Espada (D9, Freehold, Novelty Orchard Development Pte Ltd)

Address: St Thomas Walk
One block of 32-storey Condominium development comprising of 235 residential units with provision for basement Carparks, 2 levels of Sky Terraces, Swimming Pool, BBQ, Gym, Tennis Court and other Communal Facilities

235 units consists of the following;
114 nos small size 1brm 344/355/377sqft
29 nos good size 1brm 452/560sqft
56 nos 1brm + study 646/689sqft
28 nos 2 Bedrm unit 667/721sqft
05 nos 1brm Penthouse 657/667sqft
02 nos 1+study PentHse 1270sqft
01 nos 2brm Penthouse 1313sqft

Best Q/A I have received from agent

Why is it so small in size?
Ans: Well, there is no homeshelter and washing is at balcony.
;)

i heard is $2.3k psf n up for this development

The rooms for Suites @ Central already so small! Damn, staying in a MM unit will restrict kids grow.

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Originally Posted by Property_Owner

The rooms for Suites @ Central already so small! Damn, staying in a MM unit will restrict kids grow.

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Just viewed a few units at Suites@Central. The rooms are really small. Anyone knows why there are still so many units vacant ? TOP in Mar'09. Looks like rental mkt is still very weak. With so many new condos coming up at Killiney area, can the mkt digest so many units ? Maybe we can expect fire sales in 2010.

Not like that lah. Their kids will like the MM very much and want to be like MM. :D

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Originally Posted by Property_Owner

The rooms for Suites @ Central already so small! Damn, staying in a MM unit will restrict kids grow.

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haha.. home for the hobbits..

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Originally Posted by Property_Owner

The rooms for Suites @ Central already so small! Damn, staying in a MM unit will restrict kids grow.

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Originally Posted by cheerful

haha.. home for the hobbits..

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with so many MM units / projects going on ...

it makes so much more sense to keep/buy big units...

honestly if they really believe more expats will come .. then there will be demand for 3-4 bedder units .. and i mean 1500-2300 sqft not 1130 sqft for 3 bedroom

so if you have big units .. KEEP ...

any idea when it is going to be launched? i can drop by the showroom to take a look. :)

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Originally Posted by andy

Address: St Thomas Walk

One block of 32-storey Condominium development comprising of 235 residential units with provision for basement Carparks, 2 levels of Sky Terraces, Swimming Pool, BBQ, Gym, Tennis Court and other Communal Facilities

235 units consists of the following;

114 nos small size 1brm 344/355/377sqft
29 nos good size 1brm 452/560sqft
56 nos 1brm + study 646/689sqft
28 nos 2 Bedrm unit 667/721sqft
05 nos 1brm Penthouse 657/667sqft
02 nos 1+study PentHse 1270sqft
01 nos 2brm Penthouse 1313sqft

Best Q/A I have received from agent

Why is it so small in size?
Ans: Well, there is no homeshelter and washing is at balcony.
;)

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Originally Posted by proud owner

with so many MM units / projects going on ...

it makes so much more sense to keep/buy big units...

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Wasn't that what Reporter did yesterday with his mysterious D9 execution plan?

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honestly if they really believe more expats will come .. then there will be demand for 3-4 bedder units .. and i mean 1500-2300 sqft not 1130 sqft for 3 bedroom

so if you have big units .. KEEP ...

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Of course. Don't sell anything now (in fact I'd never advocated selling anything, anytime).

The Mickeymousation of Singapore has just begun. There will be a systematic revaluation of prices, as we close the gap with Hong Kong.

There is simply no reason why Hong Kong's property prices should be higher than ours, when our average income is about the same as theirs. It's simply because they have had smaller apartments all along.

It has taken our developers 40+ years to wake up to this fact. :cheers1:

See! Even my avatar has changed to "Mickey Mouse" to worship this new god of fortune arriving in Singapore!

http://disney-clipart.com/mickey-mou...y-mouse-10.jpg

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Originally Posted by proud owner

with so many MM units / projects going on ...

it makes so much more sense to keep/buy big units...

honestly if they really believe more expats will come .. then there will be demand for 3-4 bedder units .. and i mean 1500-2300 sqft not 1130 sqft for 3 bedroom

so if you have big units .. KEEP ...

