The July 2025 BTO sales exercise is launching four Build-to-Order (BTO) projects, totaling 2,601 flats, which is the highest number of Prime flats offered in a single BTO exercise since October 2024. These four projects include the 498-unit Alexandra Peaks and the 609-unit Alexandra Vista in Bukit Merah, the 753-unit Clementi Emerald in Clementi, and the 741-unit Toa Payoh Ascent in Toa Payoh.
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In total, the Housing and Development Board (HDB) will be offering 10,209 BTO flats in this sales exercise, consisting of 5,547 new BTO flats across eight projects and 4,662 Sale of Balance (SBF) flats across the country. The application period for this BTO sales exercise will run from July 23 to July 30.
According to Eugene Lim, key executive officer at ERA Singapore, the total number of SBF flats offered this year has increased to 10,252 from the 5,590 flats offered in February and the 4,662 flats offered this month. “This is the highest supply since 2021 and shows a strong and concerted push to increase public housing supply in Singapore,” he says. PropNex estimates that the BTO application rate could range from 3 to 3.5 times, slightly higher than the 2.6 times seen for the February 2025 BTO exercise.
Prime flats in Bukit Merah, Clementi, Toa Payoh
The 76 three-room and 422 four-room flats in Alexandra Peaks are situated between Alexandra Road and Prince Charles Crescent. The project consists of two blocks, 38- and 46-stories tall. The price range for three-room flats, excluding grants, starts from $403,000 while four-room flats may be priced from $560,000.
Alexandra Vista is located between Tanglin Road and Jervois Lane in Bukit Merah. It is made up of three 32-story blocks and includes a mix of 248 two-room flexi, 93 three-room, and 268 four-room flats. The indicative prices (excluding grants) start from $205,000 for the two-room flexi, $420,000 for the three-room, and $547,000 for the four-room flats.
Clementi Emerald is one of two projects with a wait time of less than three years, the other being the 643-unit Bangkit Breeze in Bukit Panjang. Comprising of four blocks, Clementi Emerald offers two-room flexi flats (from $214,000), three-room flats ($388,000), and four-room flats ($562,000).
Located at the junction of Toa Payoh Rise and Braddell Rise, Toa Payoh Ascent has twin 40-story towers and offers a mix of 195 two-room flexi, 78 three-room, and 468 four-room flats. The indicative prices, excluding grants, range from $212,000 to $777,000.
“Toa Payoh is also a highly subscribed town when it comes to BTO launches,” says Lim of ERA Singapore. Previously, for the May 2022 Kim Keat Heights project in Toa Payoh, the subscription rate was 9.7. He expects similar interest in Toa Payoh Ascent and believes it will be a highly contested project this time around.
The other BTO projects in this month’s sales exercise are the 775-unit Sembawang Beacon, the 380-unit Simei Symphony, and the 1,148-unit Woodlands North Grove.
Increase in subsidy clawback
For this sales exercise, the additional subsidies for Prime flats have been increased to 11% for Alexandra Peaks, Alexandra Vista, and Toa Payoh Crescent, while the additional subsidy for Clementi Emerald is 12%. These rates are almost double compared to the 6% subsidy clawback when Prime flats were first introduced in 2022.
According to Lee Sze Teck, senior director of data analytics at Huttons Asia, this is the highest subsidy recovery rate to date. He adds that Clementi Emerald has a higher clawback subsidy rate compared to the other three Prime BTO projects, despite being the furthest from the city centre.
An artist impression of Clementi Emerald. (Picture: HDB)
Moreover, the four-room flats in Clementi Emerald are priced higher compared to those in Alexandra Peak and Alexandra Vista. Lee notes that the clawback subsidy for a different batch of flats in Alexandra Peak launched in December 2023 was only 8%. However, the latest flats in that estate will now face an 11% subsidy clawback.
However, the higher subsidy clawback rate is unlikely to deter flat applicants as these projects are located in desirable locations, says Kelvin Fong, CEO of PropNex. He points out that prior to the July 2025 BTO exercise, the subsidy recovery rate for Prime flats under the new classification framework was 9%, and under the prime location public housing (PLH) model, the subsidy recovery rate ranged from 6% to 9%.
Read also: HDB to increase yearly BTO supply by 35% over next two years
This month’s BTO sales exercise also sees changes to the deferred income assessment (DIA) scheme for young couples. Under the new rule, couples can choose to delay their income assessment for a housing loan until just before key collection, shifting the focus from immediate to future income.
Christine Sun, chief researcher and strategist at Realion Group, says, “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”.
HDB’s next BTO sales exercise is set for October, with 9,100 flats to be launched across eight towns: Ang Mo Kio, Bedok, Bishan, Bukit Merah, Jurong East, Sengkang, Toa Payoh and Yishun. This exercise will be closely watched as it includes two highly anticipated projects: the first-ever BTO flats in the Greater Southern Waterfront and the debut development in Mount Pleasant.