If you've been holding out for a new flat in Toa Payoh or Bishan, the wait just got a lot more interesting. HDB has confirmed that roughly 1,200 Build-To-Order units across two upcoming projects in these two mature estates will qualify as Shorter Waiting Time flats, meaning you could have keys in hand in under three years. That's a significant shift from the five or six year waits that used to define mature estate BTO applications, and it changes the calculation for a lot of people right now.
According to reporting by AsiaOne and The Straits Times, the two projects in question are a 1,076-unit development at Sin Ming Street in Bishan Town and a smaller 193-unit project at Lorong 4 Toa Payoh, both targeting completion by mid-2030. Both are already under construction, which is exactly how the SWT programme works. Construction starts nine to twelve months before the official launch, so by the time you ballot, the finish line is already visible.
The Lorong 4 Toa Payoh project sits on a former open-air carpark site, a brownfield redevelopment that HDB says is necessary given how little undeveloped land remains in the estate. HDB has explicitly stated that Toa Payoh has been built up progressively over the years and has limited land for new development. PropNex's Head of Research Wong Siew Ying has noted that at 193 units, this could be the smallest BTO project in Toa Payoh since a 188-unit studio apartment block in March 2012.
The policy context matters here. HDB has committed to delivering around 4,000 SWT flats per year from 2025 onwards, across towns including Ang Mo Kio, Bukit Merah, Tampines, Toa Payoh, and Woodlands. These two projects sit within that broader push, which also includes a plan to launch roughly 55,000 BTO flats between 2025 and 2027, about 10 per cent more than originally intended.
In my view, the Lorong 4 Toa Payoh project is the more consequential of the two, despite being the smaller one. ERA's Key Executive Officer Eugene Lim has flagged that it will likely be classified Prime or Plus, given its proximity to the MRT and the town centre. I think that's the right read. And if that classification holds, buyers need to understand what they're signing up for before they ballot.
Here's the thing most people miss when they get excited about SWT flats. The shorter wait is genuinely attractive, but a Prime or Plus classification brings a 10-year Minimum Occupation Period instead of the usual five years, plus a subsidy clawback when you eventually sell. That changes the upgrading timeline significantly. You're not getting keys by 2030 and selling in 2035. You're looking at 2040 at the earliest. That's a 15-year decision, not a 10-year one. Plan accordingly.
What I'm seeing on the ground in Bishan and Toa Payoh right now is resale prices that remain stubbornly strong. Data reported by StackedHomes and PropertyGuru shows that about a quarter of the 376 HDB resale transactions in Bishan in 2025 crossed the million-dollar mark, and that pace has continued into 2026. In 25 years I've watched this pattern before. New supply announcements in a supply-scarce estate rarely crash the resale market in the short term because the new stock simply isn't available yet. Prices tend to hold, and sometimes even firm up as the neighbourhood narrative strengthens.
If you're an HDB first-timer or a younger couple trying to get into Bishan or Toa Payoh without paying resale premiums, these SWT projects are worth putting on your radar. The official launch dates haven't been confirmed yet, with mid-2027 being the earliest realistic window based on current construction timelines. HDB will announce the exact waiting times and flat mix closer to launch. Start tracking the HDB BTO exercise calendar now so you don't miss the application window when it opens.
If you're currently in a resale flat in either of these estates and thinking about whether to sell, I wouldn't panic. The new supply won't hit the resale market until after MOP, which for these projects is somewhere between 2035 and 2040 depending on classification. Near-term demand stays strong. That said, if you're planning to exit in the next two to three years and you're sitting on significant paper gains, this is a good window to have a serious conversation about timing your sale before any policy changes shift the equation.
For private condo investors eyeing the Toa Payoh catchment, there's a genuine long-term story here tied to the upcoming Toa Payoh integrated development at Lorong 6. That development is expected to bring a polyclinic, library, park, and sports amenities into the town centre catchment, which is a meaningful quality-of-life uplift that tends to support surrounding residential values over time. The cautionary note is that the SWT programme compresses the rental bridge period. BTO applicants who used to rent private units for four or five years while waiting now need that bridge for under three years. If your investment thesis relies heavily on rental income from BTO waiters in popular mature estates, that structural demand is quietly shrinking.
These 1,200 SWT flats in Sin Ming and Toa Payoh represent a genuine opportunity for buyers who've been priced out of resale in these estates, but the details around classification, MOP length, and resale restrictions matter enormously before you commit. The SWT pitch of "under three years" is real. What happens after you get the keys is the part you need to plan for. If you want to think through how these projects fit your specific situation, whether you're balloting, selling, or investing in the surrounding private market, reach out and let's have a proper conversation.
WhatsApp me at +65 9750 1055 or visit keithtanboonkee.com to get in touch. I'm happy to help you work through the numbers.
25 years experience · 1,000+ transactions · 4,379 TOP units managed
💬 WhatsApp Me