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... agree with you ... 1500-2300 sqft ... against the grain ... but need patience ...

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Originally Posted by Reporter

... agree with you ... 1500-2300 sqft ... against the grain ... but need patience ...

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Are you saying we should buy big units for rentability or to wait for enbloc so that they can be made small again?

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Originally Posted by andy

Are you saying we should buy big units for rentability or to wait for enbloc so that they can be made small again?

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I think we can consider:
1. Buying big unit to rent to expats.
2. Buying big new unit to sell to foreigners (to park their money or (maybe) for own stay).
3. Buying big old unit to try for enbloc.

I personally wouldn't try (3) as there are too much uncertainty. Of course we can't deny many millionaires were made from enbloc. "No risk no gain!"

MM will continue to be a favourite, especially among the locals. I believe "Mickeymousation" will rewrite a lot of pricing history books going forward. Perhaps big units will benefit from "Mickeymousation".

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Originally Posted by Reporter

I think we can consider:
1. Buying big unit to rent to expats.
2. Buying big new unit to sell to foreigners (to park their money or (maybe) for own stay).
3. Buying big old unit to try for enbloc.

I personally wouldn't try (3) as there are too much uncertainty. Of course we can't deny many millionaires were made from enbloc. "No risk no gain!"

MM will continue to be a favourite, especially among the locals. I believe "Mickeymousation" will rewrite a lot of pricing history books going forward. Perhaps big units will benefit from "Mickeymousation".

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You guys are so exciting to bounce ideas and hopefully you also very successful investors. I love this forum;)

I agree with (1) and (2). One thing I noticed is that expats don't like high rise. In fact they like those ground floor with patios. But nowadays not many dev't with such features. Those old units the building oredi too old and facilities cannot match those new TOP.

How about larger units with extra large balconies?

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Originally Posted by Reporter

I think we can consider:
1. Buying big unit to rent to expats.
2. Buying big new unit to sell to foreigners (to park their money or (maybe) for own stay).
3. Buying big old unit to try for enbloc.

I personally wouldn't try (3) as there are too much uncertainty. Of course we can't deny many millionaires were made from enbloc. "No risk no gain!"

MM will continue to be a favourite, especially among the locals. I believe "Mickeymousation" will rewrite a lot of pricing history books going forward. Perhaps big units will benefit from "Mickeymousation".

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In fact, option (3) above is the most certain to make money.

It is only a matter of time before you make lots of money. You just need the holding power.

However, there is a price to everything.

The price you have to pay is:

1. Due to the age of the property, you have to rent out to strange tenants whom you may probably never meet in life otherwise. :scared-3:

2. Having ceiling boards falling onto your head or cuts on your hand with permanent scars. :scared-3:

3. Having nightmares of being trapped in an old haunted apartment where the gates cannot be opened because they are rusty. :scared-3:

4. Being ridiculed by people saying you are "greedy", or "it's a pipe dream" and you will never succeed. :scared-3:

If you can withstand all these, the money is almost a certainty. It's only a matter of time.

Quote:

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Originally Posted by Reporter

I think we can consider:
1. Buying big unit to rent to expats.
2. Buying big new unit to sell to foreigners (to park their money or (maybe) for own stay).
3. Buying big old unit to try for enbloc.

I personally wouldn't try (3) as there are too much uncertainty. Of course we can't deny many millionaires were made from enbloc. "No risk no gain!"

MM will continue to be a favourite, especially among the locals. I believe "Mickeymousation" will rewrite a lot of pricing history books going forward. Perhaps big units will benefit from "Mickeymousation".

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I'm wondering if we look at units that are more "blue chip" One that can easily be bought and sold during good and bad times.

Is there is liquidity index for development projects?
No of units sold over a period (eg 6 months)/Total number of units within project

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Originally Posted by jlrx

In fact, option (3) above is the most certain to make money.

It is only a matter of time before you make lots of money. You just need the holding power.

However, there is a price to everything.

