512 two- and three-room flats on offer at Sengkang’s Fernvale Crest

Source : Channel NewsAsia – 2 Jun 2009

Nearly 75 per cent of flats on offer at a new Build-To-Order (BTO) project are two- and three-room flats.

The Housing & Development Board (HDB) said the 700-unit development, Fernvale Crest at Sengkang, comprises 512 two- and three-room flats.

HDB said this is the largest number and proportion of smaller flats offered for sale in a BTO project.

The 140 units of two-room flats are priced at between S$74,000 and S$98,000.

The 372 units of three-room flats are for sale at between S$116,000 and S$157,000.

Four-room units are priced at between S$203,000 and S$250,000.

Located at the junction of Jalan Kayu and Sengkang West Way, Fernvale Crest has two LRT stations nearby – Fernvale and Thanggam – which connect to the Sengkang MRT station.

Eligible first-timers with an average monthly income of S$5,000 and below can apply for an Additional CPF Housing Grant of up to S$40,000 which can be used to offset the initial downpayment.

Applications for the new flats can be submitted online at www.hdb.gov.sg from June 2 to 15.

More small flats in latest build-to-order HDB launch

Source : Straits Times – 3 Jun 2009

THE Housing Board has launched a build-to-order (BTO) project with far more smaller flats than usual.

The project – Fernvale Crest – is at the junction of Jalan Kayu and Sengkang West Way and near the Fernvale and Thanggam LRT stations.

There are 700 flats – 372 three-roomers, 188 four-room units and 140 two- room flats of 45 sq m each. This is the largest number of smaller BTO flats ever offered for sale.

The two-room flats will cost $74,000 to $98,000 each, while the three-roomers will go for $116,000 to $157,000 each.

A family on a total monthly income of $1,300 buying an $85,000 two-room flat will need to pay a monthly mortgage of just $180, said HDB yesterday.

But at 5pm yesterday, there was only one application for the two-room units, against 22 for the three-room flats and 131 for the four-roomers.

The four-room units are priced from $203,000 to $250,000 each – a level that HDB says compares favourably with the comparable resale flats in Sengkang.

These comparable flats – each costing $290,000 to $360,000 – are all premium units as there are no standard resale flats in the area. Fernvale Crest is a standard project, which means it comes with minimal finishes. The prices, for instance, do not include flooring in the bedrooms.

ERA Asia Pacific associate director Eugene Lim said BTO standard flats are the most affordable kind of public housing as they target first-timers and those on a lower household income band.

‘This batch of units is priced very attractively. We reckon they are a good 5 to 8 per cent lower than last year’s prices,’ said Mr Lim.

Under the BTO scheme, flats are built only when demand hits a certain level. In the first quarter of this year, HDB launched about 1,300 new flats in two BTO projects in Punggol and Woodlands.

It plans to launch a further 2,400 BTO flats in the next two quarters.

HDB launches BTO project in Sengkang

Source : Business Times – 3 Jun 2009

THE Housing & Development Board yesterday launched a 700-unit project at Sengkang for sale under its build-to-order (BTO) system.

Fernvale Crest, at the junction of Jalan Kayu and Sengkang West Way, comprises 140 two-room flats, 372 three-room flats and 188 four-room units.

In line with the government’s commitment to increase the supply of smaller flats during the economic downturn, 75 per cent of the Fernvale Crest flats are two-room and three-room units.

‘This is the largest number and proportion of smaller flats ever offered for sale in a BTO project,’ HDB said.

The flats are also priced below market prices so first-time buyers can afford them, it said.

Prices range from $74,000 to $98,000 for a two-room flat, $116,000 to $157,000 for a three-room flat and $203,000 to $250,000 for a four-room flat. In comparison, a four-room resale flat at Sengkang goes for $290,000 to $360,000, according to data provided by HDB.

Analysts reckon the launch will be well received.

