Demand drops for latest BTO projects

Demand drops for latest BTO projects
By Mustafa Shafawi | Posted: 07 February 2011 1035 hrs

SINGAPORE: The latest three Build-To-Order (BTO) projects by the Housing Board Development in Bukit Batok and Yishun are not seeing the same level of interest as the previous project in Punggol.

At the latest available update, the three developments in Yishun and Bukit Batok drew about 1.99 applicants for each unit offered.

In contrast, the Punggol Topaz BTO project launched in December had nearly seven applicants for each unit offered.

The Golden Daisy BTO project in Bukit Batok, which comprises 180 studio apartments, had three applicants for each unit.

Studio apartments are only available to those aged 55 and above and have elderly-friendly features such as support grab bars and ramps.

The two other projects are Orchid Spring and Vista Spring in Yishun, offering 1548 units.

Vista Spring is the more popular of the two BTO projects in Yishun.

There were more than two applicants for each of the 276 five-room units.

The other BTO project in Yishun, Orchid Spring, had about 1.5 applicants for each unit.

Five-room flats proved to be more popular, with 2.5 applications for each unit offered.

In contrast, the 192 two-room units received only 124 applications, or 0.7 applications per unit.

Market watchers said launching the projects over the Lunar New Year period could have been the reason for the poorer response as property activity usually slows down during this period.

Flat buyers may also be waiting for upcoming launches.

ERA key executive officer Eugene Lim said: "I would suspect that many of the first-time buyers are actually waiting on the wings for the DBSS (Design, Build and Sell Scheme) site to launch, because for DBSS you can expect condo-style finishes and fittings as well as layout".

Mr Lim added that DBSS flat buyers paid only a slightly higher price than a BTO flat.

The DBSS project is expected to be launched in the first half of this year. Application closes at midnight.

-CNA/fa/wk

- wong chee tat :)