the benefits of a private property: owners get to enjoy all of the prestige, privacy, and facilities associated with a typical condo, but at a more accessible price point

The EC housing concept is unique to Singapore, and was introduced in 1995, to “satisfy the demands of those who aspire to own private property but cannot afford to do so”. This enables ‘sandwich-class’ Singaporeans to achieve their aspiration of owning a private home. To balance cost and affordability, many new EC projects are located in young housing estates.

That said, there are several catches. EC buyers are subject to a monthly household income cap of $16,000 and a mandatory Minimum Occupation Period (MOP) of 5 years. Even so, after fulfilling the MOP, owners can only sell their EC to Singaporeans and Singapore Permanent Residents.

ECs can eventually be sold to foreigners, but only after they become fully privatised after a 10-year period. This degree of resale flexibility is a significant reason why ECs are such a useful asset and a fantastic choice for a first home.

Given the higher price point compared to HDB flats, most EC purchasers fall within the monthly household income bracket of between $14,000 and $16,000. This group of buyers does not qualify for Build-to-Order (BTO) flats, and has to either explore resale HDB flats or private homes as alternatives.

Naturally, this makes ECs an attractive option, which may prove to be a wise move for both asset appreciation and overall liveability. For first-time HDB homebuyers, purchasing an EC also grants them greater ease of securing a unit due to priority allocation.

Given their more attractive price point compared to private homes, many EC projects witnessed a strong sales rate during their debut. Recent EC launches, such as Altura and Lumina Grand, achieved 61% and 53% sales respectively over their launch weekends.

Previous EC owners have benefited from the capital appreciation, but the landscape is changing

Over the years, EC owners have continued to reap handsome profits, benefiting from rising home prices. For EC projects completed in 2013, owners who sold after 5 years achieved a median profit of $142,000. In contrast, owners of EC projects completed in 2019 who sold at the 5-year mark saw a remarkable median profit exceeding half a million dollars. While past EC owners have clearly benefited from significant capital appreciation, the landscape is changing.

Table 1: Median EC Gross Profitability Comparison by Year of Completion and Holding Period

Source: URA, ERA Research and Market Intelligence *Grey cells indicate less than 30 transactions recorded.

Rising Land Cost and EC prices – Does buying an EC still make economic sense?

Amid rising land costs for ECs, driven by both their popularity and limited land sales where only two to three plots are released each year, developers are presented with a unique challenge.

And that is to price their offerings within an affordable range for EC’s buyers whose mortgage loan eligibility are capped by the 30% Mortgage Servicing Ratio (MSR) framework and income ceilings. When combined, both these frameworks will limit buyers’ affordability due to the caps placed on loan quantum, and subsequently, the maximum property value that buyers can finance.  

Chart 1: Land Cost vs Median Sale Prices of ECs (by launch year) since 2022

Source: URA REALIS as of 25 Oct 2024, HDB, ERA Research and Market Intelligence

EC Is Still More Attractive Amid Widening Price Gap with OCR New Homes

Even as EC prices continue to climb, the price gap between ECs and new non-landed private homes in the Outside Central Region (OCR) has been steadily widening over the last three years, as the latter record a faster rate of appreciation. In 4Q 2021, the price gap between a new EC and an OCR new home was $388 psf. As of 3Q 2024, this difference has soared to $710 psf.

Chart 2: Median EC and OCR new home prices

Source: URA, HDB, ERA Research and Market Intelligence

Keeping EC price quantum palatable for first timers

To keep the price quantum within an accessible range, developers have focused on offering more flexible and efficient layouts that allow homebuyers to enjoy the best use of their space. By doing so, this allows developers to keep the price quantum palatable for most buyers.

For instance, first-time buyers, who are typically young couples prefer compact unit layouts that make daily maintenance more manageable, particularly for two working adults. At the same time, they want the flexibility of space to accommodate gatherings at home. For these buyers, the trade-off of a lower price quantum for a smaller unit is often seen as worthwhile.

New ECs Make Upgrading Effortless for Second-Timers

Separately, for HDB upgraders, or second-timers, there are even more compelling reasons to consider a new EC. Firstly, upgraders are exempted from having to pay the Additional Buyer’s Stamp Duty (ABSD), since they will need to dispose of their HDB flat within six months of receiving the keys to their new EC.

