5,293 BTO flats launched by HDB Three-Generation 4-bedroom flats debut at Yishun

-GRAPHICS: BT, Hyrie Rahmat

[SINGAPORE] The Housing and Development Board (HDB) is offering 5,293 flats in its latest launch, which will see the debut of new Three-Generation (3Gen) flats and more choices for buyers.

The flats offered yesterday in the latest Build-to-Order (BTO) exercise comprise 4,156 new BTO flats across six projects in Punggol and Yishun. Another 1,137 two-room units from previous BTO exercises were also made available to meet strong demand from singles.

HDB is premiering 84 units of 3Gen flats at Saraca Breeze @ Yishun. Their prices start from $335,000, compared with $327,000 for a five-room flat at the same project.

"The 3Gen flats in this launch are reasonably priced," said Nicholas Mak, executive director of research and consultancy at SLP International.

He said average prices for these units are around $285 per square foot (psf), compared with the $300 psf average for a five-room flat.

Each 3Gen flat comes with four bedrooms and three bathrooms, with an internal floor area of about 115 square metres. Only applicants with a multi-generational family comprising at least a married or courting couple and their parent or parents are eligible.

Mr Mak said while demand for 3Gen is hard to determine because of their novelty, the relatively small space and restriction on future sales to other eligible families could make them less attractive.

But Ong Kah Seng, director at R'ST Research, called 3Gen flats "the optimal product" for families in need of multi-generation living. Executive flats are bigger but cost more and supply is limited, he said, while dual-key units may be prone to misuse and are premium products.

Besides the introduction of 3Gen flats, starting from yesterday's launch, parents can now apply for three-room flats under the enhanced Multi-Generation Priority Scheme, in addition to studio apartments or two-room flats, if their married children apply for a two-room flat or bigger in the same BTO project.

Previously, they could apply only for studio apartments and two-room flats, all else being equal. Flat buyers can now also choose whether to have a partition wall between their living or dining area and the kitchen. HDB is now including a kitchen partition wall as one of the standard items under the Optional Component Scheme for BTO flats where feasible, following positive feedback for a pilot project launched last September.

Besides Saraca Breeze @ Yishun, which will have 432 units of three-room to 3Gen flats, two other projects in Yishun were launched yesterday: Khatib Court, which will have 310 studio apartments and three-room flats, and Palm Breeze @ Yishun, which offers 546 three-room to five-room flats. (See map for pricing)

Eugene Lim, key executive officer at ERA Realty, expects Khatib Court to be the most popular of the three as it is right across from Khatib MRT station.

The three other new BTO projects launched yesterday are in Punggol.

Matilda Edge will have 1,330 two- to four-room flats. Prices start from $81,000 for a two-room flat. Waterway View offers 1,057 three- to five-room flats, with starting prices for a three-room unit at $181,000. The Verandah @ Matilda offers 481 four- and five-room units, with prices from $293,000 for a four-room unit. Of these, Mr Lim expects Waterway View to be the most popular, because of its waterfront view and proximity to Oasis LRT station.

The 1,137 balance two-room flats offered yesterday are in various estates. Starting prices range from $82,000 for a unit in Sembawang Town to $125,000 for a flat in Jurong East Town.

Together with the offerings in Punggol, there are 1,329 two-room HDB flats available in the latest BTO exercise, more than twice the 519 units in the previous round in July. But analysts still foresee strong demand, especially from singles, with 8,800 of them having applied for those 519 units earlier. "We expect to see a continued oversubscription for two-room flats this BTO exercise and possibly for quite a few more BTO exercises," Mr Lim said.

In the next round of launches in November, HDB will offer 4,950 BTO flats in Bukit Batok,Hougang, Jurong West, Sembawang and Woodlands. Another 3,000 flats will be available under the Sale of Balance Flats exercise.

The Business Times - September 27, 2013
By: Ong Chor Hao

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

5,293 BTO flats launched by HDB Three-Generation 4-bedroom flats debut at Yishun

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