Thousands throng showflats at Park Central@AMK (DBSS HDB Flat)

[Ahyoo2002]

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

[Ahyoo2002]

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.

 

Will it sell?

[Kxbc]

It prob can sell but most likely to those who cannot count.

[Yaloryalor]

The income ceiling cap at $8K, using CPF to pay still need to top up cash to pay the monthly installment. Worth it of not?

 

If thinking of investment, with this buying price, dun think got a lot of potential to make money lor.

[Chickenfarm]

Too expensive

[Roborovskii]

Yep, too expensive. Good going HDB, you've made public housing very "affordable" for the general population. Sell more flats at these kinda prices and in 5 years people will be living under MRT tracks.

[Ahyoo2002]

Very high qualification but fail their aritmetic ?

[Ahyoo2002]

Yah, some was saying delay buying car, or spend less monthly.

 

I am thinking, used up ALL your CPF is already wrong, fork out cash for monthly installment?

[Ahyoo2002]

Very sad to see the most affordable housing option become so expensive, even for the normal HDB new flat.

[Chickenfarm]

It's not even in AMK Central but quite a distance away...

[Damienic]

Ppty market is showing signs of cooling down soon and likely there will be a big decline in 2009 and onwards. Not wise to purchase an over-priced project like this at a time where prices is still at one of the all time high and reaching a plateau. For those really looking to buy HDB, would suggest they shelve the plans for time being. not a good time to enter the market unless due to extreme urgency..

[Yaloryalor]

Yalor, with combine monthly incoming less than $8K would need to top up cash.

 

Very stressful!

[Kxbc]

$400k for 4-room with just additional parquet flooring, air conditioning, custom fit wardrobes and prob kitchen.

 

Heck, even if I get a designer in to do up my new 4-room flat with marble floor, full customised carpentry for all rooms, parquet for bedrooms, new tiles for toilets, new air con unit, change all the windows, grilles, doors and maybe even add in all curtains also around $100k max only. Add on new 4-room flat price of $250k still got $50k change.

 

But of course, do they have $100k cash for renovation?

 

$500 psf is ridiculous for a HDB pigeon hole.

 

I always advocate: first house don't bother too much as you do not know what you want. When you know what you want and how you live, then spend a little more on the 2nd house.

[Blue2]

Sinkapooh lang lich la....

many millionaires in Sinkapooh land....

 

we are not giving the right signals to ppl on the top that life is getting hard...

BAB later continue to PAP...

Edited July 24, 2008 by Blue2

[Leclair]

well next time when these people want to sell, they will realize whether they are right or wrong to buy at these prices.

 

I choose not to go near these HDB high end projects. Esp the one at the boon keng. That was truly a mad pricing.

 

I would rather buy a condo with facilities....

 

just my view.

[Pencapchew]

What to do??? They care about making as much money as they can. I doubt the costs of building each unit houses exceeds 200k each and yet they are selling at twice or thrice the cost. Recently costs of HBD flats is ever increasing and very expensive till i feel its like a waste of money but lppl everyone needs a house.

[Kxbc]

Like growing tummy?

[Kxbc]

I think it is near to the carpark where MadDriver has his weekly sales. If it is that place, it is far from AMK MRT but close to CTE.