HDB’s latest BTO project in Yishun shows demand has slowed

The Housing and Development Board said on Monday that its latest Build-To-Order (BTO) project, Yishun Riverwalk, received a total of 3,225 applications for the 1,408-unit development.

Observers said demand was not as overwhelming since the new housing measures to cool the property market kicked in.

Property agents said they expect cash-over-valuation (COV) to fall by 20 to 25 per cent this year.

So some people prefer to buy resale flats instead of applying for new ones.

However, for the Sale of Balance Flats (SBF), some 11,000 applications were received for the 1,624 available units.

The most were for Punggol which saw 3,800 applications for 600 units.

Source : Channel NewsAsia – 13 Sep 2010