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View Full Version : Owners say enbloc sale of Tulip Garden has been called off



mr funny
24-07-07, 07:13
Published July 20, 2007

PROPERTY FOCUS

Tulip Garden sold for $516 million

By KALPANA RASHIWALA


TULIP Garden in the Holland Road area has been sold for $516 million or about $1,018 per square foot of potential gross floor area. No development charge is payable on the site.
http://www.businesstimes.com.sg/mnt/media/image/launched/2007-07-20/BT_IMAGES_KRGARDEN20.jpg
Collective sale: A unit of Bravo Building Construction bought Tulip Garden, located in the Holland Road area, for $1,018 psf of potential gross floor area

The buyer is a unit of Bravo Building Construction, a five-year-old construction and property development business. Bravo is expected to team up with a local private equity partner for the acquisition.

Bravo's breakeven cost for a new condo on the 316,709 sq ft site is estimated at around $1,500 psf, the company's managing director Jenny Pang told BT. 'We plan to develop the site into a new luxury condo with about 290 to 316 apartments with sizes ranging from 1,600 to 2,000 sq ft.'

'Under the current scenario, a new 12-storey project on the site would be able to sell at $2,000 psf average,' Ms Pang added. The project should be launch-ready around Q2 next year.

Savills (Singapore) brokered the collective sale of Tulip Garden through private treaty after the tender for the site closed on June 12.

The $1,018 psf per plot ratio fetched for the freehold Tulip Garden is in line with recent land transactions in the area. In April, the nearby Leedon Heights, also freehold, was sold for $1,062 psf per plot ratio. Market watchers regard Leedon to be a superior site as it is in a quieter location away from the main road and boasts unblocked views of good class bungalows.

Late last month, the leasehold Farrer Court was sold for $762-783 psf ppr. The Farrer Court site has a higher plot ratio of 2.8 and maximum height of 36 storeys, compared with Tulip Garden and Leedon Heights, with a 1.6 plot ratio and 12-storey maximum height.

Tulip Garden currently has 164 units comprising 96 apartments, 66 maisonettes and two shophouses. Their owners will receive proceeds of $2.5 million to $4.2 million per apartment, $3.4 million to $3.5 million per maisonette, and $1.1 million per shop unit.

In June this year, a maisonette in the development changed hands at $3.4 million. The seller had consented to the collective sale, and BT understands from Savills that the collective sale agreement (CSA) requires the new owner to also sign the CSA at the agreed reserve price.

The new owner is expected to receive 'marginally more' from the en-bloc sale than the sum he paid for, according to Savills director of investment sales Steven Ming.

Another maisonette in the development was sold in May for $2.48 million.

The sale of Tulip Garden is subject to approval from the Strata Titles Board. To date, owners controlling more than 80 per cent of share values in the development have signed the collective sale agreement.

Earlier this month, Bravo Building Construction purchased the freehold Pender Court - off West Coast Highway and near the Caribbean and Reflections at Keppel Bay condos - for $80 million or about $872 psf ppr. The company has bought more than a dozen sites in Singapore since September last year. These include Castle Court at Changi Road, Regent Court in Serangoon, and Koon Seng House in the Still Road area.

mr funny
24-07-07, 07:39
July 20, 2007

FARRER ROAD SITE

Tulip Garden sold en bloc for $516m


THE 164-unit Tulip Garden estate in Farrer Road has been sold en bloc for $516 million, reaping owners anything from $2.5 million to $4.2 million each.

However, the price paid by Bravo Building Construction is below the $633 million - that is $1,250 per sq ft (psf) of potential gross floor area - asked for by the owners when the freehold estate went on sale by tender in late May.

Bravo's price values the sprawling 316,709 sq ft estate at $1,018 psf and there is no development charge payable. That is still well up on the indicative price of only $900 psf placed on the estate when an expression of interest was called for at the start of the year.

The smallest units are 1,700 sq ft - these owners will get about $2.5 million - while the largest go up to 3,400 sq ft. Owners of these will get $4.2 million. Records show that a 2,659 sq ft unit sold for $3.4 million, or $1,278.7 psf, in June. But late last year, a 2,583 sq ft unit sold for $1.975 million, or $765 psf.

Bravo Building Construction bought Pender Court in West Coast earlier this month for $80 million. Its development projects include the 35-unit Sims Dorado in Geylang.

Tulip Garden is in a hot spot for potential collective sale properties. It is a road away from Leedon Heights, which GuocoLand bought in April for $835 million, or about $1,062 psf. The leasehold Farrer Court, sold en bloc late last month, is a stone's throw away.

JOYCE TEO

mr funny
24-07-07, 07:43
Freehold Tulip Garden sold en bloc for S$516 million

Posted: 20 July 2007 1253 hrs


SINGAPORE: Tulip Garden, located at the corner of Holland and Farrer Roads, has been sold in a collective sale S$516 million or S$1,018 per square foot of potential gross floor area.

Bravo Building Construction, which bought the property, will not need to pay any development charge to the government as they are not enhancing the use of that piece of land.

Each owner of the 164-unit development will get between S$2.5 million and S$4.2 million, depending on the size of their units.

These units range from 1,700 square feet to 3,400 square feet each.

The transacted price is slightly below the S$1,250 per square foot that the owners had asked for when the property was put on the market.

But it is still above the indicative reserve price of S$900 per square foot set at the beginning of this year.

The Tulip Garden site has a plot ratio of 1.6 which means a new building of up to 12 storeys can be built on the site.

Bravo is likely to redevelop the land into a luxury condominium of up to 316 units ranging between 1,600 and 2,000 square feet each.

The deal still requires the approval of the Strata Titles Board.

The sale of Tulip Garden comes hot on the heels of the collective sales of its neighbouring properties, Leedon Heights and Farrer Court.

The freehold Leedon heights estate was sold to Guocoland in April for S$835 million or S$1,062 per square foot per plot ratio.

And last month, CapitaLand bought Farrer Court, which has a 99-year lease, for S$1.34 billion or up to S$783 per square foot per plot ratio.


- CNA/so

Unregistered
11-03-08, 15:13
What is the latest?

Unregistered
11-03-08, 16:45
Oi. what happened to horizon towers saga?

Unregistered
11-03-08, 17:51
What is the latest?
Some owners whose tenants has already moved out, are happy to hand over the keys two weeks before completion.

Unregistered
11-03-08, 22:44
I wish they got rid of the dead wood on the forum - al the good stuff is gone. Gillman, Bayshore, Horizon. probably too much anti-enbloc rhetoric for someone's liking.

Well back to square one.

Unregistered
12-03-08, 00:37
Some owners whose tenants has already moved out, are happy to hand over the keys two weeks before completion.
Great news. Which means money on the way....

Unregistered
12-03-08, 00:46
Some owners whose tenants has already moved out, are happy to hand over the keys two weeks before completion.
Oh my new place not ready yet. TOP only in October. May have to look for a serviced apartment then.

Unregistered
12-03-08, 00:50
Great news. Which means money on the way....
BRO DON'T COUNT YOUR CHICKENS BEFORE THEY HATCH. KEEP FINGERS CROSSED. SAW HOW KUWAIT FINANCE WALKED OUT? HOPE EVERYTHING GOES SMOOTHLY.

Unregistered
12-03-08, 12:16
BRO DON'T COUNT YOUR CHICKENS BEFORE THEY HATCH. KEEP FINGERS CROSSED. SAW HOW KUWAIT FINANCE WALKED OUT? HOPE EVERYTHING GOES SMOOTHLY.
The fat cats are active brother. didn't you hear about it?

Unregistered
12-03-08, 19:30
heard survey work being done today sent by buyer.

Unregistered
12-03-08, 22:24
The fat cats are active brother. didn't you hear about it?

Oh, now I see why you said that letter was tweaked in their favour.

Unregistered
13-03-08, 20:06
can move out anytime, just make sure property tax paid to end 2008. (one month rental price.) the sinking fund will be responsible for maintanance till end 2008.

Unregistered
13-03-08, 21:30
what happened to makeway view enbloc? any further development?

Unregistered
13-03-08, 23:17
heard survey work being done today sent by buyer.

Any idea when money will be paid to SPs?

Unregistered
16-03-08, 11:25
The authorities should make it compulsory for all developments in the midst of en-bloc proceedings to place signage at the main entrance to this effect; thus preventing the genuine home buyers from their wasting their valuable time when looking for a new family home - the geniune home buyer does not want the en-bloc fiasco. There are significant differences between enbloc homes and family homes.

As newly built homes are fitted with bomb shelters, it would be logical that the old ones be retrofitted with en-bloc shelters!!!

Unregistered
18-03-08, 17:47
Any idea when the money is coming in?

Unregistered
19-03-08, 14:16
Any idea when the money is coming in?
Good question.

Unregistered
22-03-08, 12:25
Why so quiet?

Unregistered
22-03-08, 13:36
Why so quiet?
heard bravo not completing makepiece purchase????
wonder they complete this purchase.............

Unregistered
24-03-08, 21:14
zzzzzzzzzzzzzzzzzzzzzzzzz

Unregistered
25-03-08, 17:37
Bravo is trying to sell some percentage of the sale to other developers. Otherwise deal is off.

Unregistered
25-03-08, 17:49
Bravo is trying to sell some percentage of the sale to other developers. Otherwise deal is off.

What is the legal recourse for owners of Tulip Garden?

Unregistered
26-03-08, 00:31
When is the money coming?

Unregistered
26-03-08, 09:48
Bravo is trying to sell some percentage of the sale to other developers. Otherwise deal is off.
can explain more???

Unregistered
27-03-08, 16:08
can explain more???
bravo is finished..............
many project cannot complete....................

Unregistered
27-03-08, 20:03
Thank you to the "experts", The owners won toto.

Unregistered
27-03-08, 20:25
Thank you to the "experts", The owners won toto.
Toto? Were they playing Toto for a year?

Unregistered
28-03-08, 00:31
Thank you to the "experts", The owners won toto.

Hip, Hip, Hurray!!!
toto + a property at Leedon Place Development - a much sought after GCB address :D

Unregistered
28-03-08, 07:01
bravo is finished..............
many project cannot complete....................
Folks its a blessing in disguise. Rivision in plot ratio in june. Mrt complete in 2010.

