HDB offers another 1,534 flats in two BTO projects

THE Housing and Development Board (HDB) launched two new build-to-order (BTO) projects in Punggol and Woodlands yesterday, offering 1,534 new flats.

Home seekers can look forward to another 1,000 BTO flats in Sembawang and Sengkang next month. This pace of release is in line with HDB’s plans to offer around 7,000 BTO flats in H1 2010, and 12,000 BTO flats for the whole year.

Robust demand for public housing has spurred the launch of more new flats. Last month, HDB’s offer of 1,291 new BTO flats in Choa Chu Kang and Hougang was more than five times subscribed, with 7,077 applications pouring in. Subscription rates were particularly high for the four-room flats available.

PropNex foresees continued strong demand for flats. The two new BTO projects – Punggol Crest and Treegrove @ Woodlands – could be ‘well oversubscribed by at least six times each’, it said. Applications will close on Feb 24.

Punggol Crest at Punggol Place will offer 750 standard flats, of which 36 per cent or 270 will be four-roomers. There will also be 240 two-room flats and 240 three-room flats.

Punggol Crest will be near the Punggol MRT and LRT stations, bus interchange and the future Punggol Town Centre. In its immediate vicinity will be the the Tampines Expressway, a proposed mosque and secondary school.

Buyers can expect to pay $247,000 to $301,000 for a four-room flat at Punggol Crest. According to HDB, the price of a comparable four-room resale flat in the vicinity would be $330,000 to $377,000.

Over at Woodlands Avenue 7, Treegrove @ Woodlands will have 784 premium flats. These are units which come fitted with floor finishes.

Of these, 47 per cent or 372 units will be four-roomers. There will also be 192 studio apartments and 220 three-room flats.

Treegrove @ Woodlands will be next to 888 Plaza and near Causeway Point. It will also be mid-way between Woodlands MRT station and Admiralty MRT station.

A four-room flat at the estate would go for $228,000 to $288,000. HDB notes that the price of a comparable four-room resale flat in the area would be $305,000 to $371,000.

PropNex CEO Mohamed Ismail expects the take-up rate for Punggol Crest to be higher as it offers a smaller number of units. ‘Punggol residents can also look forward to greater asset appreciation in about 10 years’ time, when the Punggol Master Plan reaches fruition,’ he added.

From recent resale transactions involving four-roomers in Punggol, PropNex also observed that ‘the median resale price is inching upward, so the market is still buoyant, compared to the last quarter’.

HDB has launched 2,825 new BTO flats in January and February. It will release more flats monthly in the next few months.

Source : Business Times – 12 Feb 2010