http://www.straitstimes.com/archive/...cants-20150218
MacPherson four-roomers top pick of BTO applicants
Experts attribute high demand to location in mature estate of Geylang
Published on Feb 18, 2015
By Janice Heng
FOUR-ROOMERS in MacPherson Spring proved to be the most popular in this month's launch of new Housing Board flats, with 2,825 applicants for just 378 units as of 5pm yesterday.
Housing experts put the demand down to the project's good location in the mature estate of Geylang and its walking distance to MacPherson MRT station.
The four other projects in this month's Build-To-Order (BTO) exercise, which closed at midnight, were in the non-mature towns of Bukit Batok and Hougang. As to why Geylang's four- roomers were more popular than its three-roomers, experts said that applicants for pricier flats in mature towns tend to have higher budgets.
They, therefore, plump for larger flats since they can afford it, said OrangeTee manager of research and consultancy Wong Xian Yang.
The Geylang four-roomers were popular with both first- timers - with 6.5 applicants for each unit available to them - and second-timers, with 26 for each flat.
Prices for the MacPherson Spring four-roomers started from $403,000, or $388,000 after government grants.
In contrast, starting prices for similar flats were $259,000 in Bukit Batok and $255,000 in Hougang. With government grants, these fell to $224,000 and $220,000.
But for applicants who had their hearts set on Geylang, location trumped cost.
One of them, a 60-year-old contractor who wanted to be known only as Mr Ng, said: "All this while, I've lived in Geylang, so I want to stay there. The price is not an issue."
As well as being close to popular spots such as Paya Lebar and Geylang, the estate also has good transport links, said a 38-year- old dining manager who wanted to be known only as Ms Rohayati.
She applied for a three-room flat, with prices starting from $275,000, or $245,000 after grants. "Others might find it too expensive, but this is my first time applying, so I'm just giving it a try," she said.
Two-room flats remained popular, with most of the demand coming from singles, as usual.
There were 4.6 singles applying for each available two-roomer in Bukit Batok and 13.3 for each available one in Hougang.
"The application rate from singles continues to be high as demand is not yet satisfied," said ERA Realty key executive officer Eugene Lim, who expects continued high demand from singles in this year's remaining three BTO launches.
Noting the continued keen interest from singles, R'ST Research director Ong Kah Seng suggested that the Government could consider increasing the supply of two- room flats, if resources allow.
Singles' application rates have fallen from the peak of 58 for each flat in July 2013, when they were first allowed to buy two-roomers.
But the rates remain high, with this month's BTO exercise being the first in which the overall singles' application rate was below 10, at 8.4.
[email protected]
Reply With Quote
Originally Posted by Arcachon
