The 1,200 Build-to-Order (BTO) flats offered in Sengkang and Jurong West drew nearly four times the number of applicants at the close of applications on Thursday night.
The project in Sengkang, Fernvale Palms, was the more popular, with the 495 housing board flats more than four times subscribed. About 2,300 people applied for the 705 units at Boon Lay Meadow (picture – An artist’s impression of Boon Lay Meadow).
One industry player sees the demand as the norm and not the result of recent high Housing & Development Board (HDB) resale prices. Response depends on location, said PropNex chief executive Mohammed Ismail. “If the BTO appears in a mature estate, we could see a very high number” of applications that could exceed by five times the number of flats.
The HDB will release 13,500 flats this year, of which 4,000 are slated to be offered over the next two months in Punggol, Bukit Panjang, Sembawang and Dawson.
Mr Eugene Lim, ERA Asia-Pacific’s associate director, thinks it will not do much to dampen resale prices. Those who do not qualify for first-time buyer priority or who cannot wait three years will go to the resale market, he said.
Source : Today – 31 Oct 2009
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