Not sure if this is good news or bad news to those who applied for the May BTO.
It was a different story for Build-To-Order (BTO) flats which received 4,882 applications for the 4,900 units on offer.
With at an application rate of one applicant for each unit on offer, this could possibly be the lowest rate ever. The application rate in the January BTO exercise was 3.8 and 3.1 in the March BTO exercise.
Analysts said location could have been a big factor.
The BTO projects launched in May are located in non-mature estates and seem less attractive compared to the balance flats that are being offered in mature estates.
Mr Lim added accessibility is also an issue with projects not located near MRT stations.
Colin Tan, research head at Chesterton Suntec International said he is not surprised that the project in the relatively better established Hougang saw the strongest demand.
There were about four applicants for each four-room unit on offer.
"Even though the units in the mature estates cost a lot more, they still attract a lot more applicants. When someone buys a home, they look at its entirety in terms of convenience, location, and even capital appreciation. Although they are priced a lot higher, people see that there may be more upside for units in the mature estates," said Mr Tan.
Strong demand for HDB's latest Sales of Balance Flats - Channel NewsAsia