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leoman
10-05-09, 21:59
Any one has any opinion on this. It is pretty old (TOP 1981 I think and 99 years leasehold). When will the banks stop financing on older properties ? Will the prices crash ? I like the location but worry about the financing....and future resale....

...any help appreciated.

Regulators
10-05-09, 23:32
when worry bout financing, best is dnt buy
Any one has any opinion on this. It is pretty old (TOP 1981 I think and 99 years leasehold). When will the banks stop financing on older properties ? Will the prices crash ? I like the location but worry about the financing....and future resale....

...any help appreciated.

whoh757
10-05-09, 23:34
have heard of 70yr and below of 99yr private ppties that bankers are very careful and will not finance at typical quantum (i.e. 80%) in NORMAL market condition. This ppty will be 28yr old now as per your TOP date....you may have to be even more prudent.. interested to know what is current seller's price for what size unit?

dmonddd
11-05-09, 02:11
one of the better locations project with bus stop in front.

surprised that it didnt get enbloc'd. rental yield must be good despite it being old becoz it's convenient on location

leoman
11-05-09, 15:04
one of the better locations project with bus stop in front.

surprised that it didnt get enbloc'd. rental yield must be good despite it being old becoz it's convenient on location

They were asking too much for en bloc. About 1500 psf if I remember correctly.

Anyone in this forum stay here....any views on what it is like ?

Lord Anus
11-05-09, 16:19
one of the better locations project with bus stop in front.

surprised that it didnt get enbloc'd. rental yield must be good despite it being old becoz it's convenient on location

This one if new will confirmed be hot. The location really got nothing bad at all to say. Next to landed properties, ACS Barker just next door, Balmoral Rd just opposite, Newton MRT just down the rd.

dmonddd
12-05-09, 12:05
surprisingly, we see transactions for this project taking place of late.
and involves larger units. the only concern i see for this project is the security part.....3 hours parking at minimal charges. Cold storage is there and hence a lot of non-occupants moving in and out of compound.

leoman
12-05-09, 17:11
surprisingly, we see transactions for this project taking place of late.
and involves larger units. the only concern i see for this project is the security part.....3 hours parking at minimal charges. Cold storage is there and hence a lot of non-occupants moving in and out of compound.

I only saw 2 transactions, and they were in Feb. Price was 600 and 800 plus. Quite attractive for that area.

My only worry is what happens when it passes the 70 year mark, which should be one or two years time. Would want to know how much the bank will finance....also worried about maintenace cost...

smallant
14-05-09, 12:23
Very old project. Think there should be newer places coming up soon around that area.. But convenient as Cold storage right inside condo !
Any idea where is the swimming pool ? I drive in to get some goceries but cannot find any facilities ..

HP65
14-05-09, 14:00
Very old project. Think there should be newer places coming up soon around that area.. But convenient as Cold storage right inside condo !
Any idea where is the swimming pool ? I drive in to get some goceries but cannot find any facilities ..

There is no swimming pool. Rented there before. Landlord currently asking rent is around $4k, although i think $3k is more reasonable considering there is no facilities whatsoever.

Plus points: Cold Storage, well located, quiet for those units not facing the road.

Negative points: No facilities as mentioned, old, lack of security.

Enbloc will not happen for a long time. With surrounding freehold properties in Balmoral/ Netwon going for $1200-1300 psf, how much can a developer offer? I know of quite a few speculators got burnt buying into this project.

dmonddd
17-05-09, 21:03
enbloc potential...but will be a lot of problems since some got burnt

wmwa
05-06-09, 10:27
Tried to go through Chancery Court today to pick up a friend's son from his home to give him a ride to school. usually I get through without paying. Today, there was a new guard who told me to pay $1.20 for entrance even though i said I was picking up a resident. Previous guards tend to close one eye if they knew you are not taking advantage of their visitor's parking to go to cold storage and are genuine visitors. This guard insists they are all wrong and all residents' visitors need to pay for entrance even to do a simple pickup or drop off.

I understand she is going by the books but I really think the condo managment is really inflexible to geniune visitors to the condo by asking them to pay to even drive through to pick/drop off a resident. There's absolutely no grace period given. Hello! This is a private condo is it not??? I understand they allow visitors to collect receipts and pass on to residents to claim. Hey! will I really do that when I'm going through to do a favour for a friend by giving her child a ride??? At the end of the day, it is not so much the money but the ridiculous principle I can't accept.

I know $1.20 is redemnable at cold storage but why should I pay when I'm not going to cold storage.

Totally disgusted by the visitor's experience. If you are thinking of buying for your own stay. Think twice, with inflexible house rules and occasional rude guards, you might find you won't have too many friends wanting to pay you a visit or friends motivated to give your kids free rides home.

JohnTan
05-06-09, 11:32
Tried to go through Chancery Court today to pick up a friend's son from his home to give him a ride to school. usually I get through without paying. Today, there was a new guard who told me to pay $1.20 for entrance even though i said I was picking up a resident. Previous guards tend to close one eye if they knew you are not taking advantage of their visitor's parking to go to cold storage and are genuine visitors. This guard insists they are all wrong and all residents' visitors need to pay for entrance even to do a simple pickup or drop off.

I understand she is going by the books but I really think the condo managment is really inflexible to geniune visitors to the condo by asking them to pay to even drive through to pick/drop off a resident. There's absolutely no grace period given. Hello! This is a private condo is it not??? I understand they allow visitors to collect receipts and pass on to residents to claim. Hey! will I really do that when I'm going through to do a favour for a friend by giving her child a ride??? At the end of the day, it is not so much the money but the ridiculous principle I can't accept.

I know $1.20 is redemnable at cold storage but why should I pay when I'm not going to cold storage.

Totally disgusted by the visitor's experience. If you are thinking of buying for your own stay. Think twice, with inflexible house rules and occasional rude guards, you might find you won't have too many friends wanting to pay you a visit or friends motivated to give your kids free rides home.

Must be the residents idea to come up with such a scheme. The guard is just following instructions. Claiming back the 1.20 from guests does inconvenience the residents but i think they feel it is well spent to garantee themselves a parking lot.:D

august
05-06-09, 11:40
Tried to go through Chancery Court today to pick up a friend's son from his home to give him a ride to school. usually I get through without paying. Today, there was a new guard who told me to pay $1.20 for entrance even though i said I was picking up a resident. Previous guards tend to close one eye if they knew you are not taking advantage of their visitor's parking to go to cold storage and are genuine visitors. This guard insists they are all wrong and all residents' visitors need to pay for entrance even to do a simple pickup or drop off.

I understand she is going by the books but I really think the condo managment is really inflexible to geniune visitors to the condo by asking them to pay to even drive through to pick/drop off a resident. There's absolutely no grace period given. Hello! This is a private condo is it not??? I understand they allow visitors to collect receipts and pass on to residents to claim. Hey! will I really do that when I'm going through to do a favour for a friend by giving her child a ride??? At the end of the day, it is not so much the money but the ridiculous principle I can't accept.

I know $1.20 is redemnable at cold storage but why should I pay when I'm not going to cold storage.

Totally disgusted by the visitor's experience. If you are thinking of buying for your own stay. Think twice, with inflexible house rules and occasional rude guards, you might find you won't have too many friends wanting to pay you a visit or friends motivated to give your kids free rides home.
u should be channeling your disquiet to your friend the resident ~