October BTO sales exercise draws 31,095 applications, three times the number of flats launched

“This suggests that while Prime flats remain appealing for their centrality and long-term value potential, demand has started to stabilise as homebuyers adjust to the new classification framework and evaluate the balance between affordability, location, and policy conditions,” Mr Sandrasegeran added.

Five-room flats at Chencharu Grove in Yishun also saw first-time application rates hitting 3.4.

Classified as a Standard project, this marked the fourth BTO project in the new housing estate of Chencharu, which is located near Khatib MRT station.

Applicants may be drawn to the bigger size of five-room flats and the availability of an upcoming mixed-use development next to the BTO project, said Mr Lee.

In his Facebook post, Mr Chee noted that the majority of the three-room and larger flat types have first-time application rates of 2 and below, meaning that “many first-timer applicants have a good chance of securing a flat”.

Overall, the median application rates for first-time families in the BTO exercises have come down this year – ranging from 1.1 to 1.7, compared to 2024’s range of 1.6 to 2.6, he said.