Champions Court in Woodlands oversubscribed

SINGAPORE: Champions Court - this year's first Build-to-Order (BTO) project in Woodlands - has been oversubscribed. Almost 3,200 applications have been received for the 815 units on offer.

The project comprises studio apartments, three, four and five-room flats, and applications for all types have been oversubscribed.

For example, there are only 224 studio apartments on offer, but 618 applicants are vying for them. An applicant, Margaret Tan, said: "Because all my children are already married, so I want to find a smaller (apartment) that is enough for me."

The four-room and five-room flats seem to be the most popular. The 224 four-room units have seen 1,225 applications, while the 185 five-room units have so far received 935 applications.

The final number of applications for the BTO project will be confirmed at 2pm on Thursday. The project is near Woodlands Regional Centre - where amenities are aplenty - and the MRT line.

Another applicant, Liza Mohamed Gasaly, said: "Basically the flats are near our parents' home in the north. Convenience is there – (the flats are) quite near the MRT and there are schools and shops (nearby)."

Analysts are not surprised by the overwhelming response. Director, Dennis Wee Group, Chris Koh, said: "You can see that it's priced very competitively, it's much lower than resale flat prices. In terms of location, you are near all the amenities, so I don't see why if you are eligible to buy, why you wouldn't want to try for it."

Prices range from S$57,000 for the smallest studio apartments to S$296,000 for the five-room flats.

But Mr Koh added that the response is not indicative of future BTO projects. He said: "A lot of circumstances will decide whether a flat will be sought after, whether there's a demand for it. One, we always say location, second will be pricing. If it's priced competitively, people will be willing to book it. If it's not, then they will say they may as well get a resale flat."

The Housing and Development Board (HDB) said it will conduct a balloting exercise for all applicants, after which those who are successful will be invited to make a selection.

If the BTO has a good take-up rate, HDB will proceed to build the flats, which are expected to be ready by 2013.

Source: Channel News Asia, 11 Mar 2009