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Budding BTO flats to woo first time buyers
The Housing and Development Board (HDB) has launched three Built-to-Order (BTO) housing sites to ramp up supply of new flats to meet rising demands.
In all, 1,593 units are on offer: with 903 units in both Fernvale Flora and Fernvale Gardens in Sengkang, and 690 units in Segar Vale in Bukit Panjang.
Both Sengkang sites are expected to be more popular due to the fact that there are currently no three-room flats available in the estate. Buyers could also be enticed by the relatively low cost of the new flats, with three-room flats costing about $170,500. With affordability in mind, both four-room and five-room flats cost about $275,500 and $344,000 respectively, which is about 25% to 30% cheaper than that of a resale flat within the same region.
In addition, young couples searching for their first flat could be attracted to both sites being in close proximity to Fernvale LRT, which increases accessibility and convenience. Schools such as Fernvale Primary School and Pei Hwa Secondary School are also within a short walking distance. Moreover, Compass Point Mall, which is a shopping haven in the region, is just a few LRT stations away.
In Segar Vale, two-room flats are on offer for the first time for those seeking smaller flats. Prices are also lower than those in the resale market. For example, a similar five-room flat in the resale market costs $457,000. However, in this BTO exercise, a new five-room flat costs about $326,000, about 28% cheaper. Three and four-room flats will cost about $158,000 and $255,000; or 45% and 27% cheaper respectively.
Even though this site is just within walking distance from Segar LRT, buyers might not be attracted to Bukit Panjang as it is rather inaccessible compared to Fernvale Flora and Fernvale Garden.
In comparison, the Sengkang BTO flats seem to be the more eye-catching of the two on offer. Expect subscription rates to be about three times or more at both Fernvale Flora and Fernvale Gardens, and about two times in Segar Vale. Oversubscription rates will be lower than in previous years due to the anticipated future supply from the Government, leading to consumers being more selective about the flats for which they apply.
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