Unregistered
28-03-08, 08:44
Folks its a blessing in disguise. Rivision in plot ratio in june. Mrt complete in 2010.
MRT going to be complete for other areas too. Every nook and corner would be covered by MRT. How is it a blessing in disguise? By then market would have dropped 40%.

Unregistered
28-03-08, 09:37
MRT going to be complete for other areas too. Every nook and corner would be covered by MRT. How is it a blessing in disguise? By then market would have dropped 40%.

first class sour grapes

Unregistered
28-03-08, 09:54
anyone can say when we are getting money.

Unregistered
28-03-08, 15:20
Folks its a blessing in disguise. Rivision in plot ratio in june. Mrt complete in 2010.
i am not interested in plot ratio or mrt., i just wan the money.....
i am too old to wait for these....
can some1 update me pls.
thanks.

Unregistered
28-03-08, 15:43
What money? The developer will be going bust soon!

Unregistered
28-03-08, 16:12
What money? The developer will be going bust soon!
can you verified this pls? i am very anxious to know as my purchase is dued for completion soon.

Unregistered
28-03-08, 16:28
What money? The developer will be going bust soon!
Are you sure? Even before starting any work can go bust meh?

Unregistered
28-03-08, 18:14
are you guys sure you're at tulip, and haven't heard the news that the developers kept pushing back the completion date and the 5% deposit??

of course the sc keeps on agreeing to it.

Unregistered
28-03-08, 19:03
MRT going to be complete for other areas too. Every nook and corner would be covered by MRT. How is it a blessing in disguise?

No disguise. It's real.
3 MRT stations within vicinity, nearest being just 3 minutes walking distance.

Unregistered
28-03-08, 21:12
MRT going to be complete for other areas too. Every nook and corner would be covered by MRT. How is it a blessing in disguise? By then market would have dropped 40%.Now there aremany MRT stations in Yishun and Orchard.But why Yishun Apt only selling @ $480psf but for Orchard is selling @ $4000psf ???

Unregistered
28-03-08, 21:27
I have forfeited my deposit as soon as I heard the news! This is bad! I want some form of re-course!

Unregistered
28-03-08, 21:58
Now there aremany MRT stations in Yishun and Orchard.But why Yishun Apt only selling @ $480psf but for Orchard is selling @ $4000psf ???

common sense wah, demand location address

Unregistered
28-03-08, 22:20
What money? The developer will be going bust soon!

developer or flipper going bust?

Unregistered
28-03-08, 22:21
Don't be fooled! Who in the world would want to buy Tulip Gdns at high price for a old condo next to a traffic junction when they can pay he same amount of money for new condo at better location? Unless you sell at lower prices. If it does not enbloc we are dead and stuck! So what with MRT next door? Those that can afford high price condo don't need MRT they drive or are driven.

Unregistered
28-03-08, 22:23
Sound more like an opportunist! Don't know who is backing them, anyway all are backing out!

Unregistered
28-03-08, 23:44
are you guys sure you're at tulip, and haven't heard the news that the developers kept pushing back the completion date and the 5% deposit??

of course the sc keeps on agreeing to it.
I am currently working overseas and unit is tenated out. What is the latest news? Pls share.

Unregistered
29-03-08, 08:54
I am currently working overseas and unit is tenated out. What is the latest news? Pls share.
No firm news only rumours floating around. The maids and the mothers who gather down would know more. Please check with them.

Unregistered
29-03-08, 11:22
No firm news only rumours floating around. The maids and the mothers who gather down would know more. Please check with them.

didn't you get the letter about the completion date being pushed back? if not, something is amiss.

Unregistered
29-03-08, 12:25
I am currently working overseas and unit is tenated out. What is the latest news? Pls share.

You should contact the lawyer for updates.

Unregistered
29-03-08, 13:11
You should contact the lawyer for updates.
100% all are agents or rumourmonger..................................................................................

Unregistered
29-03-08, 13:16
I am currently working overseas and unit is tenated out. What is the latest news? Pls share.
i know developer well. yes some small matter happening. but once settled
everything will be find. for some info, fund to help purchase this project will
not come from local banks. they are too kiasu to loan to them......

Unregistered
29-03-08, 13:18
Is the wind changing direction? Nowadays, we get leaflets from "renovation contractors" in our mail-boxes. Few months ago, there were leaflets from "removal companies" and "property agencies."

Unregistered
29-03-08, 13:24
Is the wind changing direction? Nowadays, we get leaflets from "renovation contractors" in our mail-boxes. Few months ago, there were leaflets from "removal companies" and "property agencies."
You mean ask u to renovated and stay back?

Unregistered
29-03-08, 13:26
Is the wind changing direction? Nowadays, we get leaflets from "renovation contractors" in our mail-boxes. Few months ago, there were leaflets from "removal companies" and "property agencies."
OMG. how these renovation contractors knows?

Unregistered
29-03-08, 13:49
i know developer well. yes some small matter happening. but once settled
everything will be find. for some info, fund to help purchase this project will
not come from local banks. they are too kiasu to loan to them......

Since you are well connected to them, is this advice in good faith?

Unregistered
29-03-08, 15:04
What do you mean by small matter? This is $560+ M! They have a real problem that's why push back on purchase! You are just hopeful that they will complete the deal! I hope so too! But reality check here is required prepare for the worse! Coul;d have sold this on to another buyer maybe already got paaid up by now!

Unregistered
29-03-08, 15:25
What do you mean by small matter? This is $560+ M! They have a real problem that's why push back on purchase! You are just hopeful that they will complete the deal! I hope so too! But reality check here is required prepare for the worse! Coul;d have sold this on to another buyer maybe already got paaid up by now!
Must blame this st**id Agent who bring in this client. sad

Unregistered
29-03-08, 15:41
Anyway what will be will be. No point losing sleep over it. Forget it as a dream and move on. Life is much more than en bloc. Enjoy quality time with your family rather than blame one another here. Who knows...it could very well be a blessing in disguise....if we live on to see the next boom cycle.

Unregistered
29-03-08, 15:56
Anyway what will be will be. No point losing sleep over it. Forget it as a dream and move on. Life is much more than en bloc. Enjoy quality time with your family rather than blame one another here. Who knows...it could very well be a blessing in disguise....if we live on to see the next boom cycle.
dun think i will be able..................................................sad sad

Unregistered
29-03-08, 18:00
any news folks on the latest? my new unit TOP soon. need the money.

Unregistered
29-03-08, 20:09
Anyway what will be will be. No point losing sleep over it. Forget it as a dream and move on. Life is much more than en bloc. Enjoy quality time with your family rather than blame one another here. Who knows...it could very well be a blessing in disguise....if we live on to see the next boom cycle.
very well said, the location is very convenient. next cycle maybe another two years.

Unregistered
29-03-08, 21:42
Anyway what will be will be. No point losing sleep over it. Forget it as a dream and move on. Life is much more than en bloc. Enjoy quality time with your family rather than blame one another here. Who knows...it could very well be a blessing in disguise....if we live on to see the next boom cycle.
Would the situation have help if one month is not wasted with the S.T.B.?

Unregistered
29-03-08, 22:56
Would the situation have help if one month is not wasted with the S.T.B.?

This has nothing to do with STB. Perhaps is is all a big hoax, game plan by a few big developers to hype up the prices around the location so that they can sell the new launches at higher prices and make big profits! So what if they lost a few millions here and there. This is especially so if they are registered as a $2.00 company that has made the purchase of Tulip. What can we do? Sue them? Therefore sell if you have to as soon as you receive confirmation on whether the deal has gone dead before the prices starts tumbling down again.

Unregistered
29-03-08, 23:36
This has nothing to do with STB. Perhaps is is all a big hoax, game plan by a few big developers to hype up the prices around the location so that they can sell the new launches at higher prices and make big profits! So what if they lost a few millions here and there. This is especially so if they are registered as a $2.00 company that has made the purchase of Tulip. What can we do? Sue them? Therefore sell if you have to as soon as you receive confirmation on whether the deal has gone dead before the prices starts tumbling down again.
Too many homes to sell...price will drop faster.

Unregistered
29-03-08, 23:54
Too many homes to sell...price will drop faster.
Hope new HDB price @$600psf will drop first .So the rest of the condo will drop faster.Wish everybody stop buying any HDB or condo.The prices of these properties will sure drop.Any comments?????????

Unregistered
30-03-08, 00:23
Too many homes to sell...price will drop faster.
but how come the sc or agent did not check their developer reputation 1st before they grant them option?

Unregistered
30-03-08, 00:27
but how come the sc or agent did not check their developer reputation 1st before they grant them option?
Good question. I guess you know the answer.

Unregistered
30-03-08, 00:37
many hickups, including eogm posponed 1mth from sep to oct, but the biggest is the rush to sell with no check on buyer's back.

Unregistered
30-03-08, 01:02
Perhaps is is all a big hoax, .... This is especially so if they are registered as a $2.00 company that has made the purchase of Tulip. What can we do? Sue them?

Agree this may be a big conspiracy by the buyer who believes the SC is desperado who will agree to sell at their whims and fancies. We should show the conspirator that Tulip SPs are not desperate to sell. Our property which now has Leedon Place GCB address and within walking distance to MRT is worth much more than the pittance price they are paying.

Pay next 5% by the deadline or the deal is off. Better to keep the 5% than to sue $2.00 company and get nothing left.

Unregistered
30-03-08, 01:15
Agree this may be a big conspiracy by the buyer who believes the SC is desperado who will agree to sell at their whims and fancies. We should show the conspirator that Tulip SPs are not desperate to sell. Our property which now has Leedon Place GCB address and within walking distance to MRT is worth much more than the pittance price they are paying.

Pay next 5% by the deadline or the deal is off. Better to keep the 5% than to sue $2.00 company and get nothing left.
No point blaming anyone. Everyone did what they felt was good for all. Subprime had not yet raised its ugly head then. It was easy for anyone to get finance. Situation is different now with the slow down. No one could foresee this back in the middle of last year. Every en bloc set a new record back then. Who is to blame? No one. Just move on folks.

