The Feb 2026 BTO exercise launched 4,692 new flats across Bukit Merah, Toa Payoh, Tampines and Sembawang, alongside 4,320 Sale of Balance units, for 9,012 flats in total. The headline was Toa Payoh's Kim Keat Crest, the first Plus project ever launched there. If you balloted in February and missed out, or you are sizing up the June and later 2026 launches, this review breaks down what each project actually cost, which carried a 10-year MOP and clawback, and where the value sat once you put HDB's own resale comparables next to the new flat prices.
HDB opened applications from 4 to 11 February 2026 through the HDB Flat Portal. Six BTO projects went live: two Standard projects in Sembawang, one Standard in Tampines, two Plus projects (one in Tampines, one in Toa Payoh) and a single Prime project in Bukit Merah. About 80% of the BTO flats carried waiting times under four years, which is the shortest band HDB has hit in a while.
The mix skewed toward larger units in the non-mature towns and smaller, pricier units in the central ones. Five-room flats were offered only in Sembawang. Both central projects, Kim Keat Crest in Toa Payoh and Redhill Peaks in Bukit Merah, topped out at four-room flats, which is HDB's standard play for land-scarce central sites.
The table below uses HDB's published indicative price ranges, excluding grants, from the official Annex A for this exercise. Prices are for 99-year leases and move with the actual flat you are offered. The two-room Flexi prices shown are the full 99-year option; shorter leases from 15 years are far cheaper, which is the lever older buyers use.
Two patterns jump out. First, the Plus and Prime four-room flats in Toa Payoh and Bukit Merah ran S$455,000 to S$783,000, well above the Standard four-room flats in Sembawang at S$304,000 to S$426,000. Second, even the priciest new flat undercut nearby resale flats by a wide margin, which is the whole point of buying direct from HDB. If you want to test what any of these prices means for your loan, run the numbers through the BTO affordability calculator before you commit.
| Project | Town | Class | Est. wait | 4-room price | 5-room price |
|---|---|---|---|---|---|
| Sembawang Voyage | Sembawang | Standard | 44 mths | $304k - $422k | $439k - $582k |
| Sembawang Deck | Sembawang | Standard | 33 mths | $338k - $426k | $479k - $585k |
| Tampines Bliss | Tampines | Standard | 23 mths | $481k - $600k | Not offered |
| Tampines Nova | Tampines | Plus | 32 mths | $459k - $602k | Not offered |
| Kim Keat Crest | Toa Payoh | Plus | 37 mths | $455k - $624k | Not offered |
| Redhill Peaks | Bukit Merah | Prime | 55 mths | $563k - $783k | Not offered |
The classification is not branding. It sets the resale rules you live under for a decade or more. Standard flats keep the 5-year MOP and no clawback. Plus and Prime flats trade a bigger upfront discount for a 10-year MOP, a subsidy clawback when you first sell, a permanent ban on renting out the whole flat, and an income ceiling on whoever buys your flat next.
For this exercise, the Plus projects (Kim Keat Crest, Tampines Nova) carried a clawback set by HDB at the launch, in the published 6% to 8% band, while the Prime project (Redhill Peaks) sat at the higher Prime band of around 9%. The clawback is charged on the resale price or valuation, whichever is higher, when you make your first sale. One quirk worth knowing: if you buy a Plus or Prime flat second-hand on the resale market rather than direct from HDB, you skip the clawback entirely, though the 10-year MOP, the whole-flat rental ban and the buyer income ceiling still bind you.
If the MOP concept is new to you, the MOP glossary entry spells out how the clock starts and what counts as occupation.
HDB published resale comparables next to each project, and the gap is the clearest read on value. A Kim Keat Crest four-room ran S$455,000 to S$624,000; nearby resale four-room flats with about 93 years left transacted at S$850,000 to S$1,090,000. A Redhill Peaks four-room at S$563,000 to S$783,000 sat against resale flats at S$915,000 to S$1,135,000. Even after a 10-year wait and the clawback, the central Plus and Prime flats came in hundreds of thousands below the resale market.
Sembawang told the opposite story on absolute price but a thinner discount. A Sembawang Voyage four-room at S$304,000 to S$422,000 compared with resale at S$585,000 to S$675,000. Cheaper to enter, smaller paper gain, but no MOP penalty and full rental rights after five years. Whether that trade favours you depends on your timeline, which is the same calculation behind choosing BTO over a resale flat in the first place.
| Project | New 4-room | Nearby resale 4-room | Class |
|---|---|---|---|
| Sembawang Voyage | $304k - $422k | $585k - $675k | Standard |
| Tampines Bliss | $481k - $600k | $688k - $758k | Standard |
| Tampines Nova | $459k - $602k | $738k - $828k | Plus |
| Kim Keat Crest | $455k - $624k | $850k - $1,090k | Plus |
| Redhill Peaks | $563k - $783k | $915k - $1,135k | Prime |
The prices above exclude grants, and grants move the real cost a lot. First-timer families can draw the Enhanced CPF Housing Grant of up to S$120,000, and eligible singles up to S$60,000, scaled to household income. A first-timer family buying a Sembawang Voyage four-room near the bottom of its range can knock a serious chunk off with the EHG before a loan even enters the picture. Check eligibility through the EHG glossary entry since the income bands are what gate the amount.
On financing, a first-timer choosing the HDB concessionary loan can borrow up to 75% loan-to-value, with the rest covered by CPF and a smaller cash portion. The HDB loan rate has held at 2.6% (pegged to the CPF Ordinary Account rate plus 0.1%), while bank rates float. We walk through which suits a BTO timeline in HDB loan vs bank loan.
The central Prime and Plus projects were always going to be oversubscribed. Redhill Peaks, sitting one stop from Tiong Bahru and Queenstown, and Kim Keat Crest in mature Toa Payoh drew the heaviest demand, in line with how recent comparable central launches balloted at multiples of available supply. The realistic odds play was Sembawang, where the two Standard projects together offered the largest pool and the shortest queues relative to demand.
If you missed out, the next move is the June 2026 launch (about 6,952 flats across Ang Mo Kio, Bishan, Bukit Merah, Sembawang and Woodlands) plus the ongoing Sale of Balance Flats. HDB plans roughly 19,600 BTO flats across all of 2026, so February was one of several shots. Before you re-ballot, tighten your priority position and read our guide to BTO ballot chances and priority schemes so you are not leaving allocation quota on the table.
HDB launched 9,012 flats in total: 4,692 new BTO flats across six projects in Bukit Merah, Toa Payoh, Tampines and Sembawang, plus 4,320 Sale of Balance Flats offered islandwide. Applications ran from 4 to 11 February 2026.
Excluding grants and looking at full 99-year leases, the lowest four-room price was Sembawang Voyage at S$304,000. Two-room Flexi flats started lower still, from S$150,000 on a 99-year lease and far less on shorter leases for older buyers.
Kim Keat Crest is a Plus project, Toa Payoh's first. Plus and Prime flats carry a 10-year minimum occupation period, a subsidy clawback on first sale (around 6% to 9%), and a permanent ban on renting out the whole flat, in exchange for a larger upfront discount.
On HDB's own comparables, yes. A Redhill Peaks four-room at up to S$783,000 sat against nearby resale flats at S$915,000 to S$1,135,000, and a Kim Keat Crest four-room undercut resale flats priced up to S$1,090,000, even before accounting for the eventual clawback.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.