‘We expect Fernvale Crest to be hugely popular based on the new flat types and low prices,’ said Adam Tan, a spokesman for property firm PropNex. ‘The four-room flats on offer are 35-45 per cent cheaper than others in the vicinity.’

Mr Tan expects Fernvale Crest to be at least five times subscribed.

Simei condo-style flats: No balloting

Source : Straits Times - 17 Apr 2009

360 four- and five-room DBSS units can be booked on the spot.

A NEW condo-style estate being launched by the Housing Board will allow buyers to secure a flat on the spot and not have to join a ballot like for other Design, Build and Sell Scheme (DBSS) projects.

An artist’s impression of the Parc Lumiere development under the Design, Build and Sell Scheme. The project will offer condo-style fittings but not facilities. — PHOTO: SIM LIAN GROUP.

Parc Lumiere at Simei Road will have 120 four-room flats and 240 five-room units. The four-roomers, of 1,012 sq ft each, are priced at between $378,000 and $425,000. The five-roomers range from 1,152 sq ft to 1,195 sq ft and are priced at between $462,000 and $575,000. The average price is $425 per sq ft (psf).

The walk-in selection sale starts with a viewing period from tomorrow for buyers to check out the showflats and enquire about eligibility. Booking on a first-come, first-served basis starts next Tuesday. The executive director of developer Sim Lian Group, Ms Diana Kuik, said the booking date may be brought forward if there is strong interest.

Parc Lumiere will have eight 12-storey blocks and an elevated landscape deck. Like other DBSS projects, it offers condo-style fittings such as bay windows and balconies, built-in wardrobes and kitchen cabinets. But unlike condominiums, DBSS projects do not have facilities such as pools and barbecue pits.

The Peak @ Toa Payoh, a DBSS project with 1,203 units, was launched on Wednesday for sale via the balloting system. Buyers have until April 28 to apply.

DBSS projects are public housing and so are subject to rules for new HDB flats. For instance, only those who earn $8,000 or less a month can buy them.

Because DBSS homes are sandwiched in a narrowing price gap between private condominiums and HDB flats, experts have cited a $500,000 price point as the resistance level for such homes.

Real estate company PropNex’s chief executive Mohamed Ismail Gafoor said there may be some buyer resistance for the Parc Lumiere five-roomers.

Other DBSS projects like Natura Loft in Bishan and Park Central in Ang Mo Kio still have units available for sale.

Recent DBSS projects take into account peak HDB prices because the developers had bought their land when the market was still fairly strong, Mr Ismail said. Sim Lian bought the Simei site last June for $137 psf of potential gross floor area.

Mr Ismail said four- and five-room flats in Simei are now valued at around $350 psf. If buyers do not mind an older flat, they can get a five-room unit nearer the Simei MRT station for the price of a four-room DBSS flat, he said.

Ms Kuik said Sim Lian should be able to complete Parc Lumiere by the first half of 2011. The developer was behind Singapore’s first DBSS project, the 616-unit Premiere @ Tampines, which drew nearly 6,000 applications in late 2006.

Big demand sees Parc Lumiere sales open 2 days early

Source : Today - 20 Apr 2009

APPLICATIONS were only supposed to open tomorrow - but the overwhelming response to the Housing and Development Board’s (HDB) latest housing project in Simei under the Design, Build and Sell Scheme (DBSS), prompted developer Sim Lian Group to accept bookings on Saturday.

On Friday, over a hundred people began queuing for the flats at Parc Lumiere, after Sim Lian said bookings would be accepted on a first-come-first-served basis.

Saturday was to have seen the flats open only for viewing, but seeing the strong response, the developer decided to start accepting bookings.

By 6.30pm on Saturday, 118 of the 360 units available were sold. As of 5pm
yesterday, sales had hit 270.

Would the developer considering switching to a balloting system, if interest was overwhelming?

