Overview
Application rates for the February 2026 BTO sales exercise dipped for a second consecutive time. As at 12pm on 11 February, over 13,800 applicants were vying for 4,692 BTO flats, translating to an overall application rate of 2.9. This is lower than previous exercises, which had an application rate of 3.6 in October 2024 and 4.2 in July 2025 sales exercises.
Why the lower application rates for BTO flats
The lower number of applicants could be attributed to prospective buyers holding back, as many attractive sites are slated for launch in the June sales exercise. Some of these sites include Bishan, Ang Mo Kio, and Bukit Merah, with the latter being the second project to be launched in the Greater Southern Waterfront.
Moreover, established estates like Tampines saw fewer units for sale in the current BTO exercise, whereas similarly well-located projects in June are going to be bigger and offer more units. This means that applicants will likely have a higher chance of success should they apply in June.
However, certain flat types and towns in the current BTO sales exercise drew more applicants than others. Notably, 2-room flats had over 5,500 applicants vying for 1,246 flats, with almost half of these applicants applying for a flat in Tampines Nova – despite the project offering only 122 units. Moreover, as many as 2,000 and 3,200 applicants applied for the 4-room flats in Bukit Merah and Tampines, respectively, which is considered quite high.
Recent BTO application rates as at 11 Feb 2026
Source: HDB, Realion (OrangeTee & ETC) Research
Why higher application rate for SBF compared to BTO flats
The concurrent SBF exercise could have also diverted demand away from the BTO exercise, as more than 15,400 applicants applied for 4,320 flats, translating to an application rate of around 3.6. The SBF application rate for February 2026 is slightly lower compared to previous SBF exercises. For instance, February 2025 saw23,635 applicants for 5,590 SBF flats and (application rate of 4.2), while July 2025 recorded 18,847 applicants for 4,662 flats and (application rate of 4.0).
However, application rate for the current SBF is still higher than that of the BTO exercise. Many Singaporeans may have applied for SBF, as many units are located in highly sought-after towns like Kallang/Whampoa and Bukit Merah. These projects have already commenced construction, which mean homeowners will be able to move into the units sooner than if they had applied to a new launch project. Some of the earlier projects may also have a lower subsidy clawback rate.
Why the high application rate for Tampines project
The results align with our expectations that this town would likely be the most popular. Tampines Nova is situated right at the heart of Tampines Central, and such plum sites are rare, given the scarcity of land for new development in the Tampines Central area. Furthermore, having a preschool integrated within a public housing development is a unique feature, and it offers greater convenience for families with young children. Moving forward, projects situated near MRT stations will continue to appeal to buyers given the convenience and car-lite lifestyle.
For 2-room flats, the application rate for Tampines Nova is considered high compared to Simei Symphony (launched in 2025), the other Tampines BTO project which singles are eligible to apply for. The application rate for first-timer singles more than doubled (110.4 compared to 43.9). This is expected as Tampines Nova has a shorter waiting time and is classified under the Plus category (better location), whereas Simei Symphony is classified as Standard. Because of these attributes, both the application rate of first-timer families and the overall application rate are also higher.
Application rates of 2-room BTO flats in Tampines (2025-Feb 2026) as at 11 Feb 2026
Source: HDB, Realion (OrangeTee & ETC) Research
Nevertheless, for 3-room and larger flats, the application rate for Tampines Nova and Tampines Bliss are slightly lower than for Simei Symphony (launched in 2025) and Tampines GreenTopaz (launched in 2024). Despite having more units available when we combine the two projects, the number of applicants is lower than that of Tampines GreenTopaz. This could be because the other two projects have 5-room flats available for balloting, which could attract some applicants, whereas Tampines Bliss offers 3-room flats, which may not meet the needs of bigger families. Tampines Nova, being a Plus project, could also deter some applicants who are looking for a shorter MOP.
Application rates of 3-room and bigger BTO flats in Tampines (2024-Feb 2026) as at 11 Feb 2026
Source: HDB, Realion (OrangeTee & ETC) Research
Why the lower application rates in Sembawang
We expected this town to be the least popular, as the flats are not near MRT stations and with fewer amenities. There will be two more projects with about 2,000 units slated for launch in June, in addition to the over 2,000 units offered for sale in this round’s BTO launch. Therefore, there are many units available in the Sembawang town.
Why lesser demand for BTO flats in Toa Payoh
Kim Keat Crest recorded relatively low application rates in this BTO exercise, suggesting some market saturation and slower demand for this area. There have been many projects launched in Toa Payoh, with more planned for nearby Mount Pleasant. Moreover, earlier Toa Payoh launches, like Toa Payoh Ascent and Mount Pleasant Crest, drew stronger interest as they are closer to the MRT station, whereas Kim Keat Crest is primarily accessible by bus. Some buyers may also be deterred by noise from the nearby expressways and longer MOP period.
Application rates of recent BTO flats in Toa Payoh as at 11 Feb 2026