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Thread: Freehold bargains still around

  1. #1
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    Default Freehold bargains still around

    Straits Times: Sat, Sep 03

    Freehold bargains still around
    SKY-HIGH home prices might be the talk of the town but there are still bargains to be had - if prices are anything to go by - even in this fevered market.

    At least 47 freehold homes have sold for $600 per sq ft (psf) or less - and under $1 million - so far this year, according to caveats lodged with the Urban Redevelopment Authority. That is sweet music for home hunters faced with prices that have been edging above $1,200 psf even in new suburban projects.

    Buyers have been finding lower-priced freehold homes around the Geylang, Hougang and Pasir Ris areas, though a cheap property can mean it is in a dodgy neighbourhood or has no end of problems.

    The cheapest home sold this year by unit price was a 2,433 sq ft apartment in Lorong 20 Geylang that went for just $251 psf - or $610,000 - in June.

    Ballota Park condo in Pasir Ris also had three apartments changing hands for under $1 million and at $600 psf or under, while Wing Fong Mansion in Lorong 14 Geylang had six.

    Surprisingly, there were also two units in prime District 11 that fell into the bargain-bin category. A 1,098 sq ft flat at Shelford Regency in Bukit Timah was snapped up at $546 psf - or $600,000 - while an 861 sq ft home at Novena Court was bought for $581 psf, or $500,000.

    The 47 transactions comprise only a tiny fraction of the 9,437 secondary transactions of non-landed homes - excluding executive condos - in the market this year. Experts say many of the units could be in older developments, in less convenient locations, in original condition or include private enclosed spaces that reduce the size of the unit's livable space.

    Chesterton Suntec International research head Colin Tan noted that many of the Geylang apartments are in seedy red-light districts. Some of the units could also be rented to foreign workers.

    'There could also be a financing issue where loans for such units are seen as higher risk, so potential buyers might have to fork out cash instead, further reducing the pool of buyers,' he added.

    Cushman & Wakefield's Asia-Pacific research senior manager Ong Kah Seng said such deals, especially for homes at $500,000 and below, have been falling. The number sold below $1 million has also fallen from 74 per cent of all non-landed transactions in 2005 to 45 per cent last year, Cushman's analysis showed.

    'The decline in their share is significant, largely due to a run-up in private residential prices over the years,' he said. '(It) also meant there are much fewer lower-cost choices available for buyers who may have to compromise on the accessibility, locality, the size or age, and tenure of their home to meet their budget.'

    But bargain-hunters might still bite. Smartloans.sg chief executive Vinod Nair estimates that an 80 per cent loan of $800,000 on a $1 million home on current interest rates means a monthly mortgage of just $2,700 on a 30-year loan.

    But Mr Ong said buyers should also note that some properties have limited resale value in terms of locality, or require higher maintenance costs due to age.

    Kim Eng analyst Ooi Ti Tung said that completed freehold units below $600 psf are attractive as the replacement cost of such units is at least $650 psf, comprising land and construction costs.

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    If only I can find such projects Its either I go for Freehold, or I go for EC. But for own stay, most of my friends and relatives advised against EC cos it is still LH tho cheaper..

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    FH at red light district.

    FH facing and very close to expressway.

    FH at ulu location where no one will consider if not for the price.

    FH at old and run down apartments where u need to spend money to restore and maintain.

    FH with history of ....

    The price is the give away.

    FH cheaper than LH, the buyer is smart or the seller is stupid? Who has the last laugh?

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    As long cheap, pple will buy..., some rich investor, small change...less than $1m, just buy and park some $ there...

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    Quote Originally Posted by land118
    As long cheap, pple will buy..., some rich investor, small change...less than $1m, just buy and park some $ there...
    There is a price for everything and winners can be made. It all boils down to investment criteria and time horizon. Self stay folks have diff sets.

