ST : Six bids for every flat on offer

May 4, 2010

Six bids for every flat on offer

Build-to-order scheme in Punggol sees strong demand as applications close

By Jessica Cheam

THE Housing Board (HDB) has been flooded with applications for its Punggol Emerald and Punggol Waves projects.

By 5pm yesterday, 8,967 offers for 1,429 flats had been lodged for the build- to-order (BTO) developments - about six bids for every unit on offer.

Applications for the estates, which were both launched last month, closed yesterday at midnight.

Four-room flats were the most popular, with 4,648 applications for just 609 flats up for grabs - more than seven vying for each unit.

Five-roomers also attracted more than six applicants each, with 2,810 applying for 431 flats.

Housing analysts say the intense interest shows demand for public housing remains high, especially for new flats.

This level of demand follows a similar response at the HDB's launch of projects at Sengkang and Sembawang in March, when 5,015 bids were received for 828 new flats.

PropNex chief executive Mohamed Ismail noted: 'The Government has been continually releasing new build-to-order flats this year and it has been absorbed by the market hungry for flats.'

The 'normal level of demand' in recent years has been about three applications to every flat, he added.

Mr Ismail expects demand for new flats to remain high as buyers turn from the resale market to the HDB.

Prices of resale flats are at record levels, and although the Government has recently introduced steps to cool the market, property agencies say it is too early to measure the impact.

The Punggol Emerald and Punggol Waves projects offer flats of various sizes, from studio apartments to five-roomers.

Studios attracted 773 applicants for 188 flats, while 736 applied for 201 three- room flats.

The HDB plans to launch 12,000 flats in the first three quarters of this year to meet strong demand.

It has offered 5,082 flats in the four months to April 30 with a further 1,100 BTO units to be launched in Yishun and Jurong West this month.

More launches have been earmarked for estates such as Bukit Panjang, Sengkang and Woodlands. Construction of BTO projects is triggered once a certain level of sales has been achieved.

jcheam@sph.com.sg



An artist's impression of Punggol Waves at Punggol Walk. It will offer 573 flats of various sizes. -- PHOTO: HDB