No, said Sim Lian executive director Diana Kuik, who added: “The reason why we chose walk-inselection was because we felt it would give really keen buyers a better chance of securing a unit - rather than having to leave it to chance via balloting.”

Under the DBSS, private developers manage the project from its design to construction and sale.

Four-room units at Parc Lumiere are priced between $378,000 and $425,000, and five-room units between $462,000 and $575,000.

Overwhelming response prompts developer to launch bookings early

Source : Channel NewsAsia - 18 Apr 2009

Applications were only supposed to open on Tuesday, but the overwhelming response to the Housing and Development Board’s (HDB) latest housing project in Simei, under the Design, Build and Sell Scheme (DBSS), prompted developer Sim Lian Group to accept bookings on Saturday.

Under DBSS, private developers manage the project from its design to construction and sale, and applications are accepted on a first-come-first-served basis.

Four-room units at Parc Lumiere are priced between S$378,000 and S$425,000, while five-room units are priced between S$462,000 and S$575,000.

By 6.30pm, 118 out of the 360 units at Parc Lumiere were already sold. Nevertheless, over 700 people continued to queue in the hopes that not everybody ahead of them would buy a flat.

Diana Kuik, executive director of Sim Lian Group, said: “They’re all issued with a queue ticket, so they can come back tomorrow morning and queue according to their queue number again.”

Parc Lumiere’s show flats open at 10am and close at 7pm.

Early birds flock to Parc Lumiere

Source : Straits Times - 18 Apr 2009

Developer says it may open bookings today if queue grows longer

HUNDREDS of potential buyers queued overnight at the Parc Lumiere site in Simei hoping to secure one of the new condo-like apartments that are not due to go on sale until next Tuesday.

An estimated 200 people had joined the line by 5pm, hoping to land a unit in the latest project developed under the Design, Build and Sell Scheme (DBSS).

Buyers do not have to chance a ballot like in usual DBSS developments but can book a unit on the spot. The average selling price at the Parc Lumiere is $425 per sq ft.

Two tents sheltering rows of chairs have been set up outside the project’s show flat - one for those interested in ‘booking’ a flat and one for those who want a viewing. The booking tent was teeming with interested buyers yesterday.

Developer Sim Lian Group, which brought in extra cooling units and gave those queuing free lunches, planned to start bookings on Tuesday but may end up opening bookings today if the queue lengthens.

‘I’m overwhelmed,’ said Sim Lian executive director Diana Kuik. ‘We didn’t expect them to come on Friday before seeing the show flat.’

The walk-in-selection process - a first for new flats in recent years - involves a basic pre-screening process while certain conditions must be met before buyers can book a unit.

They must then pay a deposit of 5 per cent of the purchase price. The final confirmation of a buyer’s eligibility will be determined by the HDB.

Flats will be booked on a first-come first-served basis, which is why potential buyers like Ms Florence Lim turned up at 8am yesterday.

The assistant sales manager, who is in her 40s, took leave to queue and was intending to stay overnight, taking turns with her husband and son. She was first in line and hopes to get a five-room flat.

‘I’ve aimed here for a long time, ever since I applied for The Premiere (at Tampines) but was unsuccessful,’ she said.

Ms Queena Tan, 30, who works in advertising, said she preferred a new DBSS unit to a resale HDB flat, adding: ‘I like this area as it’s rather peaceful and accessible.’

Ms Tan and her fiance will take turns to queue and they plan to stay in line until the booking period begins, even if it is not brought forward to today from next Tuesday.

‘With the upcoming university and the development of Changi Business Park, we expect increases in the prices of houses in this area. That’s why we feel it is a good investment,’ she added.

Some in the queue jumped at the chance to buy a flat that did not require too much extra work.

‘We want the balcony and the fittings, and it’s in move-in condition so we don’t need to fork out extra to renovate,’ said bank executive Cheong C. H., 30.

