Foreigner needs advice...

Hi..I am a foreigner, been here for almost 3 years, renting condo in novena area. I am going to get out soon from city area since I cant afford the rental anymore...about SGD5k++ per month. it is nicely double than I paid two years ago. In new place where I am going to move soon, far in the east area, I am noy paying SGD3.3k++. the area that I never thought to live when I moved to singapore few years back.

A friend has suggested that I buy a condo since rental can be moving up further...so buying cond will hedge/protect me from risk of further hike in rental charge.

the problem is I dont have enough capital for 20% DP and etc. which translate into SGD200k++ for a 1mio condo...unless I sell my house in my home country..

second option is to buy new launch...those with deferred payment scheme, where I can provide 5% DP only. but other friends said, pricce esp rental will likely stop to rise in the next 2 years..since new supply will flood market by 2009...and new launch that I buy today will be completed only in 2011 or 2012..meaning the prices will get hit by the end of 2008 or 2009 when my apartment still not completed yet.

...any advice?

and how the deferred payment is actually working? how is it diferrent from progressive payment? is all new launch providing this deferred payment scheme?

thanks..xie xie..terima kasih!

I suggest you to buy in the end of upper bukit timah area . Price is still affordable. About $500.000-$600.000 I think around bukit batok condo. Its a nice area with nice condo.

I suggest you can join with 2 or 3 of your friends to buy a condo together. so each one of you just have to get s$200000
Get 3 rooms condo, share it with 3 of your friends.

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Originally Posted by urpas

Hi..I am a foreigner, been here for almost 3 years, renting condo in novena area. I am going to get out soon from city area since I cant afford the rental anymore...about SGD5k++ per month. it is nicely double than I paid two years ago. In new place where I am going to move soon, far in the east area, I am noy paying SGD3.3k++. the area that I never thought to live when I moved to singapore few years back.

A friend has suggested that I buy a condo since rental can be moving up further...so buying cond will hedge/protect me from risk of further hike in rental charge.

the problem is I dont have enough capital for 20% DP and etc. which translate into SGD200k++ for a 1mio condo...unless I sell my house in my home country..

second option is to buy new launch...those with deferred payment scheme, where I can provide 5% DP only. but other friends said, pricce esp rental will likely stop to rise in the next 2 years..since new supply will flood market by 2009...and new launch that I buy today will be completed only in 2011 or 2012..meaning the prices will get hit by the end of 2008 or 2009 when my apartment still not completed yet.

...any advice?

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Hi Urpas, on whether prices/rental will fall because of oversupply, it is your call. I don't think anybody knows for sure.

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Originally Posted by urpas

and how the deferred payment is actually working? how is it diferrent from progressive payment? is all new launch providing this deferred payment scheme?

thanks..xie xie..terima kasih!

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Progressive payment is when you pay progressively during the time your building is being constructed, according to building items that are being progressively completed. For example, you will have to pay a certain amount when the foundation work is done, another amount when the concrete walls and brick work is up, another amount when the windows are put in, another amount when the interior ceiling is done, etc etc.

Deferred payment is when you pay the downpayment for your new apartment, usually a certain percentage of your unit's price, and not pay the rest until the entire condo has TOP (Temporary Occupation Permit).

Do all new launches provide deferred payment? From what was claimed, launches such as Newton One and Trillium at Kim Seng do not have the deferred payment scheme at all. On the other side, launches such as Seafront at Meyer had only deferred payment. So it depends on the developer and what their considerations are.

Hope this helps. :cheers6:

thanks all for the advice...

Hi urpas - how big was the Novena condo you stayed in earlier? How many bedrooms and sq ft for 5.5k?

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Originally Posted by Unregistered

Hi urpas - how big was the Novena condo you stayed in earlier? How many bedrooms and sq ft for 5.5k?

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a 5k++ is a current price for 3BR, ard 1,300 sqft, thomson euro asia.

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Originally Posted by urpas

a 5k++ is a current price for 3BR, ard 1,300 sqft, thomson euro asia.

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Is it true the security guards there are well-dressed and polite? A friend told me the security guards wear shirt and tie and are well groomed.

I think the location of Thomson Euro Asia is superb, although the building has a funny color. By the way, there has been a track record of condos upping the rents once a cosmetic makeover and renovation has been done to the premises. Be prepared for higher rents once Thomson Euro Asia renovates their building.

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Originally Posted by nice place

Is it true the security guards there are well-dressed and polite? A friend told me the security guards wear shirt and tie and are well groomed.

I think the location of Thomson Euro Asia is superb, although the building has a funny color. By the way, there has been a track record of condos upping the rents once a cosmetic makeover and renovation has been done to the premises. Be prepared for higher rents once Thomson Euro Asia renovates their building.

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the security staffs are quite polite...but, it's not true that they wear suit or tie..:)
the condo is still quite new, 5yo, exterior is perhaps just so-so, but interior is great, quality finishing..i dont think it needs renovation at this stage.