It's not a given gahmen must compensate - after all they reserve the rights to touch the land up to a certain percentage for works...Originally Posted by Regulators
Emeritus Senior
It's not a given gahmen must compensate - after all they reserve the rights to touch the land up to a certain percentage for works...
Senior
I think you may be right, if the part of the land taken is not significant. I am waiting to see what the owners of the macpherson landed will get
Newbie
I think there will be compensation but it will probably be unfair to certain units.
Imagine your unit faces the road and you have to endure the construction works for many years and then later on the pollution and noise from the expressway.
I used to own a unit facing the road in Nuovo but I sold it off in 2009. Lucky....
Else who will want to buy a unit there now...
Junior
why are u shock?
have u seen EC transacted abv 900psf?
Junior
It Will be compensated. pAlso these expenses incurred ,eg attending collector hearing, engaging assessor will be reimbursed.
The golden question is how much is compensated.?
Junior
Hard to determine. At one hand the condo belongs to all resident according to the nos of shares, on the other hand you can not deny the fact that certain units are directly affected.I will go and find out
Senior
do let us know your findings, would be interesting to know what the outcome is
Emeritus Senior
My comment is not generic - was on Nuovo specifically.
It is, after all, a non-privatised EC facing a future expressway and 800psf is really too high.
Junior
800psf was done b4 the expressway annoucement. Felt pity for the residence there. I quite like this condo as their layout is very good and efficient...there...
Go for Smallest Unit
Yes, nice project, get the SSD slap also.... Nuovo.
Need luck now.
Newbie
I don't really like it after living there for 5 years.
The plot area is too small and longish.
The swimming pool is very close to the road and mrt track. Now it is even worse after the NSE announcement.
Junior
but ur unit shld be quite spacious rite ?
Emeritus Senior
Yup that's why I said 800psf now is really too high...before NSE announced maybe still ok
Junior
actually if you follow the route of the express way..all the way from neuvo to lentor ave..there there alot of hse, thu not being aquired, is very very near to the expressway...
neuvo's the new so big because of the area being aquired, also catle green, if to compare the effect of noise/air pollution, alot alot of are affected...(country side rd, sembawang cottage)
i believe that the price resistance will be there and prolong as the immediate impact is not being physically seen..
I sell Cheese Pie
No 550psf No Buy!
Go for Smallest Unit
It's like that, price down when real impact seen n felt.
Walk away as few deals possible.
Buyer factor in expressway
Seller won't discount too much as in denial
Big gap
Few deals or no deals
Bricks & Mortar
Any
know guideline on how compensation is made by government? Should be by area but at what psf? Maybe based on some average for that district over a period of time, I doubt it is based on lastest psf rate.
Emeritus Senior
That is all under negotiation. Some of the good facing units won't care, mostly it will be that small select group (whose units face NSE) KPKB.
So the constituency mgmt will look at how many potential votes they might lose - if too small then they have higher bargaining power
Go for Smallest Unit
http://www.propertyguru.com.sg/listi...for-sale-nuovo
Seems good deal for a 3 bedder
Emeritus Senior
Has potential to go even lower...wait till 2013 when construction commences....
Bricks & Mortar
Agree, once the banging, drilling start, dust, road diversion, jams, noise, meetings to iron out compensation, anxiety of uncertainty, etc, some may just throw in the towel and sell out especially those with young kids. Those owners trying to sell now while price if discounting a bit may be the smarter ones...
Go for Smallest Unit
Must factor in cooling measures too. Can consider if price is 750 k or lower. Should not go below $550 psf....
Newbie
the unit is of course more spacious than most current developments. 1389 sqft. But as a condo it doesn't really work out nice.
Main thing is the pool and recreational facilities. They are all right beside the road and mrt line. Seriously when the construction starts, will you want to go swimming/barbecue beside it???
I have to walk past an major road underpass construction on my way to work every morning and it is REALLY REALLY dusty. like cannot breath kind....
