Most of these BTO flats for first-timers

Some 1,050 flats will be offered at Boon Lay Grove in Jurong West and at Floral Spring @ Yishun under the HDB’s latest new Build-To-Order (BTO) projects.

The majority of the flats are four and five-room units and 95 per cent of these two types of units will be set aside for first-time buyers, said the HDB.

Four-room units at Boon Lay Grove are being sold at between $239,000 and $287,000 each. Five-room units cost between $298,000 and $358,000.

At Floral Spring, four-room units are being sold for between $219,000 and $262,000 each. Five-room units cost between $289,000 and $332,000.

The studio apartments at Floral Spring cost between $64,000 and $84,000.

“The prices of these new flats are between 19 per cent and 22 per cent cheaper than comparative flats in the respective vicinities of the BTO projects,” said PropNex communications manager Adam Tan.

“The median price of a four-room flat at Boon Lay Grove at $263,000, for example, is 22 per cent cheaper than the median resale price of $336,000 for a four-room flat in Jurong West in 1Q10,” he said, referring to the first three months of this year.

The low prices will be a huge draw for new homeowners who are looking to start a family in the next few years.

“It is interesting to note that of the 1,050 BTO flats on offer at both Boon Lay Grove and Floral Spring @ Yishun, 564 (or 53 per cent) consist of the perennially popular four-room flats. This is an ideal flat size for young couples,” Mr Tan said.

He expects the two projects to be oversubscribed by at least six times each.

With Wednesday’s launch, the HDB said it has offered 6,132 new BTO flats for sale in the first five months of this year.

Another 2,400 BTO flats in Punggol and Sengkang will be launched next month, including the first public housing parcel along the Punggol waterway.

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