The Housing & Development Board (HDB) is launching Fernvale Crest, a standard contract with a total of 700 flats, under the Build-To-Order (BTO) system today.

In line with the Government's commitment to increase the supply of smaller flat types during the economic downturn, 75% of the flats offered in Fernvale Crest are 2-room and 3-room flats. This is the largest number and proportion of smaller flats ever offered for sale in a BTO project.

The flat supply comprises 140 units of 2-room flats, 372 units of 3-room and 188 units of 4-room flats.

Prices range from $74,000 to $98,000 for a 2-room flat, $116,000 to $157,000 for a 3-room flat, and $203,000 to $250,000 for a 4-room flat.

On top of a generous market subsidy on the selling price, eligible first-timers whose average monthly household income is $5,000 or less can also apply for an Additional CPF Housing Grant (AHG) of up to $40,000. The AHG can be used to offset the initial down payment.

Situated at the junction of Jalan Kayu and Sengkang West Way, Fernvale Crest is conveniently located near two LRT stations, Fernvale and Thanggam, which connect to the Sengkang MRT station. A wet market, supermarket, and food court at Fernvale Point as well as eateries at Jalan Kayu will serve residents' daily needs.

Educational institutions such as Fernvale Primary and Pei Hwa Secondary School are also located in the vicinity.

Applications for the new flats can be submitted online from today to June 15, 2009.