National Development Minister Desmond Lee announced today (12 April) that the first HDB BTO project in the Greater Southern Waterfront (GSW) will be launched in three years.
A total of 9,000 units will be built on the site of Keppel Club, where its lease will expire in June this year after a six-month extension. The lease for a small portion of the golf course, including the clubhouse, has been extended to March 2023.
Around 6,000 units will be for public housing, while the remaining 3,000 units are expected to be for private housing. According to URA, these will be progressively launched in the next three to five years.
The housing estate will feature new parks, open spaces and walking trails that connect to two nearby MRT stations, Labrador Park MRT and Telok Blangah MRT.
Will the GSW BTO flats fall under the PLH model?
The Prime Location Public Housing (PLH) model was first announced last October for BTO flats located in prime locations such as the city centre and the Greater Southern Waterfront. These flats will come with more subsidies, but will be subjected to more restrictions such as a 10-year MOP and a subsidy clawback.
According to CNA and Straits Times, when asked if these GSW BTO flats will fall under the PLH model, HDB said that the model will be for selected projects in prime and central locations, with “very high market values and would require significant additional subsidies to keep flats affordable”.
So HDB will consider a range of factors such as the location, attributes and market values to determine if a project will fall under the PLH model.
How much will the homes at GSW cost?
Given the central location, it is expected that prices will be on the higher end of the spectrum.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, predicts that 4-room PLH flats in GSW will range from S$500,000 to S$700,000.
On the other hand, she expects 4-room non-PLH flats in the area to be priced from S$600,00 to S$720,000.
“Prices of the new PLH flats may be close to or slightly higher than the launch prices of those at River Peaks and King George’s Heights. Prices may be higher as we may need to take into account inflation especially for projects that are launched a few years down the road. Some of the prices for PLH flats could be slightly lower than BTO flats as it takes into account the longer MOP period and more stringent selling criteria.”
As for the new condos, Sun expects prices to be close to or higher than the current transacted price at The Reef at King’s Dock. In Q1 2022, the median price of units in the condo has reached S$2,405 psf.
Properties for sale near Keppel Club
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If you found this article helpful, 99.co recommends Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR and Hit by the recent BTO delays? Here are 9 rental options near Tampines, Clementi and Woodleigh.
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