Punggol Spring

           HDB is offering 494 4-room flats at Punggol Spring under the Build-To-Order (BTO) System today. This is the first BTO launch for 2008.

2         Punggol Spring is located within walking distance from the Damai LRT station, and is also near the future Punggol Town Centre where the MRT station and the bus interchange are situated. The housing project is adjacent to Punggol Secondary School, and there are currently plans to build an eating-house, supermarket and some shops in the vicinity.

3         More information on Punggol Spring and details of the applications procedure can be found at Annexes 1 and 2.

Wide range of housing options

4         Punggol Spring is the first BTO project which makes up the supply of 4,500 new flats that HDB has announced for the first half of 2008. Those who have been unsuccessful in the recent sale exercises are advised to consider this and other BTO projects in the new towns, where the larger supply of flats offers more choices for buyers.

5         As the construction of BTO flats typically requires a few years to complete, buyers are advised to plan ahead for their housing needs. For instance, couples who are planning to get married are encouraged to take advantage of HDB’s Fiance-Fiancee Scheme to book their BTO flats early, to minimise the waiting time for a new flat upon marriage. Couples with one partner aged 30 years or below, can also apply under the Staggered Downpayment Scheme to defer paying half the downpayment amount until they take possession of the BTO flat.

6         Buyers with more immediate housing needs can also consider purchasing a resale HDB flat where eligible first-timers can apply to enjoy a CPF Housing Grant of $30,000/$40,000 as well as the Additional CPF Housing Grant of up to $30,000. While resale prices have risen in the past year, there is nonetheless still a wide range of affordable resale flats available to meet the budget of most flat buyers. In the month of Jan 2008, 25% of resale transactions were completed at prices not exceeding $10,000 above market valuation. These included transactions in the more established towns such as Ang Mo Kio, Bedok, Tampines and Yishun.

Enquiries

7         For enquiries, the public can:

- e-mail hdbsales@hdb.gov.sg;
- call the Sales/Resale Customer Service Line at 1800-866 3066 on weekdays from 8 am to 5 pm; or
- visit the HDB Sales Office to speak with our Customer Service Officers during office hours.

INFORMATION ON PUNGGOL SPRING

A) Flat Supply

Housing Development (Contract)	Flat Type	Floor Area (sqm)	Internal Floor Area (sqm)	No. of units	Indicative Price Range ($)
Punggol Spring (Punggol East C21)	4-room	92-97	90-94	494	204,000 – 259,000

1) Floor area refers to the estimated area of the whole apartment, inclusive of the area of the air-conditioner ledge, planter and balcony (where applicable).
2) Internal floor area refers to the estimated area of the apartment computed based on the centre line of the apartment wall.
3) The indicative prices do not include the cost of optional components.

The map (162KB) and perspective (137KB) of Punggol Spring are attached.


Buyers of the Standard flats in Punggol Spring can opt for ceramic floor tiles and/or internal timber doors to be installed in their flats. The cost of the optional components details (see table below) will be added to the selling price of the flat.

Optional Component	Indicative Costs
	4-room	4-room (with balcony)
Flooring for living/dining room and bedrooms	$3,000	$3,200
Internal doors	$1,800	$1,800

Location : Habitat Forum, BizFour, 3rd Storey, HDB Hub

Exhibition period : 26 Feb 2008 to 17 Mar 2008
Opening hours : 8 am to 5 pm (Weekdays)
8 am to 1 pm (Saturday)
Closed on Public Holidays and Sundays

APPLICATION PROCEDURE

         Households interested in buying a flat in Punggol Spring can submit their application online at HDB’s InfoWEB at www.hdb.gov.sg between 26 Feb 2008 (Tue) and 17 Mar 2008 (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.

2         Each household can submit only one application.


3         The monthly household income ceiling for the purchase of the 4-room Standard flats is $8,000. Applicants must also satisfy the other eligibility conditions such as citizenship, family nucleus and non-ownership of private property.

4         First-timer households can also apply for the Additional CPF Housing Grant (AHG) of up to $30,000. To qualify, first-timer households must have been in continuous employment over the last 24 months at the date of the flat application, and have an average gross monthly income not exceeding $4,000 over the same period.


5         Applicants who meet the conditions of the Third Child Priority Scheme (TCPS) or Married Child Priority Scheme (MCPS) 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.


6         HDB will assess the subscription rate after the application period has closed. If the desired subscription rate is achieved, HDB will proceed to shortlist applicants for the selection of flats where all eligible applicants will be given a queue position via computer balloting. Applicants will be informed of the shortlisting results in Apr 2008.

7         HDB will first invite applicants up to 2 times the flat supply to select a flat, before inviting the rest of the applicants who are further down the queue (subject to the availability of flats and ethnic quota).


8         The selection exercise will commence from May 2008. An option fee of $2,000 is payable upon selection of a 4-room flat and may be paid by cash/cheque/NETS.

9         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.

10          After completion of the selection exercise, HDB will assess the take-up rate of Punggol Spring before deciding whether to proceed to call the building tender for the development.


11         Once it is confirmed that Punggol Spring 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.

12         Applicants must pay 10% of the selling price of the flat as downpayment 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 Fiance/Fiancee Scheme, can pay the 10% downpayment in 2 instalments under the Staggered Downpayment 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.

13         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.

14         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.