In the HDB May 2022 BTO launch, a new batch of flats will finally be launched in Toa Payoh again. The last time was in 2020, when the mature estate enjoyed launches at four different sites, all of which were heavily oversubscribed.
The May 2022 Toa Payoh BTO launch site will be located in the east of Toa Payoh, and will consist of only 380 2-room flexi, 3-room and 4-room flats. Due to the limited number of flats and the popularity of the area, expect fierce competition.
Upcoming BTO: HDB BTO May 2022 Toa Payoh BTO Map
Location of May 2022 Toa Payoh BTO, bounded by Lorong 6 Toa Payoh and Lorong 7 Toa Payoh. Source: HDB
Want to buy a home in Toa Payoh but don’t want to have to wait for a BTO flat? Browse the latest listings for Toa Payoh resale flats on PropertyGuru.
Upcoming BTO: Toa Payoh BTO Location (HDB BTO May 2022 launch)
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HDB BTO May 2022 Toa Payoh |
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|
Address |
Bounded by Lorong 6 Toa Payoh and Lorong 7 Toa Payoh |
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Nearest MRT |
Braddell MRT |
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Nearest bus interchange |
Toa Payoh Bus Interchange |
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Nearest schools |
Pei Chun Public School, Madrasah Al-Arabiah Al-Islamiah, First Toa Payoh Primary School, Beatty Secondary School, Kheng Cheng School, St Andrew’s Secondary School, St Andrew’s Junior College, CHIJ Primary (Toa Payoh), CHIJ Secondary (Toa Payoh), St Joseph’s Institution (International) |
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Other nearby amenities |
Toa Payoh East Community Club, Toa Payoh Central Community Club, Toa Payoh South Community Club, Kim Keat Palm Market & Food Centre, Toa Payoh Lorong 4 Market & Food Centre, Toa Payoh Lorong 5 Food Centre, Toa Payoh Lorong 8 Market & Food Centre, Toa Payoh Polyclinic, Toa Payoh Public Library, Toa Payoh Mall |
The site of the upcoming May 2022 HDB Toa Payoh launch will be located at Lorong 6 Toa Payoh and Lorong 7 Toa Payoh, about 12 minutes’ walk from Braddell MRT.
Toa Payoh is an extremely popular mature estate thanks to its abundance of amenities and proximity to the city centre. From Braddell MRT, the ride to Raffles Place MRT in the CBD takes about 19 minutes, no line changes needed.
In terms of food, residents will be spoiled for choice as the area is home to a huge selection of well-loved eateries. For starters, the BTO site will be located within easy walking distance of numerous hawker centres, including but not limited to Kim Keat Palm Market & Food Centre, Toa Payoh Lorong 4 Food Centre, Toa Payoh Lorong 5 Food Centre and Toa Payoh Lorong 8 Market & Food Centre.
Families with children will also benefit from the numerous schools in the area, including popular ones such as CHIJ (Primary) Toa Payoh, CHIJ (Secondary) Toa Payoh and St Andrew’s Secondary School.
However, as 5-room flats are not available in this launch, it might not be suitable for larger households. Instead, the 380 2-room, 3-room and 4-room flats are likely to be popular with households without children and smaller families.
Upcoming BTO: Toa Payoh BTO Price (HDB BTO May 2022 Launch)
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Unit type |
Toa Payoh BTO Price (HDB BTO May 2022) |
Previous Toa Payoh BTO Price (HDB BTO Nov 2020) |
Previous Toa Payoh BTO Price (HDB BTO Feb 2020) |
Median resale flat prices in the area |
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2-room flexi |
– |
– |
$90,000 to $184,000 |
– |
|
3-room |
– |
$324,000 to $397,000 |
$351,000 – $446,000 |
$309,000 |
|
4-room |
– |
$466,000 to $598,000 |
$395,000 – $666,000 |
$630,900 |
With a paltry 380 units up for grabs, successfully balloting for a unit in the Toa Payoh BTO project is going to be as tough as saving up for the flats, which are likely to be priced at a premium due to their location in such a popular mature estate. We expect that you’ll need to budget about $600,000 for a 4-room flat.
Based on HDB’s resale statistics, in Q4 2021, the median resale price for 3-room flats was $309,000, while that for 4-room flats was $630,900. If these prices sound dismal compared to the price of BTO flats, fear not—that’s because the vast majority of resale flats in Toa Payoh are older flats built in the 1960s to 1980s. Newer resale flats command a significant premium after serving their Minimum Occupation Period (MOP), with a few 4-room resale flats being sold recently for over $900,000.
Budgeting for Your Toa Payoh May 2022 BTO Home Loan
The Toa Payoh BTO flats are going to cost you a pretty penny, so it’s imperative to work out how much you can afford before balloting.
