The project is part of HDB’s Design, Built and Sell Scheme (DBSS), where private developers build and market the flats.
City View@Boon Keng is the second DBSS project, the first is at Tampines.
At 40 storeys high, the City View@Boon Keng apartments will tower over many HDB flats in the area.
The mixed development will comprise 714 units, two-thirds of which will be 5-room flats and the remainder 3- and 4-room units.
The average cost of the apartments is S$520 per square foot, a record for new HDB flats.
Hoi Hup Realty Pte Ltd’s director, Wong Chee Herng, said: “It goes all the way from just slightly below $350,000 to, I think, the most expensive unit is very close to S$740,000. We don’t see an issue of pricing here, because when the buyers come to see the layout, the design, I think they will appreciate what they will pay for.”
Buyers will pay for the view of the city and features commonly found in private condominiums.
JGP Architecture (s) Pte Ltd’s director, Chan Sze Chin, said: “A buyer who comes in here does not have to spend any more money or time to hack the walls to install things like air-con pipes or water heater pipes and even kitchen cabinets. In addition, we’ve also provided quite a fair bit of plants to the balconies to add to the greening of the development.”
Industry players believe City View@Boon Keng will draw good response due to its location.
Knight Frank’s property consultant, Nicholas Mak, said: “The price (of an apartment at City View@Boon Keng) is about half of that of some of the 99-year (leasehold) condominiums in that area, such as City Lights and South Bank. But, at the same time, they (prices of City View@Boon Keng apartments) are also a bit higher than those for the EC, executive condo.
“From the launch of the first DBSS flats in Tampines till now, I think, it would be reasonable to assume that prices of DBSS would have gone up by about the same quantum as HDB resale flats which is between 20 and 30 per cent.”
Analysts say the price of a 5-room HDB flat in the resale market in the Boon Keng area will cost about $450,000.
The City View@Boon Keng project is expected to attract the interest of young, middle-income families.
Its marketing agents are confident the apartments will be a hit with home buyers.
They say the project is likely to be oversubscribed by more than 10 times, attracting 8,000 to 10,000 buyers.
Sales will be conducted by way of a ballot.
Application starts on 5 January and will end at midnight on 16 January.
All applicants must meet public housing guidelines, among them an average monthly household income cap of $8,000. – CNA/ir
Source : Channel NewsAsia – Jan 3 2008