October BTO: What’s the best flat option for first-time buyers by income level

HDB launched over 8,500 flats in the October exercise.

The Housing and Development Board (HDB) has released 8,573 BTO flats across 15 projects bearing new classifications: Standard, Plus, and Prime.

HDB said the October BTO exercise offers a wide selection of flats, from 2-room Flexi to 3Gen flats and Community Care Apartments (CCAs), to meet buyers' different needs and budgets.

The 265 CCA units under the October BTO exercise are in Merpati Alcove in Geylang.

Families and couples buying a home for the first time with a $4,000 monthly income can afford a 3-room Standard flat in any October 2024 project or a 4-room Standard flat in selected estates like West BrickVille or Marsiling Ridge, with an $80,000 Enhanced CPF Housing Grant (EHG).

First-time families with a $7,000 monthly income will receive a $30,000 EHG and can purchase a 3-room Standard, Plus, or Prime flat, a 4-room Standard or Plus flat, or a 5-room Standard flat in specific projects.

Meanwhile, first-time families earning $9,000 will receive a $5,000 EHG, allowing them to buy most Standard, Plus, or Prime flats offered in the October 2024 exercise.

Singles with a monthly income of $2,000 are eligible for an EHG of $40,000, allowing them to purchase a 2-room Flexi Standard flat at Taman Jurong Skyline or Fernvale Oasis.

Those earning $3,000 a month will receive a $25,000 EHG, enabling them to buy a 2-room Flexi Standard flat at Taman Jurong Skyline, Fernvale Oasis, Fernvale Sails, or West BrickVille @ Bukit Batok, or a 2-room Flexi Plus flat at Kembangan Wave.

Buyers looking to move into their flats sooner can apply for projects with a waiting time of four years or less.

For the October BTO launch, 2,085 flats at Fernvale Oasis, Fernvale Sails, and West BrickVille @ Bukit Batok are Shorter Waiting Time (SWT) flats, with a waiting period of three years or less. Costa Riviera I & II has 767 flats with a slightly over three-year wait.

HDB states that in 2024, nearly 70% of flats launched have a waiting time of four years or less.