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    I think the time for you to enter the market should be drawing very near, have you decided on a project and are you going for fh or lh?
    Quote Originally Posted by kingkong1984
    There is a price for everything and winners can be made. It all boils down to investment criteria and time horizon. Self stay folks have diff sets.

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    Quote Originally Posted by land118
    As long cheap, pple will buy..., some rich investor, small change...less than $1m, just buy and park some $ there...
    rich investor will buy this kind of places meh, more prob they go for the marc, 6000psf, 3000sqft more likely for small investors

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    Only 47 such transactions were made for few thousand investors waiting and looking. Chances are so small, its less than 1%. Such got relationship then can get such deals. Either agents scoop up or recommend to their friends and relatives. The rest of us got no chance de!

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    Quote Originally Posted by Regulators
    I think the time for you to enter the market should be drawing very near, have you decided on a project and are you going for fh or lh?
    Nope, u have anything to recommend?

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    Quote Originally Posted by ysyap
    Only 47 such transactions were made for few thousand investors waiting and looking. Chances are so small, its less than 1%. Such got relationship then can get such deals. Either agents scoop up or recommend to their friends and relatives. The rest of us got no chance de!

    I give u lobang...

    http://www.propertyguru.com.sg/listi...-fong-mansions

    http://www.propertyguru.com.sg/listi...le-summer-view
    Last edited by kingkong1984; 03-09-11 at 17:40.

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    Can also venture into other businesses.
    Quote Originally Posted by land118
    As long cheap, pple will buy..., some rich investor, small change...less than $1m, just buy and park some $ there...

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    Quote Originally Posted by Allthepies
    rich investor will buy this kind of places meh, more prob they go for the marc, 6000psf, 3000sqft more likely for small investors
    $20m asset, at least half paid ...and another $3-5m cash, u consider rich or nt? Or nt rich enough for u? My good friend, retiree, live in a semi-D, got another 2 terrace landed rented out, 2 condos rented out, nimble here and there....even in small property, as long he consider bargain. Sometimes, 1-2 properties may be empty at any time during changing of tenants. All his properties, OCR and RCR.

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    Retire at what age?
    Quote Originally Posted by land118
    $20m asset, at least half paid ...and another $3-5m cash, u consider rich or nt? Or nt rich enough for u? My good friend, retiree, live in a semi-D, got another 2 terrace landed rented out, 2 condos rented out, nimble here and there....even in small property, as long he consider bargain. Sometimes, 1-2 properties may be empty at any time during changing of tenants. All his properties, OCR and RCR.

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    Depends on the starting point. My friend's uncle never even worked before. Inherited 3 condos from his grandfather. Just collect rental and reinvest in other properties. C'est la vie...

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    Quote Originally Posted by DC33_2008
    Retire at what age?
    60.............

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    Quote Originally Posted by hyenergix
    Depends on the starting point. My friend's uncle never even worked before. Inherited 3 condos from his grandfather. Just collect rental and reinvest in other properties. C'est la vie...
    These are may be the quiet rich.., that the flashy type that need to live in CCR and drive flashy cars..., and there are many around, quietly enjoying life....collecting rental...(property can also include shophouses)

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    Hope to retire before 55 with properties to replace my active income from the job and enjoy the same lifestyle. May not be like your land 118's good friend. I am a simple person who does not drive flashy cars.

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    Quote Originally Posted by DC33_2008
    Hope to retire before 55 with properties to replace my active income from the job and enjoy the same lifestyle. May not be like your land 118's good friend. I am a simple person who does not drive flashy cars.
    Bro, possible la...., just invest at correct timing...when hit 55, just collect rental..., 4 wheels can liao....

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    Working hard to achieving my goal. 60 plus is rather too old to enjoy life. Got some friends who retires at 40 or goes part-time and enjoying life.
    Quote Originally Posted by land118
    Bro, possible la...., just invest at correct timing...when hit 55, just collect rental..., 4 wheels can liao....

