Missed out on last August’s Queenstown BTO? Then you might want to consider balloting for this May 2022 Queenstown BTO. 860 units here will be up for grabs in the next HDB BTO launch.
May 2022 Queenstown BTO at a glance
| Location | Along Ghim Moh Road |
| Classification | Mature estate |
| Number of units | 860 |
| Flat types | 3-room and 4-room |
| Number of blocks | TBC |
| Estimated waiting time | TBC |
| Estimated completion date | TBC |
| Nearest MRT | Buona Vista MRT |
| Notable amenities | Holland Village, The Star Vista, Ghim Moh Market and Food Centre, Holland Drive Market and Food Centre, one-north, NUH, Alexandra Hospital |
May 2022 Queenstown BTO indicative price range
HDB hasn’t released the price range yet. So for now, you can refer to SRX’s estimations based on nearby resale transactions and launch prices from recent BTO launches.
| Flat type | Estimated price range |
| 3-room | S$390,000 – S$490,000 |
| 4-room | S$550,000 – S$690,000 |
Source: SRX. These estimations take into account property age and location. If a launch is nearer to an MRT or commercial development, it’s likely to be more expensive.
Estimated downpayment, monthly instalment and income
Based on these pricing forecasts, we can estimate the downpayment, monthly instalments and household income needed to pay for the May 2022 Queenstown BTO flat. These estimates are based on the following assumptions:
- An HDB loan is taken, maximising the 85% loan-to-value (LTV)
- The loan tenure is 25 years, with the current interest rate of 2.6%
- 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 and savings to be used. We’ll also be using a mortgage calculator to do the math.
Another thing is that for public housing, you can only use up to 30% of your monthly household income to service the home loan. This is called the Mortgage Servicing Ratio (MSR). By taking this into account, we can then find the estimated household monthly income needed for the flat.
| Flat type | Median price | Loan amount (85%) | Min. downpayment (15%) | Estimated monthly instalment | Estimated monthly household income |
|---|---|---|---|---|---|
| 3-room | S$440,000 | S$374,000 | S$66,000 | S$1,696.72 | S$5,655.73 |
| 4-room | S$620,000 | S$527,000 | S$93,000 | S$2,390.84 | S$7,969.47 |
What we noticed about the May 2022 Queenstown BTO
This May 2022 Queenstown BTO will be within walking distance to Holland Village. But that’s not all; this BTO is also near the good class bungalow (GCB) areas along Holland Road. So securing a flat here means that you get to live near these affluent areas at a subsidised price!
But what caught our eye when we first looked at the map of this BTO is that it’s near the highly anticipated Ulu Pandan BTO (around 1km away to be exact). As mentioned in our overview, the Ulu Pandan BTO was first announced in December 2020 and initially planned to be launched last year. The flats would be located on the eastern side of Ulu Pandan.
So besides this May 2022 BTO, there’s another upcoming BTO (we’re guessing it will be launched in August this year) to look forward to in Queenstown.
May 2022 Queenstown BTO: The Pros
Accessibility
This is another May 2022 BTO project within walking distance to the MRT. Buona Vista MRT will just be within a nine-minute walk from the Queenstown BTO. This also means that you have direct access to both the East-West Line and Circle Line.
And with one-north just one stop away, this Queenstown BTO will be conveniently located for those working there.
For those who drive, the Ayer Rajah Expressway (AYE) is just a couple of streets away from the BTO.
Food and retail amenities
When it comes to food and retail amenities, we like that there’s a lot of options here with a wide price range, from affordable to more atas options.
At the east of the Queenstown BTO, there’s Holland Village just around a 10- to 15-minute walking distance. Here you can find plenty of food and retail outlets, including famous dessert cafes like 2am:dessertbar and Sunday Folks.
Plus, there’s the upcoming One Holland Village, which is expected to rejuvenate the area. As a mixed-use development, it will comprise retail, communal and office space.
Another option is The Star Vista beside Buona Vista MRT.
And closer to home, you have two markets and hawker centres nearby. There’s the Ghim Moh Road Market and Food Centre at the west, and Holland Drive Market and Food Centre at the south-east. Both are around seven minutes away on foot.
Childcare centres
This is another BTO in the May 2022 launch that makes for a good home for those with young kids. We like that there’s a lot of childcare centres within walking distance.
Some of these centres within a five-minute walk include The Little Skool-House at Ulu Pandan CC, PCS Ghim Moh and PCF Sparkletots at Ghim Moh Road.
Schools
But what stands out to us is the availability of schools at various levels nearby this Queenstown BTO.
There’s the popular Henry Park Primary School within a 1km radius. Other primary schools nearby are in the 1km to 2km range, such as Fairfield Methodist Primary School and New Town Primary School.
Secondary and tertiary schools nearby include Fairfield Methodist Secondary School, Queensway Secondary School, Anglo-Chinese Junior College, Singapore Polyclinic and NUS.
