HDB: 769 flats launched in Punggol

A new project is launched in Punggol by the Housing and Development Board (HDB). The Board offers 769 new flats in a proposal to develop critical mass in the area.

The new project, known as Punggol Residence, offers 154 five-room flats and 615 four-room units, approximately five minutes away from Punggol MRT station.

The flats will be constructed only if certain demands are attained. HDB launches the project under the build-to-order (BTO) scheme.

Approximately 6,500 new flats are offered by the HDB in Punggol since it brought out the plans in August 2007 for the former fish village to be the only waterfront public housing project.

This is followed by the commitment of the board to encourage the population in Punggol to support and attract new facilities.

HDB explains that Punggol Residences is a premium development with improved landscaping, interior fittings and architectural designs.

Five-room flats of 114 square metre range from $344,000 to $409,000, while the four-room flats of 91 to 96 square metre have a price range of $264,000 to $322,000.

Premium resale flats in the locality are selling for a costlier $380,000 to $439,888 for five-roomers and $330,000 to $350,000 for the four-roomers, according to HDB.

Mohamed Ismail, chief executive of PropNex, said that in spite of the higher prices, resale flats might still be more appealing given that home purchasers don’t have to wait for three years for new flats to be constructed, and can relish a CPF housing grant of about $80,000 depending on their profits.

Purchasing new flats direct from HDB, on the other hand, will pull those buyers, who favour to render any cash for resale flats.

Mister Ismail notes that this amount, called cash-over-valuation, has begun sneaking up for premium resale flats in Punggol to approximately $15,000 to $20,000.

Based on HDB’s recent update – as of 5pm yesterday – 593 applications for the 769 apartments have been obtained.