New BTO units oversubscribed by 6.3 times in February

Dakota Crest in Geylang led in terms of applications.

Build-to-Order (BTO) exercise in February 2022 was “overwhelming,” with 24,748 applicants vying for 3,953 new units, data from PropNex showed.

According to the expert, the figures as of 23 February, 5 pm, translate to an application rate of 6.3 times which is higher than the 4.4 times achieved in November’s exercise where 4,501 new flats were launched.

The “star” of the Feburay 2022 sales launch of BTO was Dakora Crest in Geylang which received 7,712 applications for 443 available flats which translate to an application rate of 17.4.

The applications for the 4-room flats in Dakota Crest — 6,294 for 242 flats — also make up a quarter of the overall number of applicants in February’s BTO exercise, PropNex said.

According to Huttons, those who missed out in selecting a flat during Dakot’s August 2020 BTOB exercise may have reapplied again, thus intensifying competition in February.

"The location of Dakota Crest is excellent as it is minutes' drive to the CBD, near to MRT stations and there are plenty of amenities in the area,” Huttons added.

Just behind Dakota Crest is King George’s Heights at Kallang Whampoa, a prime location housing (PLH) project, which garnered 5,305 applications for its 398 available units, translating to a subscription rate of 13.3 times.

In terms of 4-room flat applications, the PLH project posted an application rate of 16.0 with 4,704 individuals vying for 294 units.

Compared to the previous PLH projects launched in November 2021— River Peaks I and II in Rochor — King George’s Heights recorded a higher overall subscription rate and higher interest in four-room flats.

Huttons said the stronger response towards King George’s Heights could be “due to a smaller supply of flats and lower prices compared to Rochor PLH flats.”

PropNex, for its part, said: “It is likely that some applicants who have previously held back from applying for the Rochor pilot PLH project due to fear of the uncertainty, could have gotten over earlier doubts and went ahead to apply for King George’s Heights in this February’s BTO exercise. In addition, the attractive subsidized pricing and fewer units available in King George’s Heights could also have helped to boost demand and drive up its application rate.”

Applicants who will be unable to secure flats during the February 2022 sales launch can look forward to the May 2022 BTO exercise which will include projects like Bukit Merah, Queenstown (Ghim Moh), and Toa Payoh.