A build-to-order (BTO) project in non-mature estate Choa Chu Kang (CCK) has proven to be the most attractive in the latest sale of new homes by the Housing Board, defying expectations that home buyers usually prefer mature estates.
For three-room and four-room flats, Teck Whye View saw a rate of more than seven applicants vying for a unit as at 5pm yesterday, with more than 2,400 applicants for 322 units. This exceeded the subscription rate of about two applicants per flat for Ubi Grove in mature estate Geylang, another project that was predicted to be a hit. Applications closed at midnight yesterday.
Experts pointed to accessibility and affordability as the main attractions of Teck Whye View.
ERA Realty key executive officer Eugene Lim said the Choa Chu Kang flats are near the Bukit Panjang MRT station and “are also rather affordable, with prices starting from $190,000, including grants (for a four-room flat)”.
He said that while the numbers of applicants for four-room flats in both the Choa Chu Kang and Geylang projects are similar – at around 2,000 each – there is a larger supply of flats in Geylang. He added that the starting price of a four-room flat in Geylang can be more than twice that of one in Choa Chu Kang.
PropNex Realty key executive officer Lim Yong Hock said the high subscription rate for the Choa Chu Kang flats is due to a supply-demand squeeze, pointing to the relative lack of supply of BTO flats in the west of Singapore and the large, growing population in the area.
Last year, there were two BTO launches in the west – Clementi in February and Bukit Batok in August.
Mr Lim said the new BTO flats in Clementi are expensive compared with the Choa Chu Kang ones. The selling price of a Clementi four-room flat in last February’s launch started at $432,000, while one in Teck Whye View starts at $250,000.
Source: Straits Times