Banking on BTO flats with integrated sports and recreational facilities at Farrer Park
By Hailey Yu
/ Edgeprop Singapore |
The 10-ha Farrer Park Field will be redeveloped into 1,600 HDB flats that will be integrated with existing and new sports and recreational facilities (Credit: HDB)
SINGAPORE (EDGEPROP) - Catering to first-time home buyers are the BTO flats at Farrer Park Field scheduled for launch over the next three years. “The flats in this area may be launched as PLH [prime location public housing], given the proximity to the city centre and integrated sports facilities,” says Christine Sun, senior vice president of research and analytics, OrangeTee & Tie.
The Farrer Park site is located near the upcoming Piccadilly Grand (Credit: HDB)
Furthermore, the first PLH project at Rochor is only located about 800m from the Farrer Park site, according to Nicholas Mak, ERA Realty Network head of research & consultancy. “If the Rochor HDB BTO site can be designated a PLH project, then the HDB flats at the Farrer Park site should also be under the PLH model.” (Find HDB flats for rent or sale with our Singapore HDB directory)
The median price for resale flats in the Kallang/Whampoa area was $755,000 in 1Q2022, according to Sun of OrangeTee & Tie. Two new PLH flats were also launched nearby. If the Farrer Park flats are launched as PLH flats, they could be sold around the same price as the previous PLH flats, or slightly higher, taking into account inflation a few years down the road, she reckons.
Price Comparisons on BTO launches (Credit: OrangeTee & Tie Research and Analytics)
Four-room flats in this project may range from S$500,000 to $700,000 when launched. “The site will likely see high demand when launched,” says Sun. “Previous BTO launches for Kent Heights, River Peaks I & II, and King George’s Heights were oversubscribed.”
*Based on recent HDB BTO projects in the city-fringe areas (Credit: OrangeTee & Tie Research and Analytics)
The BTO flats at Farrer Park Field are probably the first time that public housing will be developed and seamlessly integrated with sports and recreational facilities, notes Lee Sze Teck, Huttons Asia’s senior director (research). “This will rejuvenate the neighbourhood of Little India,” he adds.
The last time a BTO was launched in the vicinity was probably in 2002 at Farrer Park Road, reckons Lee. Four- and five-room resale flats at Farrer Park Road are currently transacting at $700,000 and more.
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