Residents at The Premiere (pictured) in Tampines Avenue 6 are confident that they can sell their units at good prices due to the strategic location of the development and its amenities.
But analysts believe that given the state of Singapore’s property market, they will likely be disappointed.
Units in the Design, Build and Sell Scheme (DBSS) project are now offered in the resale market, but buyers may shun them due to their relatively high prices. For example, the asking prices for five-room units, with sizes ranging from 1,173 sq ft to 1,227 sq ft, are between S$720,000 to S$850,000.
On the other hand, R’ST Research Director Ong Kah Seng feels that the ideal price range should be within S$650,000 to S$700,000, while James Wong at DTZ expects a S$150,000 premium over similarly-sized HDB units in the neighbourhood.
The housing board’s website shows that regular five-room HDB units within The Premiere’s vicinity that were approve for resale in 2013 fetched between S$520,000 and S$608,000.
Notably, The Premiere was the first DBSS project launched by the housing board. Back in 2005, it was hailed as an important change in Singapore’s housing programme, offering buyers a middle choice between executive-condominiums (ECs) and Build-To-Order (BTO) flats.
Built by Sim Lian Group, the 616-unit project drew strong interest and attracted 5,900 applications in late 2006.
Image Source: Sim Lian Group
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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