Thousands throng showflats at Park Central@AMK
By Wong Siew Ying, Channel NewsAsia | Posted: 23 July 2008 1915 hrs

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SINGAPORE : Some 3,000 home hunters thronged showflats at Park Central@AMK on the first day of its launch on Wednesday.

As of noon, 130 people have applied for the flats in central Singapore which will be ready in 2011.

The project is Singapore's third condominium-style public housing, and a queue to view the showflats started forming at 5am.

All 578 units at Park Central@AMK come with fittings like built-in wardrobes, air-conditioners and parquet flooring.

The four 30-storey blocks will house four- and five-room units, priced between S$433,000 and S$689,000 or about S$500 per square foot.

Real estate agents said the prices are comparable to those for resale public housing in the neighbourhood. These are about S$400,000 for a four-room flat and up to S$550,000 for a five-room unit.

Despite a slight cooling off in the property sector, the project's developer expects a good take-up rate.

Jackson Yap, CEO, United Engineers Limited, said: "This is the mass market, the demand is always there. The interest rate in Singapore is still relatively low so to speak, and the other one is cash flow.

"If you do your sums right, the net cash flow for buying these units (is) not that high if you include your CPF contributions."

Park Central@AMK is the third project under the Housing Board's "Design, Build and Sell Scheme", where the private sector is involved in the building and marketing of public housing.

While prices at Park Central@AMK are nearly 10 per cent lower than the previous condo-style development, City View@Boon Keng, it is still too much for some - especially younger couples who have just joined the workforce.

Kevin Kwan said: "Maybe you have to forfeit your car, not get it so fast; and for daily expenses, you have to be more meticulous."

Others are worried about the falling value of their asset as well as tough times ahead. Lean Guan Hock said: "Now, due to the soaring oil prices, I think everybody must be very concerned."

Even though many have put in an application for the flats, not all will end up buying one. Some applicants said their final purchase decision will depend on how the global economy and the property market perform in the next few months.

Applications must be submitted by August 5, and sales will be done via a balloting system. - CNA/ms