The May 2023 Serangoon BTO is one of the most anticipated projects for this launch. Because the first (and last time) HDB launched a BTO here was nine years ago for short-lease studio apartments.

This means that previously, families could only buy a flat here from the resale market (which commands a premium). But that's set to change with the upcoming May 2023 HDB BTO launch.

*Looking for alternatives to the Serangoon BTO? Check out these recently MOP-ed resale HDB projects near the May 2023 BTO. 

May 2023 Serangoon HDB BTO at a glance

May 2023 Serangoon HDB BTO: Price range and estimated monthly instalments

Here are the price ranges:

Estimated downpayment, monthly instalments and income

Based on these price ranges, we can estimate the downpayment, monthly instalments and household income needed to pay for the May 2023 Serangoon 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.

May 2023 Serangoon 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

Right now, this Serangoon BTO doesn't have an MRT within walking distance. But in 10 years time (or around five years after moving in), you'll have Serangoon North MRT on the new Cross Island Line (CRL) at around a 13-minute walk away.

The MRT will be ready together with the first phase of CRL in 2032. It will just be one stop to the North-East Line and two stops to North-South Line.

But until then, the nearest MRT stations are Kovan MRT and Serangoon MRT at around a 20-minute walk away (which is definitely not walkable in hot and humid Singapore). Or around a 10-minute bus ride away.

Food and retail amenities

You can look forward to shops, a mini mart and an eating house located within Serangoon North Vista BTO.

On top of that, one of the best things about this BTO is that it's near Serangoon Garden. It's a foodie's haven with Chomp Chomp Food Centre, Serangoon Garden Market and Food Centre, and various cafes and dessert shops.

And here's where you can find myVillage, a small boutique mall in the area.

Another option is Heartland Mall at around a 10-minute bus ride.

But if you're looking for variety, and don't mind the crowd and the confusing layout, you can always head to Nex. (Every time I go to Nex, I always struggle to find my way back to the MRT)

Schools

A childcare centre will be available within the project.

More importantly for parents who die die want to get their kids into Rosyth School, this is the BTO to ballot because it's within a 1km radius of the popular primary school.

(Or for those who plan to sell their flat after the Minimum Occupation Period (MOP), since it will garner some demand from this type of buyers.)

The other primary school within 1km is Zhonghua Primary. Meanwhile, Xinmin Primary and CHIJ Our Lady of Good Counsel fall under the 1km to 2km range.

Other schools nearby include:

• Serangoon Garden Secondary
• Peicai Secondary
• Bowen Secondary
• Xinmin Secondary
• Lycee Francais De Singapour

Sports facilities

We also like that there’s Serangoon Stadium and Swimming Complex down the road at around a five-minute bus ride away.

May 2023 Serangoon HDB BTO: What’s the potential price appreciation?

A major upcoming development here will be the opening of Serangoon North MRT on the new CRL, making the area more convenient for residents. With a new MRT opening in the area, flats here should command higher demand (and higher prices).

Looking at the price trend of HDB flats over the past 10 years, the average price of 4-room flats in Serangoon has generally mirrored that of 4-room flats in mature estates.

4-room flats in the area have generally seen a price appreciation of 21.53 per cent, but this is mainly due to the steep increase in HDB resale prices over the last three years due to pandemic-related factors.

On the other hand, we note that the average price is lower than that of mature estates. This is possibly due to lease decay, as all the HDB resale flats in Serangoon are at least 20 years old. It's unlike other mature estates, which have seen newer flats resold in the secondary market.

Likewise, the lower average price is observed for 5-room flats in Serangoon. But what's surprising is that 5-room flats here have seen a lower price appreciation of 5.62 per cent over the last decade.

The price decline had been more pronounced from 2013 onwards, before increasing in 2020 to 2022. However, as of March 30, prices of 5-room flats have started trending downwards.

Here are the average resale prices in Serangoon so far this year, as of March 30, 2023:

May 2023 Serangoon HDB BTO: What are my chances of getting a queue number?

We don't have relevant application rate data to show, since the previous BTO launch here was for short-lease studio apartments for the elderly. In comparison, the May 2023 BTO launch offers 4-room and 5-room flats for families.

But we dare say that chances of getting a queue number are slim. This is because only 330 units are up for grabs, making it the smallest project in this launch. What's more, with 5-room flats available here, it will attract more demand from buyers.

This will also be the first time a BTO is launched here for families. So brace yourself for the stiff competition, especially since these BTO flats will be more affordable than the resale flats.

ALSO READ: May 2023 HDB BTO launch review: Ultimate guide to choosing the best unit

This article was first published in 99.co.