Ms Kuik of Sim Lian believes the small number of units available - 240 five-roomers and 120 four-room units - ‘maybe makes some buyers anxious’. ‘There could also be some pent-up demand as there have been no new HDB flats

in Simei and Tampines for the past 12 years, with the exception of The Premiere @ Tampines,’ she said.

Knight Frank director of research and consultancy Nicholas Mak said the strong response ‘is another indication that the buying interest in the mass market is still quite buoyant’.

He added that the purchasing power of some first-time buyers may limit the take-up rate of the four- and five-room flats.

‘It’s going to be interesting, seeing as there are no three-room flats.

Four-room flats will probably sell quite well but five-room flats may need some demand from HDB upgraders.’

The four-roomers at 1,012 sq ft each are priced at between $378,000 and $425,000. Five-room flats range from 1,152 to 1,195 sq ft and are priced at between $462,000 and $575,000 each.

March sales of private homes revealed that HDB upgraders were the most active group of buyers. It may be that this group is also interested in DBSS projects, which offer condo-like fittings at what is perceived to be a slightly lower price.

New DBSS project sees queue days before applications open

Source : Channel NewsAsia - 17 Apr 2009

Over a hundred people have started queuing for the latest public housing project in Simei even though bookings are not scheduled to start till Tuesday.

Artist’s impression of Parc Lumiere - SIM LIAN GROUP website

Eager house-hunters have been at the Simei Road site since 8am in hope of viewing and eventually booking a unit at Parc Lumiere – a new project under the Housing and Development Board’s (HDB) Design, Build and Sell Scheme (DBSS).

They are taking no chances, especially when applications will be accepted on a first-come-first-served basis only.

Given the strong response, developers said applications may open from Saturday instead.

Four-room units at Parc Lumiere are priced between S$378,000 and S$425,000, while 5-room units are priced between S$462,000 and S$575,000.

One house-hunter said: “Price-wise, I don’t have a choice! I need a house. The longer I wait, the price will keep increasing. I haven’t seen a trend in prices dropping, so I have to get it. It’s now or never.”

Under this scheme, private developers manage the project from its design to construction and sale.

While units may come with condominium-like furnishings, the projects do not have facilities found in condominiums such as swimming pools.

The Peak piques interest of 4,500 potential buyers

Source : Straits Times - 16 Apr 2009

POTENTIAL buyers yesterday thronged the showroom for The Peak @ Toa Payoh, a new project built under the Design, Build and Sell Scheme (DBSS).

Four thousand five hundred viewers turned up at the showroom at yesterday’s launch, said Ms Kellie Liew, executive director of projects at HSR Property Group, the marketing agent for The Peak.

Most were keen on four- to five-room flats, citing location and HDB grants as factors influencing their decision.

Ms Cerise Chiew, 24, a teacher, hopes to buy a five-room unit. ‘I can get a first-timer HDB grant. Toa Payoh is quite a good location and, if you want to sell in the future, you can get a higher price.’

Service crew member Sharon Ye, 26, was looking at four- and five-room units for her cousin. She said DBSS projects trumped private properties, as owning a private property meant losing out on many benefits, like Public Utilities Board bill rebates and town council subsidies.

Salesman Sam Tan, 38, was considering applying for a four-room flat to be near his mother. He is also eligible for a first-timer grant. He said he would pick a DBSS unit over one in a condominium since he would not use condo facilities, such as a swimming pool or a gym, but would still have to pay maintenance fees.

A few property hunters drew a comparison with Natura Loft, a DBSS project in Bishan, saying prices at The Peak were lower and the location more accessible. But some were not as convinced, including businessman Richard Lim, 37. ‘I’m not going to buy because the room size is very small. I can get a 99-year condo unit for about the same price but bigger.’

Interested buyers have until April 28 to apply for the 1,203 available units.

Some 4,000 show up at launch of DBSS project, The Peak @ Toa Payoh

Source : Business Times - 15 Apr 2009

Some 4,000 people showed up at the launch of “The Peak at Toa Payoh” on Wednesday - a project under the HDB’s design, build and sell scheme (DBSS).

