Strong demand expected for HDB flats at redeveloped Farrer Park website, 4-room prices above S$500,000: Analysts

SINGAPORE: Property analysts anticipate sturdy demand for the upcoming public housing property in Farrer Park, given its fascinating location and facilities. 

About 1,600 flats might be constructed on a 10ha website in Farrer Park, the Housing & Development Board mentioned on Monday (Apr 25), including that the realm might be redeveloped with built-in sports activities and leisure amenities. 

“This seems to be the first (Build-to-Order) project to be built with a sports theme in recent years,” mentioned Ms Christine Sun, senior vice chairman of analysis and analytics at OrangeTee & Tie. 

“Usually, thematic developments are found in private housing. Therefore, it is rare to find HDB flats being conceptualised and built according to a specific theme. Usually such developments may have a stronger appeal to buyers,” she mentioned.

The growth’s proximity to town centre, in addition to its facilities, are more likely to attraction to a variety of Singaporeans, mentioned PropNex’s head of analysis and content material Wong Siew Ying. 

This consists of City Square Mall, Mustafa Centre, Tekka Market, Piccadilly Galleria, in addition to various colleges together with Farrer Park Primary School, St Joseph’s Institution Junior and Anglo-Chinese School (Junior).

Ms Sun mentioned that the event could possibly be launched underneath the Prime Location Public Housing (PLH) mannequin, given its location and options. Two new PLH flats have been additionally launched close by in Rochor and Kallang Whampoa. 

“There is a good chance that these flats will fall under the PLH model given its prime central location; launching them under PLH will make them more affordable and therefore accessible to more Singaporean households,” mentioned Ms Wong.

However, actual property agency Huttons Asia’s senior director of analysis Lee Sze Teck held a special view.

“The possibility of the flats falling under the PLH model is low,” mentioned Mr Lee. “The flats in the area have not reached the million dollar mark for now.”

All analysts agreed that the brand new Build-To-Order flats may even see prices of S$500,000 and above, provided that four-room and five-room resale flats within the space are at present transacting at S$700,000 or extra.

The flats are more likely to be oversubscribed – earlier close by BTO launches for Kent Heights, River Peaks I & II, and King George’s Heights noticed an oversubscription for all three tasks, mentioned Ms Sun.

“The overall application rate for this site may exceed 10 if launched as PLH flats and exceed eight if they are BTO flats, depending on the market condition when launched,” she mentioned.

Mr Lee mentioned {that a} subscription price of greater than 10 could also be noticed.

Strong demand expected for HDB flats at redeveloped Farrer Park site, 4-room prices above S$500,000: Analysts

Ian Cheng

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