October BTO exercise: Which projects were the most sought-after?

The exercise achieved an application rate of four times hours before its close.

The October BTO exercise, featuring flats with new classifications, received 33,983 applicants, or an application rate of about four times, just hours before it officially closed on 23 October.

PropNex said the October exercise had the highest application rate since August 2022, when a 7.8 times rate was achieved with over 39,000 applications.

The number of applicants in the October 2024 BTO launch is also the highest since August 2022.

Huttons attributed the high number of applicants to "more singles applying for a BTO flat."

PropNex echoed this, saying: "We think the shorter waiting times of around two years for certain projects, and the change in policy allowing singles to apply for 2-room Flexi flats in all locations have also helped to supercharge interest in this BTO launch."

Two-room flexi flats accounted for 31% (10,477) of applications received as of 5 p.m. on 23 October, translating to an application rate of 5.5 times.

The October exercise saw a record-high application rate for 2-room Flexi flats, surpassing other flat types.

Meanwhile, West BrickVille @ Bukit Batok was the most popular project among singles, with a first-timer application rate of 34.3 times as of 5 pm on 23 October.

"As this project has a short waiting time of just two years, we think many singles who are eager to have their place could have applied for a 2-room Flexi flat here," PropNex said.

"The location is fairly attractive – near to the future Tengah Park MRT station, and the Tengah town centre," PropNex added.

West BrickVille @ Bukit Batok ranked among the top five projects in the October BTO exercise, following Costa Riviera I and II in Pasir Ris, which had a combined application rate of 7.2 times, and Central Trio @ AMK, which recorded a 7.5 times application rate.

The project also received strong demand from second-timer families achieving an appkcation rate of 52 times for 4-room flats.

"Given the stiff competition, we reckon many second-timers may not be able to secure a flat in this BTO exercise. Alternatively, they may opt to go for the next BTO launch in February 2025, or perhaps seek a suitable flat in the resale market," PropNex commented.

The strong application rates for Central Trio @ AMK and three Plus projects in Bedok reflect early buy-in for the Plus and Prime flat types, said ProNex.

"It suggests that many buyers – both first-timers and second-timers - are willing to commit long-term to their flat and that the additional restrictions are not a dampener on their buying decision, especially if the BTO project is in a choice location," PropNex said.

Huttons, however, said first-timer applicants for a 4-room flat in Central Trio @ AMK, a Plus project at 1,663 was 67% lower than the 5,033 applicants of the Standard project. Central Weave @ AMK, last August 2022.

"There may be some applicants who felt that some BTOs should be Standard instead of Plus," Huttons commented.