There were some 100 people lining up outside the development even before it was launched at 8am.

Analysts said that’s not a bad turnout especially since a premium five-room flat there costs more than S$700,000.

The development offers some condominium-style facilities.

However, the project does not have swimming pools or gyms.

But it comes with a card-access security system at all ground-floor lift lobbies.

The Peak is the HDB’s fifth DBSS project so far.

Source : Channel NewsAsia - 15 Apr 2009

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Private home sales hold up

Posted by luxuryasiahome on April 15, 2009

Property developers sold 1,220 new private residential units in March, said the Urban Redevelopment Authority on Wednesday.

This is a slight dip from the 1,332 units sold in February but the number still exceeds the 108 units sold in January.

The launch of Double Bay Residences in Simei provided some support to March sales - 264 units were sold, the highest among the more than 400 projects listed.

In total, developers launched 832 units in March. This is lower than the 1,072 in February.

Strong demand for new HDB flat offer

Source : Straits Times - 14 Apr 2009

2,652 applications seen yesterday for 438 units in various estates

DEMAND was strong on day one of the Housing Board’s latest sale of new flats - with more than five applicants for every flat on offer.

The HDB yesterday launched 438 new flats for its April half-yearly sale. By 5pm, a total of 2,652 applications had been received.

These flats are located in 23 HDB towns and estates islandwide, such as Sengkang, Yishun and Jurong West.

Most of the flats offered - 313 units - are four-room units. There are 80 five-room units, 35 executive flats and just 10 units of three-room premium flats.

The greatest concentration of the new flats on offer is in Sengkang, Yishun and Jurong West, with 85, 61, and 46 units respectively.

The other towns, such as Punggol, Tampines and Woodlands, have about 30 units or fewer each to offer.

Some popular HDB towns such as Ang Mo Kio, Jurong East and Queenstown have just three units for sale.

Prices start from $143,000 for a 93sqm, four-room unit in Marsiling Rise, Woodlands.

In Sengkang, the 77 four-room flats on offer are going for $183,000 to $288,000 each.

But in the estate of Bukit Merah, four-room flats being offered at Telok Blangah Street 31 are in a much higher price bracket of $400,000 to $468,000 each.

As these are new flats, only households with gross monthly incomes of not more than $8,000 can apply.

Interested buyers can apply online from today until next Monday, said the HDB.

Balloting results will be released from May 13 at 2pm.

PropNex chief executive Mohd Ismail said: ‘I would expect demand to be extremely strong because, at the moment, new flat buyers have no choice but to go for the build-to-order or DBSS (design, build and sell scheme) flats.’

Most of the flats offered in the half-yearly sale have been completed, which means buyers can move in quickly.

Also, some of the flats are in mature estates, which are hard to find, he added.

Mr Ismail said some of the new flats on offer are priced about 20 per cent below resale prices.

HDB resale prices have started to fall, albeit slightly.

The previous half-yearly sale was launched in October last year, when HDB offered 683 new flats.

That particular sale saw more than 7,000 applications in the first couple of days.

HDB launches 438 flats sale

Source : Channel NewsAsia - 13 Apr 2009

Housing and Development Board (HDB) has launched the sale of 438 flats in various towns and estates.

The flat supply comprises 3-room and bigger flats.

Most of the units offered are four-room flats.

They are located in 23 towns and estates from Yishun to Sengkang.

Interested flat buyers may submit their applications online from Monday until April 20.

HDB will then conduct a computer ballot to determine the queue positions of the applicants.

The balloting results will be released from May 13 at 2pm.

Those who miss the one-week application period can submit their applications online.

They will be given a queue position, on a first-come-first-served basis, after those who have earlier submitted their application within the initial one-week application period.

Any flats unselected will remain open for booking on a walk-in basis.

