Market watchers expect demand for the Sengkang and Jurong West flats to be good
THE Housing and Development Board launched two build-to-order (BTO) projects yesterday.
Fernvale Palms in Sengkang and Boon Lay Meadow in Jurong West will offer a total of 1,200 standard flats.
The new flats form part of the 5,000 new supply that National Development Minister Mah Bow Tan announced on Oct 1.
Fernvale Palms is a standard contract offering a total of 495 units comprising 96 three-room, 347 four-room and 52 five-room flats. Selling prices for the Sengkang flats range from $129,000 to $163,000 for a three-room flat, and $214,000 to $262,000 for a four-room unit.
A five-room flat will cost between $282,000 and $340,000. The property is located near two Light Rail Transit stations, HDB said.
Another 705 units will be available at Boon Lay Meadow in Jurong West estate. They will be made up of 240 two-room, 300 three-room and 165 four-room flats.
Two-room flats in the project will go for $86,000 to $103,000, three-room flats will go for $138,000 to $173,000 and four-room flats will cost $223,000 to $266,000.
Boon Lay Meadow is served by two Mass Rapid Transit stations, Boon Lay and Lakeside, HDB said.
Market watchers said that the demand for the flats is expected to be good. ‘The flats look very attractive,’ said Eugene Lim, associate director for ERA Asia Pacific. ‘These are obviously targeted at first-time buyers, who should find them affordable.’
HDB expects that first-time flat buyers will need to use 18-24 per cent of their monthly household income to meet their monthly loan commitments for these two projects.
‘This is well below the 30 per cent international benchmark for affordable housing,’ said the agency.
Flat buyers can look forward to more BTO launches over the next two months. HDB will be launching six more BTO projects with 4,000 flats in November and December. These projects will be located in towns such as Punggol, Bukit Panjang, Sembawang and Dawson.
Earlier this month, HDB announced plans to ramp up its supply of new flats to meet increased demand for public housing. The news came as flash estimates showed that prices of resale HDB flats rose 3.2 per cent in the third quarter, which analysts attributed to the greater demand for resale flats in recent months.
Source: Business Times, 17 Oct 2009
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