No balloting for HDB’s new flats

The HDB launched a new condo-style estate that would allow interested buyers to immediately secure their flat rather than to join ballot-like projects such as the Design, Build and Sell Scheme (DBSS) projects.

The Parc Lumiere, which is located in Simei Road, has 240 five-room flats and 120 four-room units. The four-room unit, with price ranging from $378,000 to $425,000, has 1,012 square feet while the five rooms flat are being price between $462,000 and $575,000. Each five-roomer flat ranges from 1,152 to 1,195 square feet, with $425 average price per square foot.

The viewing period will start the on-the-spot selection sale in order for buyers to verify and see the flats and inquire about their eligibility to avail the said units. Reservation on a first-come, first-served basis begins next Tuesday. Miss Diana Kuik, developer Sim Lian Group’s executive director, said the reservation date can be adjusted if people show great interest on it.

The Parc Lumiere will have an elevated landscape deck and a total of eight 12-storey blocks. Like several DBSS projects, Parc Lumiere has condo-style fittings like balconies, bay windows, kitchen cabinets and built-in wardrobes. However, unlike condominiums, the DBSS projects don’t have facilities like barbecue pits and pools.

A 1,203-unit DBSS project called Peak @ Toa Payoh is also launched for sale on Wednesday through a balloting system. Interested buyers have until 28 of April to apply.

The DBSS projects are projects for public homes, which are subject to the rules of the new HDB units. For example, eligible buyers are those who only earn $8,000 or less per month.

With the DBSS homes being sandwiched in a reducing price gaps between HDB flats and private condominiums, experts cited a price point of $500,000 as a resistance level for the said homes.

Mohamed Ismail Gafoor, the chief executive of PropNex, the real estate company, said that there would be resistance from buyers for the five-room units of Parc Lumiere.

Other DBSS projects such as Park Central in Ang Mo Kio and Natura Loft in Bishan still have several available units for sale.

Mister Ismail said that the new DBSS projects consider the highest HDB prices as developers bought the lands during a strong and stable market.

Sim Lian had purchased the Simei site for $137 per square foot per gross floor area last June. He said that Simei’s four- and five-room units are now worth approximately $350 per square foot. If interested buyers want an older unit, they can obtain a five-room flat near the Simei MRT station at a price of four-room DBSS flat.

Miss Kuik said the Sim Lian will be able to complete the Parc Lumiere in the first half of 2011. Sim Lian is also behind the first DBSS project of Singapore, the Premiere @ Tampines with 616 units, which drew over 6,000 applications in late 2006.