Next, second-timers can also take advantage of the Deferred Payment Scheme (DPS), which, although costing 2-3% more, allows them to defer the balance of 65% until the EC achieves the Temporary Occupation Permit (TOP). The final 15% will then be payable upon the Certification of Statutory Completion. This scheme helps second-timers avoid maintaining two mortgages while waiting for the completion of the new EC.

With the ability to plough their sale proceeds from their HDB flats, second-timers are more likely to be going for the larger 4- or 5-bedroom units.

Developing Townships Provide Valuable Exit Strategies for EC Homeowners

As mentioned, ECs are usually built within developing townships, providing prospective homeowners with a viable exit strategy should they ever plan to relocate after fulfilling the MOP.

To put things into perspective, there have been five ECs launches in the Tengah and Bukit Batok planning areas, with the most recent being Novo Place. These EC projects are located in close proximity to the Jurong Lake District, which is set to transform to the largest business district outside the Central Business District over the next decade. Buyers will stand to gain a first-mover advantage benefit from growth, better connectivity and more amenities in the future.

Additionally, since these ECs are located near the new Tengah estates, there is a large captive pool of HDB upgraders once they complete their MOP.

New ECs offer affordability and deferred payment schemes, which are especially appealing for first-timers and upgraders looking to maximise space and value. However, many of these projects are locate in up and coming estates, which tend to be on the outskirts of Singapore.

So, for homebuyers who place a premium on prime locations and central convenience, resale HDB flats—despite their rising price tags—can often be the more attractive choice. This brings us to the key question: Should you opt for a million-dollar HDB flat instead of new ECs?

New EC or Million-Dollar Resale HDB: Which Is the Better Choice?

To put it simply, location is the answer. The largest advantage of resale HDB flats, and the reason that people are willing to spend upwards of a million dollars on them is due to the ability to purchase an HDB flat in centrally located areas.

Moreover, they are able to purchase larger units in these areas (5-room or executive apartments) for a similar price quantum as the typical entry price for an EC. This is a core reason why we see so many million-dollar flat transactions in city fringe areas.

On the other hand, ECs are found in locations further from Central Singapore, typically in up-and-coming housing estates. Despite so, these ECs are often located within walking distance to MRT stations and will benefit as the neighbourhood infrastructure grows and mature.

Another important consideration will be that resale flats come with shorter lease tenures that could limit the loan-to-value limits and loan tenures, whereas new ECs come with a fresh 99-year lease. Buying older flats may also come with other hidden costs from hefty renovation cost to poorly maintain external facades which are difficult and near-impossible to rectify. 

So, Is Buying a New EC the Right Move?

To sum it up: ECs are a flexible private property that both the Singaporean first-time buyer and second-time upgrader should strongly consider if they meet the financial requirements.

They feature functional layouts for a variety of family sizes, are growing increasingly more convenient in location, and provide a family with privacy, exclusivity, and access to condominium facilities.

Furthermore, with many ECs situated in up-and-coming housing estates near areas poised for significant transformation, homeowners could benefit from a viable exit strategy should they need to shift in the future to match their families’ changing housing needs. Given their many positives, buying an EC is undoubtedly the right move for any savvy Singaporean property buyer.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Pine Grove is a private residential estate located in the Ulu Pandan neighbourhood, in the Rest of Central Region (RCR) district 21. The estate was initially populated by landed houses, before condominiums started being built there in the 1970’s.

In 1977, Ridgewood Condominium was built next to the site of the Singapore American School, with Pandan Valley following in 1981. To this day, these condos are still popular and enjoy price growth, with resale prices of condos showing a 39% median price growth across the past decade.

One of the key reasons why homebuyers are drawn towards the Pine Grove estate is its exclusivity. Pine Grove is a low-density private enclave, and is elevated overlooking the surrounding greenery of Clementi Forest, and the low rise Holland Road estate.

What’s There in the Private Housing Market?

Pine Grove has been an established private housing estate for almost 50 years. Many of the condos there are getting old – in fact only 4 out of the 15 condos in the Pine Grove area have been launched after 2000.

Table 1 and Image 1: Condos around Pine Grove

Source: ERA Research and Market Intelligence

With no new launches in the area past 2013, the private property market in Ulu Pandan has seen lukewarm activity. This can be attributed to a variety of reasons, such as a reluctance/lack of urgency on the part of homeowners to sell their home, as they might encounter difficulty in finding a replacement home in the same area. This applies to both condo owners, as well as landed homeowners that might be looking to right-size.

A Tale of Two New Launches

However, in recent years, we saw the sale of two land parcels at Pine Grove, which is set to rejuvenate the quiet private housing market there, riding on the back of the HDB developments in nearby Ulu Pandan.

