Queenstown is a mature estate that has traditionally been one of the most sought-after areas in BTO exercises. But ever since the inception of the Prime Location Public Housing (PLH) model (and the longer estimate completion times) for new flats in the area, demand for Queenstown BTO flats have dampened somewhat.
In the last BTO exercise, two of three Queenstown BTO sites fell under the PLH model. These sites are located very near a brand new Queenstown BTO project which will be launched in the 2023 Feb BTO exercise, indicating that the latter is likely to be classified under the PLH model as well.
In the upcoming February BTO launch, the Queenstown BTO 2023 site will consist of about 730 3-room and 4-room flats, making it suitable for smaller households. Read on to find out more.
Queenstown BTO 2023 Map
Want to buy a home in Queenstown but don’t want to have to wait for a BTO flat? Browse the latest listings for Queenstown resale flats on PropertyGuru.
Queenstown BTO 2023 Location (2023 Feb BTO Launch)
|Queenstown BTO Feb 2023||TBA|
|Address||Commonwealth Avenue West, Ghim Moh Link|
|Nearest bus interchange||–|
|Nearest schools||Anglo-Chinese School (Independent), Fairfield Methodist School, New Town Secondary School, Anglo-Chinese Junior College, Singapore Polytechnic, UWCSEA, Anglo-Chinese School (International), ESSEC Business School, INSEAD, School of Science and Technology|
|Other nearby amenities||The Star Vista, Ghim Moh Road Market, Holland Village, Rochester Village, Ulu Pandan Community Club|
The upcoming Queenstown BTO Feb 2023 site is located on Commonwealth Avenue West and Ghim Moh Link. It is seven minutes’ walk from Dover MRT station and 14 minutes’ walk from Buona Vista MRT station, offering future residents a direct connection to the CBD from both stations via the East-West Line.
Residents will never run out of things to do as the Queenstown BTO Feb 2023 site is located within walking distance of popular food and lifestyle destinations such as Holland Village and Ghim Moh Market. The upcoming BTO project also enjoys proximity to attractive shopping amenities like The Star Vista and upmarket lifestyle hotspots like Rochester Park.
The tech parks in One-North are under half an hour’s walk away, making the area ideal for those who work in the area.
Parents with kids are spoilt for choice due to the abundance of educational institutions in the area, including Anglo-Chinese School (Independent), Fairfield Methodist School, Anglo-Chinese Junior College, Singapore Polytechnic, UWCSEA, Anglo-Chinese School (International), ESSEC Business School, INSEAD and School of Science and Technology. NUS is also relatively close by, making the upcoming Queenstown Feb 2023 BTO project a very convenient choice for parents who have school-going children of different ages.
At the time of writing, the HDB has not yet announced whether the upcoming Queenstown BTO launch 2023 will be classified under the PLH model. However, based on the November 2022 BTO launch, chances are high that the Queenstown BTO Feb 2023 site will fall under the PLH model.
Another drawback is the fact that 5-room flats are not available in the BTO Feb 2023 Queenstown launch. So, larger families with multiple children might need to look elsewhere.
Queenstown BTO Price (HDB BTO February 2023 Launch)
|Unit type||BTO price (HDB BTO February 2023)||Previous Queenstown BTO Price (HDB BTO November 2022)||Previous Queenstown BTO Price (HDB BTO May 2022)||Median resale flat prices in the area|
|3-room||TBA||From $362,000||$369,000 to $481,000||$395,000|
|4-room||TBA||From $516,000||$511,000 to $691,000||$860,000|
Looking at past Queenstown BTO launches that fall under the PLH model, the 4-room flats are likely to be oversubscribed. But competition is unlikely to be stiff, especially if you are intending to go for a 3-room unit.
Based on HDB’s Q3 2022 resale statistics, the median resale price of 3-room flats and 4-room flats in Q3 2022 was $395,000 and $860,000 respectively. If those figures sound a bit low to you, that is because most resale flats in Queenstown at the moment are older flats.
However, due to the popularity of this city fringe location, new flats, especially those that have recently fulfilled their Minimum Occupation Period (MOP), can be expected to command premium prices, with 4- and 5-room flats fetching a million dollars being a distinct possibility.
