Prices for the BTO flats in Dover Forest is expected to be close to the launch price of the Bukit Merah BTO exercise in May 2021, with 4-room flats starting around $600,000 to $700,000. Photo: Google Street View
The upcoming BTO flats in Dover Forest are expected to receive robust demand, amid the increased demand for such flats in mature estates.
“Recent studies have shown that the application rates at mature estates have increased over the years and the trend indicates that many young people aspire to live in mature estates,” said OrangeTee & Tie’s Senior Vice-President of Research and Analytics Christine Sun.
She attributed the hike in application rates to various reasons such as the need to be close to their parents, the convenience of working downtown or because almost all million-dollar flats are situated within mature estates, “hence some could be hoping to sell their flats at such a high price in the future”.
To meet buyers’ needs, more flats are now being built within mature estates.
In fact, the HDB recently announced that it is setting aside the eastern half of Ulu Pandan, where the Dover Forest is located, for public housing. It added that the first of such projects is set for launch in the second half of 2022.
“Demand for these new BTO flats could be quite high,” said Sun, adding that it has been some time since the area has witnessed a new BTO launch – the most recent of which was a BTO exercise at Clementi in 2017.
Sun believes that the new BTO flats will provide an added boost to properties within the area.
This comes as authorities will usually set up new community facilities, amenities, playgrounds and parks when new BTO flats are built.
She pointed that the Dover site will even feature a park and natural stream.
“Therefore, these additional amenities and features will improve the attractiveness and popularity of the area. They can also enhance the rental and long term investment potential of private residential properties in the vicinity,” said Sun.
She expects the price for the Dover Forest flats to be close to the launch price during the recent Bukit Merah BTO exercise.
BTO exercise data for May showed that four-room flats at Telok Blangah Beacon (Bukit Merah Town) carry an indicative price of about $600,000 to $700,000.
“Therefore, young couples who may not have the cash or financial support from their families to buy a resale HDB flat or private condominium in this area would appreciate the opportunity to ballot for a new unit in this area at a subsidised rate,” said Sun.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: email@example.com