In 2022, Pine Grove GLS Parcel A saw a competitive bidding process which saw five developers particpating. Ultimately, it was awarded to a joint venture between UOL and Singapore Land Group who edged out the others by a razor-thin margin of $800 – talk about an exciting narrative!

Fast forward to a 2023 where the eventual project was launched as Pinetree Hill, a 520-unit high-rise condominium. As of October 2024, Pinetree Hill has sold about 72% of its units slightly a year after its launch.

In November, we can expect to see the launch of a second condominium at Pine Grove, named Nava Grove. The development will be built upon the Pine Grove Parcel B GLS site, which was awarded in late 2023 to a joint venture between Sinarmas Land and MCL Land. The highest of three bids placed on the site amounted to about $1,223 psf ppr, about 7.2% lower than that of Pine Grove Parcel A.

So, what makes this pair of projects worth talking about?

Fantastic RCR Location

Both of them sit in D21 in the RCR, but if you take out your pencils and rulers, and start to draw out the planning region boundaries, you would find that they sit literally one road away from the prestigious Core Central Region (CCR).

The estate is also located near great amenities in the nearby areas of Ghim Moh, which has a market and food centre, as well as Holland Village, with shops, a mall, and food centres.

Image 2: Location of Pinetree Hill and Nava Grove

This means that the projects essentially benefit from a CCR location, at an RCR price tag. The Pan Island (PIE) and Ayer Rajah (AYE) Expressways are located 5 minutes away, which connects residents to various commercial and industrial hubs across the country.

The AYE provides a 15-minute drive to the Central Business District, while the Orchard Road district is also accessible via a direct route down Holland Road, reachable in 10-12 minutes.

One-north, another major business district is less than 10 minutes away – one of the most attractive qualities of the development’s location.

Proximity to Henry Park Primary School

Both developments will be situated in 2km of Henry Park Primary School, one of the most prestigious and well-known primary schools in Singapore. It is widely known that families will intentionally move to the Pine Grove, Ghim Moh, and Holland Road neighbourhoods to live near this school.

Being located within a short distance of these schools makes these two projects attractive, a characteristic that is likely to translate well in the resale market.

Attractive Entry Prices and Good Potential Price Growth

The pricing of these two projects is generally safe, compared to other recent RCR projects.

Chart 1: Price ($psf) comparison of new projects in various RCR regions

Source: URA as of 16 Oct 2024, ERA Research and Market Intelligence

The closest comparison on the market currently would be 8@BT, also within D21 in the RCR. Since its launch in late September, 8@BT has transacted at a median price of $2,737psf, compared to Pinetree Hill which has transacted at a median price of $2,453psf since its launch.

Nearby HDB Developments

In 2022, the HDB had announced a plan to develop three housing projects, totalling around 3,000 BTO flats to further develop and rejuvenate the areas surrounding Dover MRT.

These developments will take place directly south of the Pine Grove neighbourhood, and create additional amenities not too far away that residents can enjoy.

Image 3: HDB developments nearby at Dover

In addition to this, after these BTO flats complete their minimum occupation period, their homeowners could look to upgrade and live in the Pine Grove estate. With Pinetree Hill and Nava Grove being the newest projects on the market, and in the vicinity of Henry Park Primary School, these HDB upgraders could be a valuable exit strategy.

With these two projects standing side-by-side, what are the differences between the projects, and more importantly – which should you choose?

Completion Timeframe

With Pinetree Hill launching earlier than Nava Grove, it is highly likely that the project will meet TOP and be completed earlier, allowing you to move in to your new home faster.

Pinetree Hill has an expected TOP in 2027, while Nava Grove has an expected TOP in 2028 – although anticipated completion could fall earlier.

Harmonisation of Gross Floor Area (GFA)

Another key difference between the two projects would be how the harmonisation of GFA affects their pricing and unit layouts. Nava Grove, tendered after the GFA harmonisation would see higher prices per square foot, and will feature more efficient designs.

At the end of the day, whichever your choice might be, there isn’t really a wrong move buying into an established RCR estate like Pine Grove.

Whether your reason to buy your property is for own-stay or investment, the coveted RCR location combined with the development of the surrounding estate and make prospects look promising.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

With so many projects to choose from, which is the right one for you? Whatever your choice may be – may the odds be ever in your favour.

