HDB is launching
Fernvale Crest (JPG, 72KB) under the Build-To-Order (BTO) System today.
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Fernvale Crest is a Standard contract offering a total of 700 flats. The flat supply comprises 140 units of 2-room flats, 372 units of 3-room and 188 units of 4-room flats. In line with the Government’s commitment to increase the supply of smaller flat types during the economic downturn, 75% of the flats offered in Fernvale Crest are 2-room and 3-room flats. This is the largest number and proportion of smaller flats ever offered for sale in a BTO project.
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Situated at the junction of
Jalan Kayu and Sengkang West Way (JPG, 682KB), Fernvale Crest is conveniently located near two LRT stations, Fernvale and Thanggam, which connect to the Sengkang MRT station. The Tampines Expressway is also just a short drive away.
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Residents’ daily needs will be easily met by the wet market, supermarket, and food court at Fernvale Point, and eateries located at Jalan Kayu. Educational institutions such as Fernvale Primary and Pei Hwa Secondary School are also located in the vicinity.
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The new flats in Fernvale Crest are priced below their equivalent market prices to ensure that they are affordable to first-timer flat buyers. Prices range from $74,000 to $98,000 for a 2-room flat, $116,000 to $157,000 for a 3-room flat, and $203,000 to $250,000 for a 4-room flat. Pricing details and resale comparables can be found in Table 1 of Annex 1.
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On top of a generous market subsidy on the selling price, eligible first-timers whose average monthly household income is $5,000 or less can also apply for an Additional CPF Housing Grant (AHG) of up to $40,000. The AHG can be used to offset the initial downpayment.
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Based on the income levels of flat applicants in the past 2 quarters, an applicant for Fernvale Crest whose income is at the median level will not need to fork out cash to meet their monthly housing commitments. For example, a family with a total household income of $1,300 buying a 2-room unit priced at $85,000 will need to pay a monthly mortgage instalment of about $180. This can be fully paid using their monthly CPF contributions. Further details on the affordability of a typical flat in Fernvale Crest can be found in Table 2 of Annex 1. HDB will continue to offer flats of different flat sizes, design types and in different locations to cater to the different needs and budgets of flat buyers.
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Applications for the new flats can be submitted online from 2 Jun 2009 (Tue) to 15 Jun 2009 (Mon). More information on the development and details of the application procedures can be found at Annexes 2 and 3.
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For enquiries, the public can:
- E-mail : hdbsales@hdb.gov.sg;
- Call the Sales/Resale Customer Service Line at 1800-866 3066 on Mon to Fri from 8 am to 5 pm; or
- Visit the HDB Sales Office to speak with our Customer Service Officers during office hours (Mon to Fri 8am to 5pm, Saturday 8am to 1pm).
Prices of Fernvale Crest and Resale Comparables in Sengkang
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2-room | $74,000 to $98,000
(45 m2) | - |
3-room | $116,000 to $157,000
(65 m2) | - |
4-room | $203,000 to $250,000
(90 m2) | $290,000 to $360,000
(90 – 95 m2) |
Notes:
a) The 4R resale comparables are about 5-7 years old and located near Fernvale Crest. The resale comparables are all premium flats (Neighbourhood 4 does not have any resale flats of standard design). Adjustments are made to account for the difference in attributes between the resale comparables and the subject contract to determine the equivalent market value of the new flats in subject.
b) There is no resale 2R and 3R flats in the vicinity.
Affordability of Typical Flat at Fernvale Crest
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2-room | $85,000 | $1,300 | $40,000 | $180 | 14% |
3-room | $135,000 | $2,100 | $30,000 | $420 | 20% |
4-room | $225,000 | $4,100 | $10,000 | $811 | 20% |
Notes:
a) Monthly instalment for 30-year loan is based on 90% of selling price at interest rate of 2.6% per annum.
b) The Additional Housing Grant, if eligible, is assumed to first offset the downpayment before loan of up to 90% is granted.
c) Applicants’ median household income is based on that of short-listed 1st-timer applicants of BTO contracts in the past two quarters for Non–mature estates.
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Fernvale Crest (Sengkang
N4 C10)
Standard Flats | 2-room | 46 | 45 | 140 | $74,000 - $98,000 |
3-room | 67 | 65 | 372 | $116,000 - $157,000 |
4-room | 92 | 90 | 188 | $203,000 - $250,000 |
Notes:
a) Floor area refers to the estimated area of the whole apartment, inclusive of the area of the air-conditioner ledge (where applicable).
b) Internal floor area refers to the estimated area of the apartment computed based on the centre line of the apartment wall.
c) The indicative prices do
not include the cost of optional components. Actual selling prices will vary according to the attributes of the individual units at the time of selection.
The cost of the optional components (see table below) will be added to the selling price of the flat.