Unregistered
30-03-08, 01:18
Hope new HDB price @$600psf will drop first .So the rest of the condo will drop faster.Wish everybody stop buying any HDB or condo.The prices of these properties will sure drop.Any comments?????????
Yes it is happening. Sales has virtually dried up. Also heard that many are letting the options lapse. Complete turn around since last year. Bad luck...

Unregistered
30-03-08, 02:52
We should show the conspirator that Tulip SPs are not desperate to sell. Our property which now has Leedon Place GCB address and within walking distance to MRT is worth much more than the pittance price they are paying.

Pay next 5% by the deadline or the deal is off. Better to keep the 5% than to sue $2.00 company and get nothing left.

Er.. I think the SC will immediately push for another tender if the deal is off, rather than wait for a few years. I think there's too many investors who need to get their windfall now, and can't afford to wait years for something that may not appear. And don't forget the agents get nothing if the sale doesn't go through, so they will push for a new tender as well, even if the price is lower than the original offer.

And those who signed the CSA have no say, since it gives the SC the right to retender.

Unregistered
30-03-08, 07:12
Er.. I think the SC will immediately push for another tender if the deal is off, rather than wait for a few years. I think there's too many investors who need to get their windfall now, and can't afford to wait years for something that may not appear. And don't forget the agents get nothing if the sale doesn't go through, so they will push for a new tender as well, even if the price is lower than the original offer.

And those who signed the CSA have no say, since it gives the SC the right to retender.
but since there has been changes in the law...is it that simple? moreover market sentiment is down.

Unregistered
30-03-08, 07:45
Er.. I think the SC will immediately push for another tender if the deal is off, rather than wait for a few years. I think there's too many investors who need to get their windfall now, and can't afford to wait years for something that may not appear. And don't forget the agents get nothing if the sale doesn't go through, so they will push for a new tender as well, even if the price is lower than the original offer.

And those who signed the CSA have no say, since it gives the SC the right to retender.
there are about 5 families with a few units here,3 families are in the sc, every one knows.

Unregistered
30-03-08, 07:58
there are about 5 families with a few units here,3 families are in the sc, every one knows.
Don't expect "healthy plants", when "rotten seeds" are planted!

Unregistered
30-03-08, 08:00
Er.. I think the SC will immediately push for another tender if the deal is off, rather than wait for a few years. I think there's too many investors who need to get their windfall now, and can't afford to wait years for something that may not appear. And don't forget the agents get nothing if the sale doesn't go through, so they will push for a new tender as well, even if the price is lower than the original offer.

And those who signed the CSA have no say, since it gives the SC the right to retender.
These "shit stirrers" will not give up!

Unregistered
30-03-08, 09:26
Er.. I think the SC will immediately push for another tender if the deal is off, rather than wait for a few years. I think there's too many investors who need to get their windfall now, and can't afford to wait years for something that may not appear. And don't forget the agents get nothing if the sale doesn't go through, so they will push for a new tender as well, even if the price is lower than the original offer.

And those who signed the CSA have no say, since it gives the SC the right to retender.
This CSA that recently approved by STB is only valid between the owners and the present buyer. Those majority signatures are not infinitum? We may have to to start anew with the new regulations. This time hopefully we do not need one whole year to get 80%.

Unregistered
30-03-08, 11:11
there are about 5 families with a few units here,3 families are in the sc, every one knows.
Got one good person in the sales committee.(MR. C. H. LIM) Very well respected.

Unregistered
30-03-08, 12:38
This CSA that recently approved by STB is only valid between the owners and the present buyer. Those majority signatures are not infinitum? We may have to to start anew with the new regulations. This time hopefully we do not need one whole year to get 80%.
To start all new, i for 1 would not like it anymore. its very tiring u know.
all waiting and hope and hope comes with nothings.....

Unregistered
30-03-08, 12:50
This has nothing to do with STB. Perhaps is is all a big hoax, game plan by a few big developers to hype up the prices around the location so that they can sell the new launches at higher prices and make big profits! So what if they lost a few millions here and there. This is especially so if they are registered as a $2.00 company that has made the purchase of Tulip. What can we do? Sue them? Therefore sell if you have to as soon as you receive confirmation on whether the deal has gone dead before the prices starts tumbling down again.
it is ok whether is a 2.00 company, afterall 5% is paid. but what i mean is the purchaser should at least be of public listed company standard. therefore in time of some problem, they will not just walk off easily.

Unregistered
30-03-08, 13:34
it is ok whether is a 2.00 company, afterall 5% is paid. but what i mean is the purchaser should at least be of public listed company standard. therefore in time of some problem, they will not just walk off easily.

friend, what do u mean by ok? by now should receive 10% and not 5% deposit.

Unregistered
30-03-08, 13:47
friend, what do u mean by ok? by now should receive 10% and not 5% deposit.
Money is the root of all evil. Get rid of it before it gets rid of all your moral and ethical values.

Unregistered
30-03-08, 14:17
My family has been praying for everybody. In times of a bad situation; sometimes the best solution is to leave it in the hands of GOD?

Unregistered
30-03-08, 14:42
My family has been praying for everybody. In times of a bad situation; sometimes the best solution is to leave it in the hands of GOD?
My opinion is to let matter rest. let begin life as normal as possible.
as we have seen so many cycle of up n downs already. to all friends n neighbours., Take Care, God Bless U All.

Unregistered
30-03-08, 14:53
anyone know how much money spent on aogms on enblocs? hope not as much as bayshore.

Unregistered
30-03-08, 15:02
friend, what do u mean by ok? by now should receive 10% and not 5% deposit.
think can forget the further 5% liao.

Unregistered
30-03-08, 15:07
Is there any recourse against buyer for defaulting?

Unregistered
30-03-08, 15:28
Is there any recourse against buyer for defaulting?

why want pay lawyer to get $2 ?

Unregistered
30-03-08, 17:52
Is there any recourse against buyer for defaulting?
Is not worth pursuing this matter. afterall 5% of sale is forfeitted, dun think they will be paying further 5%.

Unregistered
30-03-08, 18:02
Bravo is trying to sell some percentage of the sale to other developers. Otherwise deal is off.
Who dares, is 516 M u kno?? 50% portion also around 1/4 billion.....all developer talking cover already. Last heard quite many developers having problem themselve.... unless sales of new house improving... we see more problems.

Unregistered
30-03-08, 18:07
I think we shld proceed to sue for non-performance because we want to know that they really cannot perform and not because they want to get out of the situation by forfeiting 5%. Although 5% IS STILL A LOT OF MONEY FOR THEM. And for us too! 170K for retaining our home! Think of the poor guys in Horizon and Gillman!!! and Casa Rosita!!!!
My suggestion, allow them to complete the purchase by Aug08 or later but make them pay the other 5% by 7 Apr08. This way we know whether they are for real. if they can't even fork out 5% what chance is there for them to find 500mln?
Don't let emotion take control! Be rationale and we can get the best outcome.
Good News Bad News who Knows?

Unregistered
30-03-08, 18:11
I think we shld proceed to sue for non-performance because we want to know that they really cannot perform and not because they want to get out of the situation by forfeiting 5%. Although 5% IS STILL A LOT OF MONEY FOR THEM. And for us too! 170K for retaining our home! Think of the poor guys in Horizon and Gillman!!! and Casa Rosita!!!!
My suggestion, allow them to complete the purchase by Aug08 or later but make them pay the other 5% by 7 Apr08. This way we know whether they are for real. if they can't even fork out 5% what chance is there for them to find 500mln?
Don't let emotion take control! Be rationale and we can get the best outcome.
Good News Bad News who Knows?
CORRECT........ see 170k 1st. or think watever sum still can also consider. money in our pocket safer.

Unregistered
30-03-08, 19:50
No point screaming from your roof tops. What will be will be. It is not the end of the world. Carry on with your normal lives. Dont let high blood pressure kill you. Just relax. We atleast have a home.

Unregistered
30-03-08, 20:04
I think we shld proceed to sue for non-performance because we want to know that they really cannot perform and not because they want to get out of the situation by forfeiting 5%. Although 5% IS STILL A LOT OF MONEY FOR THEM. And for us too! 170K for retaining our home! Think of the poor guys in Horizon and Gillman!!! and Casa Rosita!!!!
My suggestion, allow them to complete the purchase by Aug08 or later but make them pay the other 5% by 7 Apr08. This way we know whether they are for real. if they can't even fork out 5% what chance is there for them to find 500mln?
Don't let emotion take control! Be rationale and we can get the best outcome.
Good News Bad News who Knows?

Agree should insist they pay next 5% before we consider request to extend completion. How to know we are not taken for a ride and that this 3rd extension is sincere if no additional 5% on 7Apr08?

Unregistered
30-03-08, 20:32
Agree should insist they pay next 5% before we consider request to extend completion. How to know we are not taken for a ride and that this 3rd extension is sincere if no additional 5% on 7Apr08?
Wonder they able to pay the additional 5% by 7th. not to say completion.

Unregistered
30-03-08, 21:42
Heard they were the same people who bought a few sites at record prices. Pender Court one of them. Wonder if those guys there got paid.

Unregistered
30-03-08, 22:00
Heard they were the same people who bought a few sites at record prices. Pender Court one of them. Wonder if those guys there got paid.

i suppose lawyer will alrdy chek and let us know at aogm.

Unregistered
30-03-08, 22:31
i suppose lawyer will alrdy chek and let us know at aogm.
I remenber those bought are all under different company name.

Unregistered
30-03-08, 22:57
This is really crazy. How can they afford to throw away $26m just like that?

Unregistered
30-03-08, 23:02
This is really crazy. How can they afford to throw away $26m just like that?
Else they would lose much more with falling price.

Unregistered
31-03-08, 00:30
heard survey work being done today sent by buyer.
What happened to the survey work? Has it been completed?

Unregistered
31-03-08, 01:20
Can consider these alternatives:
1) come 7th April, no extension but pay next 5%. If they back off, collect the 5% and find new buyer

2) Consider extension but developer to pay the next 5% in installments of 2% on 7th April, 2% on 7th May, 1% on 7th June. That way, it will be a win-win situation for all. If the developer genuinely need time to find money, the 2%, 2% and 1% will ensure hat if they are unable to raise the money, the owners get to keep a bit more money. This may be more complicated but lawyers should be able to handle it.

