THE Housing Board has launched two build-to-order (BTO) projects - Fernvale Palms in Sengkang and Boon Lay Meadow in Jurong West - that will deliver 1,200 new flats to the market.
The developments form the initial tranche of the supply of 5,000 new units announced by National Development Minister Mah Bow Tan early this month.
Six other BTO projects, comprising 4,000 flats in total, are expected to be launched over the next two months in towns such as Punggol, Bukit Panjang, Sembawang and Dawson in Queenstown estate.
The addition of so many new flats will offer young couples looking for their first homes greater choice and certainty, the HDB said yesterday.
The two projects launched yesterday are made up of 240 two-room, 396 three-room, 512 four-room and 52 five-room units.
Fernvale Palms, with 495 three-, four- and five-room units, will be built on Sengkang West Way, near Fernvale and Thanggam LRT stations and a short drive from the Tampines Expressway.
Boon Lay Meadow, which will be within the established Jurong West estate and near the Pan-Island Expressway, will have 705 units of two-, three- and four-room flats.
The HDB said the new flats are being sold below their equivalent market prices.
Five-room flats of 110 sq m in Fernvale Palms are going for between $282,000 and $340,000, while four-room units of 90 sq m in Boon Lay Meadow are priced between $223,000 and $266,000.
According to the HDB, premium five-room resale flats in the Fernvale Palms area cost between $369,000 and $450,000, while four-room units similar to those at Boon Lay Meadow are selling for between $290,000 and $330,000.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said buyers should take into account the trade-off between a lower price and the ease of accessibility and location.
He said that HDB prices are lower because buyers have to be compensated for the waiting time. Under the BTO scheme, projects are built when a certain demand is reached, and flats typically take three to four years to be completed.
The HDB said that based on the income of flat applicants in the first half of this year, it is expected that most households will not need to use cash to meet their monthly mortgage payments. Their CPF contributions will be able to fully cover the costs.
Eligible first-timers with an average monthly household income of $5,000 or less can also apply for the Additional CPF Housing Grant (AHG) of up to $40,000. This was introduced in 2006 to provide lower-income earners with extra help to offset the initial downpayment.
Applications for the new flats can be submitted online at www.hdb.gov.sg until Oct 29.
Source: Straits Times, 17 Oct 2009
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