Tag Archives: Punggol

Punggol Sails and Punggol Ripples will have a total of 1,078 new flats

THE Housing & Development Board (HDB) yesterday launched new build-to- order (BTO) projects at Punggol with a total of 1,078 flats.

And four more BTO projects – with 2,700 flats in all – can be expected next month in Bukit Panjang, Sembawang and Dawson.

Including the two latest Punggol projects – Punggol Sails and Punggol Ripples – HDB has offered about 10,800 flats under BTO and other exercises so far this year. Last month HDB announced plans to ramp up the supply of new flats to meet increased demand for public housing.

HDB also said that with effect from this BTO exercise, 95 per cent of the supply of two, three, four and five-room flats will be set aside for first-timers.

‘This will give greater priority to first-timers, who generally have more urgent housing needs than second-timers,’ it said.

Punggol Sails and Punggol Ripples will have 130 studio apartments and 436 three-room, 403 four-room and 109 five-room flats.

Studio apartments will be priced from $65,000 to $92,000; three-room flats will sell for $158,000 to $185,000; four-room flats for $249,000 to $305,000; and five-room flats for $332,000 to $377,000.

PropNex chief executive Mohamed Ismail expects strong interest in the new projects.

‘Plans are already underway to construct the 4.9km Punggol Promenade linking the estate’s two activity clusters,’ he said. ‘As part of the Punggol 21 Master Plan, this will enliven the area and increase the value of homes there.’

He expects the two BTO projects to be at least five times subscribed on the back of the increasing HDB resale price index.

BTO projects are typically cheaper than resale flats. The typical selling prices of new units are 10-20 per cent cheaper than those of comparable resale units in the area, Mr Ismail said.

HDB expects first-time flat buyers will need to use 23-27 per cent of their monthly household income to meet their monthly loan commitments for these two projects.

The agency says this is well below the 30 per cent international benchmark for affordable housing.

HDB has launched two new Build-To-Order (BTO) projects in Punggol Town, with another four BTO projects planned by late 2009 in Bukit Panjang, Sembawang and Dawson.

The latest pair of BTO projects named Punggol Sails and Punggol Ripples offer a total of 1,078 standard flats.

The units will be located along Punggol Field and will be served by the Punggol MRT, LRT stations, bus interchange, and the future Punggol Town Centre with shops, a childcare centre, as well as primary and secondary schools in the area.

They comprise of 130 units of Studio Apartments, 436 units of 3-room, 403 units of 4-room and 109 units of 5-room flats.

The Punggol BTO units will be priced between $65,000 and $92,000 for a Studio Apartment, and $332,000 to $377,000 for a 5-room flat.

The Housing and Development Board said in its news release that most of the latest BTO flats, except for the Studio units, will be set aside for first-time applicants as they generally have more urgent housing needs.

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

This leaves first-time flat buyers using between 23 and 27 percent of their monthly household to service their monthly mortgage commitment, which the HDB says is well below the 30 percent international benchmark for affordable housing.

Source : Channel NewsAsia – 16 Nov 2009