3) Sell it to a reputable developer for the same price of $516M but offer them a discount of 5% (since 5% collected from Bravo) so no loss to all owners

Unregistered
31-03-08, 06:32
For finding new buyer may have to go through the whole process again due to change in laws. And if they are planning to back off, why would they pay anything more?

Unregistered
31-03-08, 08:37
Can consider these alternatives:
1) come 7th April, no extension but pay next 5%. If they back off, collect the 5% and find new buyer

2) Consider extension but developer to pay the next 5% in installments of 2% on 7th April, 2% on 7th May, 1% on 7th June. That way, it will be a win-win situation for all. If the developer genuinely need time to find money, the 2%, 2% and 1% will ensure hat if they are unable to raise the money, the owners get to keep a bit more money. This may be more complicated but lawyers should be able to handle it.

3) Sell it to a reputable developer for the same price of $516M but offer them a discount of 5% (since 5% collected from Bravo) so no loss to all owners
Dun think got developer buying big land now. all waiting for fresh directions, even so might not get our px again.

Unregistered
31-03-08, 09:08
We now have a new law minister, who apparently has experience with the many quirks of the enbloc process. Lets us hope he will introduce some new owner friendly' legislation; i.e. Reduce the overall duration of the process (Possibly by making it six months to attain the required 80% majority - or 90% as the case may be), One house one 'whole' vote and one Apportionment method.

Unregistered
31-03-08, 09:27
Dun think got developer buying big land now. all waiting for fresh directions, even so might not get our px again.
You are right. Uncertainty rules the markets now. Todays housing numbers would be interesting to see the direction.

Unregistered
31-03-08, 09:30
We now have a new law minister, who apparently has experience with the many quirks of the enbloc process. Lets us hope he will introduce some new owner friendly' legislation; i.e. Reduce the overall duration of the process (Possibly by making it six months to attain the required 80% majority - or 90% as the case may be), One house one 'whole' vote and one Apportionment method.
U mean Magician Minister?????

Unregistered
31-03-08, 10:44
U mean Magician Minister?????
We also need Magician Agent....................................

Unregistered
31-03-08, 16:03
Anyone knows whether Pender Court owners have received their money?

Unregistered
31-03-08, 16:12
Anyone knows whether Pender Court owners have received their money?
I think Pender Court is much smaller.

Unregistered
31-03-08, 18:30
Yea, but the price paid in comparison to neighboring sites is quite high.

Unregistered
31-03-08, 19:49
Yea, but the price paid in comparison to neighboring sites is quite high.
Hi, anybody here got news?? i quite exicited to know the outcome. thks

Unregistered
31-03-08, 19:59
Hi, anybody here got news?? i quite exicited to know the outcome. thks
What outcome?

Unregistered
31-03-08, 20:01
What outcome?Coming 5% payment n completion. thks

Unregistered
31-03-08, 20:04
Coming 5% payment n completion. thks
Its coming. But don't know when. We will get it when it comes and if it comes. Thks.

Unregistered
31-03-08, 23:51
Is no news good or bad?

Unregistered
31-03-08, 23:52
Is no news good or bad?
NO news is alway good news. good nite

Unregistered
01-04-08, 00:16
What happened to the survey work? Has it been completed?

STRANGEST ACT!!! WHAT ARE THEY UP TO ????????????????????
they think owners desperate to sell and will agree to all their terms. no money to pay addl 5% but can start survey work as if prep for devt continues. any1 know if surveyor paid?

FORGET THIS DEAL IF DON'T C NEXT 5% BY 7TH AND MOVE ON. LET'S NOT GET BULLIED !!!

Unregistered
01-04-08, 00:22
dON'T let them continue with survey or other work if next 5% not paid. no such thing as free lunch.

Unregistered
01-04-08, 00:23
STRANGEST ACT!!! WHAT ARE THEY UP TO ????????????????????
they think owners desperate to sell and will agree to all their terms. no money to pay addl 5% but can start survey work as if prep for devt continues. any1 know if surveyor paid?

FORGET THIS DEAL IF DON'T C NEXT 5% BY 7TH AND MOVE ON. LET'S NOT GET BULLIED !!!

With the market change and downturn, I think developers who jumped on the en bloc bandwagon last year are caught with their pants down. They are now stuck with expensive land and to make a profit, they must sell at a higher price than what they paid for. This is not possible in the current market or for the next few quarters. So the developer may decide to forfeit the 5% and just drop out of the deal. After all, there's no 'penalty' for them to do that and owners can't sue them.

But do you seriously think you will be able to get another developer to buy such a large land in this climate? I doubt it. I'm sure the current buyer will also try to ask for a lower selling price or some form of extended payment scheme. That may mean not all owners will get their payment up front too.

All this is moot anyway. SC decides for everyone so we just sit and be at their mercy.

Unregistered
01-04-08, 00:23
STRANGEST ACT!!! WHAT ARE THEY UP TO ????????????????????
they think owners desperate to sell and will agree to all their terms. no money to pay addl 5% but can start survey work as if prep for devt continues. any1 know if surveyor paid?

FORGET THIS DEAL IF DON'T C NEXT 5% BY 7TH AND MOVE ON. LET'S NOT GET BULLIED !!!
I think its not a matter of bullied. must be real problem with money. with market so bad now in sub-prime crisis, every developer is facing some problem, big or small. bank are 100% cautious in lending in case we like US
My take is since we have come so far, let hope we can accomplished with them the impossible. good night

Unregistered
01-04-08, 00:29
But do you seriously think you will be able to get another developer to buy such a large land in this climate?

quite happy to stay put. looking forward to mrt.

Unregistered
01-04-08, 00:29
dON'T let them continue with survey or other work if next 5% not paid. no such thing as free lunch.
They pay not we pay, where gt free? let do, we also hope not to interrupt their works

Unregistered
01-04-08, 00:30
quite happy to stay put. looking forward to mrt.
with $$$ in pocket, isnt better than MRT?????

Unregistered
01-04-08, 00:39
with $$$ in pocket, isnt better than MRT?????

Being able to keep your home is better than $$$ in pocket.
With inflation, there is no way that property price will drop in the long run. On the converse, value of your $$$ will become smaller with time.

Unregistered
01-04-08, 01:22
So the developer may decide to forfeit the 5% and just drop out of the deal. After all, there's no 'penalty' for them to do that and owners can't sue them.

OWNERS BEWARE DANGER VIEW FR DEVELOPER. SAID THEY WIN ANYWAY COS WE CAN'T SUE. LET'S CALL OFF DEAL N INVEST 5% NOW THAN TAN KU KU.

Unregistered
01-04-08, 08:10
OWNERS BEWARE DANGER VIEW FR DEVELOPER. SAID THEY WIN ANYWAY COS WE CAN'T SUE. LET'S CALL OFF DEAL N INVEST 5% NOW THAN TAN KU KU.
R U SERIOUS?

Unregistered
01-04-08, 08:49
R U SERIOUS?
Saw Straits Times News,
A SMALL property firm that snapped up enough sites to place it among the top en bloc players last year has put off completing two deals while it ties up funding.
Because of the delays, owners at one condo are still waiting to pick up cheques for well over $1 million each. They expected payment in late February but an extension put this back to March and now the due date is late this month.

The payments are pending from Bravo Building Construction, a relatively new firm on the property scene. It bought freehold Pender Court condominium in the Telok Blangah area for $80 million last July and soon after purchased Tulip Garden near Holland Road - also freehold - for $516 million.

But completion of both deals seems to have stalled.

Completion is at the final stage of the sale process and triggers the final payment - usually around 95 per cent of the purchase price - to owners. The remaining 5 per cent is paid when the owner vacates.

These headaches for the owners come amid a slowing market for collective sales. The first quarter this year saw just one relatively small deal, compared with some 25 notched up in the same period last year.

The Tulip Garden transaction is expected to be completed late next month but Bravo has already asked for two postponements - first to July 23 and then Aug 7.

It has also asked for extensions to pay an additional 5 per cent of the purchase price - $25.8 million.

This is a routine payment required once the Strata Titles Board approves a sale. An initial 5 per cent deposit was paid when the sale was done.

The deadline for the second 5 per cent payment was March 13 but Bravo won approval to move it to April 7. Then in mid-March, it again asked to move the date, this time to May 5.

However, before the sale committee could respond to the request, it is understood that Bravo asked again to have the date moved even further back, to June 7.

Tulip Garden sold for about $1,018 per sq ft. It has 164 units comprising 96 flats, 66 maisonettes and two shophouses. Flat owners stand to reap $2.5 million to $4.2 million while maisonette owners will receive about $3.4 million each. The shop units will get about $1.1 million each.

The owners are meeting this weekend to consider Bravo's requests that the completion date be pushed back to Aug 7 and the deadline for the $25.8 million payment be extended to June 7.

The Pender Court deal is even further behind schedule.

Bravo was supposed to have completed the sale on Feb 25 but had it postponed, initially to around mid-March. It then asked for a further extension to April 24, which has apparently been granted.

Pender Court's 48 owners should each get $1.6 million or so for their flats, which sold for about $872 psf.

Sources have told The Straits Times that they understand Bravo is committed to completing the two purchases and just needs more time to arrange funding.

Bravo, which was registered in 2002, reportedly picked up $824.5 million worth of en bloc sale deals last year, making it the fourth-largest buyer of en bloc sites.

Bravo's directors could not be reached for comment, despite numerous telephone calls and a visit to its office in an industrial building in Geylang Road last Friday. A Bravo staff member said that the company directors were away on business.

GAME OVER

Unregistered
01-04-08, 08:53
Saw Straits Times News,
A SMALL property firm that snapped up enough sites to place it among the top en bloc players last year has put off completing two deals while it ties up funding.
Because of the delays, owners at one condo are still waiting to pick up cheques for well over $1 million each. They expected payment in late February but an extension put this back to March and now the due date is late this month.

The payments are pending from Bravo Building Construction, a relatively new firm on the property scene. It bought freehold Pender Court condominium in the Telok Blangah area for $80 million last July and soon after purchased Tulip Garden near Holland Road - also freehold - for $516 million.

But completion of both deals seems to have stalled.

