Wednesday, April 04, 2012

Controversial Toh Yi studio flats see strong buyer interest

The controversial Golden Kismis studio apartment project (pictured) in Toh Yi has attracted strong interest from potential buyers, amid concerns that the site’s location atop a slope would be highly inconvenient to elderly residents.
According to The Straits Times, when the applications for the project closed yesterday, there were three applications for every two units, reflecting a subscription rate of 1.6.

Several experts said the robust response for the project was comparable to recent BTO launches of studio apartments, which are becoming popular in the country.

“Studio apartments are getting more popular because as the population ages, many elderly couples prefer to downsize, unlock their asset appreciation and monetise for a better lifestyle with the excess funds for old age,” said Mohamed Ismail, Chief Executive of PropNex Realty.

Located in Bukit Timah, the 132-unit project is part of the 7,978 BTO flats offered in the market last week, with each studio unit priced from S$104,000 onwards.

The project came under fire after a group of residents petitioned against the plan to develop the elderly-friendly apartment in the area. They cited that the apartment’s location was inconvenient for the elderly, as they have to walk down a slope of around 200 m to reach amenities such as clinics and coffee shops.

However, this does not deter applicants like 75-year-old Nellie Yap, who submitted her application two days ago.

“I am so used to this area and watched my neighbours' children grow up from babies. The smaller unit will make it much easier to clean,” she told The Straits Times.

“The slope is not a big concern as my current block is already halfway up the slope and I am used to the walking.”

View the original article here

Source From Property Guru

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