But if the flats fall under the PLH model, the subsidy clawback will likely lower the proceeds earned from the sale of a PLH unit when it is sold on the open market for the first time. The restricted pool of buyers allowed also may affect the pricing. Still, it will be at least 15-odd years or so before the first PLH flats hit the market, so time will tell how much these PLH will sell for in the future.
Budgeting for Your Queenstown February 2023 BTO Home Loan
Queenstown is a mature estate in a highly sought-after city fringe area, so the February 2023 BTO 2022 flats in the area are likely not going to be cheap. Planning your finances and knowing what you can afford is thus indispensable.
|HDB BTO February 2023 Queenstown unit type||Price||If you take an HDB loan (at 2.6% p.a., 80% LTV)||If you take a bank loan (at 3.4% p.a., 75% LTV)|
|3-room||$380,000||$76,000 downpayment, estimated $1,379 monthly mortgage repayments||$95,000 downpayment, estimated $1,412 monthly mortgage repayments|
|4-room||$550,000||$11,000 downpayment, estimated $1,996 monthly mortgage repayments||$137,500 downpayment, estimated $2,043 monthly mortgage repayments|
The above starting prices are based on past BTO indicative pricing, but depending on the unit you select, you might end up paying a different price. Actual prices may vary depending on your selected unit. All of the above prices exclude CPF housing grants.
In the above examples, we have used an HDB loan interest rate and LTV of 2.6% and 80% respectively, and a bank loan interest rate and LTV of 3.4% and 75% respectively. These figures have been adjusted to be in line with the September 2022 cooling measures, as well as current bank interest rates.
The above calculations were made based on a 25-year loan. However, those who can afford to repay more each month can opt for a shorter loan in order to become debt-free faster.
If you would like more precise figures, check out our affordability calculator, where you can work out your own home loan’s monthly instalments. If you need to speak with an expert, our PropertyGuru Finance mortgage experts can offer you tailored advice for free.
Queenstown BTO Amenities (HDB BTO February 2023 Launch)
Walking Distance to Two MRT Stations
The Queenstown Feb 2023 BTO site is located seven minutes’ walk from Dover MRT station and 14 minutes’ walk from Buona Vista MRT station. Both stations connect directly to the CBD via the East-West Line, no line changes are needed.
City Fringe Location With Easy Access to the City Centre
Other than a direct MRT connection via the East-West line from two MRT stations located within walking distance, the upcoming Queenstown BTO project also enjoys relatively quick access to the city centre via Commonwealth Avenue West and Holland Road.
Attractive Food and Lifestyle Options
Many popular F&B and lifestyle destinations are located within walking distance of the Queenstown Feb 2023 BTO site, including Holland Village, Ghim Moh Road Market, The Star Vista and Rochester Park.
Wide Range of Schools and Tertiary Institutions Nearby
The area is home to a generous selection of reputable schools and tertiary institutions. These include Anglo-Chinese School (Independent), Anglo-Chinese Junior College, Fairfield Methodist School (Primary and Secondary), UWCSEA, Singapore Polytechnic, ESSEC Business School, School of Science and Technology and INSEAD. The National University of Singapore is also relatively nearby and easily accessible by bus or MRT.
Conclusion: Is the February 2023 Queenstown BTO Worth Balloting For?
The upcoming Queenstown BTO flats will be priced at a premium, but for those who can afford them, they will offer a choice location in a popular city fringe area filled with well-loved amenities and close to a range of prestigious educational institutions.
Pros of the Feb 2023 BTO Queenstown Launch
- Central location
- Walking distance to MRT stations
- Many attractive, food, shopping and lifestyle options
- Near many popular schools and tertiary institutions
Cons of the Feb 2023 BTO Queenstown Launch
- 5-room flats not available
- May fall under the PLH model
- Limited supply of flats
Applying for February 2023 HDB BTO Flats
Not sure if you should ballot for the HDB BTO February 2023 Queenstown flats? Read about the other BTO 2023 launches in February below:
- 2023 Feb BTO Launch Review: Jurong West, Kallang/Whampoa, Queenstown, Tengah
- 2023 Feb BTO Tengah Review: Affordable Flats in New Housing Estate
- 2023 Feb BTO Jurong West Review: Affordable Flats Near NTU
- 2023 Feb BTO Kallang/Whampoa Review: Two Sites in Attractive Central or City Fringe Locations
Watch our video on how to apply for an HDB BTO flat in Singapore:
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