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Latest Property Real Estate News - Published on 02/06/2009
Fernvale Crest, the Housing Development Board’s latest BTO (Build-To-Order) launch located at Jalan Kayu, is expected to be well received. Firstly, the project introduces 2- and 3-room flats to the area, starting at just $74,000 and $116,000 respectively. Fernvale Crest’s 4-room flats, with a starting price tag of just $203,000, should also go down very well with other 4-room flats in the area fetching between $330,000 and $360,000 recently. “We expect the demand for Fernvale Crest to be hugely popular,” says Adam Tan, Corporate Communications Manager of PropNex, “based on the introduction of new flat types and the low prices of the units. The 4-room flats on offer are cheaper by 35–45% than others in the vicinity.” He also observes that, for the last few quarters, the median resale prices for the 2- and 3-room flats across the island have all been above even the starting 3-room price tag for Fernvale Crest. Given the ongoing economic uncertainty, Mr Tan feels it is an exercise of prudence on HDB’s part to price the units so affordably. “We must also consider the fact,” he points out, “that the area is seeing quite a fair bit of development, with more in the pipelines. There are schools, an LRT station, sports centre, swimming pool and a shopping mall, not to mention various eateries, all within walking distance. And these are balanced by the nearby Sengkang Riverside Park, for those who crave a quiet suburban lifestyle.” Building on the continued demand for public housing, noting the introduction of new flat types and considering its pricing of 35–45% lower than resale flats in the area, Adam Tan expects Fernvale Crest to be at least five times over-subscribed.
