Jan 5, 2008
$727k too much for Boon Keng HDB flat? AMK site developer says its units will cost $700k or less
Greatearth pledges to keep prices down for condo-like HDB flats
By Tan Hui Yee, Housing Correspondent
ST GRAPHICS View more photos A DAY after City View@Boon Keng's launch, with homes going for a top price of $727,000, some are wondering if that is too much to pay for a Housing Board flat. One developer, having won a bid to build similar kinds of flats in Ang Mo Kio, has pledged to make his project affordable: No single unit will be priced above $700,000. Greatearth Developments gave this commitment yesterday during an interview about its 500-unit project in Ang Mo Kio Street 52. Although it declined to comment on the Boon Keng project, Greatearth, which is a unit of listed firm United Engineers and which won the tender last year for the Ang Mo Kio plot, said prices will not hit those levels. The Ang Mo Kio plot is the third such site for condo-style estates. Greatearth director Chua Hock Tong said the firm wants to keep its homes affordable: 'We'll try to balance the quality and the price. We don't want (the flats to be) beyond the reach of HDB dwellers.' On Thursday, Hoi Hup Sunway Development unveiled its offering of condo-like flats in Boon Keng under the Design, Build and Sell Scheme (DBSS). In a DBSS project, private developers price their flats but are bound by the general rules of public housing. This means they can sell their flats only to households earning not more than $8,000 a month. The 714-unit City View@Boon Keng, launched for sale today, boasts 474 five-room flats priced from $536,000 to $727,000. Of these, 35 cost $700,000 and above. The prices are the highest seen for such flats, but property agents felt they were reasonable given the project's location on the city fringes and the views from some units. An 11-year-old standard five-room HDB flat near the project site changed hands for $545,000 in November. Another two-year-old five-room unit sold for $630,000 last month. Financial expert Leong Sze Hian from the Society of Financial Service Professionals said a couple earning $8,000 a month would have to be very careful about their finances if they opted for a $727,000 flat. If they took a 30-year Housing Board loan for 90 per cent of the price, they would face about $2,600 in monthly instalments. About $780 would have to be paid in cash, because their instalments would exceed their monthly Central Provident Fund contributions. But while Greatearth aims to keep prices affordable, Mr Chua also vowed to keep the quality up, saying the firm will not stint on the condo-like fittings that buyers have come to expect under the scheme. Premiere@Tampines, with 616 units, features built-in wardrobes, timber flooring and bay windows. City View@Boon Keng has wall-to-wall balconies and card access to its lift lobbies. Mr Chua promised that the Ang Mo Kio project will have similar condo fittings, if not more. The 1.7ha plot is near to Ang Mo Kio Town Garden East and a 10-minute walk from Ang Mo Kio MRT and Ang Mo Kio Hub. Mr Chua said the units will be oriented towards the town garden. The carpark will be designed to blend with the landscape. The flats are expected to be launched for sale in the second half of the year. Construction is due to start between April and June and wrap up by late 2012. tanhy@sph.com.sg The second batch of public housing being offered by private developers goes on sale tomorrow, one year after the first lot was launched due to overwhelming demand. Giving a sneak peak of showflats at the development called City View @ Boon Keng yesterday, developer Hoi Hup Sunway Development said it is offering 72 three-room flats, 168 four-room flats and 474 five-room flats - housed in three 40-storey blocks. 3-room flats are priced at $349,000 to $394,000. 4-room flats are priced at $523,000 to $597,000. 5-room flats are priced at $536,000 to $727,000. On the average, they are going for $520 psf. Their prices are wedged between those of resale Housing Board flats and those of private 99-year leasehold condos in the same area. A five-room, 11-year-old HDB flat near the project site changed hands for $545,000 in November, for example, while units at private condo Kerrisdale in Sturdee Road sold for $731 psf to $786 psf late last year. Other similar developments - which could house about 2,500 more units - are being planned for Ang Mo Kio, Bishan, Toa Payoh, Simei and Bedok. Hoi Hup Sunway Development Pte Ltd, a consortium of Hoi Hup Realty Pte Ltd, Sunway Concrete Products (S) Pte Ltd and Oriental Worldwide Investments Inc that capitalizes on the shared expertise of development industry veterans, is proud to announce the launch of City View @ Boon Keng, an impressive trio of 40 storey blocks, boasting a total of 714 units, proferring breathtaking views of Singapore’s spectacular city skyline. Welcome to the forefront of public housing developments City View @ Boon Keng offers exclusive living, coupled together with the benefits and perks of public housing, such as Married Child Priority (MCPS), Third Child Priority Schemes (TCPS), CPF Housing Grants, HDB concessionary loans and resale levy waived for 2nd time home buyers. All units come equipped with quality wall and floor finishes, built-in kitchen cabinets, cooker hood & hob, built-in wardrobes within all bedrooms, as well as air-conditioning systems in the living/dining and bedrooms. The development mix and price range are as follows: Flat Type Flat Size Price Range 3-Room (72 Units) 732 sqft to 753 sqft (68 sqm to 70 sqm) $349,000 to $394,000 4-Room (168 Units) 1,012 sqft to 1,023 sqft (94 sqm to 95 sqm) $523,000 to $597,000 5-Room (474 Units) 1,152 sqft to 1,281sqft (107sqm to 119 sqm) $536,000 to $727,000