May 2023 BTO Serangoon Review: First Launch in Almost a Decade, Near Serangoon Gardens Estate

May 2023 BTO Serangoon Review: First Launch in Almost a Decade, Near Serangoon Gardens Estate
May 2023 BTO Serangoon Review: First Launch in Almost a Decade, Near Serangoon Gardens Estate

Historically, there has only been one BTO launch in Serangoon. Taking place in January 2014, that launch involved 150 studio apartments. So, when HDB announced there will be an upcoming Serangoon BTO launch, many were excited.

The upcoming May 2023 BTO launch in Serangoon will be the first time since the BTO exercise was introduced that families will be able to ballot for 4-room and 5-room flats in the mature estate. So, we expect interest in this launch to be intense.

To turn the heat up even further, only about 330 3-room and 4-room units will be available in the upcoming BTO Serangoon launch. We predict that successfully balloting for a flat in this project is going to require lots of luck.

Serangoon May 2023 HDB BTO Location

Name of the Serangoon HDB BTO May 2023 project TBA
Address Bounded by Yio Chu Kang Road, Serangoon North Avenue 1
Types of BTO flats available 4-room and 5-room flats
Starting prices TBA
Nearest MRT station Kovan MRT station
Nearest amenities Chomp Chomp Food Centre, Hwi Yoh Green, Serangoon Garden Market and Food Centre, Serangoon North Community Park, Serangoon Stadium, and Serangoon Swimming Complex
Nearby schools Lycée Français de Singapour, Peicai Secondary School, Rosyth School, Serangoon Garden Secondary School, and Zhonghua Primary School

HDB BTO May 2023 Serangoon BTO Map

Location of the May 2023 Serangoon BTO project, bounded by Yio Chu Kang Road, Serangoon North Avenue 1. Source: HDB

Located at the intersection of Yio Chu Kang Road and Serangoon North Avenue 1, the Serangoon BTO site will be about a 15-minute walk from the Serangoon Gardens Estate, an affluent housing estate that has become a bit of a lifestyle destination for people who live in the northeast.

There is an abundance of good food options in the area, including the famous Chomp Chomp Food Centre, Serangoon Garden Market Food Centre, and many cafes and restaurants.

Another advantage the upcoming BTO site offers is the proximity to sporting amenities such as Serangoon Swimming Complex and Serangoon Stadium.

The upcoming Serangoon May 2023 BTO site’s biggest disadvantage is that it is located quite far away from the nearest MRT station, Kovan on the North East Line (NEL), which is about a 20-minute walk away. Serangoon MRT station, on the NEL and Circle Lines (CCL), is similarly a little over a 20-minute walk away.

Serangoon BTO Price (HDB BTO May 2023 Launch)

Unit type Serangoon BTO price (HDB BTO May 2023) Previous Serangoon BTO price (HDB BTO January 2014) Median resale flat prices in the area (Q4 2022)
3-room flat TBA $386,500
4-room flat TBA $539,000

Due to the lack of recent 3-room and 4-room BTO launches in the area, the May 2023 BTO launch will also set a new precedent for prices in the area. Prices for BTO flats in mature estates like Serangoon tend to be on the higher end of the BTO pricing spectrum. However, the location is not near an MRT station (yet!). So, this factor may bring down the prices for these upcoming BTO 2023 flats. Only time will tell how much these Serangoon BTO flats will cost.

HDB’s resale statistics for Q4 2022 indicate that the median resale price for 3-room and 4-room flats in Serangoon was $386,000 and $539,000 respectively. If these median prices seem a bit low, that is because most of the sales involve older resale flats.

New flats in the area are likely to be priced at a premium, and could also have a decent chance of enjoying good capital gains right after the Minimum Occupation Period (MOP) is complete.

Budgeting for Your Serangoon May 2023 BTO Home Loan

Be prepared to pay a premium for the Serangoon May 2023 BTO flats. As such, it is essential to budget wisely to ensure you can afford your monthly instalments.

HDB BTO May 2023 Serangoon  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 $350,000 $70,000 down payment, estimated $1,270 monthly mortgage repayments $87,500 down payment, estimated $1,300 monthly mortgage repayments
4-room $450,000 $90,000 down payment, estimated $1,633 monthly mortgage repayments $112,500 down payment, estimated $1,672 monthly mortgage repayments

Due to the lack of previous 3-room and 4-room BTO flats in Serangoon in recent times, the above price estimates are based on recent resale prices from Q4 2022. The actual price of your flat will vary depending on the launch and unit. All of the above price estimates exclude CPF housing grants.

We have used an interest rate of 2.6% and a Loan-to-Value (LTV) limit of 80% for the HDB loan examples and an interest rate of 3.4% and an LTV of 75% for the bank loan examples. The above examples go on the basis of a 25-year loan. However, if you can make higher monthly repayments, you may want to opt for a shorter loan.

For a more accurate estimate appropriate to your situation, you can use PropertyGuru’s affordability calculator. You can also chat with a PropertyGuru Finance Mortgage Expert for personalised advice on home loans and financing.

Serangoon BTO May 2023 Amenities

First BTO Launch in a Popular Mature Estate in Nine Years

Since the BTO exercise started in 2001, there has only been one launch in Serangoon, featuring only studio apartments. This will be the first time buyers get to purchase a new 3-room or 4-room flat in the mature estate, where there are many established amenities, including food, shopping, and recreational facilities.

A Wealth of Nearby Good Food Options

The upcoming BTO 2023 site is located within walking distance of the Serangoon Gardens Estate, which is home to many popular eateries, including famous hawker centres like Chomp Chomp Food Centre and Serangoon Garden Market and Food Centre.

Near Lots of Sports Facilities

The upcoming BTO 2023 site in Serangoon is within walking distance of Serangoon Swimming Complex and Serangoon Stadium.

Conclusion: Is the HDB May 2023 Serangoon BTO Project Worth Balloting for?

If you are willing to pay to live in a mature estate with lots of established amenities and good food options, the upcoming May 2023 Serangoon BTO flats could be suitable for you.

Pros of Serangoon May 2023 HDB BTO Launch

  • In an in-demand mature estate with good amenities
  • Lots of good food options
  • Many sports facilities nearby

Cons of Serangoon May 2023 HDB BTO Launch

  • 5-room flats not available
  • Far from the nearest MRT station

If you want to stay in Serangoon but don’t want to have to wait for a BTO flat to be built, check out Serangoon HDB resale flats on PropertyGuru.

Applying for May 2023 BTO Flats

Not sure if you should ballot for the Serangoon May 2023 BTO flats? You could either go for a Sale of Balance Flats (SBF) unit or read about the other upcoming BTO launches for May 2023 before applying below:

  • HDB BTO May 2023 Launch Review: Bedok, Kallang/Whampoa, Serangoon, and Tengah
  • May 2023 BTO Kallang/Whampoa Review: Central Location in Little India
  • May 2023 BTO Bedok Review: 10-minute Walk from Tanah Merah MRT
  • May 2023 BTO Tengah Review: A Win for Both Drivers and Public Transport Commuters

Guide to Apply for an HDB BTO Flat

For a quick how-to on applying for a BTO flat in Singapore, watch our guide above.

Do take note that from the August 2023 BTO launch onwards, first-timer BTO applicants who secure a BTO ballot and do not choose a flat will be deemed second-timers for the next year. On their second BTO application, if they still do not select a flat, they won’t be able to apply for a BTO flat at all for one year.

For more property news, content and resources, check out PropertyGuru’s guides section.

Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.

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