The Housing & Development Board (HDB) has officially launched 8,500 Build to Order (BTO) flats on 16 October 2024. This rounds up the 19,600 BTO flats promised in 2024.

This exercise features a total of 15 projects—a record number—comprising 7 Standard projects, 7 Plus projects, and 1 Prime project.

A diverse range of flats, including 2-room Flexi, 3Gen flats, and Community Care Apartments, are available under the new flat classification system of Standard, Plus, and Prime categories.

The reclassification of flats might sway some first timers away from the Plus and Prime flats, balance demand across the board.

Plus Flats Make Their Debut

Plus flats are the one of the three new classifications for BTO flats. This is the first time that they are being launched for sale.

Plus flats launched this round can be found in Ang Mo Kio, Bedok, and Kallang/Whampoa.

These flats are characterised by their ‘choicer’ locations, which are near MRT stations, as well as existing and/or future town centres and amenities.

Plus flats in Bedok (both Bayshore and Kembangan) are expected to be popular as they will be in walking distance of an MRT station. Bayshore will be a new precinct near East Coast Park, which is a popular area; the development also features units with full-height windows that open to a sea-view. Meanwhile, Kembangan, which is a developed estate, will see its first flats launched since the late 1980s.

 

We expect the Plus project at Ang Mo Kio to see strong demand, since it’s located within a short walk to Ang Mo Kio’s town centre and AMK Hub. The last BTO in Ang Mo Kio in 2022 saw an application rate of 13.5. However, the new project is likely to fall within 1-2km of CHIJ St. Nicholas, which is slightly out of priority enrolment distance, and could balance out demand.

So – how do they differ from the already existing Prime flats?

In the last two years, new flats in Kallang/Whampoa have fallen under the Prime category, due to their strong locational attributes. However, with the introduction of the Plus category, we are seeing two Kallang/Whampoa projects being classified as Plus for the very first time. These Plus flats also cost up to $60K less than the Prime flats at Crawford Heights.

Let’s take a case study of the trio of Kallang/Whampoa project offerings, comparing their prices with what is available on the resale market.

As we can see, the BTO prices for these flats are very attractive as they are sold at significant discount off the market price in the resale market.  This is because BTO prices are delinked from resale market prices and HDB prices BTO based on what household incomes up to $14,000 a month can afford to pay based on a Mortgage Servicing Ratio that is below 30%.

The price difference is very marginal; the starting prices (excluding grants) are just $46,000 more for Prime flats in Kallang Whampoa. As resale restrictions of Plus and Prime are largely similar, we can foresee most buyers gunning first for the Prime flats at Crawford Heights as they are nearer to the city, facing a waterway and have a more attractive façade and architectural design.

Stricter restrictions for Plus/Prime Flats

Resale subsidy clawback

Both Plus and Prime flats will feature tighter resale restrictions such as a 10-year MOP, a resale income ceiling of $14,000 and 6-9% subsidy clawback.

These subsidy clawbacks will be based on the eventual resale price; which may not be too high as there will be an income ceiling cap on the eventual resale purchaser.  Assuming an eventual resale price of $1.3 million, a 8% clawback is $104,000.

But with the current BTO price of these plus and prime flats at 300-400K cheaper than resale flats in the vicinity, the BTO purchaser is enjoying significant market price discount for a new brand flat in the same location. So, the clawback amount should not be a deal breaker.

The reclassification of flats might sway some first-timers away from Plus and Prime flats, balancing demand across the board. Despite the subsidy clawback, we did see robust demand for Prime flats under the previous BTO sales launches.

Minimum Occupation Period (MOP)

In addition to this, Plus and Prime flats will feature a 10-year MOP period, double that of standard flats.

This could be a cause of concern for potential homebuyers. For example, job changes, expansion of family, or caregiving duties for elderly parents might trigger the need to shift homes. So buyers are concern about how their housing needs may evolve over time, and may choose not to be locked in over a prolong MOP.

As a result, some buyers might be drawn toward conveniently located Standard flats. We anticipate that Pasir Ris and Sengkang flats will be popular, given their shorter construction time, proximity to MRT or LRT stations and the availability of amenities in the area.

Other Resale Restrictions

These Plus and Prime flats can only be resold to Singaporean citizens with an income ceiling of $14,000.

It is also worth noting that the 15-month waitout period for eligible private property downgraders will be doubled to 30 months for Plus and Prime resale flats.

Consequently, private property downgraders may consider alternatives to Plus and Prime resale flats. Such downgraders typically have more generous housing budgets and are willing to pay a premium for their ideal HDB home.

