The February 2023 Build-To-Order (BTO) exercise closed yesterday at 11.59pm, after 4,428 flats were launched for sale on Feb 28. According to HDB data updated as of 5pm on Mar 6, the number of applicants was 15,234, translating to an application rate of 3.44 times. This is lower than the 5.8 to 7.8 times application rates registered in the other BTO launches during the year, such as February, May and August.
Lee Sze Teck, Huttons Asia’s senior director of research, notes that this is the lowest number of applicants since September 2019, when the number of applicants was 7,179.
PropNex Realty CEO, Ismail Gafoor, believes that the more measured response to the latest launch is attributed to some buyers choosing to wait for other projects that better suit them. “We anticipate there’ll be pent-up demand for those upcoming flats, mainly the five-room units in Bedok and Serangoon, which will be …