The Housing Development Board’s latest BTO (Build-To-Order) launch, The Nautilus @ Punggol, is expected to be a popular development with subscribers.
That is because, costing from $228,000 and $305,000 or $235psf and $258psf for 4- and 5-room flats respectively, the 519-unit BTO project offers home owners flats that are very attractively priced.
“Median resale flat prices in that area,” reveals Adam Tan, Corporate Communications of PropNex, “have been in the region of $332,000 and $383,000 for 4- and 5-room flats respectively, for the first three months of 2009. We’re looking at The Nautilus @ Punggol being marketed at prices that are 20 to 30% lower than those of resale flats in the area.”
With resale prices of Punggol flats starting to dip since Q408, and in light of the ongoing economic uncertainty, Mr Tan considers it prudent of HDB to price units at The Nautilus @ Punggol so conservatively.
“Punggol is also no longer considered a backwater estate,” Mr Tan further explains. “With the continuing development of Punggol 21 Plus, this small estate promises to be a vibrant town in its own right. In addition to the existing Punggol Plaza and schools nearby, the Punggol of the future will offer waterfront living, exciting recreational activities and greater infrastructural connectivity.”
He points out that, as the crow flies and by train, it is already a shorter distance from Punggol than from Pasir Ris to Orchard.
Building on the continued demand for public housing and considering its pricing of 20% to 30% lower than resale flats in the area (based on resale figures from HDB for 2009 so far), Adam Tan expects The Nautilus @ Punggol to be about three times over-subscribed.
For enquiries, please contact:
Mohamed Ismail (CEO) 9487 1414
Adam Tan (Corporate Communications Manager) 9006 8726