By Jessica Cheam

THE Housing Board (HDB) put on sale its first batch of new Punggol flats on Thursday.

Prices this time are 10 to 16 per cent cheaper than the last launch of Punggol Regalia in December, primarily due to location and design features.

The flats are slightly smaller and is 'further from the town centre and main transportation nodes', said HDB in a statement.

The Nautilus @ Punggol is situated at the junction of Punggol East and Punggol Field, and will be served by two LRT stations, the Riviera and Coral Edge. Located nearby are Punggol Plaza, and schools like Mee Toh School, Greendale Primary School and Greendale Secondary School.

The prices of flats at The Nautilus @ Punggol range from $228,000 to $274,000 for 4-room flats, and from $305,000 to $357,000 for 5-room flats. These prices are below those of similar flats in the market.

Eligible first-timers whose average monthly household income is $5,000 or lesscan also qualify for an Additional CPF Housing Grant (AHG) of up to $40,000. The AHG can be used to offset the initial downpayment.

According to the HDB, based on the income of flat applicants in 4Q2008, an applicant for The Nautilus @ Punggol whose income is at the median level will not need to fork out cash to meet their monthly housing commitments.

For example, a family with a total household income of $4,300 buying a 4-room unit priced at $250,000 will need to pay a monthly mortgage instalment of about $901. This can be fully paid using their monthly CPF contributions.

Applications for the new flats can be submitted online from 26 Mar 2009 (Thurs) to 8 Apr 2009 (Wed).

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