It also depends on your facing. All 1389 sqft units faces the main road. the 1119 sqft units faces the other side so not so bad.
I am really glad I sold it in 2009 for around 640 psf
Go for Smallest Unit
1119 luxurious by today's standard
1389 super luxurious...
Since 640 in 09, add 50 per year and max this year should be 740 only. 690 psf is fair deal.
Bricks & Mortar
If u had bought it from Day 1, you would have reap a tidy profits, probably bought below $400psf:
http://ir.cdl.com.sg/phoenix.zhtml?c...8571&highlight=
Buyers snap up over 80% of units at Nuovo EC's Launch
City Developments Ltd (CDL) launched Nuovo EC in Ang Mo Kio and saw 75% sold at an average price of $389 psf as at 2am this morning, when the sales office closed. Buyers with queue numbers who had not been served as at 2am this morning came back to the sales office to be served today. In addition, new buyers are still streaming in. As at lunchtime today, over 80% or 240 units have been taken up.
Even though the sales launch was originally on 17 Nov, buyers had started queuing since last Wednesday, 7 November. Because of the good response, the sales launch was brought forward twice – from 17 Nov to 14 Nov; and again from 14 Nov to 10 Nov. To make those in the queue comfortable, CDL set up tents with air-conditioners, provided 3 meals a day as well as free flow of drinks.
Mr Chia Ngiang Hong, Group General Manager said, “We are very happy with the overwhelming response for Nuovo EC on the first day of its launch. The long queue that formed well ahead of the launch date had given us an indication of the strong interest. In spite of this, however, we made a conscious decision to price the units according to current economic conditions, although we could have raised the average selling price.”
Nuovo EC is Singapore’s first major property launch following the General Elections. Located at Ang Mo Kio Avenue 6/9 and close to the Yio Chu Kang MRT Station, Nuovo EC’s 297 units are attractively priced at an average net of $389 psf after absorption of stamp duty by the developer. Prices range from $431,955 for 3-bedroom apartments, $584,443 (4-bedroom apartments); and from $693,857 (maisonette penthouses).
“The success of Nuovo EC could be attributed to several factors. Besides the excellent location of Nuovo EC, CDL is able to offer to buyers quality developments with great investment potential based on its strong brand and reputation of 40 years in the residential property market. Buyers were also aware that with interest rates at an all-time low, the prevailing prices for residential property presented an attractive, entrepreneurial proposition that they could not turn down.”
The Government has put in place various positive actions through the off-budget measures to revive the economy. These measures and the strong mandate received by the Government at the General Elections have brought about some positive effects, Mr Chia added. In a bid to stabilise the property market, the Government has suspended all land sales until the end of 2003
Go for Smallest Unit
It's sold after elections. Grandeur 8 only slightly higher at 4xx psf then. Post election good?
Multiplier of 1.5 can sell Liao, 400 can sell at 600 psf due to bad news. Add 50 psf as profit and there would be buyers.
Bricks & Mortar
Ya, fair value should be about in the $600 psf range
Newbie
nuovo...
those who want to sell will already sell LONG ago as most bought at launched.
I think all my neighbours sold. So most of the owners now are those who bought a 600-750 psf.
you think they will sell at 600psf??? only if they are desperate. most of the buyers are hdb upgraders who want to stay at AMK. These people are quite rich actually.
Emeritus Senior
yup that is likely...if you bought at less than 389psf if a cheque dangles in front of you for 600 you'll have grabbed it already
i recall a penthouse facing the road and school asking 1.3+M, then changed their mind and marketed at 1.5M as they claimed bank gave them a higher valuation...i checked the caveats i think they sold for 1.438M - they were very lucky to get out before the NSE news hit
I think prices will moderate now around 700 psf...there are 42 listings in propertyguru
Bricks & Mortar
For current owners who are HDB upgraders and bought from market, and want to stay in AMK, then one would presume they will stick it out amidst the construction and endure it through. Since as diehards, it will be easier for them to endure the construction phase.
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