Prices for units at Treetops @ Punggol on high side: analyst

Treetops @ Punggol
picture by HDB

Eco-friendly homes will no longer be the preserve of those who can afford fancy high-end private condominiums. HDB has launched its first eco-friendly precinct, Treetops @ Punggol.

But buyers can expect to pay a premium of about 15 per cent compared to similar BTO projects, at least for the four room flats. The indicative price for a 93 to 94sqm unit at The Coralinus Phase 2, which was launched last February, was $182,000 to $220,000, while a 90 to 93sqm unit for Treetops@ Punggol may cost between $208,000 and $254,000.

Mr Nicholas Mak, head of research and consultancy at Knight Frank, thought the prices a bit on the high side, as most buyers are only willing to pay a 5 per cent premium. But he noted the project’s 14 five-room lofts were a “unique” attraction and should easily get sold.

These units feature a double-volume living room and open terrace that can be converted into a sky garden. At $370,000 to $383,000, the price is somewhere between that of resale five-room and an executive condominium, he said. “It’s a bit pricey for a new flat, but it will find buyers as there are only 14 of them, and it’s within the affordability of most middle income households.”

Minister for National Development Mah Bow Tan, who announced the launch at yesterday’s Eco Building Conference, said that the project represents a “significant jump in terms of what public housing can offer”.

While he recognised that the units were a little more expensive, he said this was due to value-added elements, such as balconies and the proximity to upcoming amenities and public transport facilities, rather than green features. In fact, the HDB will absorb the cost of the project’s “experimental features” and service and conservancy fees are expected to be the same, he said.

Mr Mak also felt that location was still important to Singaporeans and some may consider Punggol a little remote. But the project was likely to have its fair share of takers, he said.

Leave a Response

Spam Protection by WP-SpamFree