Prime flats to pilot the ‘White Flat’ program

Crawford Heights in Kallang/Whampoa represents the first time that HDB will be piloting the option to purchase a ‘white flat’.

Coincidentally, this will be the only project in the Prime category, wrapping up the year which saw Prime projects launched in areas such as Tanjong Rhu, Tanglin, and Holland Village.

‘White flats’ are an opt-in where applicants can choose for their flat to come in a beamless, open-concept layout, where living and bedroom spaces are not separated by walls. The ‘white flat’ concept will be popular among young couples who are looking to extensively renovate their units. However, these buyers should be mindful that excessive renovation works could make it less appealing to future buyers.

Standard Flats still make up the majority of flat supply, with some projects expected to see stronger demand

As defined by HDB, standard flats will be found across the greatest variety of locations, and make up the majority of new flat supply. Standard flats will also be the most affordable option with the fewest resale restrictions, essentially making them the most accessible form of housing for Singaporeans.

In June’s BTO exercise, only the Woodlands and Tampines projects had a shortened waiting time of under 3 years. The number of flats offered at these projects total up to about 1,352 units.

In contrast to this, 2,085 flats across three projects in Sengkang and Bukit Batok will be launched with expedited waiting times – about 1.5 times that of the previous launch.

The project in Bukit Batok (West Brickville @Bukit Batok) features a brief 2-year wait time, one of the shortest ever for HDB flats.

These launches with shorter wait times, combined with the 5-year MOP creates the some of the shortest runways available for asset progression today, and should be a popular choice.

In particular, the twin projects at Pasir Ris are located within walking distance of an MRT station, which could be a major selling point for many interested applicants – especially those with family living in the area. We expect the 4- and 5-room flat options to be among the most popular choices for first-timer applicants.

This is followed by Sengkang which is near LRT stations and amenities such as Seletar Mall, and are priced more attractively. The Bukit Batok project is located across from Tengah, and residents will be able to enjoy the fist-mover advantage by staying near a rapidly-developing estate, which will see a future MRT station along the Jurong Regional Line.

The Jurong West Project is located far away from the nearest MRT. However, with over 1,800 units available and 4-room prices starting from $290,000, this project looks to be the most affordable and accessible option for budget-conscious applicants.

2-room flat availability for Singles across all housing models

Application rates for 2-room flats among singles remains high, particularly in popular housing estates. In June’s sales launch, the 2-room application rates for Singles reached 7.0 for the Yishun project and 6.4 for the Jurong East project.

Giving singles the chance to buy 2-room flats in mature estates allows them to live closer to their parents and makes it easier to manage caregiving needs.

Conclusion

Here are a few key takeaways that we have learned from the launch of this BTO exercise:

• Standard flats provide the most flexibility. They are the most affordable flats with the fewest resale restrictions, and would appeal especially to those looking to upgrade to a private property after the 5-year MOP.
• Plus flats create good and convenient homes for people that are not looking to upgrade their property in the medium term. They feature homes in established estates like Ang Mo Kio and Bedok, allowing people to stay near their parents. They could also be a popular option for singles as previously their BTO options were oversubscribed.
• Prime flats are still the go-to option for owner-occupiers. They feature the best locations close to the city centre, and close to amenities and transport notes.

Looking forward to 2025

In February 2025, HDB will offer about 5,000 flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. The launch would focus on creating more housing in up and coming areas such as Chencharu, Woodlands North, and Tanjong Rhu.

However, in terms of diversity for the projects offered, the current October launch has a wider variety across more popular and attractive locations. Therefore, we do not forsee the upcoming launch affecting the current demand.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

A new MRT line always brings about hype and conversation. Truer words cannot be spoken for the colourful District 15, which has been patiently waiting for MRT access for decades.

District 15, consisting of the East-Coast and Marine Parade residential estates, has a rich and prolific history. From the mid-19^th century, the Katong precinct was occupied by the wealthy Peranakan community, a historical fact preserved in the colourful heritage shophouses that line the streets of Joo Chiat, Tanjong Katong and East Coast Road today.

Following land reclamation efforts in Singapore’s developing years, the 1970’s saw HDB projects sprouting in the area known as Marine Parade. Over the years, the district and its estates have seen continued development, with condominium projects being built, rounding off housing options and establishing the Marine Parade area and District 15 as a mature estate.

“Nice Area, Poor Connectivity”

Historically, if you asked most people who stayed in the East what they thought of their neighbourhood, you would hear responses like “Nice area, but no MRT” or “Close to town lah… by bus”.