Completion is at the final stage of the sale process and triggers the final payment - usually around 95 per cent of the purchase price - to owners. The remaining 5 per cent is paid when the owner vacates.

These headaches for the owners come amid a slowing market for collective sales. The first quarter this year saw just one relatively small deal, compared with some 25 notched up in the same period last year.

The Tulip Garden transaction is expected to be completed late next month but Bravo has already asked for two postponements - first to July 23 and then Aug 7.

It has also asked for extensions to pay an additional 5 per cent of the purchase price - $25.8 million.

This is a routine payment required once the Strata Titles Board approves a sale. An initial 5 per cent deposit was paid when the sale was done.

The deadline for the second 5 per cent payment was March 13 but Bravo won approval to move it to April 7. Then in mid-March, it again asked to move the date, this time to May 5.

However, before the sale committee could respond to the request, it is understood that Bravo asked again to have the date moved even further back, to June 7.

Tulip Garden sold for about $1,018 per sq ft. It has 164 units comprising 96 flats, 66 maisonettes and two shophouses. Flat owners stand to reap $2.5 million to $4.2 million while maisonette owners will receive about $3.4 million each. The shop units will get about $1.1 million each.

The owners are meeting this weekend to consider Bravo's requests that the completion date be pushed back to Aug 7 and the deadline for the $25.8 million payment be extended to June 7.

The Pender Court deal is even further behind schedule.

Bravo was supposed to have completed the sale on Feb 25 but had it postponed, initially to around mid-March. It then asked for a further extension to April 24, which has apparently been granted.

Pender Court's 48 owners should each get $1.6 million or so for their flats, which sold for about $872 psf.

Sources have told The Straits Times that they understand Bravo is committed to completing the two purchases and just needs more time to arrange funding.

Bravo, which was registered in 2002, reportedly picked up $824.5 million worth of en bloc sale deals last year, making it the fourth-largest buyer of en bloc sites.

Bravo's directors could not be reached for comment, despite numerous telephone calls and a visit to its office in an industrial building in Geylang Road last Friday. A Bravo staff member said that the company directors were away on business.

GAME OVER
Geylang address?

Unregistered
01-04-08, 09:01
Anyone knows how much business they have done since registering in 2002?

Unregistered
01-04-08, 10:02
Geylang address?
THE SALE IN THE BEGINING IS SET FOR THE DOOM, Y NOBODY PAY ATTENTION TO THESE?????

Unregistered
01-04-08, 10:05
THE SALE IN THE BEGINING IS SET FOR THE DOOM, Y NOBODY PAY ATTENTION TO THESE?????
ppl already no the verdit. run far far.

Unregistered
01-04-08, 10:13
ppl already no the verdit. run far far.
each house get 5% of option $$$ den stut again.(:

Unregistered
01-04-08, 11:16
each house get 5% of option $$$ den stut again.(:
must pay agent's commission?????

Unregistered
01-04-08, 11:46
must pay agent's commission?????
the boss had all the say???????????

Unregistered
01-04-08, 12:26
Geylang address?

Didn't lawyer check buyer's back b4 SPA signed?

Unregistered
01-04-08, 13:06
Being able to keep your home is better than $$$ in pocket.
With inflation, there is no way that property price will drop in the long run. On the converse, value of your $$$ will become smaller with time.

Pinetree Condominium site relaunched for sale by tender

Posted: 31 March 2008 2225 hrs


SINGAPORE: The freehold Pinetree Condominium site in prime district 10 has been re-launched for sale by tender.

The property in the Balmoral area currently comprises a five-storey block with 50 apartment units.

Consultants Jones Lang LaSalle, which is marketing the site, said it has an indicative asking price of S$128 million.

But if a neighbouring plot, which is presently housing some landed homes, is included, the total price increases to S$190 million.

Overall, the successful developer may be paying S$1,700 per sq ft per plot ratio.

Under the masterplan, the 41,361 sq ft property is zoned for residential use and has a gross plot ratio of up to 1.6. This means the new development can be up to 12 storeys high.

The site could be redeveloped into an exclusive residential development with a gross floor area of 66,178 sq ft, subject to approval. No development charge is payable.

Jones Lang LaSalle also said the land could be combined with an adjoining plot of landed properties to form a total potential land area of 81,303 sq ft. This will yield a combined gross floor area of 130,084 sq ft.

With this combined area, a developer could build 60 to 80 high-end apartment units of between 1,500 and 2,000 sq ft each.

The tender will close on 23 April.

$516M x 20% less = $412.3M. anybody selling?????

Unregistered
01-04-08, 13:16
Pinetree Condominium site relaunched for sale by tender

Posted: 31 March 2008 2225 hrs


SINGAPORE: The freehold Pinetree Condominium site in prime district 10 has been re-launched for sale by tender.

The property in the Balmoral area currently comprises a five-storey block with 50 apartment units.

Consultants Jones Lang LaSalle, which is marketing the site, said it has an indicative asking price of S$128 million.

But if a neighbouring plot, which is presently housing some landed homes, is included, the total price increases to S$190 million.

Overall, the successful developer may be paying S$1,700 per sq ft per plot ratio.

Under the masterplan, the 41,361 sq ft property is zoned for residential use and has a gross plot ratio of up to 1.6. This means the new development can be up to 12 storeys high.

The site could be redeveloped into an exclusive residential development with a gross floor area of 66,178 sq ft, subject to approval. No development charge is payable.

Jones Lang LaSalle also said the land could be combined with an adjoining plot of landed properties to form a total potential land area of 81,303 sq ft. This will yield a combined gross floor area of 130,084 sq ft.

With this combined area, a developer could build 60 to 80 high-end apartment units of between 1,500 and 2,000 sq ft each.

The tender will close on 23 April.

$516M x 20% less = $412.3M. anybody selling?????

No lah, should be higher.
How much is $1700 x Baseline GFA?

Unregistered
01-04-08, 13:33
Saw Straits Times News,
A SMALL property firm that snapped up enough sites to place it among the top en bloc players last year has put off completing two deals while it ties up funding.
Because of the delays, owners at one condo are still waiting to pick up cheques for well over $1 million each. They expected payment in late February but an extension put this back to March and now the due date is late this month.

The payments are pending from Bravo Building Construction, a relatively new firm on the property scene. It bought freehold Pender Court condominium in the Telok Blangah area for $80 million last July and soon after purchased Tulip Garden near Holland Road - also freehold - for $516 million.

But completion of both deals seems to have stalled.

Completion is at the final stage of the sale process and triggers the final payment - usually around 95 per cent of the purchase price - to owners. The remaining 5 per cent is paid when the owner vacates.

These headaches for the owners come amid a slowing market for collective sales. The first quarter this year saw just one relatively small deal, compared with some 25 notched up in the same period last year.

The Tulip Garden transaction is expected to be completed late next month but Bravo has already asked for two postponements - first to July 23 and then Aug 7.

It has also asked for extensions to pay an additional 5 per cent of the purchase price - $25.8 million.

This is a routine payment required once the Strata Titles Board approves a sale. An initial 5 per cent deposit was paid when the sale was done.

The deadline for the second 5 per cent payment was March 13 but Bravo won approval to move it to April 7. Then in mid-March, it again asked to move the date, this time to May 5.

However, before the sale committee could respond to the request, it is understood that Bravo asked again to have the date moved even further back, to June 7.

Tulip Garden sold for about $1,018 per sq ft. It has 164 units comprising 96 flats, 66 maisonettes and two shophouses. Flat owners stand to reap $2.5 million to $4.2 million while maisonette owners will receive about $3.4 million each. The shop units will get about $1.1 million each.

The owners are meeting this weekend to consider Bravo's requests that the completion date be pushed back to Aug 7 and the deadline for the $25.8 million payment be extended to June 7.

The Pender Court deal is even further behind schedule.

Bravo was supposed to have completed the sale on Feb 25 but had it postponed, initially to around mid-March. It then asked for a further extension to April 24, which has apparently been granted.

Pender Court's 48 owners should each get $1.6 million or so for their flats, which sold for about $872 psf.

Sources have told The Straits Times that they understand Bravo is committed to completing the two purchases and just needs more time to arrange funding.

Bravo, which was registered in 2002, reportedly picked up $824.5 million worth of en bloc sale deals last year, making it the fourth-largest buyer of en bloc sites.

Bravo's directors could not be reached for comment, despite numerous telephone calls and a visit to its office in an industrial building in Geylang Road last Friday. A Bravo staff member said that the company directors were away on business.

GAME OVER

Like a MADE IN SINGAPORE - SUB-PRIME STORY, if deal go through. Luckily, local bank are saved.

Unregistered
01-04-08, 13:34
Pinetree Condominium site relaunched for sale by tender

Posted: 31 March 2008 2225 hrs


SINGAPORE: The freehold Pinetree Condominium site in prime district 10 has been re-launched for sale by tender.

The property in the Balmoral area currently comprises a five-storey block with 50 apartment units.

Consultants Jones Lang LaSalle, which is marketing the site, said it has an indicative asking price of S$128 million.

But if a neighbouring plot, which is presently housing some landed homes, is included, the total price increases to S$190 million.

Overall, the successful developer may be paying S$1,700 per sq ft per plot ratio.

Under the masterplan, the 41,361 sq ft property is zoned for residential use and has a gross plot ratio of up to 1.6. This means the new development can be up to 12 storeys high.

The site could be redeveloped into an exclusive residential development with a gross floor area of 66,178 sq ft, subject to approval. No development charge is payable.

Jones Lang LaSalle also said the land could be combined with an adjoining plot of landed properties to form a total potential land area of 81,303 sq ft. This will yield a combined gross floor area of 130,084 sq ft.

With this combined area, a developer could build 60 to 80 high-end apartment units of between 1,500 and 2,000 sq ft each.

The tender will close on 23 April.

$516M x 20% less = $412.3M. anybody selling?????
Pinetree back with lower en bloc asking price


PINETREE Condominium, which was put up for collective sale in September 2007, has been relaunched at a lower indicative price of about $1,700 per square feet per plot ratio (psf ppr). This is about 20 per cent lower than the previous indicative price of $2,100 psf ppr seven months ago. The indicative asking price now is $128 million.

