HDB upgraders get more choices with latest govt sales sites

By Daryl Loo, Channel NewsAsia | Posted: 15 June 2007 2022 hrs

SINGAPORE: According to property consultants, homebuyers seeking an apartment in the mass market segment will be spoilt for choice due to the government's latest selection of new sites.

The government announced on Thursday that it will put up 41 sites for sale in the second half of this year.

Analysts said the move to release new sites for sale including those in Tiong Bahru, Toa Payoh and Punggol will especially please HDB-upgraders.

Observers have singled out, in particular, a site in Tanah Merah near the Casa Merah project and another one along Alexandra Road near The Metropolitan.

Tay Huey Ying, Director of Research, Colliers International, said: "These sites are located very near to MRT stations and very close to recently launched projects that have received overwhelming sales response. We are talking about the Casa Merah as well as The Metropolitan, both of which have been fully sold. These are likely to appeal to the mass market upgraders, as well as the mid-tier."

Property analysts said the new sites are likely to ease the current supply crunch on private residential properties.

These sites are mainly outside the city core, making them more appealing for the mid- to lower-end of the market.

They have also welcomed the re-introduction of an executive condominium site at Punggol, the first of such site in three years.

Nicholas Mak, Consultancy and Research Director, Knight Frank, said: "The executive condominium scheme is designed to cater to the sandwiched class, specifically buyers who aspire to own private properties which may be too expensive.

"The government is seeing that private home prices are rising quite quickly and there may be the emergence of this sandwiched class."

The sites for sale are expected to add some 8,000 new homes to the property market.

- CNA/so