The price you have to pay is:

1. Due to the age of the property, you have to rent out to strange tenants whom you may probably never meet in life otherwise. :scared-3:

2. Having ceiling boards falling onto your head or cuts on your hand with permanent scars. :scared-3:

3. Having nightmares of being trapped in an old haunted apartment where the gates cannot be opened because they are rusty. :scared-3:

4. Being ridiculed by people saying you are "greedy", or "it's a pipe dream" and you will never succeed. :scared-3:

If you can withstand all these, the money is almost a certainty. It's only a matter of time.

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you are right to some extend ..

in 2006, my friend who owns a 1500 sqft 3 bedder in Pacific mansion...almost sold it for 780k

i told her to keep ..
she said too old already ..
it was rented out at that time for 1.8k while shes renting a smaller unit herself at $900 ..so she pocket $ 900 a mth ..

i told her ..you go spa once a week already spend abt $500 a mth ..leaving 400 ..thats ntg to you .. and doesnt make sense at all ..i told her to take back the unit, throw in 10k to renovate and move in instead .

i managed to convince her not to sell (paper work all done, just short of signatory)..
she spent 8k and renovated till nice nice and move in ..

true enuff in 2007/8 the price went up to 1.8 mio ..
she said enbloc coming up ..and according to committee's calculation, she stood to receive 3.2 mio ..

at that time, i felt the fair value, with a little future value priced in would be 1800 psf .. meaning 2.7 mio .. so i told her to sell at 2.4 mio ..go advertise in the paper ..

she did .. and received 10 phone calls between 8-9 am and one even willing to buy withouit viewing ..

she was excited, and yet worried ..
saying if enbloc its 3.4 mio , and why i asked her to sell at 2.4 mio

to me ..enbloc is an uncertainty .. from 2006 to 2008, from 780k to 2.4 mio ...why not ?? if i didnt stop her, she would have already sold at 780k ..
so she should sell at 2.4mio ..take the money .. even at 1800 psf, 2.7 mio ..let someone else take that risk and make that 300k ..

SHE DIDNT LISTEN TO ME ..

and it fell thru ...

she could have sold at 2.4mio and bought back in 2009 at 900k

anyway ..she later rented it to out an expat couple ..who wanted renovated, but not nice nice unit ..cos they enjoy doing a little updating themselves ... ahahahha

it is still rented to them today at 4.5k ...

Quote:

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Originally Posted by proud owner

you are right to some extend ..

in 2006, my friend who owns a 1500 sqft 3 bedder in Pacific mansion...almost sold it for 780k

i told her to keep ..
she said too old already ..
it was rented out at that time for 1.8k while shes renting a smaller unit herself at $900 ..so she pocket $ 900 a mth ..

i told her ..you go spa once a week already spend abt $500 a mth ..leaving 400 ..thats ntg to you .. and doesnt make sense at all ..i told her to take back the unit, throw in 10k to renovate and move in instead .

i managed to convince her not to sell (paper work all done, just short of signatory)..
she spent 8k and renovated till nice nice and move in ..

true enuff in 2007/8 the price went up to 1.8 mio ..
she said enbloc coming up ..and according to committee's calculation, she stood to receive 3.2 mio ..

at that time, i felt the fair value, with a little future value priced in would be 1800 psf .. meaning 2.7 mio .. so i told her to sell at 2.4 mio ..go advertise in the paper ..

she did .. and received 10 phone calls between 8-9 am and one even willing to buy withouit viewing ..

she was excited, and yet worried ..
saying if enbloc its 3.4 mio , and why i asked her to sell at 2.4 mio

to me ..enbloc is an uncertainty .. from 2006 to 2008, from 780k to 2.4 mio ...why not ?? if i didnt stop her, she would have already sold at 780k ..
so she should sell at 2.4mio ..take the money .. even at 1800 psf, 2.7 mio ..let someone else take that risk and make that 300k ..

SHE DIDNT LISTEN TO ME ..

and it fell thru ...

she could have sold at 2.4mio and bought back in 2009 at 900k

anyway ..she later rented it to out an expat couple ..who wanted renovated, but not nice nice unit ..cos they enjoy doing a little updating themselves ... ahahahha

it is still rented to them today at 4.5k ...

