DEMAND for new public housing in Punggol has been high for a couple of years now. But with oversubscription rocketing for the latest build-to-order (BTO) project in the estate, the Housing and Development Board is launching another development in the space of a month.
This was announced yesterday as the application period for the 769-unit Punggol Residences, launched two weeks ago, closed with more than 5,100 applications.
The subscription rate of 6.7 is more than twice the ratio of applications to flats for recent BTO launches, such as that for Punggol Sapphire and Punggol Arcadia last year, which had about three times as many subscribers as available flats.
"The strong interest shows that homebuyers recognise that HDB's latest project offers good value for money," HDB said in a statement.
A four-room flat at Punggol Residences costs between $264,000 and $322,000, while a five-room flat is priced between $344,000 and $409,000.
HDB noted that "the consistently high subscription rates for BTO projects in Punggol Town is testament that the town has become a much sought after place to live in" - and the reason for its plans for another launch.
The continued launch of these BTO projects will "further contribute toward realising the vision of Punggol as a waterfront town", it added.
So far this year, HDB has launched 2,800 flats under the BTO system. It reiterated yesterday it will increase this to 8,000 units or more, given the strong demand.
Source: Today, 13 Aug 2009