Singapore’s third condominium-style public housing project, Park [email protected] received over 2,300 applications at the end of a two-week sales period. That’s four times more than the total number of units available.
The project will comprise 578 units of four and five-room flats, including 20 penthouse apartments. They cost an average S$500 per square foot.
Its developer, United Engineers, said Park Central has garnered lots of interest with a turnout of over 23,000 visitors at its showflats.
Application for the flats ended on Tuesday and the balloting and selection process will start in mid-September.
Despite being oversubscribed now, not every application will translate into sales. Observers said that is because successful applicants could still change their minds about buying the property after being selected.
This was evident in the sale of a similar public housing project, City View @ Boon Keng, where it was five times oversubscribed, but only 66 per cent of the units were sold after the ballot.
City View’s marketing agent said one reason for the lukewarm take up rate was that many of the applicants did not meet the eligibility criteria laid out by the public housing board.
So potential buyers were screened by the developer of Park Central to make sure they fulfil the necessary requirements before applying for the flats.
It is hoped that this will minimise distortion to the application numbers and speed up processing time. – CNA/vm/ms
Source : Channel NewsAsia – 6 Aug 2008