Second batch of condo-style HDB flats to be launched this
weekend
By Wong Siew Ying, Channel NewsAsia | Posted: 03 January 2008 2117
hrs
SINGAPORE: The second batch of condo-style public apartments will
be launched on 5 January.
The apartments at City [email protected] Keng, which will be completed in
2011, promise the trappings of private residential homes. But they
will not come cheap.
The project is part of HDB's Design, Built and Sell Scheme (DBSS),
where private developers build and market the flats.
City [email protected] Keng is the second DBSS project; the first is at
Tampines.
At 40 storeys high, the City [email protected] Keng apartments will tower
over many HDB flats in the area.
The mixed development will comprise 714 units, two-thirds of which
will be 5-room flats and the remainder 3- and 4-room units.
The average cost of the apartments is S$520 per square foot, a
record for new HDB flats.
Hoi Hup Realty Pte Ltd's director, Wong Chee Herng, said: "It goes
all the way from just slightly below S$350,000 to, I think, the
most expensive unit is very close to S$740,000. We don't see an
issue of pricing here, because when the buyers come to see the
layout, the design, I think they will appreciate what they will pay
for."
Buyers will pay for the view of the city and features commonly
found in private condominiums.
JGP Architecture (s) Pte Ltd's director, Chan Sze Chin, said: "A
buyer who comes in here does not have to spend any more money or
time to hack the walls to install things like air-con pipes or
water heater pipes and even kitchen cabinets. In addition, we've
also provided quite a fair bit of plants to the balconies to add to
the greening of the development."
Industry players believe City [email protected] Keng will draw good
response due to its location.
Knight Frank's property consultant, Nicholas Mak, said: "The price
is about half of that of some of the 99-year (leasehold)
condominiums in that area, such as City Lights and South Bank. But,
at the same time, they (prices of City [email protected] Keng apartments)
are also a bit higher than those for the EC, executive condo.
"From the launch of the first DBSS flats in Tampines till now, I
think, it would be reasonable to assume that prices of DBSS would
have gone up by about the same quantum as HDB resale flats, which
is between 20 and 30 per cent."
Analysts say the price of a 5-room HDB flat in the resale market in
the Boon Keng area will cost about S$450,000.
The City [email protected] Keng project is expected to attract the interest
of young, middle-income families. Its marketing agents are
confident the apartments will be a hit with home buyers.
They say the project is likely to be oversubscribed by more than 10
times, attracting 8,000 to 10,000 buyers.
Sales will be conducted by way of a ballot. Application starts on 5
January and will end at midnight on 16 January.
All applicants must meet public housing guidelines, among them an
average monthly household income cap of S$8,000. - CNA/ir
