That said, the higher subsidy clawback rates did not seem to deter demand for the latest Prime projects, which had attracted more than 12,000 applications as of 5pm, according to Huttons Asia’s senior director of data analytics Lee Sze Teck.
Close to 5,900 applicants were vying for the 741 flats on offer at Toa Payoh Ascent. This demand – it accounted for almost half of the total applications received for the Prime projects – is unsurprising given the project’s central location, as well as proximity to Caldecott MRT station and a number of schools, such as CHIJ Primary Toa Payoh, CHIJ Secondary and Raffles Girls’ School, analysts said.
“We think applicants could also be attracted to the future development plans in the Toa Payoh Rise area, where more housing and mixed-use projects may potentially come on,” said PropNex CEO Kelvin Fong.
Alexandra Peaks and Alexandra Vista in Bukit Merah saw more than 3,300 applicants for 1,107 flats, while Clementi Emerald, the project with the highest subsidy clawback, received more than 3,100 applications for its 753 units, according to Huttons Asia.
The demand for flats at Clementi Emerald was likely due to a variety of factors such as the project’s location in the mature estate of Clementi, proximity to Clementi MRT station and shorter waiting time of less than three years, said Mr Lee.
That said, “it is possible that applications could have been higher if not for the 12 per cent subsidy recovery rate – the highest clawback rate for Prime BTO projects so far”, said Mr Fong.
Among the Standard projects, the most popular was Simei Symphony, located in the Simei estate within Tampines town, which had about eight first-time applicants vying for each of its 100 five-room flats.
The project’s 140 four-room flats had a first-time application rate of 6.4, meaning about six first-time applicants were vying for each unit, based on HDB’s website, which was last updated at 5pm.
Mr Lee attributed the high application rates to factors such as the pent-up demand for flats in the area, since the project is the first new public housing project in Simei in more than 10 years.
In addition, the Standard classification of this project would appeal to home buyers who do not want to be bound to tighter resale restrictions and a longer minimum occupation period, said Mr Fong.
