More flats in Punggol with two new BTO projects

HDB has launched two new Build-To-Order (BTO) projects in Punggol Town, with another four BTO projects planned by late 2009 in Bukit Panjang, Sembawang and Dawson.

The latest pair of BTO projects named Punggol Sails and Punggol Ripples offer a total of 1,078 standard flats.

The units will be located along Punggol Field and will be served by the Punggol MRT, LRT stations, bus interchange, and the future Punggol Town Centre with shops, a childcare centre, as well as primary and secondary schools in the area.

They comprise of 130 units of Studio Apartments, 436 units of 3-room, 403 units of 4-room and 109 units of 5-room flats.

The Punggol BTO units will be priced between $65,000 and $92,000 for a Studio Apartment, and $332,000 to $377,000 for a 5-room flat.

The Housing and Development Board said in its news release that most of the latest BTO flats, except for the Studio units, will be set aside for first-time applicants as they generally have more urgent housing needs.

It adds that in addition to a market subsidy on the selling price, eligible
first-timers with an average monthly household income of $5,000 or less may also apply for the Additional CPF Housing Grant (AHG) of up to $40,000 which can be used to offset the initial down-payment.

This leaves first-time flat buyers using between 23 and 27 percent of their monthly household to service their monthly mortgage commitment, which the HDB says is well below the 30 percent international benchmark for affordable housing.

Source : Channel NewsAsia – 16 Nov 2009

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