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Thread: Furniture Vouchers Upon TOP, are Buyers Biting?

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    Default Furniture Vouchers Upon TOP, are Buyers Biting?

    FEO is given furnitures voucher equivalent to 3-5% of purchase price upon TOP, are Buyers biting this? I check today's ST papers:

    The Shore: 3%
    The Sound: 3%
    Horizon Residences: 3%
    Waterfront isle: 5%

    Anyone know furniture vouchers from which furniture store? Wonder if this "sweetener" has been effective to help Agent push and clinch deals since last's month cooling measures introduced.

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    Could this be 1996 all over again?

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    It is actually cash rebate. When project TOP and you (bank loan) have paid up 85%, they you give you this cash back.

    Do note that the amount you can loan is reduced by this 3-5% amount.

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    Quote Originally Posted by azeoprop
    It is actually cash rebate. When project TOP and you (bank loan) have paid up 85%, they you give you this cash back.

    Do note that the amount you can loan is reduced by this 3-5% amount.
    Oh, like that so " term furniture vouchers" stated in ads is a disgust for discount?

    Another ads in ST today page B6 promoting [email protected] along Upper Serangoon b4 Kovan, state " bring along this advertisement and enjoy 3% discount", very clear readers would know it is discount upfront.

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    So psf prices remains high in URA website... So they can answer to previous owner who bought higher... And if you sell before top, then no more discount.. So overall far east give less than 5% discount... Smart...

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    Quote Originally Posted by CCR
    So psf prices remains high in URA website... So they can answer to previous owner who bought higher... And if you sell before top, then no more discount.. So overall far east give less than 5% discount... Smart...
    Actually, FEO most "kiam", for them to give this type of furniture rebates means they want sales, so the Waterfront Isle project that they giving 5% would mean sales not within their expectation, if not probably 3%, like most of their existing projects.

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    Fri, 11 Feb ST papers, Floridian: 3% page b22 by FEO also have furniture vouchers.

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    How can they term this discount as "furniture vouchers"? I think our authorities should investigate. The intention is clear - to keep the PSF high - since "furniture vouchers" presumably can be disguised as an "expense" item which does not affect sales/revenue...

    Obviously FEO is not confident of some projects in certain districts to start cutting prices (in essense = price cut).

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    Quote Originally Posted by land118
    Fri, 11 Feb ST papers, Floridian: 3% page b22 by FEO also have furniture vouchers.
    When market not so good, FEO is the first to throw freebies.

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    Quote Originally Posted by Wild Falcon
    How can they term this discount as "furniture vouchers"? I think our authorities should investigate. The intention is clear - to keep the PSF high - since "furniture vouchers" presumably can be disguised as an "expense" item which does not affect sales/revenue...

    Obviously FEO is not confident of some projects in certain districts to start cutting prices (in essense = price cut).
    Under MAS rules, when take bank loans, the owner have to sign undertaking letter to declare any discount,rebates including furniture vouchers received. Its already in the current system. In 2009, I do have a 2% cash rebates upon TOP which I have to declare. This 2% is non transferrable should I subsale the unit to the new owner.

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    Looks like Tharman's turn to talk to press liao!
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

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    Quote Originally Posted by Wild Falcon
    How can they term this discount as "furniture vouchers"? I think our authorities should investigate. The intention is clear - to keep the PSF high - since "furniture vouchers" presumably can be disguised as an "expense" item which does not affect sales/revenue...

    Obviously FEO is not confident of some projects in certain districts to start cutting prices (in essense = price cut).
    "furniture voucher" as a "rebate" seems like a smart calculated move:

    1. The transaction price remains the same until TOP
    2. Illusion of a cheaper price (if subsale then rebate gone liao... need to sell at least 20% higher to break even - 17% SSD + 3% rebate - no factoring other cost: lawyer, buyers stamp duty lalalala.. )
    3. Circumvent the MAS regulations (loan amount still LTV -3% from rebate)
    4. A carrot for the consumer to buy now as they can remove it anytime, especially if the sales volume are good.

    Very smart move by FEO, won't be surprised if others follow suit...

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    if gov change rules to disallow local property developer to keep for rental after TOP including within the subsidary company, FEO sales price will sure drop...

    anyone care to share how many unsold TOP units are they keeping right now?

    I dont see that it is proper for them to do so... they are one of curprits to bring up the property price high high and quick quick and many other developers folllow suit.





    Quote Originally Posted by med80009
    "furniture voucher" as a "rebate" seems like a smart calculated move:

    1. The transaction price remains the same until TOP
    2. Illusion of a cheaper price (if subsale then rebate gone liao... need to sell at least 20% higher to break even - 17% SSD + 3% rebate - no factoring other cost: lawyer, buyers stamp duty lalalala.. )
    3. Circumvent the MAS regulations (loan amount still LTV -3% from rebate)
    4. A carrot for the consumer to buy now as they can remove it anytime, especially if the sales volume are good.

    Very smart move by FEO, won't be surprised if others follow suit...

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    Not possible to regulate that!

