Source : Channel NewsAsia - 18 Dec 2008
The Housing and Development Board (HDB) has launched a new Build-To-Order (BTO) project at Yishun. It has the highest proportion of smaller flat types among BTO projects.
This is in line with HDB’s plan to supply more smaller flats.
The latest Build-To-Order project is Dew Spring@Yishun. 43 per cent of its 864 units are 2- and 3-room flats, the largest proportion in a BTO project so far.
Tan Poh Hong, deputy CEO, Estates & Corporate, HDB, said: “We are looking into building smaller flats because we think there will be people who need to downgrade to smaller flats as well as first-timer families who also would like to start with a smaller flat in order to be financially prudent.”
2-room flats at Dew Spring will cost S$76,000 to S$90,000. 3-room flats will cost S$120,000 to S$146,000 and 4-room flats will cost S$197,000 to S$238,000.
For the first time, HDB also provided prices of nearby resale flats to highlight the subsidy HDB buyers enjoy.
There are no 2-room flats nearby for comparison. HDB said it uses a market-based approach in pricing the flats.
First, professional valuers work out an equivalent market price. Then HDB makes adjustments to reflect individual attributes such as design and location before a subsidy is determined.
If market prices fall in the months ahead, then HDB flats will become cheaper, just as the converse is true.
HDB said it expects demand for Dew Spring@Yishun to be good despite the current economic downturn.
A Build-To-Order project in Punggol launched last month was 3.2 times oversubscribed, demonstrating that demand for public housing continues to remain strong unlike that for private developments.
There are plans for another 1,180 units to be launched by year’s end, including 280 units of smaller flats.
In the next two years, HDB will offer 4,000 smaller flats, which is welcome news for those hit by the financial crisis and want to downgrade.
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