Why are Punggol BTO flats so widely popular?

By EdgeProp Singapore / EdgeProp | September 12, 2018 5:14 PM SGT
The newly launched HDB flats in Punggol garnered more interest than those in Yishun despite higher prices. At HDB’s August 2018 Build-To-Order (BTO) & Re-Offer of Balance Flats (ROF) exercise, the flats in Punggol were oversubscribed at rates of 3.0 for three-room flats, 4.2 for four-room flats and 7.4 for five-room and three-generation flats.
Meanwhile, at Yishun, three-room flats were oversubscribed at only 1.5, half the overall application rate of the same flat type in Punggol. Four-room flats at Yishun was subscribed at a rate of 0.7, and five-room flats at a rate of 1.0.
This was despite the significant disparity in pricing between the two new BTO launches. Excluding grants, a 4-room flat in a Punggol BTO starts at $286,000, while a similar-sized unit in Yishun starts at $248,000. Meanwhile, a 5-room BTO flat in Punggol starts at $393,000, while a similar-sized unit in Yishun starts at $334,000.
August 2018 BTO Sizes & Prices
Source: HDB
In this article, we will explore why the newest batch of BTO flats in Punggol are so widely popular with Singaporeans.
1) Ease of connectivity
(Image source: HDB)
The two BTO developments in Punggol are Punggol Point Cove and Punggol Point Woods, which are both bounded by New Punggol Road and Punggol Way. The two sites are close to Punggol Point LRT station and the future Punggol Coast MRT station, which is slated for completion in 2023.
On the other hand, both Yishun sites are within a 2km radius to Yishun MRT station, possibly making them less appealing to homebuyers. The two BTO projects in Yishun are Melody Spring @ Yishun, and Yishun Glen. Melody Spring @ Yishun is bounded by Yishun Avenue 8 and Yishun Street 42, while Yishun Glen is bounded by Yishun Ring Road, Yishun Street 31 and Yishun Avenue 6.