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First-timers to enjoy varied supply of 3,032 flats
Singapore Property Market News and Analysis


Latest Property Real Estate News - Published on 31/08/2010
HDB released 3,032 flats today: 1,408 flats at Build-To-Order (BTO) project Yishun Riverwalk and 1,624 units in Bukit Batok, Bukit Panjang, Choa Chu Kang, Hougang, Jurong East/West, Punggol, Sembawang, Sengkang and Woodlands under a Sale of Balanced Flats (SBF) exercise.
Continuing with the trend of supplying estates with lifestyle amenities, Yishun Riverwalk will have its own eating house, mini-mart, two shops, childcare centre and Residents’ Committee Centre.
“The provision of all these services,” says PropNex CEO Mr Mohamed Ismail, “makes BTO flats all the more attractive for first-time buyers. In addition, Yishun Riverwalk is close to many amenities and is well-connected by its proximity to Yishun MRT station and bus interchange.
“Despite the measures announced by HDB yesterday to curtail speculative flipping,” continues Mr Ismail, “the demand for these flats will still be high as the buyers’ profile is such that the new measures would have little effect on them.”
Furthermore, he points out that the median price of the flats offered at Yishun Riverwalk are extremely attractive. Based on HDB’s 2Q10 figures, 3-room flats at Yishun Riverwalk are priced about 39% lower than similar flats in the estate, while 4- and 5-room flats are about 21% to 23% cheaper.
As demand for public housing is still high, Mr Ismail expects the oversubscription rate for the BTO to be around five to six times. He expects the balance flats to be at least eight times oversubscribed, especially for flats that have already been completed, have a shorter waiting period or are in more matured estates.
He also advises those who are intending to wait for the influx of 22,000 new flats in 2011 not to wait with the intention of buying a flat at a lower cost, as the prices for those flats may not be as affordable as those for Yishun Riverwalk. “The reason for this,” he explains, “is that HDB will still have to peg the prices of new flats to the market rate and the price levels may have risen by then.”
 
 
 
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Mohamed Ismail (CEO)                                                  9487 1414
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