HDB launches 1291 build-to-order flats

The Housing and Development Board launched its two new BTO projects Choa Chu Kang and Buangkok Vale yesterday.

A total of 1,291 standard flats will be offered up. Of these 276 units are Studio Apartments, 128 units are 2-room flats, 241 units are 3-room flats and 646 units are 4-room flats. 95% of the 2-, 3- and 4-room flats will be set aside for First-Timers.

A high subscription rate is expected for both BTO projects. PropNex CEO Mohamed Ismail forecasts a subscription rate of at least five times for the units.

“Both Hougang and Choa Chu Kang, where the BTOs are located, are matured estates with all the amenities in place.Secondly, the 3-room and 4-room flats for both BTOs are about 30% and 20% cheaper respectively for similar flats in their areas, based on 3Q09 results from HDB. Finally, one may notice that the flats offered are confined to the smaller flats, with their greater affordability catering to a wider consumer group, “ he said.

The Buangkok Green Project is expected to be the more popular choice as 4-room flats have traditionally been the most popular flat choice amongst HDB dwellers, and Buangkok Green is offering 458 4-room flats.

Limbang Green will have 592 standard flats, comprising 276 units of Studio Apartments, 128 units of 3-room flats and 188 units of 4-room flats, and.is located along Choa Chu Kang Drive and close to Yew Tee MRT station. Nearby commercial facilities include Limbang Shopping Centre and Yew Tee Square. Community facilities such as Yew Tee Community Club, Choa Chu Kang Swimming Complex, Choa Chu Kang Sports Hall and Choa Chu Kang Stadium are also within walking distance. There are also primary and secondary schools in the area. Prices are $64,000 to $89,000 for a Studio Apartment; $140,000 to $169,000 for a 3-room flat; and $226,000 to $278,000 for a 4-room flat

Buangkok Vale offers 699 standard flats, comprising 128 units of 2-room flats, 113 units of 3-room flats and 458 units of 4-room flats. Situated in Hougang town, it is bounded by Buangkok Green and Yio Chu Kang Road and served by two MRT stations, Hougang and Buangkok, as well as the Hougang Bus Interchange and the Central Expressway (CTE). Commercial facilities are the Hougang Mall and Hougang Plaza at the Town Centre and also at neighbourhood centres such as Central Place and Hougang Green Shopping Mall. Other communal facilities include the Hougang Swimming Complex, Hougang Sports Hall and Hougang Stadium. There are also primary and secondary schools in the area. Prices for Buangkok Vale are $88,000 to $111,000 for a 2-room flat; $142,000 to $182,000 for a 3-room flat; and $231,000 to $288,000 for a 4-room flat.

HDB has said the new flats will be priced below their equivalent market prices to keep public housing affordable for first-time homebuyers. This will take into account the prices of resale flats in the area, adjusted for factors such as location, flat attributes, project design and prevailing market conditions, as determined by professional valuers.

Eligible first timers with an average monthly household income of $5,000 or less can also apply for the Additional CPF Housing Grant (AHG) of up to $40,000. The AHG can be used to offset the initial down-payment In addition to a market subsidy on the selling price.

HDB is also looking to launch more BTO projects this year, depending on the demand. It intends to launch about 12,000 new BTO flats. It has also announced it will be launching another 1,500 flats in Punggol and Woodlands in Feb 2010