High Demand for New Flats

HOMEBUYERS’ demand for new flats remain red hot, as the Housing Board’s (HDB’s) latest sales launch closes with at least six applicants for every flat on offer.

As of 5pm on Monday, the HDB received 8,967 applications for 1,429 flats at Punggol Emerald and Punggold Waves. Applications for the two projects launched last month closes on Monday night.

Four-room flats proved the most popular amongst home buyers, with more than seven bidding for each flat, or 4,648 applications for 609 flats offered. Five-roomers also attracted more than six applicants each, with 2,810 applying for 431 flats.

Housing analysts said the application numbers showed demand for public housing have hovered at high levels, especially for new flats. This level of demand mirrors that of HDB’s previous launch at Sengkang and and Sembawang in March where 5,015 bids were received for 828 new flats.

Analysts say demand is likely to remain at such levels for the rest of the year as homebuyers turn to HDB from the resale flat market. Prices of resale flats are at record levels, and although the Government had recently introduced measures to cool the market, property agencies say it is too early to measure its impact.

HDB’s newest developments – Punggol Emerald and Punggol Waves – offers homes ranging from studio apartments to five-room flats. Studio apartments attracted 773 applicants for 188 flats, while 736 applied for 201 three-room flats. HDB has said it plans to launch 12,000 flats in the first three quarters of this year amid strong buyer demand.-ST


My Note: This is an obvious case of demand more than supply which obviously pushes prices up for resale flats. With continuing influx of immigrants,albeit a little slower, creates more demand which the government has obviously overlooked. Thou new parcels are being released for the last few months, it will still be hard to meet the demand, which on an average is driving up the ratio. The current 1:6 ratio for every new  flat is still high(used to be 1:10),and I don’t think prices for resale flats is going to taper back soon to normalcy. I am looking forward to EC coming to Pasir Ris but it’ll be a definite balloting. I will be happy if it’s 1:6,but knowing the demand for an established estate, it’ll be 1:10. And the prices will be high!


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