Hot demand for two BTO projects

[mr funny]

http://www.businesstimes.com.sg/sub/news/story/0,4574,431865,00.html?

Published March 25, 2011

HDB launches 1,527 flats in Jurong West, Sengkang

By UMA SHANKARI


THE Housing & Development Board (HDB) launched 1,527 new build-to-order (BTO) flats in two projects in Jurong West and Sengkang yesterday.

The projects - Boon Lay Fields in Jurong West and Compassvale Ancilla in Sengkang - will offer 224 studio apartments, 233 three-room flats, 666 four-room flats and 404 five-room units.

HDB has ramped up its new flat supply significantly to meet demand. It plans to offer up to 14,000 new BTO flats in the first half of 2011. And for the whole of 2011, it can offer up to 22,000 new BTO flats if demand is sustained, the agency said.

In addition to boosting supply, HDB has also halved the time taken to invite applicants to select their flats.

The agency will inform applicants of their ballot results within three weeks of the launch and selection of flats will start from the fourth week onwards, instead of the ninth week previously.

Prices at Boon Lay Fields range from $168,000 to $199,000 for a three-room flat; $270,000 to $321,000 for a four-room flat; and $334,000 to $391,000 for a five-room flat.

Units in Compassvale Ancilla are somewhat pricier. Studio apartments will be sold for $77,000 to $112,000; three-room flats for $194,000 to $232,000; four-room flats for $303,000 to $359,000; and five-room flats for $375,000 to $444,000.

PropNex chief executive Mohamed Ismail said that the project at Sengkang is expected to be more popular due to the fact that no studio apartments are available in the estate now.

'Although the BTO flats are only 12 per cent to 19 per cent cheaper than a resale flat within the same region, interest could still be high as they can avoid paying the cash-over-valuation (COV) component, which is currently $20,000 in Sengkang. Therefore, you can expect an oversubscription rate of four times in Sengkang,' he said.

At Boon Lay Fields, by contrast, prices are not just lower than those in the resale market but are also relatively cheap as BTO flats go, Mr Ismail said.

The project's affordability means that the flats are also likely to be oversubscribed, he added.

[mr funny]

http://www.straitstimes.com/PrimeNews/Story/STIStory_649016.html

Mar 25, 2011

10 more HDB build-to-order projects in next 2 months

For the first time, HDB releases info as it launches two projects

By Daryl Chin


CALL it better room service.

Even as the Housing Board (HDB) launched two build-to-order (BTO) projects in Jurong West and Sengkang yesterday, it also provided information of 10 more expected to be offered in the next two months.

This is the first time the HDB is doing so, in a bid to better help buyers land their dream home.

Successful applicants will be able to choose units as quickly as a month after the launch, instead of nine weeks previously.

These changes were announced at the Committee of Supply debate in Parliament last month. Then, National Development Minister Mah Bow Tan had said they were aimed at making HDB flats more accessible and affordable to first-time buyers and quickening the buying process.

First-timers The Straits Times spoke to welcomed the release of more information on BTO launches in estates like Tampines and Punggol. The HDB provided details like the addresses, the total number of flats and the flat types.

Under the BTO scheme, flats are built after sufficient interest has been gathered from eligible buyers.

Sales manager Melvinder Singh, 31, said the longer BTO list will allow him and his wife to better discuss their options.

'Let's say I spot a location I want, like the Tampines project in May. Then, there is no reason for me to bid for other upcoming projects and waste my chances and energy,' he added.

But the availability of more information could also skew buying behaviour, said financial consultant Cliff Teo, 29.

'More buyers might gun for the popular areas but that might mean desperate buyers also have a better chance going for the less popular areas,' he noted.

The two BTO projects launched yesterday offer more than 1,500 flats. The units in the Boon Lay Fields project in Jurong West come with minimal fittings in the kitchen and bathrooms.

About half of the 491 units are four-room ones, from $270,000. There are also three-room flats (from $168,000) and five-room types (from $334,000). They are estimated to be ready by the first quarter of 2014.

The Compassvale Ancilla project in Sengkang will yield 1,036 units which come with better-quality fittings.

There will be 224 studio flats as well as units with three rooms (140), four rooms (420) and five rooms (252). Prices start from $77,000, $194,000, $303,000 and $375,000 respectively. Work is expected to finish by the third quarter of 2014.

With the exception of studio apartments - to meet the needs of those aged 55 and above, 95 per cent of the new flats launched yesterday will be set aside for first-time households.

The monthly household income ceiling for a three-room unit in Boon Lay Fields is $5,000, up from $3,000 previously, and $8,000 for the rest.

The deadline for applications is March 30, with analysts expecting an oversubscription rate of four times for both projects.

Said Mr Nicholas Mak, SLP International's head of research: 'With more certainty in the market, some people might decide to go for the locations they want. But the project in Sengkang is still fairly attractive because of nearby facilities.'

[email protected]

[azeoprop]

Wow....4 room flat bto in sengkang over 300k!!:scared-1: Only a few years ago, sengkang exec size flat selling similar price.

[mr funny]

http://www.straitstimes.com/Singapore/Story/STIStory_651221.html

Mar 31, 2011

Hot demand for two BTO projects

Bids for Jurong West, Sengkang flats surpass analysts' expectations

By Daryl Chin


THE 1,527 flats in two build-to-order (BTO) Housing Board projects in Jurong West and Sengkang were oversubscribed by seven times when applications closed yesterday.

This surpassed analysts' expectations of four times for the units on offer, ranging from studio to five-room units. The two previous BTO offerings had a subscription rate of five and two times respectively.

Five-room flats drew the most bidding interest in both projects: 10 times the supply in Jurong West and eight times in Sengkang.

The healthy interest came even as the HDB provided details of 10 BTO projects expected to be offered in the next two months, during the launch of the Sengkang and Jurong West developments a week ago.

This was the first time the HDB had done so, to better help buyers land their dream homes. In BTO projects, flats are built after sufficient interest has been gathered from eligible buyers, of whom first-timers make up 95 per cent.

Said Mr Adam Tan, a spokesman for property firm PropNex: 'Though the new measures have helped some buyers decide which areas they should wait for, people will always flock to the popular areas like Sengkang and Punggol.'

One reason for the popularity of Boon Lay Fields in Jurong West, he added, is that home buyers might see more value for money there.

He said BTO flats are typically 12 per cent to 22 per cent cheaper than resale flats in the same area. But, in the case of Boon Lay Fields, the percentage hovered between 18 per cent and 33 per cent.

Its three-, four- and five-room flats are sold under a standard contract, which means minimum fittings, for about $183,000, $295,000 and $370,000 respectively.

On the resale market, Mr Tan said such units would fetch about $276,000, $368,750 and $451,200.

SLP International's head of research, Mr Nicholas Mak, noted that besides attractive prices, location also played an important role. 'The Sengkang one is just 250m from Buangkok MRT station, and the discount given is attractive too,' he said.

A five-room unit in the Sengkang project costs between $375,000 and $444,000. A five-room resale unit in Anchorvale Drive fetched $500,000 recently.

He said Jurong has been developing rapidly with new government initiatives. Recently, Jurong Lake was one of three areas selected for a makeover under an HDB programme which will cost $1 billion.

The latest bidding results have made some first-timers eyeing future BTO launches reconsider their strategy.

Accountant Roland Ang, 31, who intends to apply for a Punggol project in May, said: 'Even though I know that one will be popular, I can hope only that the situation improves by then. Otherwise, I might aim for a less attractive one to improve my chances in future.'

[email protected]