HDB launches 7 BTO projects offering 3,600 new flats

The Housing and Development Board (HDB) has launched seven Build-to-Order (BTO) projects offering 3,600 new flats.

It has combined the BTO launches originally planned for June and July in Thursday’s launch, giving flat buyers more housing options.

These 3,600 new flats are located across various towns, in Sengkang, Punggol, Tampines, Jurong West, Yishun and (two BTOs in) Bukit Panjang.

Most of the flats on offer are four and five-room units.

The price of four-room units start at S$217,000 and five-room units go from S$274,000.

At least 95 per cent of the flat supply (excluding Studio Apartments) will be set aside for First-Timer households.

Lower income applicants can also enjoy various housing grants including the Additional CPF Housing Grant and the Special CPF Housing Grant to reduce the cost of owning a new BTO flat.

With Thursday’s launch, HDB said it has released about 15,500 BTO flats in the first seven months of this year.

HDB said it is on track to deliver 25,000 BTO flats this year.

However, flat buyers who are hoping the ramped-up supply will draw demand away from the resale market and cause the cash-over-valuation (COV) to drop may be disappointed.

Market watchers said there’s still strong demand for resale flats.

“The average COV now is about $30,000 to about $40,000 (or) to $50,000 in better and prime locations. I believe that’s because of the demand in the market, which comes from newlyweds as well as new PRs and new immigrants coming to Singapore. Although there’s a lot of BTO coming up, COV unfortunately will still be going up in the near future,” said Mark Teo, Senior Group Division Director at ERA.

Source : Channel NewsAsia – 14 Jul 2011

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