Source : The Straits Times, Mar 24, 2008
THOUSANDS of applications poured in for a condo-like Housing Board project in January - but as of last week, less than two-thirds of the flats had been taken up.
About 250 of the 714 units in City View @ Boon Keng remain unsold, said HSR Property Group, which is marketing the project.
These flats will be offered to the public, probably via a walk-in selection.
The leftover homes came as a surprise to market watchers, given that 3,500 applicants had vied for them.
This works out to five would-be buyers for each flat at City View, the second public housing project to be built by a private developer.
It boasts condo-like features such as timber floors, built-in wardrobes and air-conditioning.
All the applicants were given a chance to book the flats they wanted, said HSR project director Kellie Liew.
The selection process stretched over 20 days and ended last Thursday, with more than 3,000 potential deals falling through.
Developer Hoi Hup Sunway sold about 460 units, including six of the top-priced five-room units at $727,000 each, said Ms Liew.
But she added that some buyers backed out of their purchases due to the weakening property market, while others did not meet the required criteria to buy the flats.
Read the full story in Tuesday's edition of The Straits Times.
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