The property is being marketed by Jones Lang LaSalle (JLL). JLL associate director (investments) David Batchelor said: 'Market conditions have changed.' But on the residential collective sales market, he added: 'I believe there is still interest but the market is more cautious.'

The 41,361 sq ft site at Balmoral Park has a 1.6 plot ratio. JLL said the site has the potential to be redeveloped into a residential development with a gross floor area (GFA) of up to 66,178 sq ft, subject to approval. Mr Batchelor said that currently, Pinetree Condominium is built up to a plot ratio of about 1.816 and added that there is no development charge payable.

The potential developer of the Pinetree site also has the opportunity to combine seven adjoining landed properties to form a total potential land area of 81,303 sq ft, yielding a combined GFA of 130,084 sq ft. This combined total will allow a developer to have a project with 60 to 80 apartment units ranging from 1,500 sq ft to 2,000 sq ft.

Mr Batchelor said the seven landed properties have a total indicative price of about $62 million, bringing the total land price to about $190 million. There is also a development charge of $46 million to $47 million for the landed housing properties.

In March 2006, Pinetree was on the market with an indicative price of around $59 million, or $888 psf ppr.

Unregistered
01-04-08, 21:49
Calm and quietness filled CONDOsingapore.
Everyone stared at their computer screens - completely dumbfolded as the bravo stories unfolded one by one.

Unregistered
02-04-08, 08:49
It is natural to assume that the deals will fall thro. But there is no need to feel
gloom and doom. For one, if every residence is paid 5% of the forfeited deposit and everyone is willing to a significant capital levy to upgrade the landscape and facade of the estate, will it not be worth much much more?
Without the welcomed payment, some residents may be reluctant to contribute to estate upgrading.
And think for a minute, will the buyer be willing to forgo the deposit and get
bad publicity and never resurface as a developer? The deposit is by no means
trivial even for a publicly listed company> They are asking for extentions to
help save the purchases; it is natural. We would do the same if we were in the same shoes. Don't be too hard on yourself. Relax and let thing sort itself out.

Unregistered
02-04-08, 09:16
It is natural to assume that the deals will fall thro. But there is no need to feel
gloom and doom. For one, if every residence is paid 5% of the forfeited deposit and everyone is willing to a significant capital levy to upgrade the landscape and facade of the estate, will it not be worth much much more?
Without the welcomed payment, some residents may be reluctant to contribute to estate upgrading.
And think for a minute, will the buyer be willing to forgo the deposit and get
bad publicity and never resurface as a developer? The deposit is by no means
trivial even for a publicly listed company> They are asking for extentions to
help save the purchases; it is natural. We would do the same if we were in the same shoes. Don't be too hard on yourself. Relax and let thing sort itself out.
Fully agreed with you. Let the developer have some breathing space.

Unregistered
02-04-08, 09:40
Fully agreed with you. Let the developer have some breathing space.
Do we have any other choice than let the developer breathe?

Unregistered
02-04-08, 09:52
It is natural to assume that the deals will fall thro. But there is no need to feel
gloom and doom. For one, if every residence is paid 5% of the forfeited deposit and everyone is willing to a significant capital levy to upgrade the landscape and facade of the estate, will it not be worth much much more?
Without the welcomed payment, some residents may be reluctant to contribute to estate upgrading.
And think for a minute, will the buyer be willing to forgo the deposit and get
bad publicity and never resurface as a developer? The deposit is by no means
trivial even for a publicly listed company> They are asking for extentions to
help save the purchases; it is natural. We would do the same if we were in the same shoes. Don't be too hard on yourself. Relax and let thing sort itself out.

Fully agree with you.
Let's upgrade the estate and the value of our property will be worth much more than what we are getting from this sale.

Unregistered
02-04-08, 18:03
Fully agree with you.
Let's upgrade the estate and the value of our property will be worth much more than what we are getting from this sale.

WAH! still want much more??? must be joking, already a developer has been victimised. How many developer u want to be killed by buying ur estate???

Unregistered
02-04-08, 18:44
Victimised? Which planet are you from using such vocabulary?
On our planet, we transact business on a willing buyer willing seller basis.

Unregistered
02-04-08, 20:11
Fully agree with you.
Let's upgrade the estate and the value of our property will be worth much more than what we are getting from this sale.

Huh? Whether you upgrade the estate or not will make no difference to the value of your overall estate. Developer will buy based on land price. It'll only make difference to individual unit price.

Unregistered
02-04-08, 22:07
Victimised? Which planet are you from using such vocabulary?
On our planet, we transact business on a willing buyer willing seller basis.
Hope property price drop 50%, see whether u willing to sell?>>>>>buyer from another planet.

Unregistered
02-04-08, 22:37
Montview Condo (63 Mount Sinai Drive) District 10. 115 units (Freehold)

Full condo facilities. Developer(HBO Investment P/C)
#23 1744 sq ft. $2,354,400 ($1350 psf) U/C Private Lift.


#23 3412 sq ft. $4,776,800 ($1400 psf) penthouse+balcony+roof terrace(3 storey) private lift, unblock, nice view, N-facing.

Tel: 8118-7140. (prices slightly neg.)

Unregistered
02-04-08, 23:47
Montview Condo (63 Mount Sinai Drive) District 10. 115 units (Freehold)

Full condo facilities. Developer(HBO Investment P/C)
#23 1744 sq ft. $2,354,400 ($1350 psf) U/C Private Lift.


#23 3412 sq ft. $4,776,800 ($1400 psf) penthouse+balcony+roof terrace(3 storey) private lift, unblock, nice view, N-facing.

Tel: 8118-7140. (prices slightly neg.)

BRAVO !?!?!?

Unregistered
03-04-08, 00:37
Montview Condo (63 Mount Sinai Drive) District 10. 115 units (Freehold)

Full condo facilities. Developer(HBO Investment P/C)
#23 1744 sq ft. $2,354,400 ($1350 psf) U/C Private Lift.


#23 3412 sq ft. $4,776,800 ($1400 psf) penthouse+balcony+roof terrace(3 storey) private lift, unblock, nice view, N-facing.

Tel: 8118-7140. (prices slightly neg.)

Were the balcony & roof terrace of gfa-exempt? Excluding them and the private lift, how much are the floor area and psf?

Unregistered
03-04-08, 01:57
Montview Condo (63 Mount Sinai Drive) District 10. 115 units (Freehold)

Full condo facilities. Developer(HBO Investment P/C)
#23 1744 sq ft. $2,354,400 ($1350 psf) U/C Private Lift.


#23 3412 sq ft. $4,776,800 ($1400 psf) penthouse+balcony+roof terrace(3 storey) private lift, unblock, nice view, N-facing.

Tel: 8118-7140. (prices slightly neg.)


Ring ... Ring ...
Hello 8118-7140, can u tell what's the gfa of the units?

b4 I can decide which unit to buy, need to know the gfa lah ... just in case kena enblocked again. developer pays the land based on airspace gfa and not floor area.

Unregistered
03-04-08, 02:35
any news from YTL?

Unregistered
03-04-08, 11:30
any news from YTL?
WHY YTL?? U MEAN BUYER OF WESTWOOD???? OR SOMETHING LITAT.

Unregistered
03-04-08, 12:26
any news from YTL?
something cooking?

Unregistered
03-04-08, 13:03
from another forum..

"...

This Tan Hock Kheng is known to be very 'smelly' in the property & legal circle.
With his 'smelly' reputation, no banks will want to touch him.
He is trying very hard to hawk it to YTL. Francis Yeoh of YTL is already regretting for buying Westwood and land at Sentosa at its peak.

..."

Unregistered
03-04-08, 13:43
from another forum..

"...

This Tan Hock Kheng is known to be very 'smelly' in the property & legal circle.
With his 'smelly' reputation, no banks will want to touch him.
He is trying very hard to hawk it to YTL. Francis Yeoh of YTL is already regretting for buying Westwood and land at Sentosa at its peak.

..."
TIS WRITER MUST HAVED SMELLED HIS BALLS????

Unregistered
03-04-08, 13:45
from another forum..

"...

This Tan Hock Kheng is known to be very 'smelly' in the property & legal circle.
With his 'smelly' reputation, no banks will want to touch him.
He is trying very hard to hawk it to YTL. Francis Yeoh of YTL is already regretting for buying Westwood and land at Sentosa at its peak.

..."

YTL IS VERY BIG CORPORATION IN MALAYSIA U KNO??? DEVELOPMENT
IN SINGAPORE IS PEANUT TO HIM. DUN LISTEN TO HIM.

Unregistered
03-04-08, 18:25
from another forum..

"...

This Tan Hock Kheng is known to be very 'smelly' in the property & legal circle.
With his 'smelly' reputation, no banks will want to touch him.
He is trying very hard to hawk it to YTL. Francis Yeoh of YTL is already regretting for buying Westwood and land at Sentosa at its peak.

..."

He pay by $$$$$$ CASH $$$$$$, no need bank loan la.

Unregistered
03-04-08, 18:27
He pay by $$$$$$ CASH $$$$$$, no need bank loan la.

what's his reason for delaying payments then?

Unregistered
03-04-08, 18:31
what's his reason for delaying payments then?

Shipments of $$$$$$$ not yet arrived. pls wait.

Unregistered
03-04-08, 19:22
Shipments of $$$$$$$ not yet arrived. pls wait.

but fund transfer via swift can be done within seconds leh

Unregistered
03-04-08, 19:48
from another forum..

"...

This Tan Hock Kheng is known to be very 'smelly' in the property & legal circle.
With his 'smelly' reputation, no banks will want to touch him.
He is trying very hard to hawk it to YTL. Francis Yeoh of YTL is already regretting for buying Westwood and land at Sentosa at its peak.

..."

Wonder these properties all completed?

Bravo, a five-year-old outfit involved in the construction and property development business, has bought some 15 sites in Singapore since September last year. The sites are predominantly residential plots purchased through collective sales and are mostly located in the eastern part of the island. Most of the sites have land areas of 30,000 to 45,000 sq ft. These include Castle Court at Changi Road, Regent Court in Serangoon and Koon Seng House in the Still Road area. The gross development value of the group's Singapore residential landbank is around $800 million. 'We will start launching residential projects from November this year,' Mrs Tan said.

