August 2023 HDB BTO review: Queenstown

The August 2023 Queenstown BTO is one of the two projects in this launch that will likely be PLH projects. An estimated 970 units in the estate will be available for balloting in the upcoming launch.

August 2023 Queenstown HDB BTO at a glance

Location	Along One-North Crescent and Commonwealth Drive
Classification	Mature estate
Flat types and number of units	970 3-room 4-room
Estimated price for a 4-room flat*	$560k – $740k
Estimated waiting time	TBC
Estimated completion date	TBC
Delivery possession date	TBC
Nearest MRT	Commonwealth MRT
Notable amenities	The Star Vista, Holland Village, one-north, IKEA, Anchorpoint, Queenstown Polyclinic, Alexandra Hospital, NUH, Queenstown Stadium and Swimming Complex

August 2023 Queenstown HDB BTO: Price range and estimated monthly instalments

HDB hasn’t released the price range yet. For now, here’s SRX’s estimations based on nearby resale transactions and launch prices from recent BTO launches.

Flat type	Price range
3-room	$390,000 – $520,000
4-room	$560,000 – $740,000

*Source: SRX. These estimations have been adjusted for differences in property age and location. If a launch is nearer to an MRT or commercial development, it’s likely to be more expensive.

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Estimated downpayment, monthly instalments and income

Based on these pricing forecasts, we can estimate the downpayment, monthly instalments and household income needed to pay for the August 2023 Queenstown BTO flat. These estimates are based on the following assumptions:

• An HDB loan is taken to maximise the 80 per cent loan-to-value (LTV), given the latest changes in LTV
• The loan tenure is 25 years, with the current interest rate of 2.6 per cent
• A stress-test rate of 3 per cent is used to calculate the Mortgage Servicing Ratio (MSR), which stipulates that up to 30 per cent of your monthly household income can be used to pay the monthly instalments.
• There is no other housing loan to service

To illustrate, we’ll use the median of the price range and won’t be taking into account any CPF grants or savings to be used.

Flat type	Median price	Loan amount (80 per cent)	Downpayment (20 per cent)	Estimated monthly instalment (with 2.6 per cent interest rate)	Estimated monthly household income (with 3 per cent stress-test)
3-room	$455,000	$364,000	$91,000	$1,651.36	$5,753.77
4-room	$650,000	$520,000	$130,000	$2,359.08	$8,219.67

Unsure if you should take an HDB loan or a bank loan? Find out more about the pros and cons here.

If you’re considering taking out a bank loan, contact 99.co’s mortgage broker for the best rates!

August 2023 Queenstown HDB BTO: Location and nearby amenities

^Disclaimer: Walking, public transport ride and driving durations are based on Google Maps estimates. Actual times may vary.

Accessibility

We like that this Queenstown BTO is a four-minute walk to Commonwealth MRT on the East-West Line. It’s also one of the projects in this launch that’s closest to the MRT.

Plus, it’s just one stop to Buona Vista MRT, which gives you access to the Circle Line.

Meanwhile, the Ayer Rajah Expressway is a couple of streets away from the BTO, allowing drivers to get around other parts of the city easily.

Food and retail amenities

We also like that there’s a wide range of food and retail options here, from the more affordable to the more high-end options.

For starters, the August 2023 Queenstown BTO is around 10 minutes away (by bus) from three hawker centres: Ghim Moh Market and Food Centre, Holland Drive Market and Food Centre, and Margaret Drive Hawker Centre. The first two also have a wet market.

(Note that the neighbourhood centre near the BTO on the map is where the famous Tanglin Halt Market and Food Centre was at. It’s since closed down due to SERS. At the same time, it’s currently labelled for commercial and residential use on the URA master plan, so we will likely see some retail amenities here in future.)

For the days when you feel like going to a mall, there are a few options in the area. This includes The Star Vista, which is around a 10-minute bus ride (or an MRT stop) away from the BTO.

There’s also Holland Village in the north, which is expecting a rejuvenation with the opening of the mixed-use development One Holland Village. It’s set to be completed in 2024.

Schools

If you manage to snag a flat at the August 2023 Queenstown BTO, you’ll also have a wide range of schools within the vicinity, from primary schools, international schools to business schools.

The slight disadvantage is that there are only two primary schools within a 1km radius of the BTO, which are:

• New Town Primary
• Fairfield Methodist Primary (depending on the location of the block)

Meanwhile, Queenstown Primary falls within a 1km – 2km radius of the BTO.

