Friday, February 27, 2009

Build-to-order flats in Woodlands for sale

THE Housing Board yesterday launched its first build-to-order flat sale this year, with 815 flats in Woodlands up for grabs.

Called Champions Court, the batch of flats will include 224 studio apartments, which are being offered for the first time in Woodlands. There are also 182 three-room flats, 224 four-room flats and 185 five-room flats.

By its final update for the day, at 5pm yesterday, HDB had received 205 applications, mostly for the four- to five-room flats. There were 24 applications for studio apartments and 21 applications for three-room flats.

The monthly household income ceiling for purchasing a new three-room flat is $3,000. Those with gross monthly household incomes of not more than $8,000 can buy new four- to five-room flats, and studio apartments.

Champions Court is at the junction of Champions Way and Woodlands Avenue 1, near the Woodlands Regional Centre.

In its statement, HDB said the new flats are priced below their equivalent market prices to ensure that they are affordable to first-time buyers.

Indicative prices for the three-room flats range from $118,000 to $142,000; for the four-room flats, $194,000 to $227,000; and for the five-room flats, $247,000 to $296,000.

In the resale market, comparable three-room flats go for $200,000 to $209,000 while four-room units sell for $255,000 to $278,000, according to data provided by HDB.

Comparable five-room resale flats cost $304,000 to $345,000, it said. The 60 smaller studio apartments, which are 35 sq m in area, are priced from $57,000 to $64,000 while the 45 sq m studio units cost $71,000 to $80,000.

PropNex chief executive Mohd Ismail expects the project to be about five times over-subscribed.
'There's still strong demand for HDB flats in mature estates, particularly for four-room and five-room flats,' he said.

The absolute prices for the bigger HDB flats in mature towns such as Woodlands are still more affordable than those in estates nearer town, said Mr Ismail.

The recession has already hit the cash amount that buyers have to pay over the valuation price, but the volume of resale deals is so far largely steady, he added.

The median cash-over-valuation for resale flats in Woodlands fell from $18,000 in the third quarter of last year to $15,000 in the fourth quarter.

Applications for Champions Court can be submitted online from now until March 11.

Source: The Straits Times, 27 Feb 2009

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