New HDB flats below market value

Source : Straits Times - 14 Oct 2008

I REFER to Mr Gilbert Goh’s letter, ‘Shouldn’t new HDB flats be priced less than market rate?’ (Sept 30). New HDB flats are indeed priced below their market value. The HDB takes a market-based approach when pricing new flats so as to reflect the true subsidy to buyers. To determine the market value, HDB takes into account the actual selling price of similar flats in the vicinity, bearing in mind variations in location, design, internal finishes and other attributes. The flat is then sold at a discount to this price.

The Pinnacle@Duxton is an iconic public housing project. It is situated in a prime location with easy access to Tanjong Pagar and Outram Park MRT stations. This special project has an international-award winning design, with unique features such as sky gardens and bridges linking its seven tower blocks, and planters, balconies and bay windows. The relatively high prices of these flats are a reflection of the premium attributes and prime location. However, they are still priced below the resale prices of similar flats in the vicinity. As of last Friday, the subscription rate was already over seven times the supply offered. This high demand shows the flats are attractively priced.

The Government is committed to providing affordable public housing, and offers a range of subsidised flats to meet the needs of flat buyers with different incomes. First-timers who bought new flats from the HDB last year used, on average, about 20 per cent of their monthly household income to service their housing loans, and most flat buyers (at least 70 per cent) could service their housing loans entirely from their CPF contributions.

The minimum occupation period is imposed to prevent speculative purchases of HDB flats. The current five-year period provides a good balance between the need to prevent speculation, and giving flat owners the flexibility in selling their flats after a reasonable period of occupation.

We thank Mr Goh for his feedback and suggestions.

Ignatius Lourdesamy
Acting Deputy Director (Marketing & Projects)
Housing & Development Board

Robust demand for recent HDB launches

Source : Straits Times - 14 Oct 2008

DEMAND has been red hot for two recent launches from the Housing Board, with over 10 times more applicants than flats available.

An offering of 150 smaller flats - studios to three-roomers - was swamped with 2,426 applications in the space of just a week.

And, last Friday, the half-yearly sale of three-room premium, four-room and bigger flats achieved an extraordinary response: 7,036 applications have been submitted for 683 units, yet the offer runs until Thursday.

The launch of the smaller units featured three-roomers, two-roomers and studios in estates across the island, including Bukit Merah, Geylang, Jurong East, Sengkang, Ang Mo Kio and Marine Parade.

There were 582 applications for studios and 1,844 for two- and three-roomers combined in the offer from Oct 2 to 8.

Studio prices range from $62,900 to $116,400. A two-roomer goes for $74,000 to $106,300, while a three-room flat will set you back $134,500 to $275,200.

PropNex chief executive Mohamed Ismail was not surprised at the robust demand. He said: ‘HDB prices, although subsidised, have gone up. Lower-income households are left with not much choice but to turn to three-room flats as a starting platform.’

Three-roomers also provide the highest rental yields in the long term, he added, making them profitable for buyers.

Such flats are offered to lower-income households. Studio applicants must be 55 or older and their gross monthly household income must not exceed $8,000.

The gross monthly household income for applicants for three-room flats must not exceed $3,000. The limit for those hunting for a new two-roomer is $2,000 .

This month’s launch shows some changes from the previous small-flat offering held in July. Then, 103 two-room flats and 97 three-roomers were offered, attracting 1,809 applications.

Two-roomers were priced from $72,800 to $99,800 while three-room flats went for $99,000 to $211,000, far lower than this month’s offering.

Demand is also robust for HDB flats at the other end of the price spectrum.

A total of 9,083 applications came in for 992 homes offered in a balloting exercise held between Sept 26 and Oct 9.

Four-roomers at the Pinnacle@Duxton, for example, are priced from $457,000 to $555,000 and attracted 2,291 applicants; 825 people applied to buy five-room units at the same development priced from $545,000 to $646,000.