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SINGAPORE: There was strong demand for HDB's latest Build-To-Order (BTO) projects - Fernvale Palms in Sengkang and Boon Lay Meadow in Jurong West - whose applications have closed.
Fernvale Palms was more popular than Boon Lay Meadow, with the 495 flats offered under the project more than four times subscribed.
Boon Lay Meadow, with 705 flats offered, was about three times subscribed. Some 2,300 people applied for the units.
One industry player sees this demand for BTO flats as the norm and not a result of the recent high prices in the HDB resale market.
Mohammed Ismail, CEO of Propnex, said: "BTO are generally in greater demand and the usual number of subscription actually depends on the location. If the BTO appears in a mature estate, we could see a very high number, (one which could) well exceed five times (the number of available flats)."
Prices for resale flats are expected to remain high over the next few quarters because of the demand from those who do not qualify for the BTO or Design, Build and Sell Scheme (DBSS) projects.
Eugene Lim, ERA's Asia-Pacific's associate director, commented that new BTO flats will do little to dampen resale prices.
He said: "Currently, the take-up in the resale market is pretty strong, so we do not foresee that resale prices will come down. They may continue to trickle upwards.
"The number of new flats released by HDB caters predominantly for first-time home owners as most of the flats are prioritized for them.
"Those that do not qualify or cannot wait for three years will go to the resale market. So in that sense, only a small portion of the resale market has been affected."
HDB will release another 4,000 flats in November and December in Punggol, Bukit Panjang, Sembawang and Dawson, making up a total of 13,500 flats for the whole year.
- CNA/ir
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