Feb 2025 BTO: Bishan, Tampines HDB projects draw strong interest from buyers
The discussion at EdgeProp Singapore’s Property Market Outlook event on Sunday, Feb 16 centered around the possibility of new property cooling measures, the incoming housing supply from government land sale (GLS) sites and Build-To-Order (BTO) launches, as well as potential announcements impacting the real estate market in Budget 2025. The event took place at the Elta sales gallery, a new 501-unit project jointly developed by MCL Land and CSC Land Group, and featured a panel of three industry experts comprising Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International. The panel discussion was moderated by EdgeProp Singapore CEO Bernard Tong.
One of the key points of discussion was the recent indication by the government that it was “not adverse” to implementing more property cooling measures, and that it was not yet time to roll back on existing measures. The panelists speculated that if new measures are introduced, they are likely to apply uniformly across the residential market. They also discussed the possibility of measures targeting the HDB resale market, which forms the “floor” of the housing market in Singapore.
In terms of housing supply, the panelists noted that the government has plans to inject a strong pipeline of GLS and BTO supply into the market to meet housing demand. The 1H2025 GLS programme consists of 10 sites on the Confirmed List, which could yield 5,000 new homes, and HDB plans to offer 19,600 BTO flats in 2025. However, the impact of these developments on prices is not expected to be felt until much later on, as newly launched Prime and Plus BTO flats will take about 14 years to enter the resale market.
The panelists also discussed the recent successes in the new launch market, which indicate strong buyer confidence for projects hitting the market this year. They noted that Elta drew about 4,500 visitors during the first three days it was open to the public, while other new launches such as The Orie and Bagnall Haus also experienced strong selling rates at launch.
Other topics covered included the potential impact of Budget 2025 on the property market, with the panelists speculating that Singaporeans can expect more handouts funded by government surpluses stemming from healthy government revenue collections in the past three years.
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During the event, EdgeProp also presented a Master Plan Master Class session, which covered upcoming transformation plans in Clementi and Jurong East. Notable developments include the completion of the second phase of the Cross Island Line (CRL), which will add a new MRT station (West Coast) and turn the existing Clementi station into an interchange. The panelists noted that historically, MRT interchanges tend to have a positive impact on surrounding property prices.
The data comes from EdgeProp Singapore’s suite of property tools, which can help owners, buyers, and sellers understand market and price trends. These tools include analytics of profitable transactions, upcoming GLS sites, and HDB resale prices. The EdgeProp team also encouraged attendees to check out the latest listings for Elta properties and get the latest details on available units and prices.