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HDB BTO May 2022 Toa Payoh unit type |
Price |
If you take an HDB loan (at 2.6% p.a., 85% LTV) |
If you take a bank loan (at 1.6% p.a., 75% LTV) |
|
2-room flexi |
$180,000 |
$27,000 downpayment; estimated $694 monthly mortgage repayments |
$45,000 downpayment; estimated $546 monthly mortgage repayments |
|
3-room |
$400,000 |
$60,000 downpayment; estimated $1,542 monthly mortgage repayments |
$100,000 downpayment; estimated $1,214 monthly mortgage repayments |
|
4-room |
$600,000 |
$90,000 downpayment; estimated $2,314 monthly mortgage repayments |
$150,000 downpayment; estimated $1,821 monthly mortgage repayments |
We’ve used approximate prices based on previous BTO projects in the area, but depending on your chosen unit, your specific costs might differ. All prices exclude any CPF housing grants.
We’ve used an interest rate of 2.6% and a LTV of 85%, adjusted following the December 2021 property cooling measures, for our HDB loan examples. For our bank loan examples, we’ve gone with a 1.6% interest rate and 75% LTV.
All of the above examples are based on a 25-year loan. If you can afford to pay higher monthly loan installments, you can of course opt for a shorter loan that can be paid off earlier.
Need a more precise estimate? Use our affordability calculator to work out how much you will need to pay. If you require personalised assistance about financing and home loans, don’t hesitate to get in touch with one of our PropertyGuru Finance mortgage experts.
Upcoming BTO: Toa Payoh BTO Amenities (HDB BTO May 2022 Launch)
Walking Distance to Braddell MRT
The upcoming May 2022 Toa Payoh BTO project is located about 12 minutes’ walk from Braddell MRT. Braddell MRT is on the North South Line and connects directly to city centre MRT stations like Orchard, Somerset, Raffles Place and City Hall with no line changes needed.
City Fringe Location Offering Quick Access to City Centre
The ride from Braddell MRT to Raffles Place MRT in the CBD takes just 19 minutes, enabling residents to get to work in less than 35 minutes from door-to-door. The 4-stop ride to Orchard MRT takes only 10 minutes.
Residents travelling by car can get to the CBD in under 15 minutes, while the drive to Orchard MRT takes under 10 minutes.
Foodie’s Paradise
Other than location, one of the reasons for Toa Payoh’s enduring popularity is its mind-boggling array of food options. The area has a massive number of hawker centres, of which several are within walking distance of the BTO site.
The area around Toa Payoh Central is also brimming with popular eateries, including chic restaurants like Chef’s Table and cafes like The Larder.
Near Popular Schools
The BTO site is within walking distance of numerous schools, with SAP school Pei Chun Public School and Madrasah Al-Arabiah Al-Islamiah being located right next door. It is also less than half an hour’s walk away from popular schools CHIJ (Toa Payoh), St Andrew’s School and St Andrew’s Junior College.
Conclusion: Is the HDB May 2022 Toa Payoh BTO Worth Balloting For?
If you can afford the premium prices, the May 2022 Toa Payoh BTO launch offers the opportunity to live in a vibrant mature estate on the city fringe and enjoy a quick and easy commute to the city centre.
Pros of May 2022 Toa Payoh HDB BTO
- Central location
- Walking distance to MRT station
- Abundance of food options
- Near many popular schools
Cons of May 2022 Toa Payoh HDB BTO
- Likely to be pricey
- 5-room flats not available
- Likely to see fierce competition for limited number of flats
As the May 2022 Toa Payoh BTO launch will consist of just 380 flats, units are going to be in very short supply.
The BTO project is likely to be popular with affluent, smaller families due to its proximity to popular schools, as well as affluent couples without kids who wish to take advantage of the proximity to the CBD and enjoy the mature estate. This group is likely to have the resources to pay for a better location and shorter commute.
Due to the absence of 5-room flats in this launch, larger households with multiple children may not find that it meets their needs, and may instead turn to more affordable non-mature estates like Yishun and Jurong West, whose May 2022 launches include 5-room flats.
Not sure if you should ballot for the HDB BTO May 2022 Toa Payoh flats? Read about the other upcoming BTO 2022 launches in May below:
- May 2022 HDB BTO Launch Overview: Bukit Merah, Jurong West, Queenstown, Toa Payoh, Yishun
- HDB BTO May 2022 Bukit Merah Review: Unbeatable Location Near Redhill and Tiong Bahru MRT
- HDB BTO May 2022 Jurong West Review: Good Investment in Singapore’s Second CBD
- HDB BTO May 2022 Queenstown Review: Attractive Location Near “Branded” Schools
- HDB BTO May 2022 Yishun Review: Located in the North, But With Good Connectivity
More FAQs about BTO Flats in Singapore
When Can I Apply for the May 2022 BTO?
Look out for the announcement of application dates on the HDB Flat Portal. Applications must be submitted within one week.
How Do You Ballot for A BTO Flat?
All BTO flat applications must be submitted via the HDB Flat Portal.
Can You Buy A BTO Flat with A Foreign Spouse?
If your foreign spouse is not a PR, you can only buy 2-room flexi BTO flats in non-mature estates or any resale flats.
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This article was written by Joanne Poh. A former real estate lawyer, she writes about property and personal finance and spends her free time compulsively learning languages and roller skating in carparks.
Featured image source: HDB
