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12-04-12, 03:52
http://www.straitstimes.com/PrimeNews/Story/STIStory_784973.html
Strong buyer interest in Toh Yi studio flats
Published on Apr 4, 2012
By Janice Tai
THE controversial Housing Board (HDB) studio apartment project in Toh Yi has attracted strong interest from home buyers, despite concerns that the chosen site - which sits on top of a slope - would be inconvenient for elderly residents.
There were about three applicants for every two units - or a subscription rate of 1.6 - when applications drew to a close yesterday.
The Toh Yi project in Bukit Timah - known as Golden Kismis - has 132 planned units. It is part of the bumper crop of 7,978 Build-To-Order (BTO) flats offered last week.
The robust response is comparable to recent BTO launches of studio apartments, which are becoming more popular, say property agents.
For example, the overall subscription rate at Fajar Spring in Bukit Panjang, which was offered in November last year, was 1.2. Sunshine Gardens in Choa Chu Kang, launched in January this year, saw a subscription rate of 1.5.
Another studio apartment project offered in the current BTO exercise - Golden Clover in Toa Payoh - garnered 2.2 applications for every unit.
PropNex chief executive Mohamed Ismail said: 'Studio apartments are getting more popular because as the population ages, many elderly couples prefer to downsize, unlock their asset appreciation and monetise for a better lifestyle with the excess funds for old age.'
SLP International's head of research Nicholas Mak added that those in mature estates are especially popular because of the larger pool of seniors.
HDB said the take-up rate for studio apartments launched in the past two years is about 90 per cent. These apartments, fitted with elderly-friendly features such as grab bars, are meant for Singaporeans aged 55 and above.
The Toh Yi project came under the spotlight after a group of residents petitioned against plans to build the elderly-friendly apartments there.
Among the concerns they raised was the location of the apartments, which they said was inconvenient for the elderly. Residents have to walk down a slope of about 200m to reach amenities like coffee shops and clinics.
But that has not deterred applicants like Madam Nellie Yap, 75. 'I am so used to this area and watched my neighbours' children grow up from babies. The smaller unit will make it much easier to clean,' said Madam Yap, who submitted her application two days ago.
The widow lives alone in a four-room flat in Toh Yi. 'The slope is not a big concern as my current block is already halfway up the slope and I am used to the walking,' she added.
Other applicants acknowledged that the long walk to the main road may be a problem for them.
But they said that factors such as the prime location and being able to age in a familiar environment far outweighed such concerns.
Said Mr Teo Yeow Seong, 60, who applied for a unit: 'It is not a problem for me now but 10 years down the road, who knows? But we can always work around the problem by walking through the blocks where the slope is interspersed by flat areas.'
The retiree now lives in a five-room flat in the estate.
To get around the problem, HDB has said that it will add more footpaths to link the studio units seamlessly to the surrounding neighbourhood. It will also be adding rest areas along the footpaths.
Some Toh Yi residents said they are drawn to the project because of a new scheme which gives priority to applicants who are living within 2km of the studio apartments.
The project has also attracted applicants from other estates.
Retiree Georgie Chng, 70, applied for a unit at Golden Kismis because he hopes to live near his son.
'This way, all of us can have our own private space yet I am close enough to look after my grandchildren,' said Mr Chng, who now lives in Waterloo Street.
Holland-Bukit Timah GRC MP Sim Ann, who oversees Toh Yi, said: 'There is a genuine demand for studio apartments in this area, and I think the application rate reflects that quite clearly.'
Ms Sim, who proposed the priority scheme, added: 'Our residents will be the first group to benefit from the scheme, and I am sure the extra ballot chances will give them an edge.'
Strong buyer interest in Toh Yi studio flats
Published on Apr 4, 2012
By Janice Tai
THE controversial Housing Board (HDB) studio apartment project in Toh Yi has attracted strong interest from home buyers, despite concerns that the chosen site - which sits on top of a slope - would be inconvenient for elderly residents.
There were about three applicants for every two units - or a subscription rate of 1.6 - when applications drew to a close yesterday.
The Toh Yi project in Bukit Timah - known as Golden Kismis - has 132 planned units. It is part of the bumper crop of 7,978 Build-To-Order (BTO) flats offered last week.
The robust response is comparable to recent BTO launches of studio apartments, which are becoming more popular, say property agents.
For example, the overall subscription rate at Fajar Spring in Bukit Panjang, which was offered in November last year, was 1.2. Sunshine Gardens in Choa Chu Kang, launched in January this year, saw a subscription rate of 1.5.
Another studio apartment project offered in the current BTO exercise - Golden Clover in Toa Payoh - garnered 2.2 applications for every unit.
PropNex chief executive Mohamed Ismail said: 'Studio apartments are getting more popular because as the population ages, many elderly couples prefer to downsize, unlock their asset appreciation and monetise for a better lifestyle with the excess funds for old age.'
SLP International's head of research Nicholas Mak added that those in mature estates are especially popular because of the larger pool of seniors.
HDB said the take-up rate for studio apartments launched in the past two years is about 90 per cent. These apartments, fitted with elderly-friendly features such as grab bars, are meant for Singaporeans aged 55 and above.
The Toh Yi project came under the spotlight after a group of residents petitioned against plans to build the elderly-friendly apartments there.
Among the concerns they raised was the location of the apartments, which they said was inconvenient for the elderly. Residents have to walk down a slope of about 200m to reach amenities like coffee shops and clinics.
But that has not deterred applicants like Madam Nellie Yap, 75. 'I am so used to this area and watched my neighbours' children grow up from babies. The smaller unit will make it much easier to clean,' said Madam Yap, who submitted her application two days ago.
The widow lives alone in a four-room flat in Toh Yi. 'The slope is not a big concern as my current block is already halfway up the slope and I am used to the walking,' she added.
Other applicants acknowledged that the long walk to the main road may be a problem for them.
But they said that factors such as the prime location and being able to age in a familiar environment far outweighed such concerns.
Said Mr Teo Yeow Seong, 60, who applied for a unit: 'It is not a problem for me now but 10 years down the road, who knows? But we can always work around the problem by walking through the blocks where the slope is interspersed by flat areas.'
The retiree now lives in a five-room flat in the estate.
To get around the problem, HDB has said that it will add more footpaths to link the studio units seamlessly to the surrounding neighbourhood. It will also be adding rest areas along the footpaths.
Some Toh Yi residents said they are drawn to the project because of a new scheme which gives priority to applicants who are living within 2km of the studio apartments.
The project has also attracted applicants from other estates.
Retiree Georgie Chng, 70, applied for a unit at Golden Kismis because he hopes to live near his son.
'This way, all of us can have our own private space yet I am close enough to look after my grandchildren,' said Mr Chng, who now lives in Waterloo Street.
Holland-Bukit Timah GRC MP Sim Ann, who oversees Toh Yi, said: 'There is a genuine demand for studio apartments in this area, and I think the application rate reflects that quite clearly.'
Ms Sim, who proposed the priority scheme, added: 'Our residents will be the first group to benefit from the scheme, and I am sure the extra ballot chances will give them an edge.'