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    Quote Originally Posted by DC33_2008
    Working hard to achieving my goal. 60 plus is rather too old to enjoy life. Got some friends who retires at 40 or goes part-time and enjoying life.
    I hope to retire around 55 years old. Whether I can collect rental to sustain depends on whether Singapore economy still attracts workers to come and rent from me in the next few decades. What will the world become? Maybe Singapore may not exist any more

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    Population will certainly grow with more FTs in Singapore even if there are more non-ruling MPs in parliament. There will be more graduates striving for better housing so there will still be a demand for private housing. Houses will be more compact and COEs will be more expensive. There will be more millionaires in Singapore and GST will be beyond 7%. Hopefully, I will still be around to see them.
    Quote Originally Posted by hyenergix
    I hope to retire around 55 years old. Whether I can collect rental to sustain depends on whether Singapore economy still attracts workers to come and rent from me in the next few decades. What will the world become? Maybe Singapore may not exist any more

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    Quote Originally Posted by DC33_2008
    Population will certainly grow with more FTs in Singapore even if there are more non-ruling MPs in parliament. There will be more graduates striving for better housing so there will still be a demand for private housing. Houses will be more compact and COEs will be more expensive. There will be more millionaires in Singapore and GST will be beyond 7%. Hopefully, I will still be around to see them.
    Now $1mil is common, many have property more than a million liao. If want to feel a bit rich, at least $5m in assets and cash combined.

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    Need at least $8mil asset(including fully-paid up properties) /cash to retire comfortabiy and happily as a family.
    Quote Originally Posted by land118
    Now $1mil is common, many have property more than a million liao. If want to feel a bit rich, at least $5m in assets and cash combined.

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    Quote Originally Posted by DC33_2008
    Need at least $8mil asset(including fully-paid up properties) /cash to retire comfortabiy and happily as a family.
    Our Toto jackpot and Big Sweep prizes is getting smaller and smaller with inflation and by property term$. Singapore Pools should look to up these prizes..., if not, win these top prizes, cannot consider windfall...liao

    Big Sweep - up from $2.2m to $5m

    Toto jackpot- min $2m

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    $8 mil at conservative 3% p.a. return is about $20,000 a month which is just about enough for a couple.
    Quote Originally Posted by land118
    Our Toto jackpot and Big Sweep prizes is getting smaller and smaller with inflation and by property term$. Singapore Pools should look to up these prizes..., if not, win these top prizes, cannot consider windfall...liao

    Big Sweep - up from $2.2m to $5m

    Toto jackpot- min $2m

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    Quote Originally Posted by DC33_2008
    $8 mil at conservative 3% p.a. return is about $20,000 a month which is just about enough for a couple.
    $20k per month is not enough. You still need to pay 10 servants and butlers, change to a new sports car and and tour to the hottest destinations every month, dine in fine restaurants, drink the most exotic wine and enjoy spa every day...

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    Quote Originally Posted by hyenergix
    $20k per month is not enough. You still need to pay 10 servants and butlers, change to a new sports car and and tour to the hottest destinations every month, dine in fine restaurants, drink the most exotic wine and enjoy spa every day...
    Like that, need to add another 2 zeros ...

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    can lah... just downgrade your living to a poorer country...

    can be king there... maybe in india!

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    As I said earlier, I am a simple person who does not need flashy cars. Just one/two maids will do and travel once every two months.
    Quote Originally Posted by hyenergix
    $20k per month is not enough. You still need to pay 10 servants and butlers, change to a new sports car and and tour to the hottest destinations every month, dine in fine restaurants, drink the most exotic wine and enjoy spa every day...

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    Quote Originally Posted by kingkong1984
    can lah... just downgrade your living to a poorer country...

    can be king there... maybe in india!
    Just watched a Chinese (Ch8 or whatever) TV documentary. The Indian gardener owns several properties in India Pls show some respect to the foreign worker gardeners!

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