May 2022 HDB BTO Launch Review: The Time to Buy?
For those who are waiting to apply for the HDB Build To Order (BTO) flat, be it with your significant other, eligible bachelors over the age of 35, or even those under the joint singles scheme, wait no longer. This May 2022 BTO launch is sure to be highly contested, with a total of 4,583 BTO flats across 5 estates to be launched.
The main highlight of this BTO launch is most certainly the two projects launched under the Prime Location Housing (PLH) model - Bukit Merah Ridge in Bukit Merah and Ghim Moh Ascent in Queenstown.
The other projects do not seem any less attractive however, as they too are located in popular housing areas - Toa Payoh, Yishun and Jurong West.
May 2022 HDB BTO Launch Overview
| BTO Launch Estate | Unit Mix | Units Available | |
|---|---|---|---|
| Bukit Merah | 3-room, 4-room | 1,669 | |
| Queenstown | 3-room, 4-room | 867 | |
| Toa Payoh | 2-room Flexi, 3-room, 4-room | 385 | |
| Yishun | 2-room Flexi, 4-room, 5-room | 646 | |
| Jurong West | 2-room Flexi, 3-room, 4-room, 5-room | 1,016 |
Prime Location Housing (PLH) Model
For those who do not know what is the PLH model, here is a quick overview:
This allows new public housing that is built in prime, central locations to remain affordable and accessible for Singaporeans.
For more information, please refer to HDB’s website over here.
Bukit Merah Ridge (Bukit Merah)
| Flat Type | Units | Selling Price | |
|---|---|---|---|
| 3-room | 443 | S$377,000 - S$509,000 | |
| 4-room | 1,226 | S$540,000 - S$737,000 |
Amenities: Henderson Community Club & Neighbourhood Police, Bukit Merah View Neighborhood Centre (w/ market & food centre), Tiong Bahru Plaza, Tiong Bahru Park
Schools: Zhangde Primary School, Alexandra Primary School, Gan Eng Seng Secondary (~1km)
| Pros | Cons |
|---|---|
| Close Proximity to CBD | Lack of 5-room Flats for Bigger Families & 2-room Flats for Young Couples |
| Convenient Access to Basic Amenities & Retail Goods | Long Waiting Time for Completion |
| Near to Tiong Bahru & Redhill MRT station | On The Pricier End |
| Close proximity with 3 nearby primary schools |
Ghim Moh Ascent (Queenstown)
| Flat Type | Units | Selling Price |
|---|---|---|
| 3-room | 196 | S$369,000 - S$481,000 |
| 4-room | 671 | S$511,000 - S$691,000 |
Amenities: Ulu Pandan Community Club, Buona Vista Community Club, Civil Service College, Ghim Moh Market & Food Centre, The Star Vista, Ulu Pandan Park Connector
Schools: Anglo-Chinese School (International), Anglo-Chinese Junior College, Fairfield Methodist School (Primary), Fairfield Methodist School (Secondary), Henry Park Primary School (~2km)
| Pros | Cons |
|---|---|
| Close Proximity to Dining & Entertainment Options at Holland Village | Lack of 5-room Flats for Bigger Families & 2-room Flats for Young Couples |
| Convenient Access to Basic Amenities | Long Waiting Time for Completion |
| Walking Distance to Dual-Line Buona Vista MRT Station | On The Pricier End |
| Near Multiple Highly Sought After Schools | Noise & Dust from Construction on Future Residential Developments |
Kim Keat Heights (Toa Payoh)
| Flat Type | Units | Selling Price | |
|---|---|---|---|
| 2-room Flexi (Type 1) | 34 | S$162,000 - S$206,000 | |
| 2-room Flexi (Type 2) | 86 | S$215,000 - S$263,000 | |
| 3-room | 100 | S$289,000 - S$373,000 | |
| 4-room | 165 | S$420,000 - S$559,000 |
Amenities: Toa Payoh East Community Club, Toa Payoh Sensory Park, Toa Payoh Lorong 5 Food Centre, Kim Keat Palm Market & Food Centre, Toa Payoh Lorong 8 Market & Food Centre
Schools: Pei Chun Public School, First Toa Payoh Primary School, Kheng Cheng School (~1km)
| Pros | Cons | |
|---|---|---|
| Close Proximity to CBD | Some Distance from Nearest MRT Stations: Toa Payoh & Braddell | |
| Well Developed Estate | Only 385 units; Expect Stiff Competition | |
| Convenient Access to Basic Amenities with Multiple Food & Market Options | Lack of 5-room Flats for Bigger Families | |
| Near Multiple Highly Sought After Schools |
Yishun Beacon (Yishun)
| Flat Type | Units | Selling Price | |
|---|---|---|---|
| 2-room Flexi (Type 1) | 52 | S$123,000 - S$144,000 | |
| 2-room Flexi (Type 2) | 221 | S$144,000 - S$184,000 | |
| 4-room | 207 | S$328,000 - S$418,000 | |
| 5-room | 166 | S$485,000 - S$595,000 |
Amenities: Northpoint City, Yishun Pond Park, Yishun Community Hospital/ Khoo Teck Puat Hospital, Yishun Swimming Complex, Yishun Park Connector
Schools: Huamin Primary School, Jiemin Primary School, Naval Base Primary School, Northland Primary School, Peiying Primary School, Xishan Primary School, Yishun Primary School (~1km)
| Pros | Cons | |
|---|---|---|
| Walking Distance to Yishun MRT Station | High Traffic & Above Ground Noise | |
| Close Proximity to NorthPoint City for Major Retail, Dining & Entertainment Options | Superstitious People: Next to Hospital | |
| Within 1km Distance to Multiple Primary Schools | Lack of 3-room Flats for Young Families with 1 or 2 Children | |
