Thursday, August 7, 2008

Over 2,300 Vie For 578 Condo-Like Flats In AMK

Source : The Straits Times, Aug 7, 2008

MORE than 2,300 hopeful homebuyers have applied for one of the 578 condo-style units being built for the Housing Board in Ang Mo Kio.

HOT PROPERTY: Park Central @ AMK, in Ang Mo Kio Street 52, is the HDB's third Design, Build and Sell project. -- PHOTO: UNITED ENGINEERS

The showflat was a hot ticket, with 23,000 visitors since the project's mid-July launch, said developer United Engineers (UE) yesterday.

Applications have now closed for the estate, Park Central @ AMK, which is being developed under the HDB's Design, Build and Sell Scheme (DBSS).

The four- and five-room units have condo-style fittings and finishes such as built-in wardrobes, kitchen cabinets and air-conditioning systems, and are priced from about $400,000 to just under $700,000, or $490 to $500 per sq ft.

Park Central @ AMK is the third DBSS project. Under the scheme, private developers set prices but are bound by HDB rules, including the key proviso that flats can be sold only to households earning no more than $8,000 a month.

Past launches had been plagued by applications from buyers who were not serious or overqualified but UE believes most of its applicants are eligible buyers who have a genuine interest in buying the units.

It said showflat visitors were asked to go through a simple questionnaire to determine their eligibility for public housing.

'However, how the applications will eventually translate into real sales figures greatly depends on the market conditions (when) the selection process begins,' said managing director David Liew of UE's property development division.

A ballot will be held, with the selection process starting in the middle of next month.

The previous DBSS project, City View @ Boon Keng, attracted 3,500 applications for 714 flats early this year. But only 460 deals were sold right after the selection process in March. Some applicants were apparently overqualified.

The first project in Tampines saw nearly 6,000 applicants vying for 616 units in late 2006.

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