First off will be an 80-unit condo on the Koon Seng House site, and a residential and small office, home office (Soho) project on the Castle Court plot.

Unregistered
03-04-08, 20:33
Wonder these properties all completed?

Bravo, a five-year-old outfit involved in the construction and property development business, has bought some 15 sites in Singapore since September last year. The sites are predominantly residential plots purchased through collective sales and are mostly located in the eastern part of the island. Most of the sites have land areas of 30,000 to 45,000 sq ft. These include Castle Court at Changi Road, Regent Court in Serangoon and Koon Seng House in the Still Road area. The gross development value of the group's Singapore residential landbank is around $800 million. 'We will start launching residential projects from November this year,' Mrs Tan said.

First off will be an 80-unit condo on the Koon Seng House site, and a residential and small office, home office (Soho) project on the Castle Court plot.
Bravo, asset rich cash poor.

Unregistered
03-04-08, 20:41
from another forum..

"...

This Tan Hock Kheng is known to be very 'smelly' in the property & legal circle.
With his 'smelly' reputation, no banks will want to touch him.
He is trying very hard to hawk it to YTL. Francis Yeoh of YTL is already regretting for buying Westwood and land at Sentosa at its peak.

..."
Heard YTL might not want to complete deal of Westwood?

Unregistered
03-04-08, 21:15
Heard YTL might not want to complete deal of Westwood?

Wa!!!!!! sure not???? Agent involved will committ suicide u kno???
think same agent. like tat market sure to collapsed.

Unregistered
03-04-08, 21:51
Wa!!!!!! sure not???? Agent involved will committ suicide u kno???
think same agent. like tat market sure to collapsed.
Sure or not!!!!!!!!! Market will panic if true. No joking please. I have a weak heart.

Unregistered
03-04-08, 21:56
Sure or not!!!!!!!!! Market will panic if true. No joking please. I have a weak heart.

Someone Pls clarify....... Pls

Unregistered
04-04-08, 00:03
Heard YTL might not want to complete deal of Westwood?

don't anyhow spread rumours

Unregistered
04-04-08, 12:04
I think just rumours. Whic forum you got news of Westwood from?

Unregistered
04-04-08, 12:45
I think just rumours. Whic forum you got news of Westwood from?

why must it necessarily be from another forum? can it also be from your competitors who lost out in their bids to be the agent for the enbloc?

Unregistered
04-04-08, 13:18
It's wait-and-see for Pender Court, Tulip Garden home owners

By Joyce Teo, Property Correspondent and Ong Bi Hui


THEIR collective sale deals may be in doubt - and the huge cheques due to come their way - but some owners at Pender Court and Tulip Garden are taking a wait-and-see attitude for now.


The Pender Court sale was due to be completed in late February and Tulip Garden in late May, but Bravo has postponed the settlement dates of both sales. The firm, which works with partners on such large purchases, said it was working on a shareholders' agreement for Tulip Garden.

A man renting a Pender Court unit at $2,000 a month, and who gave his name only as William, told The Straits Times: 'For tenants, the en bloc sale is a good thing, since most owners are quite desperate to rent out their flats to help pay for their new houses. So as tenants, we have a better bargaining power.'

One owner, who declined to be named, said most Pender Court owners had already bought new homes and were waiting for the money from the sale. She also said the owners had already received a 10 per cent deposit from Bravo, which they would retain should the deal fail, so that was giving some consolation amid the uncertainty.

Bravo has paid a 5 per cent deposit of $25.8 million for Tulip Garden. It has cancelled its $162.8 million collective deal for Makeway View after finding out that it had to pay a higher-than-expected development charge.

[email protected]
[email protected]



DEar Mr Bravo,

Pender already received 10%, but Tulip only 5%. If Bravo is sincere in going ahead with Tulip deal, Bravo should pay the next 5% by 7th Apr which is already the extended date from 13th Mar. If Bravo can't even pay next 5%, how can we be sure that you can pay next 90%???

SPs incur opportunity and real cost by this waiting game. SPs who have bought replacements incur interests on loans taken, but can only rent out at low rates (if the units are to be leased out on short term basis) in view of the impending enbloc sale. The rental yield is thus very much lower than loan interest paid.

So please pay up the next 5% before we will consider your request to extend completion.

Yours sincerely,
Tulip SPs

Unregistered
04-04-08, 14:29
DEar Mr Bravo,

Pender already received 10%, but Tulip only 5%. If Bravo is sincere in going ahead with Tulip deal, Bravo should pay the next 5% by 7th Apr which is already the extended date from 13th Mar. If Bravo can't even pay next 5%, how can we be sure that you can pay next 90%???

SPs incur opportunity and real cost by this waiting game. SPs who have bought replacements incur interests on loans taken, but can only rent out at low rates (if the units are to be leased out on short term basis) in view of the impending enbloc sale. The rental yield is thus very much lower than loan interest paid.

So please pay up the next 5% before we will consider your request to extend completion.


Yours sincerely,
Tulip SPs

$23M u kno? Mr Bravo say, he keep his $23M for the next round property boom. He also say, if u wan him to complete the purchase, discount 30% off the sale price, he will complete with cash. He say, if u rent low, it is your problem. So if u wan to consider extend, consider lowing down the price.
Post here ur answer......byebye

Unregistered
04-04-08, 22:44
$23M u kno? Mr Bravo say, he keep his $23M for the next round property boom. He also say, if u wan him to complete the purchase, discount 30% off the sale price, he will complete with cash. He say, if u rent low, it is your problem. So if u wan to consider extend, consider lowing down the price.
Post here ur answer......byebye

Even at the price he's currently paying, I would rather not grant him the extension. I consider the 5% toto + property at Leedon Place Development (a much coveted GCB address) which is within walking distance to MRT as the better option to take.

Unregistered
05-04-08, 19:05
Goodbye Enbloc.

Unregistered
05-04-08, 19:58
Goodbye Enbloc.
Goodbye. Good luck.

Unregistered
05-04-08, 21:24
Any predictions for April 7? What are the odds?

Unregistered
05-04-08, 23:30
Any predictions for April 7? What are the odds?

The answer is crystal clear.
What else could the verdict be if all the owners, except for 2, voted against granting the extension.

Unregistered
06-04-08, 20:50
Well well well...D day is arriving soon.

Unregistered
07-04-08, 11:41
Any update? Developer sending cheque?

Unregistered
07-04-08, 11:44
Anybody know abt the sat meeting?????

Unregistered
07-04-08, 13:30
Anybody know abt the sat meeting?????

sure, plenty - all the owners, lawyers, agents and of crse, the purchaser/s.

Unregistered
07-04-08, 15:28
sure, plenty - all the owners, lawyers, agents and of crse, the purchaser/s.

Purchaser got go meh? not run meh?

Unregistered
07-04-08, 18:48
Purchaser got go meh? not run meh?

if he didn't know abt sat mtg, how cld agent read out his letter to SPs? r u implying letter was not fr him, not genuine or something lie tat?

Unregistered
07-04-08, 20:27
Any further development?

Unregistered
07-04-08, 21:31
Any further development?

Finished................

Unregistered
07-04-08, 22:59
Cna just confirmed the deal is off

Unregistered
08-04-08, 08:50
Goodbye Enbloc.


Owners say enbloc sale of Tulip Garden has been called off

By Ng Baoying, Channel NewsAsia | Posted: 07 April 2008 2353 hrs


SINGAPORE: The enbloc sale of Tulip Garden, a freehold development in District 10, appears to be off.

Tulip Garden was sold in July 2007 in a collective sale valued at S$516 million. The property is along the prime Holland Road and Farrer Road area.

Channel NewsAsia understands that owners are now waiting to hear more details from the developer.

Bravo Building Construction bought Tulip Garden at more than S$1,000 per square foot and the sale was scheduled to be completed by May.

However, earlier reports stated that Bravo Building Construction was delaying the completion date and there was some talk that it was trying to arrange for alternative financing.

Some owners of Tulip Garden have already received their share of the deposit for the sale.

According to earlier reports, Bravo Building Construction has called off another enbloc sale - that of Makeway View in the Newton area and is also said to be delaying the completion date of the sale of Pender Court off West Coast Highway. - CNA/vm

Unregistered
08-04-08, 10:32
Cna just confirmed the deal is off
is it really confirmed? why we didnt hear anything from the news?

Unregistered
08-04-08, 12:51
"Some owners of Tulip Garden have already received their share of the deposit for the sale."


Sounds like there will be high serious consequences here, because LEE & LEE vividly told the owners that the money will only be paid to the owners after deduction off all the FEES? They don't know what needs to be deducted yet. This sentence also implies that the SALES COMMITTEE gave preference to some owners?

Unregistered
08-04-08, 20:52
"Some owners of Tulip Garden have already received their share of the deposit for the sale."


Sounds like there will be high serious consequences here, because LEE & LEE vividly told the owners that the money will only be paid to the owners after deduction off all the FEES? They don't know what needs to be deducted yet. This sentence also implies that the SALES COMMITTEE gave preference to some owners?

u sure SC has power to do this? is it in CSA?
more likely either CNA not getting fact rt or L&L not giving the tooth. why don't u extract the tooth and let us see?

Unregistered
10-04-08, 08:30
THE END! CHAPTER CLOSED!

Unregistered
10-04-08, 08:35
THE END! CHAPTER CLOSED!

Not Closed, Tulip Gdn still for sale, any buyers? post here.

Unregistered
10-04-08, 08:42
Not Closed, Tulip Gdn still for sale, any buyers? post here.
How much now? Heard district 10 price down 30%.

Unregistered
10-04-08, 09:44
How much now? Heard district 10 price down 30%.

April 9, 2008

Prices of high-end condos starting to fall as sales dwindle

Downward trend may continue for next few quarters, experts predict

By Fiona Chan, Property Reporter


HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers.

Sales of Singapore's most expensive condominiums - all the rage last year - have dwindled to just a trickle this year.

And with plunging sales, prices have also started to dip, although official figures have yet to reflect this trend.

Early signs of the slide lie in the handful of caveats filed involving many luxury projects in the first quarter. These showed prices fell from the previous quarter, in some cases by up to 20 per cent.

