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Latest Property Real Estate News - Published on 24/03/2011
FOR IMMEDIATE RELEASE 1,527 new choice homes at affordable prices The Housing and Development Board (HDB) has launched two Built-to-Order (BTO) housing sites to ramp up supply of new flats to meet rising demands. In all, 1,527 units are on offer: with 1,036 units in Compassvale Ancilla in Sengkang, and 491 units in Boon Lay Fields in Jurong West. “The Sengkang site is expected to be more popular due to the fact that no studio apartments are available in the estate at this time”, says PropNex CEO Mohamed Ismail. “Young couples searching for their first flat could be attracted to Compassvale Ancilla as it is in close proximity to both Buangkok MRT and Renjong LRT stations, providing convenient accessibility. Schools such as Anchor Green Primary School and Nan Chiau High School, he continues, “are also within one kilometre from the estate. Commercial facilities such as shops, a supermarket and an eating house are provided within the development offering added convenience to the residents. Also, outdoor exercise spaces and fitness corners are readily available for those wish to exercise and keep fit. A Residents' Committee Centre and resting shelters are also present within the estate so that residents can choose from a variety of spaces for communal bonding. “Although the BTO flats are only 12% to 19% cheaper than a resale flat within the same region, interest could still be high as they can avoid paying the Cash-Over-Valuation (COV) component which is currently $20,000 in Sengkang, and therefore, you can expect an over-subscription rate of four times in Sengkang”, says Mohamed Ismail. In Boon Lay Fields, three-room flats are on offer once again for those seeking smaller flats. Prices are not just lower than those in the resale market but are also relatively cheap as BTO flats go. “For example,” points out Mr Ismail, “a three-room flat in the resale market costs $276,000 as compared to a similar flat in Boon Lay Fields that costs about 33% cheaper at around $183,500. Four and five-room flats will cost about $295,500 and $370,000; or 20% and 18% cheaper respectively.” “At Boon Lay Fields, residents will be well-served by established amenities nearby,” he says. “They can stroll over to the nearby Boon Lay Shopping Centre and Jurong Point, Boon Lay Place Market and Food Village for their shopping and dining needs, while book lovers will enjoy visiting the Jurong West Public Library for recreational or work-related reading.” “In addition to the amenities available in Jurong, the highlight of the BTO project in Jurong West will still be its affordability, therefore you can also expect an over-subscription rate of four times”, concluded Mohamed Ismail.
