New Punggol and Woodlands BTOs set for warm reception

NewsFebruary 11, 2010

The two new Build-To-Order (BTO) projects released by HDB today, Punggol Crest and Treegrove@Woodlands, are both set to be warmly received by the public.

“In line with the constant demand for public housing, the Government is doing well to actively answer the needs of the mass population,” says PropNex CEO Mr Mohamed Ismail, referring to the total of 1,534 BTO flats launched between the two projects.

Because of this continued demand, Mr Ismail expects the two projects to be well-oversubscribed by at least six times each. Furthermore, he predicts that there will be a higher take-up rate for Punggol Crest, given the fewer number of units (750 compared to Treegrove@Woodlands’ 784).

“Punggol residents can also look forward to a greater asset appreciation in about 10 years’ time,” he reveals,” when the Punggol Master Plan reaches fruition.”

The Punggol Master Plan is set to enliven the estate with a waterway, more recreational facilities and a waterfront living lifestyle in the next few years.

Treegrove@Woodlands, on the other hand, is offering 192 studio apartments in its 784 units. “Studio flats are not really suitable for new families as the size may be too constrictive and buyers would be locked into this property for the next eight years or so,” explains Mr Ismail. “For those who would buy a studio apartment, they need to keep in mind a mid-to-long term view of their purchase.”

Where prices are concerned, the BTO flats on sale are certainly an attractive offer. At Treegrove@Woodlands, the prices for 3-room flats are about 30% cheaper than other 3-room flats in the area, whilst 4-room flats cost about 17% less than similar flats in the estate. Despite the greater savings for the 3-room flats, Mr Ismail expects a greater number of subscriptions for the perennially popular 4-room flats.

4-room flats at Punggol Crest are about 22% cheaper than 4-room resale flats in the area, based on HDB’s 4Q09 prices. In addition, those who successfully get the BTO flat would not have to pay the $27,000 in cash upfront, which was the median COV for 4-room flats in Punggol for 4Q09. In fact, recent resale transactions for Punggol 4-room flats indicate that the median resale price is inching upward, so the market is still buoyant, compared to the last quarter.

However, Mr Ismail also does not feel that these new BTO projects will have much of an impact on current resale flat prices.

“BTOs impose a waiting period of about three to four years for the flats,” reminds Mr Ismail. “For those who cannot wait, they will still have to turn to the resale market.”

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