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Fernvale Crest
(Sengkang N4 C10)
Standard Flats | Flooring for living / dining room and bedrooms | $1,400 | $2,000 | $3,000 |
Internal doors* | $360 | $1,440 | $1,800 |
* Bi-fold bathroom doors are provided for 2-room flats and they are non-optional.
* 2-room flats : 1 internal door (1 bedroom door)
* 3-room flats : 4 internal doors (2 bedrooms doors and 2 bathroom doors)
* 4-room flats : 5 internal doors (3 bedrooms doors and 2 bathroom doors)
| Location | : | Habitat Forum, BizFour, 3rd Storey, HDB Hub |
| Exhibition period | : | 2 Jun 2009 (Tue) to 15 Jun 2009 (Mon) |
| Opening hours | : | 8 am to 5 pm (Weekdays)
8 am to 1 pm (Saturday) |
Closed on Public Holidays and Sundays.
Submission of Application
Households interested in buying a flat in Fernvale Crest can submit their application online at HDB’s InfoWEB at www.hdb.gov.sg between 2 Jun 2009 (Tue) and 15 Jun 2009 (Mon). The administrative fee of $10 is payable by cashcard or credit card (Master Card / Visa). Those without Internet access can visit HDB Hub or any of HDB’s Branch Offices to submit their application via the e-Stations or Internet PCs that are available for use.
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Each household can submit only one application and must indicate the flat type (i.e. 2-room, 3-room or 4-room) that they are applying for.
Eligibility Conditions
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The monthly household income ceiling for the purchase of the 2-room, 3-room and 4-room Standard flats are $2,000 $3,000 and $8,000 respectively. Applicants must also satisfy the other eligibility conditions such as citizenship, family nucleus and non-ownership of private property.
Additional CPF Housing Grant (AHG)
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AHG was first introduced in Mar 06 to provide extra help for the lower income to become homeowners. It has been enhanced in Feb 09 and eligible first-timers who are buying a new or resale flat (2-room and bigger flat) and whose average monthly household income is $5,000 and less in the 12 months preceding application can apply for an AHG amount of up to $40,000.
Priority Schemes
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Applicants who meet the conditions of the Third Child Priority Scheme (TCPS), Married Child Priority Scheme (MCPS) or Tenants’ Priority Scheme (which is only applicable to 2-room and 3-room flats) can request for priority allocation under these schemes. Applications under the Resettlement/Relocation (REN/RH) and Grassroots Organisation (GRO) Schemes require recommendations from the appropriate authorities managing the schemes.
Selection of Flats
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Upon the close of the application period, HDB will assess the subscription rate before inviting applicants for the selection of flats. Applicants’ queue position to book a flat will be determined by computer ballot. Applicants will be informed of their queue position by Jul 2009.
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The selection exercise will commence from Sep 2009. An option fee of $500, $1,000 or $2,000 is payable upon selection of a 2-room, 3-room or 4-room flat. This fee may be paid by cash/cheque/NETS.
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Selection of flats by the applicants with queue numbers exceeding the flat supply would be subject to availability of flat supply or ethnic quota when their turns are due. They can check the availability of flats on the HDB InfoWeb or via teletext before turning up at the HDB Sales Office on the appointed date for the selection.
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With effect from May 2008 BTO exercise, First-timer applicants who reject 2 chances to select a flat in BTO/BE exercises will have their First-timer priorities removed for a 1-year period in any HDB’s sales exercise.
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After completion of the selection exercise, HDB will assess the take-up rate of the development before deciding whether to proceed to call the building tender for the developments.
Signing the Agreement for Lease
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Once it is confirmed that the development has met the desired take-up rate and proceeds for tender, HDB will arrange for the applicants to sign the Agreement for Lease within 4 months from the date of selection of the flats.
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Applicants must pay 10% of the selling price of the flat as down-payment at the time of signing the Agreement for Lease, by CPF and/or cash. First-timer applicants, i.e. married couples as well as those applying under the Fiancé/Fiancée Scheme, can pay the 10% down-payment in 2 instalments under the Staggered Down-payment Scheme (SDS) if at least one of the partners is aged 30 years or younger. The first 5% will be collected when the applicant signs the Agreement for Lease and the balance 5% when the buyer takes possession of his new flat.
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Applicants who intend to take an HDB loan must obtain an HDB Loan Eligibility letter before they exercise the Option To Purchase for the HDB flat by signing the Agreement for Lease. For the applicants who are taking a bank loan, they will have to pay 5% cash payment to HDB. They will also have to obtain a Letter of Offer from the bank before they can exercise the Option To Purchase for the HDB flat.
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Applicants who do not sign the Agreement for Lease or reject the flat after selection will have their applications cancelled and the option fee forfeited. If the applicant rejects the flat after signing the Agreement for Lease, the forfeiture will be 5% of the selling price of the flat.