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Pacific Mansions is today being transacted at $1,100 psf, which means your friend's unit is worth about $1.65 million if sold on the open market.

They tried to achieve (unsuccessfully) an en bloc price of $2,400 psf in 2007.

Business Times - 19 Jun 2007


At $2,400 psf ppr, Pacific Mansions will cost more than The Ardmore which was transacted at $2,338 psf ppr on Sunday.


The owners of Pacific Mansions could each make $2,200 psf of strata area - an estimated premium of 140 per cent to the average current transaction price (since January) of about $900 psf.


For $2,200 psf of strata area, your friend's unit would have netted $3.3 million, but it did not materialise. Never mind.

Let's work out. If St. Thomas Walk, which is just nearby Pacific Mansions, can achieve $2,300 psf and above, then the breakeven cost would be around $2,000 psf. Subtracting $400 psf for building and financing costs (this being a higher end area), that's an en bloc price of $1,600 psf. (No development charge is payable for this site).

The calculations for this site is a bit unusual because they have already built up beyond their allowable plot ratio of 2.8, to 3.84 (but the Government allows them to keep this, hence no development charge is payable).

At $1,600 psf ppr, the price per strata area would be around (2200/2400 * 1600) = $1,467 psf. Making your friend's unit worth (en bloc valuation) $2.2 million.

That's still much better than selling it at $780k in 2006 which she would have done if not for having a good friend like you.

Anyway, history has shown, time and again, that the best advise for properties is: Don't Sell.

How is the soft launch for Espada? sold out yet? Is this condominium or apartment (came across an ad stated as apartment)?

close to 60 units sold as of 2pm today...not too bad...as usual the units that move first are those small units with low quantum...

However there are still choice facing units...if u are keen to take a look at the showflat, do feel free to drop me a buzz at 81835132 or visit my website at www.lusholmz.com to download the e-brochure.

Finishing is not too bad...Facilities-wise top class for a D09 condo =)
IAS avail which makes the project easier to sell out fast...Nothing much you can complain about the location if u enjoy the yuppie lifestyle of D09 :cheers6:

Close to 70 units sold as of today.

only about 10 units sold from friday 2pm till today? :doh:

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Originally Posted by Reporter

Close to 70 units sold as of today.

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of cos lah...heard developer adjusted pricing up 4% due to overwhelming response for first 2 days...:spliff:

how can 70 out of 232 units sold be called overwhelming response???

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Originally Posted by home-run

of cos lah...heard developer adjusted pricing up 4% due to overwhelming response for first 2 days...:spliff:

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Originally Posted by bargain hunter

how can 70 out of 232 units sold be called overwhelming response???

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Probably only release 30 units at launch, so they overwhelmingly sold 70 units lor. :D

Sold out rate is 70/30 = 233%? :D

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Originally Posted by sleek

Probably only release 30 units at launch, so they overwhelmingly sold 70 units lor. :D

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i was there last friday, all units are available for booking. however, when u see URA statistics next month, they will probably say launched 80, sold 70 or something. LOL.

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Originally Posted by sleek

Probably only release 30 units at launch, so they overwhelmingly sold 70 units lor. :D

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Check out this site for details

http://www.propertylaunch.sg/Espada.php

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Originally Posted by URA

Private Residential Units Sold in the Month of November 2009

Project Name . Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Espada .............. CCR ........ 61 ........................... 61 .............................. 2,673 ............. 2,322 ............ 2,180

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Less than 27% sold during launch in November.

Today I went down to the show room. Strange the 2 bedder is psf is more ex than the 1 bedder. The showroom is so small and I was wondering if the rich would ever want to stay here. The low floor 2 bedder is priced at 2500psf.

Any comment on the fair psf?

Regards

Shaun

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Originally Posted by URA

Private Residential Units Sold in the Month of December 2009

Project Name . Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Espada ........... CCR ....... 81 ........................ 21 .......................... 2,462 ........... 2,337 ........... 2,170

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Can't break November's launch high of $2,673 psf.