The Housing & Development Board (HDB) has just launched the July 2025 Build-To-Order (BTO) sales exercise. This is the second BTO launch of the year, featuring 8 new projects with 5,547 flats introduced across 7 different towns in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh and Woodlands.
This marks the first BTO exercise, where the income assessment rule has been eased – only one party in a couple now needs to be a full-time student or national serviceman to qualify for the deferred income assessment. Under the new rule, couples can choose to delay their income assessment for a housing loan until just before key collection, shifting the assessment focus from immediate to future income. We expect more couples to opt for larger or pricier flats, as they are more likely to qualify for a higher loan amount, given that many would have been working for some time by then.
Concurrently, the Sale of Balance Flats (SBF) exercise will offer 4,662 flats across various estates. Combined with 5,590 SBF units already released in February 2025, more than 10,000 SBF flats have been released for sale this year, which is the highest annual supply in our records. The previous high was over 10,200 units released in 2016. The increase in SBF flats may intensify competition among buyers in the resale market, which may help to stabilise price growth.
Popularity analysis
· 2,171 out of the 5,547 BTO flats offered will have shorter waiting periods of three years or less. These projects include Clementi, Bukit Panjang, and Sembawang.
· We expect Clementi Emerald to be the most popular project, given its prime location and shorter construction period, which allows buyers to move into their homes sooner.
· Toa Payoh Ascent may be the next most popular project due to its proximity to the MRT station, amenities and good schools. It is also near the city centre.
· Clementi Emerald and Toa Payoh Ascent could be more popular than Alexandra Vista and Alexandra Peaks, since there have been many new flats released in Bukit Merah over the past few years. Nevertheless, Alexandra Vista may be popular among singles as they can purchase the 2-room flexi flats in this project. Based on past observations, city fringe BTO projects are typically popular among singles due to their proximity to Downtown Core and potential returns.
Analysis by project
1. Clementi Emerald – The project is within walking distance to the Clementi MRT station and The Clementi Mall, providing residents with high accessibility to shopping and dining options.There are many educational institutions in the vicinity which could attract families with children. Given that Clementi is a mature estate with limited new flats available currently, demand for this project is expected to be strong.
2. Toa Payoh Ascent – It is within walking distance to both the Caldecott and Braddell MRT stations. The area is also in close proximity to prestigious educational institutions such as Raffles Girls’ School, Raffles Institution, CHIJ Primary and Secondary School and Marymount Convent School. We foresee strong demand for this BTO project, given its good location and proximity to transport nodes and amenities. The BTO project also provides a good alternative for first-time buyers, as the average prices of HDB flats in Toa Payoh tend to command high resale prices.
3 Alexandra Peaks – Families with children will also be attracted by the project’s proximity to various schools such as Alexandra Primary School, Gan Eng Seng School and Crescent Girls’ School. We expect this project to be highly sought-after.
4 Alexandra Vista – Although the project is slightly further from Redhill MRT Station, many singles will likely apply for the flats. Given that this project offers 2-room units, singles could ballot for this project.