In Districts 9 to 11, Singapore's creme de la creme of residential locations covering Orchard, Holland and Bukit Timah, average prices have fallen by about 30 per cent since the beginning of the year, according to caveats.

They dropped to an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months.

In luxury island enclave Sentosa Cove, almost all condos posted drops in average psf prices, ranging from 2 per cent for the Marina Collection to 23 per cent for The Azure.

Property experts say this could be because luxury home buyers are now selecting only the most competitively priced properties.

'Market activity is very slow now, so any transactions that do take place are likely to be from people who have found attractive buys,' said Mrs Ong Choon Fah, the executive director at property firm DTZ Debenham Tie Leung.

She said high-end properties in the traditional prime districts were more dependent on investor buying, so they could be more affected by the current global credit crunch and weaker sentiment.

'A lot of people who bought luxury homes are also 'specuvestors', so they may be happy making just a small profit and selling quickly,' Mrs Ong explained.

The Government estimated last week that private home prices continued to climb in the first three months of the year, albeit at a slower pace. They rose 4.2 per cent, down from 6.8 per cent in the previous three months.

In the priciest segment, the core central region, the price gain dropped to 4.4 per cent from 7.5 per cent in the previous quarter. This region covers Districts 9 to 11, the Marina Bay area and Sentosa.

Anecdotal evidence from property insiders and caveats lodged, however, showed that prices at many projects fell rather than rose this year. At Scotts Square in Scotts Road, only two units have been sold so far this year - at an average price of $3,700 psf, down from $4,000 psf for 42 units in last year's fourth quarter.

Similarly, at The Oceanfront @ Sentosa Cove, the most recent deals were in February, where three units were sold at $1,720 to $1,751 psf. Just six months before that, 15 units were sold at an average price of $2,480 psf.

Other high-profile, pricey condos, such as the Marina Bay Residences and The Marq on Paterson Hill, have yet to see a single caveat lodged this year.

But the story is not all bad. The Orchard Residences, which holds the title of Singapore's most expensive condo, has sold only one unit this year - but at $4,700 psf, higher than most of its other sales.

Other older condos in areas such as Cavenagh or Balmoral may also be trading at higher prices from their previously low base, pushing up the overall prices for the whole district, suggested Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.

But he said the price index for high-end homes may be under pressure in the next two quarters, now that 'everyone wants a bargain'.

'You only need developers to start giving discounts or people starting to buy lower-

floor units instead of penthouses. That will push the index down and put pressure on prices.'

[email protected]

Yes it is 30% according to reports.

Unregistered
10-04-08, 13:30
Yes it is 30% according to reports.

What's the sample size for the stats "an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months"?

Unregistered
10-04-08, 15:48
Yes it is 30% according to reports.
will be -50% next quater!!!

Unregistered
10-04-08, 15:59
will be -50% next quater!!!

How much u wan to offer???? gve me ur price.

Unregistered
10-04-08, 19:23
If you asked, you cannot afford it.
Go stay in rural Singapore or a HDB flat.
Forget 9,10&11

Unregistered
10-04-08, 20:01
That's right. If you are wealthy, buy a unit in Ardmore, 4-Season , Orchard Sq. etc. Pay 6 million like what MM and Capital-land Liew said is the norm for
well heeded PR or rich Singaporean.
Why ask for 50% discount here? You want cheap go West!!

Unregistered
10-04-08, 21:25
Aiya - so many people giving discount. You can't stop the flow. Did MM Lee say it's against the law? No. So let others do what they like. You have your price. They have their price. No need to act like bitter rotten grapes.

Unregistered
11-04-08, 06:43
There is no bitter grape. Sour grape, yes! Residents at TG get a bite of it and keep their home. Those like you call it sour because u don't get to bite it.
So you call the grape sour and hope that you can buy it for cheap.

Unregistered
11-04-08, 08:32
There is no bitter grape. Sour grape, yes! Residents at TG get a bite of it and keep their home. Those like you call it sour because u don't get to bite it.
So you call the grape sour and hope that you can buy it for cheap.


Prices of high-end condos starting to fall as sales dwindle

Downward trend may continue for next few quarters, experts predict

By Fiona Chan, Property Reporter


HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers.

Sales of Singapore's most expensive condominiums - all the rage last year - have dwindled to just a trickle this year.

And with plunging sales, prices have also started to dip, although official figures have yet to reflect this trend.

Early signs of the slide lie in the handful of caveats filed involving many luxury projects in the first quarter. These showed prices fell from the previous quarter, in some cases by up to 20 per cent.

In Districts 9 to 11, Singapore's creme de la creme of residential locations covering Orchard, Holland and Bukit Timah, average prices have fallen by about 30 per cent since the beginning of the year, according to caveats.

They dropped to an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months..........................................................................

Ohhhhh down 30%. Is that what I read?

Unregistered
11-04-08, 08:38
There is no bitter grape. Sour grape, yes! Residents at TG get a bite of it and keep their home. Those like you call it sour because u don't get to bite it.
So you call the grape sour and hope that you can buy it for cheap.

Published April 8, 2008

Home leases stagnant for 2 years, still looking soft

Foreigners could be switching from leasing to buying property, says Savills Singapore

By ARTHUR SIM


(SINGAPORE) Residential leasing transactions have stagnated in the past two years after falling from a recent high of 33,874 in 2005.

According to an analysis of Urban Redevelopment Authority data by Savills Singapore, transactions were about 15 per cent lower at 28,928 in 2006 and 28,893 in 2007, versus 2005.

Savills Singapore director of marketing and business development Ku Swee Yong said that as leases are generally renewed on a two-year basis, the drop between 2005 and 2006 should imply a rise in 2008.

But figures for the first two months of this year indicate that residential leasing is not likely to pick up. Indeed, Savills' analysis reveals only 3,495 transactions.

The lowest number of quarterly transactions since the start of 2000 was 4,024 in Q1 2003, while the high of 9,917 was recorded in Q3 2005.

Mr Ku, who reckons foreigners make up about 90 per cent of the leasing market here, said it will be important to watch the figures over the next few quarters.

He thinks fewer financial-sector expatriates may relocate here due to the global credit crunch.

But according to some foreign business associations, there has been no let-up in the influx of expatriates so far.

American Chamber of Commerce executive director Dom LaVigne said: 'Due to the strong business conditions in Singapore and based on what we've heard from our members hiring more employees, we think that the number of American expats living here will continue to rise in the coming years. Two years ago, there were 14,000 Americans in Singapore. Today there are 15,000 Americans and more than 3,000 US businesses here.'

The number of British expatriates here has also increased over the past two years, with the British Chamber of Commerce (BCC) saying about 20,000 British nationals now live in Singapore.

BCC spokesman Roman Scott, who is also managing director of the Calamander Group, said: 'Although everyone is moaning (about rents), it's mourning the end of a particularly good deal, not complaining that the recent sharp rises are unfair.'

BCC, which tracks the cost of housing and offices, believes the rise in rents is a function of market forces and a 'long-overdue cyclical correction from artificial lows'.

Pointing out that rents fell sharply 10 years ago, Mr Scott said: 'Given that real wages and wealth have actually risen in those 10 years in Singapore, this means rents are still cheaper in real terms than the previous high 10 years back, and affordable compared with other global cities, particularly Hong Kong and Tokyo.'

Rents, however, have been increasing rapidly. Based on Savills' basket of properties, rents for high-end homes increased about 30 per cent year on year in Q4 2007. Savills noted that a 2,885-sq-ft unit at Ardmore Park was recently leased for $20,000 a month or about $7 per square foot (psf) a month.

For high-end properties, Savills says the quarterly average rent is now $6.68 psf a month.

January saw a particularly low number of new leases, with just 1,474 transactions. District 10, the most popular district, suffered a 42.2 per cent drop to 203 transactions, compared with 351 a year earlier.

Other districts in the top five, including districts 15, 9, 14 and 16, saw transactions fall 39.2, 50, 19.8 and 43.2 per cent respectively.

A shrinking pool of leasing properties due to collective sales could have exacerbated the drop in numbers, especially in the prime districts. But as Savills' Mr Ku points out, demand should have spilled over into other districts, keeping the overall number of transactions up.

He believes foreigners could be simply switching from leasing to buying property.

'This was helped by the attractive low cost of mortgages in Singapore and also the favourable tax advantages foreigners from certain countries enjoy from owning properties in Singapore,' he said. 'We certainly saw many tenants convert from leasing to owning in 2006-2007, starting with a change in US Federal Tax on US nationals' housing benefits overseas.'

A separate analysis of property data by Chesterton International seems to support this assertion.

Comparing data from 1995 - during the run-up to previous property market peak - and 2007, Chesterton's head of research and consultancy Colin Tan notes that while the percentage of foreigners, including permanent residents (PRs), buying non-landed private property increased from 17.9 per cent in 1995 to 29 per cent in 2007, the percentage of acquisitions by PRs alone doubled from 6.7 per cent to 14.4 per cent.

The relevance of this, according to Mr Tan, is that PRs tend to buy for owner-occupation while foreigners are more likely to buy for investment.

He said: 'In recent years we have seen many purchases by Indian and Chinese nationals who are buying for owner-occupation, not investment. These people eventually become citizens. I personally know a number of them.'


http://www.businesstimes.com.sg/mnt/media/image/launched/2008-04-08/080408_asrent.jpg

Ohhhh rents also falling. Can get cheap cheap now. No sales No leases.

Unregistered
11-04-08, 22:42
Lots of bitter grapes now. Even worse than sour.

Unregistered
11-04-08, 23:32
Hope Springs Eternal.
Poor guys, hoping to survive in a global city.
Go West.
This is a not a place for cheapo!

imperial321
14-07-08, 17:55
There is a lady who owns a unit in Tulip Garden, who has an influential position in a media company in Singapore. Neighbours have seen celebrities and newscasters entering and leaving her unit, and playing table tennis when she was staying here. When Tulip Garden was trying for enbloc, she was the aggressive one who had applied to STB to object to the sale.

She has told neighbours that she is working for the Ministry of Law as she was trying to conceal the fact that she has an influential role over the media. Till today, she has been using some of the radio Djs to constantly and indirectly attack owners with sick jokes, who she felt have one way or another stepped on her toes.