With 5,608 applications vying for 1,221 flats in Punggol Point in HDB’s latest sales launch, Punggol looks set to be one of the fastest-growing HDB estates in the next few decades.
New HDB flats in Punggol oversubscribed by 4.6 times
While it may have been previously shunned for being too far-flung and “out-of-the-way”, many are now looking North-East for their residential needs, and perhaps even wants.
The housing board’s most recent sales launch in August has received an overwhelming number of applications for the 3-room and larger flats in Punggol Point and Punggol Woods.
These new BTO blocks will feature sea views, which could have been the main attraction point. While 4- and 5-room flats in Yishun were only 60% and 90% in demand, and only 3-room flats were 1.5 oversubscribed here, the same in Punggol saw 2.8 applicants vying for the same unit.
The private real estate potential in Punggol
As a HDB township, Punggol is rather new compared to mature estates such as Toa Payoh, Ang Mo Kio and Queenstown. For now, it is extensively made up of HDB flats, with a few private condominiums sprinkled in between.
Is there then a considerable margin of growth for private property development in this estate?
As the population in Punggol grows, the time might come when those living in HDB flats upgrade to private properties within the same estate. There may also be a migration of population from older towns which are saturated or where those who have sold their properties move to newer townships.
While the timeline is uncertain, property markets do follow a somewhat recurring pattern. Could it be a matter of time before properties in Punggol are in high demand?