Projects, ready by 2011, signal to the market that there is adequate supply
MORE than 1,100 Housing Board flats went on sale in Punggol and Yishun on Thursday, just a day after a plum Bishan site reserved for condo-style flats was launched.
The new projects - Damai Grove in Punggol town and Jade Spring @ Yishun - are being offered under the build-to-order (BTO) system where flats are built only when a certain demand is reached.On Wednesday, the HDB released a site in Bishan Street 24 that can accommodate 460 upmarket flats built by private developers.
Market watchers say the consecutive HDB sales is a clear sign the government is addressing the housing shortage that has worsened amid soaring resale prices.
Damai Grove, which consists of 738 flats - 62 three-roomers and 676 four-room units - caught the industry's eye due to the potential of its location.
The estate is next to Damai LRT station and a stone's throw from Punggol MRT but its proximity to Punggol's proposed waterway is its greatest selling point.
This 5.5km waterway is part of the ambitious 'Punggol 21-plus' vision Prime Minister Lee Hsien Loong unveiled in his National Day Rally speech in August.
The town will boast features like a freshwater lake while homes and a town centre will line the waterway's banks with recreational facilities and amenities nearby.
Prices at Damai Grove will range from $123,000 to $152,000 for a 65 sq m three-room flat and $195,000 to $240,000 for a 90 sq m four-room unit.
This is significantly lower than the resale market, where a four-room unit's median price in Punggol is about $271,000, according to HDB's third quarter data.
Damai Grove is Punggol's ninth BTO project and fourth for the year.
Jade Spring @ Yishun offers 384 flats - 48 three-room and 336 four-room - at the junction of Yishun Ring Road and Yishun Avenue 11.
It is also near the Khatib and Yishun MRT stations.
Prices range from $118,000 to $134,000 for a three-roomer to $183,000 to $246,000 for a four-roomer.
At the close of the HDB's last BTO sale, 7,970 people applied for 400 flats at Telok Blangah while 1,626 applicants were lodged for 516 flats in Punggol Lodge, which is next door to Damai Grove.
The HDB website www.hdb.gov.sg on Thursday showed 112 applications for Damai Grove and 106 for Jade Spring. Applications close on Jan 16.
Both projects are expected to be completed by 2011, and the construction of the waterway, which will take up to four years, will likely start at the end of 2009.
Models of the two estates are being exhibited at the HDB Hub Habitat Forum at Toa Payoh until Jan 16.
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