On top of public schools, there are several international schools available here. This includes Anglo-Chinese School (International), Tanglin Trust School, United World College (Dover Campus) and Dover Court International School.
Healthcare facilities
The nearest polyclinic is Queenstown Polyclinic at around a 15-minute bus ride away.
And just like the May 2022 Bukit Merah BTO projects, there are two hospitals located close to this Queenstown BTO. National University Hospital (NUH) and Alexandra Hospital are both around a seven-minute drive.
Alexandra Hospital will also undergo expansion to better serve the needs of patients in the area, with the expansion expected to be ready in 2030.
Notably, the government announced last year that Queenstown will be the first Health District. What this means is that residents here can expect better design and community programmes to support their health and wellbeing. Examples of this include on-site health screenings and in the case of the last BTO launched in the estate — a jogging track to encourage active living.
So there’s a chance that this BTO will have something similar.
Recreational facilities
The nearest public sports facilities, Queenstown Stadium and Swimming Complex, will be around a 20-minute bus ride away.
If you’re looking for green spaces, the closest one, one-north park, is around a 20-minute walk. But if you’re looking to go to the bigger parks, Kent Ridge Park and Botanic Gardens are around 30 minutes away by bus.
May 2022 Queenstown BTO: The Cons
No 5-room flats
But just like the Bukit Merah BTO flats, our main gripe about this Queenstown BTO is that there are no 5-room flats available.
So even though there are several schools of various levels nearby, those who need more space (whether there’s a need for the kids to have their own space or there’s another kid on the way) may want to look elsewhere that offers 5-room flats, such as the Yishun BTO and Jurong West BTO.
Another alternative is to go for a resale flat.
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Oversubscription
The May 2022 Queenstown BTO is another project that’s expected to be hotly contested. This is especially since the last BTO in the Ghim Moh area, Ghim Moh Edge, was launched nearly 10 years ago.
May 2022 Queenstown BTO: Where are the best stacks with the best views?
HDB hasn’t released the site plan yet, so we don’t know where the stacks will be located.
For now, we’re just going to look around the surrounding area to figure out where you may be able to get the best views.
The surrounding area is mostly residential, with the plot at the south of this BTO currently empty. However, according to the HDB map, this plot is reserved for high-rise public housing. So you might want to avoid the south-facing stacks unless you’re okay with having a view of another BTO.
We think the best view would be at the north-facing and north-east-facing stacks as these will be facing the GCB areas along Holland Road, such as Holland Rise, Queen Astrid Park, Oei Tiong Ham Park and Ford Avenue.
May 2022 Queenstown BTO: What’s the potential price appreciation?
Over the last 10 years, 3-room and 4-room flats in Queenstown have seen a price increase by 18.79%.
So far the only BTO in the area is Ghim Moh Edge, which will end its Minimum Occupation Period (MOP) this year and can be resold on the resale market. As of writing, there’s a 3-room going for S$660,000.
So this Queenstown BTO will be the second BTO in the area. We expect these flats to have a high capital appreciation after MOP, especially since they will have the longest remaining lease among the resale flats here.
On top of that, upcoming developments such as One Holland Village should also help increase the property value here.
And given its proximity to one-north, there’s some rental opportunity here. If you’re looking for some passive income, you might want to rent out your room to those working there.
May 2022 Queenstown BTO: Should you apply?
Yes, if you’d like to live at a central-ish location without the Prime Location Public Housing (PLH) restrictions. While Queenstown is considered pretty central (and this plot is near a prime area), we don’t think it will be a PLH project as it’s not very close to the city centre.
Here’s also ideal for those with kids. Not only is there a lot of childcare centres within walking distance, but the neighbourhood also has several educational institutions of all levels, from primary school all the way to the tertiary level.
Or if you’re thinking of selling the flat after the MOP, you can expect high capital gains. Since this project is less likely to be a PLH one, you won’t be restricted to the longer MOP, subsidy clawback and the pool of resale buyers.
And as mentioned earlier, there’s some rental potential here if you’re thinking of renting out a room or the whole unit after the MOP.
Will you apply for the May 2022 Queenstown BTO? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, check out our overview of the May 2022 BTO projects and in-depth reviews:
- Bukit Merah May 2022 BTO
Do keep a look out of our reviews for the other projects in the coming weeks!
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Frequently asked questions
How many times can I ballot for BTO?
You can ballot as many times as you can, as long as you have not been invited to select a flat. If you reject a chance to select a flat, there may be some consequences.
How much is the downpayment for HDB?
If you’re taking an HDB loan, the minimum downpayment will be 15% of the purchase price. If you’re taking a bank loan, the minimum downpayment will be 25%.
Can I apply for 2 BTO at the same time?
No, you can only apply for one project during a sales exercise.
The post May 2022 HDB BTO In-Depth Review: Queenstown appeared first on 99.co.
