FOR IMMEDIATE RELEASE
Bumper crop of BTO flats a welcome supply for buyers
The Housing and Development Board (HDB) has launched four Built-to-Order (BTO) housing projects to ramp up the supply of new flats. A total of 3,185 new flats are on offer—the largest supply of new flats in a single launch since 2002.
HDB’s Resale Price Index (RPI) released today shows a minimal increase of just 1.6% for 1Q11 Q-on-Q, down from a 2.5% growth the previous quarter. In addition, PropNex records reflected a slight increase in Cash-over-Valuation (COV) of 13% to $23,000 in April 2011 from 1Q11, which is caused by the reduced movement in the HDB resale market brought about by cumulative impact of the cooling measures announced by the Government on 30 August 2010 and 13 January 2011.
“Specifically, couples waiting to buy a resale flat will be deterred by the reduced Loan-To-Value (LTV) ratio on additional mortgages to 60%”, but now, explains PropNex Corporate Communications Manager Adam Tan, “but now, the timely availability of these new BTO flats will enable these buyers to choose from a wider selection in terms of location, which also means that they will not have to pay the COV component and fork out 40% cash upfront”.
Waterway Terraces II to win more first-time buyers
“Of the four launches, Punggol seems to be the choice pick as it is a waterfront development in an estate that is growing in popularity”, states Mr Tan.
Waterway Terraces II is designed with landscaped greenery along the waterfront promenade, housing a range of recreational facilities for both the young and old. Kids can take to the children’s playgrounds for their fun and games, while older folks can choose to work out at elderly fitness stations that are available within the estate.
“The main draw for this Punggol project would be the undeniably attractive proximity to the waterfront, in what is increasingly seen to be a popular estate”, comments Mr Tan.
“In addition, prices for 4-room flats will be a pull factor, which will be attractive to low to middle income families as they are priced at about $348,500, which is cheaper than a 4-room resale flat in Punggol by about 18.2%”, says Mr Tan.
Other BTO flats woo first-timers
“Young couples will also be spoilt for choice with three other launches at Hougang, Sembawang and Sengkang”, says Mr Tan.
In Sembawang and Hougang, new BTO flats are available once again after a hiatus.
In Montreal Ville in Sembawang, smaller flats are on offer once again, with both 2-room and 3-room flats at $104,000 and $174,500 respectively. Prices for 4-room flats are also much lower than those in the resale market. “For example”, states Mr Tan, “a 4-room flat in Montreal Ville is 27.5% cheaper than a 4-room resale flat in Sembawang”.
Montreal Ville boasts a large landscaped area in the centre of the development. This area can play host to a wide range of recreational and communal activities. Kids can play at the playground, while adults and the elderly work out at the fitness stations designed for them. Alternatively, seats and shelters amid the activity spaces offer respite for those who wish to rest and relax.
At Hougang Parkview, the nearby Punggol Park will bring outdoor activities to your doorstep, be it working out at the fitness stations designed for adults and the elderly, playing with the kids at the playground or taking a stroll amid the green surrounds. Seating areas integrated with shelters are placed within the development to face the park and waters, offering pockets of spaces for relaxation and quiet contemplation.
“Another draw to Hougang Parkview is the presence of a childcare centre located within the development, which will bring much convenience to young families with working adults”, says Mr Tan.
Prices are also very attractive at $181,000, $286,000 and $368,500 for 3-room, 4-room and 5-room flats respectively, which are a whopping 38%, 25.5% and 19.7% cheaper than a similar resale flat within the estate.
In nearby Anchovale Cove in Sengkang, a host of facilities are present to cater to residents of all ages. Besides an adult fitness station, children’s playgrounds are available to provide ample play for the kids, while an elderly fitness station allows the aged to get some exercise.
“The central plaza culminates in an open vista on the end fronting Sengkang Riverside Park, embracing the scenic views offered there—which will make this project an idyllic one for families”, states Mr Tan.
“Although the BTO flats in Anchorvale Cove are only 12% to 19% cheaper than a resale flat within the same estate, interest could still be high as they can avoid paying the Cash-Over-Valuation (COV) component which is currently $20,000 in Sengkang,”comments Mr Tan.
“Due to the different locations of the four launches that will cater to those staying in different estates, we can expect an over-subscription rate of at least five times in all projects, with perhaps more for the Waterway Terraces II project”, says Mr Tan.
For enquiries, please contact:
Adam Tan (Corporate Communications Manager) 9006 8726