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Latest Property Real Estate News - Published on 16/11/2009
HDB’s two latest Build-To-Order (BTO) projects, Punggol Ripples and Punggol Sails are set to be warmly welcomed by new homeowners. Riding on the success of Punggol Spectra and Punggol Residences, two BTOs released in August and July 2009 respectively, “There is definitely going to be high interest in the new projects. Firstly, because these flats will come with a complete 99 years lease,” explains PropNex CEO Mr Mohamed Ismail, “and bring with them brand new fittings, compared to those in resale flats.” “Secondly,” he continues, “ the typical selling prices of the new units are between 10–20% cheaper than those of comparative resale units in the area.” He drew this comparison to median resale prices of 4- and 5-room flats in 3Q09, which were $342,000 and $395,000 respectively. Punggol Ripples and Punggol Sails 4- and 5-room flats are typically going for $275,000 and $355,000 respectively. But price is not the only reason why Mr Ismail feels Punggol is a prime estate to invest in. “Concrete plans are already underway to construct the 4.9km Punggol Promenade linking the estate’s two activity clusters,” he says. “As part of the Punggol 21 Master Plan, this will definitely enliven the area and increase the value of homes there.” Given the increasing HDB resale price index, Mr Ismail expects the two BTO projects to be at least five times over-subscribed.