| Able to use Married Child Priority Scheme, Multi-Generation Priority Scheme |
Lakeside View (Jurong West)
| Flat Type | Units | Selling Price | |
|---|---|---|---|
| 2-room Flexi (Type 1) | 100 | S$123,000 - S$144,000 | |
| 2-room Flexi (Type 2) | 355 | S$133,000 - S$180,000 | |
| 3-room | 101 | S$215,000 - S$265,000 | |
| 4-room | 246 | S$320,000 - S$393,000 | |
| 5-room | 214 | S$412,000 - S$526,000 |
Amenities: Jurong Lake Gardens, Jurong Park Connector, Jurong East Sports Centre, Taman Jurong Community Club, Taman Jurong Market & Food Centre
Schools: Boon Lay Garden Primary School, Lakeside Primary School, Rulang Primary School, Shuqun Primary School (~1km)
| Pros | Cons | |
|---|---|---|
| Great Scenic View | Quite a Distance from Taman Jurong Shopping Centre for Basic Amenities | |
| Available Flat Options for Every Family | Distant from the Nearest MRT Station | |
| Close to Multiple Primary Schools |
HDB Housing Loan vs Bank Home Loan
Unless you can make the full payment for your new flat upfront, you are most likely going to seek some sort of housing loan from either the banks or HDB.
So, the question is: Do I go for the HDB Loan or Bank Home Loan?
Before we discuss this question in further detail, let’s look at the key differences between HDB loan and Bank Home Loan:
| HDB House Loan | Bank Home Loan | ||
|---|---|---|---|
| Downpayment | 10% of purchase price (Can be paid in full using CPF OA savings) | 25% of purchase price (5% made in cash) | |
| Interest Rates | Pegged at 0.1% above OA interest rate | Generally lower but fluctuates with market conditions | |
| Borrower Eligibility | Many requirements such as income ceiling | A good credit score would suffice | |
| Property Eligibility | HDB flats only | HDB & Private Property | |
| Minimum Loan Size | None | S$100,000 | |
| Loan-to-Value Limit | Up to 85% of property value | Up to 75% of property value | |
| Late Repayment Penalty | 7.5% per annum | Not as lenient as HDB Loan | |
| Lock-in | No | Yes |
To gain a better understanding on the differences between HDB loan and Bank Loans, please refer to our in-depth analysis over here.
Your decision could depend on a basket of factors. Below are some questions that you should ask yourself before making a decision.
Am I eligible to apply for the house loan? Will I face cashflow problems if paying the 5% downpayment in cash for the Bank Home Loan? How much would I need to borrow? Am I able to pay 25% of the purchase price as downpayment to the bank? Will I have difficulty repaying the loan on time?
To make a more informed choice regarding your home loan, do check out over here to understand all there is to know about home loans.
HDB Housing Grants
Buying a house is a big-ticket investment and grants could help you ease your finances. Understanding the housing grants that you are eligible for and how to apply for them could prove very useful in your new property purchase.
Listed below is an overview of the types of grants for each property type:
| HDB Type | HDB/CPF Housing Grant | Income Ceiling | Grant Amount | |
|---|---|---|---|---|
| BTO/Resale | Enhanced CPF Housing Grant | S$9,000 | S$5,000 to S$80,000 | |
| Resale | Housing Grant for Resale Flats | S$14,000 | S$15,000 to S$50,000 | |
| Resale | Step-Up CPF Housing Grant | S$7,000 | S$15,000 | |
| Resale | Proximity Housing Grant | S$12,000 | S$20,000 to S$30,000 | |
| EC | Family Grant | S$12,000 | S$10,000 to S$30,000 |
These HDB housing grants are given to lower-middle income families to help make their home purchase more affordable. Hence, the lower your total income, the higher the grant amount. The grant amount is also dependent on whether you are a Singapore Citizen/Singapore Citizen couple (SC/SC) or Singapore Citizen/Singapore Permanent Resident (SC/PR) couple.
For more information on your grant eligibility, please refer to HDB’s official website over here.
Conclusion
Purchasing your first BTO flat could prove to be a tedious job with many things to consider. Location and affordability of the flat is one main consideration, but the follow-up after making the purchase is something many often overlook. Things such as the average cost of home loans, being able to refinance your housing loan, home insurance etc should be factors of consideration prior to making your BTO flat purchase. To end off… All the best for your house-hunting journey!
Refer over here for more tips to manage your personal finances!
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Fiona is a full-stack marketer working in the digital sphere for more than six years.
A self-proclaimed foodie and bargain hunter, she wants to bring the best deals and value to the community around the world. When not working on her pet projects, Fiona can be found sipping a coffee while reading a paperbacks or watching mystery thrillers on Netflix and Disney+.