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\nKeppel Club site to attract keen interest among developers; Analysts see high demand for public flats on Keppel Club site, four-room flats to cost over $700,000 and more12th April to 18th April 2022
\nAnalysts expect the Keppel Club site to attract keen interest among developers, given the rarity of securing a waterfront site. They also expect robust interest for the 6,000 HDB flats to be built on the site, with the four-room units likely to be priced at over $700,000.
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\n1) Keppel Club site to offer 6,000 BTO flats
\nThe Keppel Club site will feature around 6,000 public housing flats, with the first Build-to-Order (BTO) project set to be launched within the next three years, reported Channel News Asia, citing Minister for National Development Desmond Lee.
\nSpanning about 48ha, the site will be redeveloped for housing once its lease \u201cruns out\u201d, said Lee.
\nAnd since it is close to green spaces and the coast, the site will \u201coffer unique waterfront living, close to nature\u201d, he noted.
\nHe added that the ministry \u201cseeks to keep the estate car-lite\u201d, given its central location and proximity to two MRT stations.\u00a0
\n\u201cThe housing estate will have new parks and open spaces which feature walking trails that connect to the MRT stations. This will provide residents with easy access to transport nodes and new social and commercial facilities,\u201d said Lee.
\nIn addition to being located next to Labrador Nature Reserve and the\u00a0Southern\u00a0Coastline, the site is also a short commute to Telok Blangah Hill Park. Residents can enjoy the benefits of living near nature, with lush greenery and waterways in the vicinity.\u00a0
\nFor now, it is not known if these Greater Southern Waterfront BTO flats will fall under the\u00a0Prime Location Public Housing (PLH) model.\u00a0More details will be released closer to the launch of the flats, which is expected to happen within the next three years.
\nRelated article:\u00a0Greater Southern Waterfront: Here\u2019s Everything We Know so Far about the Area (Including the 6,000 Upcoming BTO Flats)
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\n2) Will government include Greater Southern Waterfront under the PLH model?
\nThe Greater Southern Waterfront BTO flats will fall under\u00a0the mature HDB estate of Bukit Merah.
\nThe launch of the first BTO project within the Greater Southern Waterfront in three years will kickstart the area\u2019s transformation into a mega waterfront development along the southern coast of Singapore, reported The Straits Times.
\nWith this, there has been a question on whether the 6,000 HDB flats to be built within the Keppel Club site will come under the\u00a0PLH model.
\nThe HDB explained that the model would apply to selected public housing projects within prime and central locations like the city centre as well as surrounding areas, including the Greater Southern Waterfront area.
\nAnd while the Keppel Club site is situated within the GSW, various factors, such as the project\u2019s attributes, market values and location, will be considered by authorities before deciding on whether the PLH model will be applied.
\nNotably, flat owners under the PLH model are subject to stricter buying and selling conditions, such as a longer Minimum Occupation Period (MOP) of 10 years and the additional subsidy clawback once they sell the flats.
\nIn the upcoming May 2022 BTO launch, we may see two PLH BTO flats in the May 2022 Bukit Merah and May 2022 Queenstown BTO launches. However, this is unconfirmed as HDB only releases more details about the\u00a0projects\u00a0during the BTO exercise.
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\n3) Analysts see high demand for public flats on Keppel Club site, four-room flats to cost over $700,000
\nThe 6,000 new public flats to be built on the redeveloped waterfront site of Keppel Club will attract robust interest, with analysts expecting the four-room flats to be priced at over $700,000 if sold as a regular\u00a0BTO project, reported\u00a0TODAY.
\nSome analysts said such flats should be offered under the\u00a0Prime Location Public Housing (PLH) model\u00a0to make them more affordable while also mitigating the \u201clottery effect\u201d among flat owners.
\n\u201cGiven the attractive site attributes, we would consider the future flats on the Keppel Club site to be in the \u2018limited edition\u2019 category,\u201d said Wong Siew Ying, Propnex Realty\u2019s Head of Research and Content.
\n\u201cAs such, we think that the HDB flats offered should come under the PLH model because of their \u2018extremely prime location\u2019.\u201d\u00a0
\nAbout a 10-minute drive to the Central Business District (CBD), the site \u2013 a part of the Greater Southern Waterfront project \u2013 is bounded by Berlayer Creek, Bukit Chermin and Telok Blangah Road. It is also near the Telok Blangah and Labrador Park MRT stations.
\nAs seen in past\u00a0BTO application rates, application rates tend to be higher in mature HDB estates, despite the higher launch prices. Due to the location of the Greater Southern Waterfront BTO flats, it is likely that competition will be stiff for these flats when they are launched.\u00a0
\nRelated article:\u00a0HDB BTO Application Rate (From 2020 to Now): Which Estates Are The Easiest To Get BTO in
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\n4) Keppel Club site to attract keen interest among developers
\nSite of Keppel Club. Source: URA
\nAside from 6,000 BTO flats, another 3,000 private housing units will be built. The 48ha Keppel Club site is expected to attract keen interest among developers due to the rarity of securing a waterfront site, reported\u00a0TODAY.
\n\u201cWaterfront living will be a key selling point for both buyers and developers,\u201d said Lee Sze Teck, Huttons Asia\u2019s Senior Director of Research, adding that interest would be highly subject to the site\u2019s size, absolute quantum and tender conditions.
\nPrivate housing to be built at the site would likely be a mix of high-rise and low-rise condominium units as well as some strata-landed housing.
\nRelated article:\u00a09 Waterfront Condos with Sea Views in East Coast, Harbourfront and More
\nPropNex Realty Head of Research and Content Wong Siew Ying forecast selling prices for the units to stand at $2,500 to $2,700 per sq ft (psf) or higher.
\nThis means a 750 sq ft two-bedroom apartment will cost around $1.88 million to $2.03 million, while a 1,000 sq ft three-bedder will cost $2.5 million to $2.7 million.
\nFamilies\u00a0with\u00a0young\u00a0children\u00a0may find the site appealing since it is located near several\u00a0choice primary schools, such as Gan Eng Seng Primary School and Radin Mas Primary School, all located within 2km of the site.\u00a0Telok Blangah MRT station is also a quick 10-minute walk from the neighbourhood, connecting residents with the rest of the city via the Circle Line.
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\n5) URA to explore newer flat layouts to cater to the needs of different population segments
\nThe Urban Redevelopment Authority (URA) is exploring newer flat layouts, features and sizes to serve the needs of different population segments, including people with disabilities and seniors, reported The Straits Times, citing National Development Minister Desmond Lee.
\nSpeaking during a virtual dialogue on URA\u2019s long-term plan review, Lee shared that URA is also exploring ideas on how to integrate more flexible spaces within residential neighbourhoods that can be adapted to respond to unexpected situations such as the COVID-19.
\nThe review, which is now in its third phase, saw over 15,000 Singaporeans participate in the engagement efforts since its launch in July last year. Lee chaired the dialogue on the future of living and the environment, which was attended by 250 members of the public.
\n\u201cThese conversations have helped us to better understand the aspirations of Singaporeans and helped us to crowdsource ideas that we can study further,\u201d said the minister.
\nAs the Singapore population become more diverse and family sizes become smaller, HDB has responded accordingly, from introducing\u00a0HDB flats for seniors\u00a0to allowing singles to apply for a public rental flat scheme under the\u00a0Joint Singles Scheme\u00a0Operator-Run (JSS-OR) pilot.
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