Since the inception of its first housing projects in the 1970’s, Marine Parade and much of District 15 has been served solely by bus services. Due to the time needed for the reclaimed land to settle, tunnelling works for MRT construction could not be attempted until the land was deemed ready.

As a result, residents of District 15 waited patiently and watched in envy as the rest of Singapore, mature and non-mature estates alike received infrastructure upgrades through the development of the different MRT lines across the years.

Demand for Homes in the East

However, despite the lack of MRT access, which is a major concern and criteria for most homebuyers, District 15 has seen considerable growth and demand across the years.

According to ERA’s ‘My Dream Home’ survey conducted in 2024 that received over 1700 responses, 30% of condo buyers stated their preference of living in the city fringe, while a further 20% stated their preference for living in the East region of Singapore.

D15 is uniquely positioned, with sections within the Rest of Central Region that allow it to serve as a gateway in the East to Singapore’s central core. Its city fringe location means that those commuting to the downtown core of Singapore can do so within just 10-15 minutes.

Additionally, District 15 has a characteristic charm stemming from the amalgamation of low-rise shophouses full of watering holes and eateries with high-rise developments overlooking the East Coast.

The Thomson East-Coast Line Has (Finally) Arrives in the East Coast

Announced in 2014, the Thomson-East Coast Line (TEL) is a merger of the previously planned and distinct Thomson (TSL) and Eastern Region (ERL) lines.

Source: LTA

This garnered much attention as long-time residents of D15 have always expressed the district’s need for MRT access. This MRT access would make it easier for residents to get to the various schools and amenities across the district. It would also make property in the area more attractive if these future MRT stations were built within walking distance of housing.

After a decade of construction and waiting, and one global pandemic later, the TEL’s East-Coast stations finally opened their doors to the public in June 2024, breathing new life into D15.

Increased Connectivity for Students and Teachers

The introduction of the TEL creates much-needed connectivity for the schools in the area. District 15 is home to several reputable schools across the various educational levels in Singapore.

However, some of these schools, especially those along Marine Parade Road and their surrounding neighbourhoods have traditionally only been accessible by bus – either from the various neighbourhoods across the district, or from the nearest (if you can call it that) MRT stations such as Dakota or Mountbatten.

If you have ever taken one of the bus services that service the area in the morning, you would have a clear idea of the number of students that rely on them for their commute.

Source: OneMap.gov.sg, ERA Research and Market Intelligence

With the opening of the East-Coast segment of the TEL, the reliance on buses will be heavily reduced, with most of the schools being within a short walking distance of one of the stations.

Access to Amenities

The opening of the TEL also makes it easy for those staying in D15 to access all the amenities the district has to offer. This allows people staying in the various private residential enclaves (i.e. Siglap, Meyer Road and Amber Road) to access the various hubs and town centres in D15.

These hubs include the town centres located in the HDB estates of Marine Parade, which is home to Parkway Parade and Marine Parade Central, which includes a market, food centre and a multitude of HDB shophouses packed with various stores catered to the residents of the neighbourhood.

Other areas that have been made more accessible through the opening of the TEL are Joo Chiat and Katong, which are home to rows and blocks of heritage shophouses offering retail, dining, and various services. Along this stretch also lies various shopping malls, such as Roxy Square, Katong V, and i12 Katong to name a few, which were previously only accessible by bus.

With easy access via MRT, those living in D15 can now have their travel times cut short should they need to run any errands or participate in any activities in these hub areas. Examples would include buying groceries, or students travelling to tuition centres.

If they so wish, residents living in D15 can also find entertainment or recreational options at destinations, such as Singapore Sports Hub at Kallang and even Marina Bay Sands, which is accessible by Marina Bay MRT on the TEL.

Expedited Downtown Travel Times

The opening of the TEL opens up faster travel times and a much more straightforward route to the central region for the daily commuter. Traditionally to reach the city centre by MRT, you would have to take a bus service to Dakota, Paya Lebar, or Bedok MRT station – largely negating the benefit of distance D15 has to central Singapore.

With the opening of TEL stations, travel to the city is largely expedited. New stations, such as Marine Parade, Tanjong Katong, and Katong Park are 3 to 5 stops (or 12 minutes and under) away from Marina Bay MRT at the heart of the CBD. This is a definite plus for daily commuters to the city centre as they stand to benefit most from the shortened and more predictable travel times.

