Tuesday, December 29, 2009

Two Dawson BTO projects see overwhelming demand

Some flats were 12 times over- subscribed at the close of applications

TWO highly anticipated public housing projects in Dawson estate have drawn overwhelming response, with some flats close to 12 times over-subscribed.

The 1,718 flats at SkyVille@Dawson and SkyTerrace@Dawson in Queenstown – offered by the Housing and Development Board (HDB) under the build-to-order (BTO) scheme – had received 10,098 applications as at 5pm yesterday.

Applications for the project ended yesterday.

‘As expected, there has been strong interest in the two Dawson projects, given their choice location,’ HDB noted in a statement.

SkyVille@Dawson and SkyTerrace@Dawson are near Singapore’s city centre and also close to Queenstown MRT station.

The five-room Dawson flats were the most popular, with 2,090 applications received for 176 available flats – about 11.9 times over-subscribed.

The 1,102 four-room flats attracted 6,015 applications while the 270 three-room flats drew 806 applications.

The 40 studio apartments available at the two projects also saw hot demand – 429 applications were received, making the studio apartments 10.7 times over-subscribed.

Paired units under HDB’s new multi-generational scheme also saw high demand. The scheme allows parents and married children to buy paired flats. HDB received 379 pairs of applications for the 65 pairs of flats available at SkyTerrace@Dawson.

Other than Dawson’s attractive location, the high prices of new private condominium apartments may have also pushed some buyers to these projects, noted Ngee Ann Polytechnic real estate lecturer Nicholas Mak.

Demand was also strong – albeit to a lesser degree – at the two other BTO projects launched by HDB. At Montreal Dale in Sembawang, 1,412 applications were received for 424 flats. And at Segar Grove in Bukit Panjang, 1,367 applications were received for 528 flats.

However, the two-room flats in both Sembawang and Bukit Panjang, and the three-room flats at Bukit Panjang were under-subscribed, which analysts said could be due to the low income ceiling that might exclude some potential buyers.

‘HDB may have to review the income ceiling because the salary levels of Singaporeans have increased over the years,’ said Mr Mak.

HDB said that the next BTO launch will be held on Jan 5. Buyers can look forward to another 1,300 flats in Choa Chu Kang and Hougang then. Added the agency: ‘HDB will continue to launch more BTO projects in 2010 if there is sustained demand for new flats.’

Source: Business Times, 29 Dec 2009

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