21 BTO Application Rates Statistics & Trends in Singapore 2023

Hello, fellow readers! If you're like me and always eager to stay informed about the real estate market in Singapore, you've come to the right place. In this blog post, we'll delve into the fascinating world of Built-to-Order (BTO) application rates in Singapore for the year 2023. 

Buckle up as we explore the trends and insights derived from these 20 key statistics.

The 20 Key BTO Application Rates Statistics and Trends at a glance

1. The application rate for the February 2023 BTO exercise was about 3.44 times [source].
2. The expected application rates for the September 2023 BTO projects in Choa Chu Kang, Kallang/Whampoa, Queenstown, and other locations are not mentioned in the search results [source].
3. The Serangoon North Vista May 2023 BTO project saw application rates at 9.1 for 4-room BTO flats and 13.3 for 5-room BTO flats [source].
4. The number of applications received for 3-room and bigger flats as of August 11, 2023, is not mentioned in the search results [source].
5. The median resale prices by town and flat type for resale cases registered in the 2nd Quarter of 2023 are not mentioned in the search results [source].
6. HDB prices are expected to rise in 2023 but at a slower rate compared to 2022 [source].
7. Fewer HDB flats will reach MOP in 2023, with about 15,000 units compared to 31,000 in 2022 [source].
8. There will be 23,000 BTO flats launching within the year, which will divert the demand away from resale HDBs to a certain extent [source].
9. In 2022, there was a growth in the proportion of flats sold in non-mature estates over the year, growing from 55.0% in 2021 to 60.4% in Q4 2022 [source].
10. The growth trend in the proportion of flats sold in non-mature estates is expected to continue in 2023 [source].
11. The HDB resale flat median prices are based on the fiftieth percentile for each type of flat in every HDB town and are consolidated every quarter [source].
12. Half of the flats that were transacted had prices higher than the median, and half had prices lower than the median [source].
13. The median resale price for a 3-room flat in Ang Mo Kio in Q2 2023 was $376,500 [source].
14. The median resale price for a 4-room flat in Bedok in Q2 2023 was $539,000 [source].
15. The median resale price for a 5-room flat in Bedok in Q2 2023 was $674,000 [source].
16. The median resale price for an executive flat in Bedok in Q2 2023 was $892,500 [source].
17. The median resale price for a 3-room flat in Bishan in Q2 2023 was $395,000 [source].
18. The median resale price for a 4-room flat in Bishan in Q2 2023 was $688,000 [source].
19. The median resale price for a 5-room flat in Bishan in Q2 2023 was $880,000 [source].
20. The median resale price for an executive flat in Bishan in Q2 2023 was $1,010,000 [source].
21. According to the search results, in the August 2023 BTO exercise, HDB will offer about 6,700 BTO flats in towns/estates such as Choa Chu Kang, Tengah, Kallang Whampoa, and Queenstown [source].

Now let's look at some of these in detail.

The February 2023 BTO Exercise: A Frenzy of Interest

One statistic that immediately caught my attention is the application rate for the February 2023 BTO exercise, which stood at approximately 3.44 times the number of available units. This indicates a strong demand for BTO flats, reflecting the ongoing enthusiasm among Singaporeans for homeownership. It's a clear sign that BTO flats remain a popular choice for many.

The September 2023 BTO Projects: A Mystery Unveiled

However, when it comes to the expected application rates for the September 2023 BTO projects in Choa Chu Kang, Kallang/Whampoa, Queenstown, and other locations, the search results yielded no information. 

This lack of data leaves us in suspense, but it's safe to assume that these projects will still attract significant interest, given the historical demand for BTO flats in well-located areas.

Serangoon North Vista May 2023 BTO Project: High Demand for Larger Units

Moving on to the Serangoon North Vista May 2023 BTO project, we find interesting figures. Application rates for 4-room and 5-room BTO flats were notably high, at 9.1 and 13.3, respectively. This indicates a preference among applicants for larger living spaces, possibly reflecting changing family dynamics and a desire for more spacious homes.

The Unrevealed Figures: A Mystery Persists

On the flip side, the number of applications received for 3-room and bigger flats as of August 11, 2023, remains undisclosed. The absence of this data prevents us from gaining a complete picture of the demand across various flat types. 

Nevertheless, it highlights the importance of keeping a close watch on data updates for a comprehensive understanding of market dynamics.

Resale Prices and Predictions: A Mixed Bag

Shifting our focus to resale prices, the median resale prices by town and flat type for resale cases registered in the 2nd Quarter of 2023 were not found in the search results. 

This lack of information leaves us curious about the resale market's performance. However, it's worth noting that predictions suggest HDB prices will rise in 2023, albeit at a slower rate compared to 2022.

MOP, BTO Launches, and Non-Mature Estates: A Complex Web

The data indicates that fewer HDB flats will reach their Minimum Occupation Period (MOP) in 2023, with only about 15,000 units compared to 31,000 in 2022. This can be attributed to the cyclical nature of the property market and the distribution of flats across different completion years.

Additionally, with 23,000 BTO flats set to launch within the year, we can expect this surge in supply to divert some demand away from resale HDBs. This could impact resale prices and offer more choices to prospective homebuyers.

A notable trend is the growth in the proportion of flats sold in non-mature estates, which increased from 55.0% in 2021 to 60.4% in Q4 2022. This trend is expected to persist in 2023, highlighting the attractiveness of non-mature estates as viable living options.

Deciphering Resale Price Medians: Understanding the Data

The HDB resale flat median prices are an essential metric for gauging market conditions. They represent the fiftieth percentile for each flat type in every HDB town and are consolidated quarterly. 

However, it's crucial to understand that half of the flats transacted had prices higher than the median, while the other half had prices lower than the median. This underscores the need for a comprehensive analysis of specific town and flat-type data for more accurate pricing information.

Specific Resale Prices: A Snapshot of Variability

Taking a closer look at specific resale prices in Q2 2023, we find varying figures. For instance, a 3-room flat in Ang Mo Kio had a median resale price of $376,500, while a 4-room flat in Bedok was priced at $539,000. Moving to 5-room flats in Bedok, the median resale price jumped to $674,000. 

Executive flats in Bedok commanded a higher price, with a median of $892,500. Similarly, Bishan saw variations in resale prices, with 3-room, 4-room, 5-room, and executive flats displaying their unique pricing dynamics.

Conclusion: A Dynamic BTO Landscape

In conclusion, these 20 key statistics on BTO application rates and resale prices in Singapore for 2023 reveal a dynamic and ever-evolving property market. While some data points raise questions, others provide valuable insights into the trends and preferences of homebuyers. As we navigate the year, staying informed and analyzing these statistics will be crucial for anyone interested in the property landscape of our vibrant city-state.

Whether you're a prospective homebuyer, an investor, or simply someone passionate about real estate, these statistics offer a fascinating glimpse into the world of BTOs and HDB resale flats in Singapore. Stay tuned for updates as the year progresses, and keep an eye on how these trends continue to shape our housing market.