There’s more secondary and tertiary schools nearby, such as:

• Anglo-Chinese School (Independent)
• Fairfield Methodist Secondary
• Queensway Secondary
• School of Science and Technology
• Anglo-Chinese JC
• Singapore Polytechnic
• NUS

On top of that, here are a few international schools in the area:

• Anglo-Chinese School (International)
• Tanglin Trust School
• Dover Court Preparatory School
• United World College of South East Asia (Dover Campus)

And those looking to pursue postgraduate studies in business can look forward to having two business schools nearby, besides NUS:

• Essec Business School
• Insead

Healthcare facilities

The August 2023 Queenstown BTO is also ideal for those who need more frequent medical care.

For instance, Queenstown Polyclinic is around a 10-minute bus ride from the BTO.

On top of that, there are two hospitals within a 10-minute drive of the BTO: Alexandra Hospital and NUH.

Sports facilities and greenery

We also notice that this Queenstown BTO is located along the Rail Corridor, where you can walk or cycle towards the north to Kranji or south to Tanjong Pagar.

(On the other hand, the Rail Corridor is designed to “allow wildlife movement between green spaces”. Given its proximity to the BTO, does it mean there’s a higher chance of encountering some wildlife here? 🤔)

Meanwhile, the nearest sports facilities of the BTO are Queenstown Stadium and Swimming Complex, at around 10 minutes away by bus.

ALSO READ: November 2022 HDB BTO review: Queenstown

August 2023 Queenstown HDB BTO: What’s the potential price appreciation?

Queenstown is currently undergoing rejuvenation. In fact, this August 2023 Queenstown BTO site was previously occupied by Blk 74 to 80, which was announced for SERS in August 2008.

Moreover, nearby blocks in Tanglin Halt were chosen for SERS in 2014. As of May last year, most of the households have since collected keys to their new flats in Dawson.

New developments in the area, including this BTO, will introduce new facilities to better serve residents in the area. This should also help prop up property prices.

The redevelopment comes after the rejuvenation of Dawson, which has seen new public housing developments and amenities completed in 2021. The area is also now home to several million-dollar HDB flats. This includes the $1.418 five-room resale flat, which was the most expensive HDB resale flat for almost a year until it was dethroned recently.

As one of the most popular HDB estates, the average prices of HDB resale flats in Queenstown have stayed above those in mature estates.

Surprisingly, three-room flats here have only seen a price increase of 3.83 per cent over the last decade. This is way lower than the price increase of three-room flats across mature estates.

What caught our eye is that prices of three-room flats here have actually decreased this year by 1.17 per cent. This may be due to some price resistance after the steep price increase from 2020 to 2022.

Meanwhile, due to higher preference for bigger space, four-room flats in Queenstown have seen a price increase of 20.26 per cent over the last decade. This is on par with the price increase for four-room flats in mature estate.

Here are the average resale prices in Queenstown so far this year, as of July 5, 2023:

Flat type	Average price psf	Average price
3-room	$614	$434,820
4-room	$858	$840,264

There’s also some rental opportunity at this Queenstown BTO, given the proximity to one-north. At the same time, it’s highly likely to be limited to room rentals since this Queenstown BTO is most likely a PLH project. One restriction of the PLH project is that you aren’t allowed to rent out the whole flat.

August 2023 Queenstown HDB BTO: What are my chances of getting a queue number?

In the last two years, we’ve seen six BTO projects being launched for sale.

Two of them, Ghim Moh Ascent and Ghim Moh Natura, are located the closest to this August 2023 BTO. Both are also PLH projects. So we’ll focus on the application rates of these two projects to gauge the popularity of the August 2023 Queenstown BTO.

Here’s the application rate of Ghim Moh Ascent, which was launched in the May 2022 BTO.

Flat type	First-timer families	Second-timer families
3-room	0.5	21.9
4-room	3.0	31.3

On the other hand, the application rate of Ghim Moh Natura was combined with that of Queensway Canopy and Ulu Pandan Banks, which were launched in the November 2022 BTO.

Flat type	First-timer families	Second-timer families
3-room	0.3	13.2
4-room	1.4	18.8

Based on these application rates, there’s a high likelihood that you’ll be able to get a queue number if you’re a first-timer and applying for a three-room flat.

Nevertheless, as we’ve recommended in our BTO guide on how to increase your chance of getting a BTO queue number, you should monitor the application rates throughout the week before you submit your application.

Good luck!

This article was first published in 99.co.