Singapore Launches Two New Build To Order Flat Projects In Punggol
HDB has launched two new Build-To-Order (BTO) projects in Punggol Town – Punggol Sails (286KB) and Punggol Ripples (175KB) – offering a total of 1,078 standard flats.
The supply comprises 130 units of Studio Apartments, 436 units of 3-room, 403 units of 4-room and 109 units of 5-room flats. Flat details for Punggol Sails and Punggol Ripples are in Annex A.
Conveniently located along Punggol Field (784KB), both projects will be well served by the Punggol MRT, LRT stations, bus interchange, and the future Punggol Town Centre. Within their vicinity, there will be a few shops, a childcare centre and an RC centre. There are also primary and secondary schools in the area. The Tampines Expressway is a short drive away, offering good connectivity to the rest of Singapore.
With effect from this BTO exercise, 95% of the supply of 2-, 3-, 4- and 5-room flats will be set aside for first timers. This will give greater priority to first timers, who generally have more urgent housing needs than second timers.
Including this exercise, HDB has offered about 10,800 flats under BTO and other sales exercises this year. Flat buyers can look forward to 4 more BTO projects with 2,700 flats in Dec 2009. These projects will be located in Bukit Panjang, Sembawang and Dawson. More details will be provided at their launch.
AFFORDABLY PRICED FOR FIRST-TIMERS
To ensure that public housing is affordable for first-time homebuyers, new HDB flats are priced below their equivalent market prices. The market prices take into account the prices of resale flats in the area, adjusted for factors such as location, flat attributes, project design and prevailing market conditions, as determined by professional valuers.
The selling prices for the flats are:
Punggol Sails / Punggol Ripples
- $65,000 to $92,000 for a Studio Apartment;
- $158,000 to $185,000 for a 3-room flat;
- $249,000 to $305,000 for a 4-room flat; and
- $332,000 to $377,000 for a 5-room flat
Pricing details and resale comparables for Punggol Sails and Punggol Ripples are in Annexes A & B.
In addition to enjoying a generous market subsidy on the selling price, eligible first-timers with an average monthly household income of $5,000 or less can also apply for the Additional CPF Housing Grant (AHG) of up to $40,000. The AHG can be used to offset the initial down payment.
First-time flat buyers are expected to use 23% to 27% of their monthly household income to meet their monthly loan commitments. This is well below the 30% international benchmark for affordable housing. (Please see the Affordability Table in Annex B for more details.) Therefore, most of the new flat buyers can service their mortgage payments fully using their monthly CPF contributions (i.e. 23% of income). For example, a 4-room unit priced at $275,000 in Punggol Sails or Punggol Ripples requires a monthly mortgage instalment of about $991. This can be serviced fully by the monthly CPF contribution of a family with a household income of $4,300, without any cash outlay.
APPLICATION PROCEDURE
Applications for the new flats can be submitted online from 16 Nov 2009 (Monday) to 30 Nov 2009 (Monday). More details of the application procedures can be found in Annex C.
For enquiries, the public can:
- E-mail hdbsales@hdb.gov.sg;
- Call the Sales/Resale Customer Service Line at 1800-866 3066 on weekdays from 8 am to 5 pm; or
- Visit the HDB Sales Office to speak with our Customer Service Officers during office hours (Mon to Fri 8 am to 5 pm, Saturday 8 am to 1 pm).
Topics: BTO, build to order flats, economic development, Economy, employment, first time buyers, flats, Governance, HDB, housing, Housing Development Board, jobs, Jurong West, Punggol Ripples, Punggol Sails, Punggol Town, Sengkang, Singapore, young couples
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