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26-04-2012, 07:21 AM
The Straits Times
Apr 26, 2012
2 Pasir Ris housing projects to be launched
One is executive condo, the other could be last DBSS development
By Esther Teo
TWO public housing projects in Pasir Ris, including what is widely thought to be the last development under the Design, Build and Sell Scheme (DBSS), are set to be launched soon.
As supply in the once-sleepy eastern outpost ramps up, SingXpress Land and Kay Lim Holdings will launch the 447-unit DBSS project, Pasir Ris One, next to Pasir Ris MRT station tomorrow.
And next Tuesday, applications open for 416-unit executive condominium (EC) project Watercolours at the junction of Pasir Ris Drive 3 and Pasir Ris Link. Units can be booked only from June 1.
Average indicative prices for two-bedder EC units starting from 743 sq ft are between $500,000 and $600,000, while three-bedroom units starting from 915 sq ft will cost from $600,000 to $700,000. Average unit prices are $680 to $720 per sq ft, industry sources say.
The EC, developed by a consortium made up of Ho Lee Group, GPS Alliance Development and Investment, and Evia Real Estate, will also have dual-key units - each comprising a studio apartment attached to a two- or three-bedroom unit - that allow for multi-generational living.
The Straits Times understands that the five-room DBSS flats have average indicative prices of about $630,000. More than half of the 447 units are expected to be four-room flats.
DBSS flats, built on government land sold to private developers, were introduced in 2005 to provide more choices in the housing market.
They feature better design and finishes than standard flats, but unlike ECs, they cannot be privatised after 10 years and do not contain facilities such as pools.
But the Government suspended DBSS land sales and placed the scheme under review last July. This is the last DBSS project available to be launched, although it is still unclear if the scheme will be scrapped entirely.
Experts say buyers will have to choose between location - the DBSS project is closer to the MRT station - and buying into an EC project that will eventually attain private status.
They also pointed out that the household income ceiling is higher for ECs at $12,000 a month, compared with $10,000 for DBSS projects.
Mr Lee Sze Teck, senior manager of research and consultancy at Dennis Wee Group, said that even though both projects are being pushed out at around the same time, there should be sufficient demand from residents living in Pasir Ris and its neighbouring districts to absorb the upcoming supply.
'HDB upgraders might prefer to buy the ECs while there should be more first-time home buyers purchasing DBSS flats... The previous launches have also been largely staggered, so developers are able to test the market before each launch,' he added.
Although this is the last DBSS project to be launched, Mr Lee noted that other
DBSS developments such as Parkland Residences in Upper Serangoon and Centrale 8 in Tampines still have unsold units for buyers to pick from.
Mr Tan Kok Keong, OrangeTee's research and consultancy head, emphasised that there needs to be a sufficiently large enough price difference between prices of DBSS and EC units for home buyers to lean towards the former.
The Pasir Ris estate has seen a bumper supply of new homes in the past year with private mass market projects such as 892-unit The Palette, 473-unit Seastrand and 679-unit Ripple Bay also being pushed out.
esthert@sph.com.sg
Apr 26, 2012
2 Pasir Ris housing projects to be launched
One is executive condo, the other could be last DBSS development
By Esther Teo
TWO public housing projects in Pasir Ris, including what is widely thought to be the last development under the Design, Build and Sell Scheme (DBSS), are set to be launched soon.
As supply in the once-sleepy eastern outpost ramps up, SingXpress Land and Kay Lim Holdings will launch the 447-unit DBSS project, Pasir Ris One, next to Pasir Ris MRT station tomorrow.
And next Tuesday, applications open for 416-unit executive condominium (EC) project Watercolours at the junction of Pasir Ris Drive 3 and Pasir Ris Link. Units can be booked only from June 1.
Average indicative prices for two-bedder EC units starting from 743 sq ft are between $500,000 and $600,000, while three-bedroom units starting from 915 sq ft will cost from $600,000 to $700,000. Average unit prices are $680 to $720 per sq ft, industry sources say.
The EC, developed by a consortium made up of Ho Lee Group, GPS Alliance Development and Investment, and Evia Real Estate, will also have dual-key units - each comprising a studio apartment attached to a two- or three-bedroom unit - that allow for multi-generational living.
The Straits Times understands that the five-room DBSS flats have average indicative prices of about $630,000. More than half of the 447 units are expected to be four-room flats.
DBSS flats, built on government land sold to private developers, were introduced in 2005 to provide more choices in the housing market.
They feature better design and finishes than standard flats, but unlike ECs, they cannot be privatised after 10 years and do not contain facilities such as pools.
But the Government suspended DBSS land sales and placed the scheme under review last July. This is the last DBSS project available to be launched, although it is still unclear if the scheme will be scrapped entirely.
Experts say buyers will have to choose between location - the DBSS project is closer to the MRT station - and buying into an EC project that will eventually attain private status.
They also pointed out that the household income ceiling is higher for ECs at $12,000 a month, compared with $10,000 for DBSS projects.
Mr Lee Sze Teck, senior manager of research and consultancy at Dennis Wee Group, said that even though both projects are being pushed out at around the same time, there should be sufficient demand from residents living in Pasir Ris and its neighbouring districts to absorb the upcoming supply.
'HDB upgraders might prefer to buy the ECs while there should be more first-time home buyers purchasing DBSS flats... The previous launches have also been largely staggered, so developers are able to test the market before each launch,' he added.
Although this is the last DBSS project to be launched, Mr Lee noted that other
DBSS developments such as Parkland Residences in Upper Serangoon and Centrale 8 in Tampines still have unsold units for buyers to pick from.
Mr Tan Kok Keong, OrangeTee's research and consultancy head, emphasised that there needs to be a sufficiently large enough price difference between prices of DBSS and EC units for home buyers to lean towards the former.
The Pasir Ris estate has seen a bumper supply of new homes in the past year with private mass market projects such as 892-unit The Palette, 473-unit Seastrand and 679-unit Ripple Bay also being pushed out.
esthert@sph.com.sg
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