    Sister companies how?

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    Quote Originally Posted by kingkong1984
    Not possible to regulate that!

    Sister companies how?
    same lor developer cannot sell to sister company for rental. can only sell to investment company not affliated to FEO and property investors like us.

    or set a rule to state at any one time they cannot chop more than 10% of the completed units for rental within 24 months after TOP.

    ask the director to sign letter of undertaking and if they fault that, big fine.

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    Quote Originally Posted by rattydrama
    they are one of curprits to bring up the property price high high and quick quick and many other developers folllow suit.
    We have a free market economy what to do ? If they sell high you don't buy some China Ah Pek will come and snap up multiple units with bags of cash. Sinkies by nature kaisu, plus we need a roof over our heads lan lan have to buy high lo.

    A little bit off topic but i think a nation has to define what type of growth and development they want to achieve. At this rate, i see more and more segments of society being left behind leaving a widening divide which is never good for national unity...

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    I know of some projects even give extra discount if you are of certain profession.

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    Quote Originally Posted by rattydrama
    if gov change rules to disallow local property developer to keep for rental after TOP including within the subsidary company, FEO sales price will sure drop...

    anyone care to share how many unsold TOP units are they keeping right now?

    I dont see that it is proper for them to do so... they are one of curprits to bring up the property price high high and quick quick and many other developers folllow suit.
    Fri, 11 Feb classifieds ads in ST papers, the followings FEO ads for rental:

    Bukit villas along woodlands Ed
    Wood grove estate at ash wood groove
    Orchard scoffs
    Leonie condotel
    Grange 70 & 80
    Cavenagh Lodge
    Meadow Lodge off Bukit Timah road

    FEO well known for holding units if sales are bad to be launched later or for rental

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    FEO is not simple. Its holding power is extraordinary. Its backers must be quite powerful & hidden.

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    More updates, below ads in TODAY papers 12 Feb on FEO giving furniture vouchers for it's project:

    Greenwich 3%: pg 5
    The Tennery 3%: pg 7

    FEO really aggressive, maybe they hear about more measures or want to move as many as possible now

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    THey might have reduced their discount from list price and changed it to the cash back thing instead, so price remain the same haa haa. But consumers think they got a good buy.

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    Quote Originally Posted by azeoprop
    THey might have reduced their discount from list price and changed it to the cash back thing instead, so price remain the same haa haa. But consumers think they got a good buy.
    wow, like tat also can

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    Quote Originally Posted by azeoprop
    THey might have reduced their discount from list price and changed it to the cash back thing instead, so price remain the same haa haa. But consumers think they got a good buy.
    They have a duty to maintain prices for earlier buyers. If not what,s loyalty discounts?

    Also developers need to hold prices for one another. Price wars are bad for bottom lines. The rebates are not as good as outright discounts,

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    13 Feb, Sunday Times, more listing of FEO ads with furniture discounts:

    Chuan Villas & Henley Gardens: 2%
    Silversea: 3%

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    Quote Originally Posted by azeoprop
    THey might have reduced their discount from list price and changed it to the cash back thing instead, so price remain the same haa haa. But consumers think they got a good buy.
    It's very common. Mark up the prices and claim it's discounted.
    Yee ha! Did I tickle your funny bone?


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    Quote Originally Posted by land118
    Actually, FEO most "kiam", for them to give this type of furniture rebates means they want sales, so the Waterfront Isle project that they giving 5% would mean sales not within their expectation, if not probably 3%, like most of their existing projects.
    You are Right man... I think waterfront collection is over priced man.... Just went over the weekend... They just released the latest reservoir facing units... 1017 psf....

    Nothing at bedok reservoir and very close to lots of hdb flats man then drive a bit and reach the eunos industrial estate... That's why they want to clear the units there fast...

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    Quote Originally Posted by CCR
    You are Right man... I think waterfront collection is over priced man.... Just went over the weekend... They just released the latest reservoir facing units... 1017 psf....

    Nothing at bedok reservoir and very close to lots of hdb flats man then drive a bit and reach the eunos industrial estate... That's why they want to clear the units there fast...
    Ya, FEO offload as many as they can, so that they can reload their $ in re$erve. But then again, FEO projects somehow able to sell, they are damn good to entice buyers. Also damn good at controlling demand and supply, launching in phases,etc

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    Quote Originally Posted by ecimbew
    It's very common. Mark up the prices and claim it's discounted.
    its bad marketing to mark up the price. Usually base on damn high list price and provide early bird discount, special discount, royalty discount, stamp duty absorption etc.

    there are many other ways not necessary to resort to out right discount.

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    I heard Capital Land projects do not offer any rebate, discount, furniture voucher or absorbing stamp duty at all.

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    Quote Originally Posted by land118
    13 Feb, Sunday Times, more listing of FEO ads with furniture discounts:

    Chuan Villas & Henley Gardens: 2%
    Silversea: 3%
    More projects update, Today ST, Meadow Lodge, FEO giving 2% furniture voucher, sale with tenancy from $1150psf...

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