Will We See Greater Demand for Homes in D15 in the Future?

In essence: yes.

Many homebuyers have already expressed their clear interest in city fringe homes – particularly the East – which makes D15 the perfect candidate for them.

D15 is rich in heritage, with many aspects of straits and colonial era Singapore imbued deep within its DNA. There are also HDB towns that have over time blossomed into mature estates, being packed full of amenities and conveniences that most Singaporeans desire.

With many good schools in the area across various education levels, D15 is seen as one of the best places to own a familial home.

In the past few years, there have also been many new launches in D15, ranging from boutique projects to mega-developments. The wide range of new homes available on the market ensures that every homebuyer has options available to them, depending on their needs.

Table 1: New Projects Available in D15

Project Name	Address	Tenure	Total no of units	Available units	Remarks
Meyer Blue	Meyer Blue	FH	226	226	Launching 4Q 2024
Emerald of Katong	Jalan Tembusu	99y LH	846	846	Launching 4Q 2024
Straits at Joo Chiat	Joo Chiat Place	FH	16	9
Ardor Residence	Haig Road	FH	35	3
Grand Dunman	Dunman Road	99y LH	1008	301
The Continuum	Thiam Siew Avenue	FH	816	424
Tembusu Grand	Jalan Tembusu	99y LH	638	157
Claydence	Still Road	FH	28	2
K Suites	Lor K Telok Kurau	FH	19	10
Atlassia	Joo Chiat Place	FH	39	4

Source: ERAPro as of 16 Sep 2024

With the TEL opening up new conveniences and opportunities, both new and resale homes are expected to grow competitively in prices.

If you are interested in purchasing a home in D15 – new or resale, feel free to get in touch with an ERA Trusted Advisor today!

 

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Have you ever dreamed of staying in a place not dominated by towering high-rises but filled with greenery and low-rise houses instead? A place with its own unique flair and personality, where heritage and modern lifestyle blend seamlessly? Areas like Katong or Tiong Bahru might come to mind, but they can be a bit too upscale for some. What if we told you there’s a hidden gem in District 19 that offers the same charming living experience?

Welcome to the quaint estate of Serangoon Garden, one of Singapore’s most distinct housing areas.

A Brief History

Serangoon Garden is a residential estate and a subzone in the Serangoon planning area, located in District 19.

In the 1950’s the estate now known as Serangoon Gardens was built to provide housing for workers and their families in the area, such as teachers, labourers and airmen. These townhouses and bungalows, with their distinctive red roof tiling became synonymous with the area – a distinctive trait that a good number of houses retain, even today.

As the area became populated, amenities and conveniences were built into the area, such as shops, eateries started showing up, and a recreational clubhouse, Serangoon Gardens Sports Club.

Serangoon Garden Today: Amenities and Landscape

Serangoon Garden has kept most of its landscape and architecture from the olden days, retaining its iconic look and feel, while offering modern conveniences to its residents.

Serangoon Garden Circus, where most of the shops were situated still stands, with their tenants hosting a wide range of food and services catered to the modern tastes of residents.

The recreational clubhouse, now known as Serangoon Gardens Country Club, still stands, with members from the estate frequenting it for sports and recreational activities, as well as classes and enrichment activities for their children.

The street food vendors that used to run their businesses out of carts along Serangoon Garden Way were also given a hawker centre to set up stalls and operate out of in 1972.

The hawker centre, now known as Chomp Chomp Food Centre, is famous today for its selection of local food (famous dishes there include BBQ stingray and Hokkien Mee) and is one of the more well-known and frequented hawker centres in Singapore.

Why Is Serangoon Gardens Such a Popular Estate?

Serangoon Gardens is one of the most popular and recognisable estates in Singapore, and for good reasons.

Kampong Spirit

It is not uncommon to find people that have stayed there their whole lives, with their homes being passed down generations over the last 70 or so years of its existence. This gives the estate a warm, kampong feel with the community fostered between the residents of the estate that residents have fondly dubbed “the feel of an old English village”.

A cosmopolitan village

In addition to this expatriates, particularly those from Australia or France, tend to rent homes in Serangoon Gardens, due to its proximity to the Australian and French international schools.

With an established community of foreigners and expatriates, there has been an increase in the number of businesses catered to the needs of these communities. You can find cafes and eateries at Serangoon Garden Circus serving western fare, as well as grocery stores such as Little Farms and a French grocer.

The presence of these establishments within the landed enclave gives the neighbourhood a distinct, cosmopolitan vibe that can be likened to that of Holland Village.

