ST : 1,176 BTO flats coming near scenic Yishun park

Nov 19, 2010

1,176 BTO flats coming near scenic Yishun park

Units up to 40% cheaper than comparable resale flats

By Daryl Chin

THE Housing Board has launched more than 1,100 build-to-order (BTO) flats in Yishun that will be located near the scenic Lower Seletar Reservoir Park.

Property experts expect demand for the flats to be good, especially since they are priced up to 40 per cent below the median price of comparable flats on the HDB resale market.

The Yishun Greenwalk, which will be sold under a standard contract, was launched yesterday. It will bring the total number of new flats for sale under the BTO and Sale of Balance Flat exercise to 16,700 since the start of this year.

The bulk of the 1,176 units will be made up of 602 four-room flats of 990 sq ft each, with a price range of $224,000 to $280,000. There will also be 462 five-room flats, each 1,205 sq ft and priced between $298,000 and $365,000. The remaining 112 units are three-room flats with a floor area of 721 sq ft, and priced between $150,000 and $186,000 each.

As with all new BTO launches, up to 95 per cent of the flats will be set aside for first-time buyers.

PropNex corporate communications manager Adam Tan said he expected the project to be oversubscribed by as much as four times. This is because first-timers will be drawn towards the price, which is up to 40 per cent lower than HDB resale flat prices in the area.

In September, a three-room flat was sold for $288,000 while a five-room unit was sold for $443,000. Both were a stone's throw from the upcoming project.

The project, located between Yishun Ring Road and Yishun Avenue 9, is near to amenities and schools, making it attractive to young first-timer couples who are planning to start a family soon.

Said Mr Tan: 'Yishun is no longer a quiet HDB estate. It has seen, and continues to see, developments that add to a more well-rounded lifestyle for residents.'

In 2007, Yishun was selected by the HDB to be part of a Remaking Our Heartland initiative to rejuvenate the middle-aged town.

These measures included extending the Northpoint Shopping Centre with a new public library within its premises; building a Heritage Garden detailing Yishun's history; the recently opened Khoo Teck Puat Hospital; and new, condo-style HDB flats in a project called Adora Green, which is expected to be launched next year.

The HDB said first-time flat buyers are estimated to use 21 per cent to 24 per cent of their monthly household income to meet loan payments. The monthly household income ceiling is set at $3,000 a month for three-room units and $8,000 a month for the rest.

Those earning not more than $5,000 can also apply for the Additional CPF Housing Grant of up to $40,000. This can be used to offset the initial down payment. Applications for flats can be submitted at the HDB's website from today to Dec 1.

darylc@sph.com.sg