The newly launched Housing Board flats in Punggol attracted more attention than those in Yishun, with 5,608 applications received for 1,221 three-room and bigger flats, or 4.6 times as many, as at 5pm on Monday (3 September), reported The New Paper.
In Yishun, only three-room units were oversubscribed 1.5 times, while four-room flats and five-room flats received 60 percent and 90 percent as many applications, respectively.
More: HDB flats to appreciate but not as fast: Khaw
The difference in application rates came as no surprise for ERA Realty’s key executive officer Eugene Lim. He noted that Punggol is a hit among younger buyers, while Yishun is widely known as an “old town”.
“When you pair an attractive product with a normal one in the same area – of course the attention would be diverted,” said Lim.
Punggol’s popularity among buyers is due to the fact that some of the flats offered there come with views of the Johor Strait. Industry watchers noted that sea views, which are rare for HDB flats, could help to fetch higher prices later.
The flats in Punggol are also near the upcoming Punggol Coast MRT station, while those in Yishun are located much further away from Yishun MRT station.
With the application rates for Punggol flats two to six times higher than for Yishun flats, ZACD Group executive director Nicholas Mak said the disparity implies that today’s applicants can afford to be choosy.
“It might mean that potential buyers these days prefer flats that have better chances for price appreciation in the near future.”
With this, Mak said HDB may want to slow down the release of residential sites in less popular towns.