A Wealth of Amenities

In comparison to other landed estates or enclaves in Singapore, Serangoon Garden offers more amenities to its residents. The mini hub at Serangoon Garden Circus offers everything for its residents, from food, to enrichment and tuition centres, as well as healthcare, and pet care shops.

There is even a shopping mall, MyVillage with a FairPrice Finest for residents to do their shopping, along with dining options, and beauty parlours and hair salons.

Scarcity of Housing in Serangoon Gardens

Given the popularity of the estate, housing availability is scarce in Serangoon Gardens. This is especially so when we consider that most of the houses in the estate are landed homes.

 

Currently, landed homes are high in demand, with a low supply. As a result, landed homeowners possess strong holding power, with the median price for a house in Serangoon Gardens in 2024 costing $4.62m, making it inaccessible for most homebuyers.

With landed houses being scarce, costly, and mostly out of reach for most of us, we automatically look for non-landed private property options in the area. However, a search in the Serangoon Gardens estate would show that there are few condominium or private apartments.

Table 1: Non-landed private projects in Serangoon Garden Estate (<500m of Serangoon Garden Circus)

Source: PropertyGuru, ERA Research and Market Intelligence

For those looking for a private property close to Serangoon Gardens, a fantastic place to look would be its sister neighbourhood of Lorong Chuan.

Lorong Chuan – An Alternative

Lorong Chuan is a subzone and precinct that neighbours the Serangoon Gardens estate. The precinct is named after a road bearing the same name, which connects the Central Expressway (CTE) to Serangoon Gardens.

It is considered a desirable location to live in by Singaporeans and foreigners alike, for three notable reasons. Firstly, it is close to Serangoon Gardens and Serangoon Central, as well as Bishan and Toa Payoh towns, offering residents of the precinct a wealth of amenities and conveniences.

Secondly, the precinct is also serviced by Lorong Chuan MRT, one stop away from Serangoon and Bishan MRT stations – major interchanges on the North-South and North-East lines respectively.

Finally, there are a variety of condominium projects here that are allow living near the landed estates of Serangoon Gardens and Braddell Heights at a more affordable price point.

Price Growth

Table 2: Non-landed private projects in Lorong Chuan

Source: PropertyGuru, ERA Research and Market Intelligence

Demand drivers for homes in the area directly stem from the convenience that the area provides. In addition to this, the neighbourhood falls within the 1km radius for notable schools such as St. Gabriel’s Primary School and CHIJ Our Lady of Good Counsel.

While there is a thriving and attractive private condominium estate in Lorong Chuan, there hasn’t been a new launch in the area in over a decade – that is until the announcement of the upcoming Chuan Park, which has caught the attention of the market as one of the biggest launches of 2024.

Chuan Park – A New Development with New Opportunities

Chuan Park is an upcoming 916-unit mega development with a 99-year leasehold tenure. It is being built as a redevelopment following the collective sale exercise of the former Chuan Park condominium.

Adding a stock of 916 units to the existing inventory of 2,148 units in Lorong Chuan will increase the number of condominium units in the area by 43%, which is sure to rejuvenate and encourage price growth.

Mega-Development, Mega Benefits!

Being a mega-development, Chuan Park will have clear strengths in the market for investors, such as a fresh 99-year lease, along with a wide variety of amenities that will attract buyers and tenants from diverse groups.

In addition to this, families will be drawn to the development, due to its wide array of facilities, distance to nearby amenities and a 1km priority enrolment distance to St. Gabriel’s Primary and CHIJ Our Lady of Good Counsel.

Great Accessibility

The most attractive attribute about the location is that Lorong Chuan MRT is situated right at its doorstep. Aside from integrated developments, not many condos in Singapore can boast this level of convenience.

Lorong Chuan MRT on the Circle Line provides a direct route to Marina Bay, as well as to Buona Vista and one-north business nodes. It is also within 3-5 stops to the Thomson East Coast Line, East West Line and Downtown Line, as well as 6 stops to Orchard, further connecting it to more business nodes in Singapore.

Working professionals could also find the location attractive if they work at New Tech Park. Alternatively, Lorong Chuan’s location adjacent to the CTE provides a speedy 15-minute drive to the central region of Singapore.

Expected to launch in the second half of this year, Chuan Park is bound to turn heads as one of the biggest launches of the year. If you are interested to find out more about this exciting new launch, kindly reach out to an ERA trusted advisor today.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any