Prices of new HDB flats in Keppel Club site to start at $380,000
Property experts said some of the 6,000 flats may be built under the PLH model.
Prices of the new HDB flats to be built at the Keppel Club site, Greater Southern Waterfront (GSW), could start at $380,000 for a 3-room, estimates from a property expert showed.
According to OrangeTee, some of the 6,000 flats may be built under the PLH model making the highest price for a 3-room in the Keppel site to be $480,000.
Meanwhile, 4-room flats may cost around $500,000 to $700,000.
The estimates were close to the launch prices of King George's Heights, which was launched in February 2022.
Some of the flats built under the PLH model would also likely be slightly lower than the prices of BTO flats because of the longer minimum occupation period (MOP) and more stringent selling criteria.
OrangeTee estimates BTO flats in the Keppel site to range from $400,000-$520,000 for 3-room, and $600,000 to $720,000 for 4-room.
The estimated price range of Huttons was also close to that of OrangeTee at $400,000 to $450,000 for 3-room BTO flats and $720,000 to $850,000 for a 4-room given a PLH subsidy.
“This is definitely a prime location and the BTO flats are expected to be heavily over-subscribed. We expect the subscription rate to be more than 10. 5-room flats are unlikely to be offered as the price would be too steep,” Huttons said.
PropNex said the HDB flats will likely “sell out given the overwhelming demand amongst Singaporeans for flats in a prime location.”
“The GSW is a high-profile waterfront development that is close to the city. Therefore, flats here will likely have a high potential for capital appreciation and could see strong resale demand, after they exit the [MOP],” the expert added.
Meanwhile, since 6,000 HDB flats will be built on GSW, PropNex believes there will be 3,000 units that will be offered as private homes in the area, given that the initial plan of PM Lee Hsien Loong was to build 9,000 homes on the site.
“We expect that the future private residential projects in this area to be parcelled out and sold via government land sale tenders and eventually launched for sale to buyers in the next three to five years,” PropNex said.
“With the waterfront concept and its prime location in the southern-central region of Singapore, homes in the GSW will be a hit amongst both local buyers, investors, and foreigners,” the expert added.
On expected cost, PropNex said private residential projects in the GSW will likely range from $2,500 to $2,700 psf or higher depending on prevailing market conditions and costs.
OrangeTee, for its part, said GSW condominiums, especially those built near the seafront, would likely be close to or higher than the prices at Reef at King's Dock which is transacted at a median price of $2,279 psf.