Thursday, January 1, 2009

Punggol, Choa Chu Kang BTO Projects Launched

Source : The Business Times, December 31, 2008

THE Housing & Development Board (HDB) yesterday launched two new housing projects - one in Choa Chu Kang and the other in Punggol - under the build-to-order (BTO) system.

Good location: Punggol Regalia, which comprises 546 four-room and 183 five-room flats, is located near the future Punggol Town Centre

A total of 1,181 studio, three-room, four-room and five-room apartments are on offer.

With these two new projects, HDB has launched some 7,793 units under the BTO system in 2008, in towns such as Punggol, Choa Chu Kang, Sengkang, Yishun, Woodlands and Bukit Panjang.

Sunshine Court, located along Choa Chu Kang Avenue 3, comprises 164 studio apartments, 117 three-roomers and 171 four-room flats. This is the first time that studio apartments are being offered for sale in Choa Chu Kang and they will come equipped with elderly-friendly features such as grab bars and non-slip flooring.

The studios will sell for between $58,000 and $80,000. Three-room flats in Sunshine Court are priced at $121,000-$148,000, while four-room flats are going for $202,000-$236,000.

The other development, Punggol Regalia, comprises 546 four-room and 183 five-room flats. The four-room apartments are going for $252,000-$316,000, while the five-room units will be sold for $342,000-$428,000.

HDB reiterated that new flats are priced below their equivalent market prices to ensure that public housing is affordable for first-time home buyers.

For example, comparable four-room resale flats in Choa Chu Kang cost $260,000-$300,000 - although they are slightly bigger - according to data provided by HDB.

Analysts said that the Choa Chu Kang property is expected to see more demand.

'I think the take-up rate will be very good,' said Jack Chua, president of property firm ERA Realty. 'The units are small, which makes them more affordable. In today's market, most people are looking for smaller units.'

This is the first BTO project in Choa Chu Kang, a mature estate, which should boost its popularity, he said.

And as for Punggol Regalia, analysts said that the good location should encourage take-up. The project is located near the future Punggol Town Centre.

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