Watertown : Punggol Waterfront Living

[amk]

... I used to remember the FH condo beside Dhoby Ghaut properties are selling around the same price at Watertown, 1.3-1.5k psf. ...

as a matter of fact, today you still have LH condo in Orchard Boulevard at $1390 psf. the catch is, not at a token sum of just a few hundred k.

so the game did not *really* change that much. the only thing that changes a lot is, developers like FEO discovers new way to profit in this business. Small quantum enables almost any HDB family to be in property investment, especially for projects that do have merits. WT does have nice plus points (as compared with KPLD's Sengkang project).

So with almost 70% of WT dedicated to small 1/2 bedrooms, it's no secret most buyers are HDB investors. For investors, I can only say this is an untested market. Would a FT rent a 1bd at Punggol among all the bigger HDBs around ? Maybe. It's of course a risk.

[Mohankrish]

you made the right choice, best of both worlds in fact! Facing the main pool plus got a partial view of the waterfront. Front facing may end up very noisy with many restaurants below including large crowds during week-ends. Fortunately you went for 81 otherwise you end up paying 25% more for front stacks which is commanding around $1,400psf now.

Not really! I can't afford it at $1400psf!

[mkl22]

Very true indeed!
Our little red dot has limited land, property prices has only one direction to move upwards and with this trend, freehold land doesnt really hold true anymore. Nowadays, people doesnt bother with freehold, afterall we dont live that long and do they care about the next generation to pass on their properties. If they can afford, they rather spend their money and live in style at whichever district of their choice.
For comparison, Kovan Residences 99 years lease (just TOP) versus freehold Bliss Kovan (just launched & a stone throw away), both transacting about the same price of $1,400psf. Bliss was launched few months ago and so far, less than 50% sold as reported by developer (BBR) in the Business Times last week.

the freehold vs 99 will be tested when some properties hit close to 99years and we can actually see what happens next. as will the state take back the land and chases those living there out. then maybe there can be a clearer distinction between freehold vs 99.

[amk]

Test water prices exceeded expectations so FEO strike iron while hot, ramped up the prices ridiculously to capitalise on the feeding frenzy and herd mentality.

CDL Qwek's words of wisdom:

1) "It's never about affordability. It's the sentiment"
2) "The higher the property prices, the more people will buy".

[kane]

i might not see that in my lifetime. lol.

[Mohankrish]

FEO pricing is weird.
25% price differenece is a very huge difference.
I dont think the view can cause such a big difference in price.
Anyway, he definitely got a very good deal.

Actually it's a 40% difference to be exact! Incredible!

[kane]

CDL Qwek's words of wisdom:

1) "It's never about affordability. It's the sentiment"
2) "The higher the property prices, the more people will buy".

it's the same as stocks.

[fclim]

the freehold vs 99 will be tested when some properties hit close to 99years and we can actually see what happens next. as will the state take back the land and chases those living there out. then maybe there can be a clearer distinction between freehold vs 99.

I thought it has already been tested? Many 99 LH (except landed) properties successfully concluded their collective sales in recent years? It is a win-win formula.

Majority of the properties are 99 LH. ALL HDBs are 99LH. What will happen if such a scenario occurred, i.e., chase residents out and take back the land? The whole property market will collapse. Do you think the gahmen want that?

Don't be surprised that even before we reach that stage, the gahmen may start introducing 60 years LH land to turn around the properties faster.

[buttercarp]

Actually if people are willing to pay such high price and later no one is willing to let go at a low price, then the price will be high.

Example is a priceless painting.
For me I don't know how to appreciate paintings, therefore i will never understand why some can pay millions for it, other than for investment purposes.

[howgozit]

the freehold vs 99 will be tested when some properties hit close to 99years and we can actually see what happens next. as will the state take back the land and chases those living there out. then maybe there can be a clearer distinction between freehold vs 99.

I think may not have to wait that long. The banks will get cautious even before the 99LH is up. The test is in the financing the banks are willing to offer when CPF restrictions kick in when the property reaches 40yeras old.

What happens then will have an effect on other 99LH properties. In the last few years with all the enbloc frenzy, a lot of LH properties have been given a new lease of life thru enbloc so the CPF restrictions no opportunity to have an impact.

[mkl22]

I thought it has already been tested? Many 99 LH (except landed) properties successfully concluded their collective sales in recent years? It is a win-win formula.

Majority of the properties are 99 LH. ALL HDBs are 99LH. What will happen if such a scenario occurred, i.e., chase residents out and take back the land? The whole property market will collapse. Do you think the gahmen want that?

Don't be surprised that even before we reach that stage, the gahmen may start introducing 60 years LH land to turn around the properties faster.

only for HDB hor...and for HDB, you are a lessee and not a strata owner. this is different for private 99LH. like The acardia. their lease will not be renewed. the point is no one knows exactly what the govt will do. everyone can say what they want. which is why i say the difference will be clear when a private property actually hits the 99year mark.

anyway your statement is conflicting. on one hand you say the govt will not chase people out when the 99year is reach but now they want to introduce 60LH. to make a shorter LH work you will need to chase people out or make then pay the lease again right? and if some of the strata owners dun pay? then you need to set up a department to kick those who dont pay out and keep those who pay?

[kane]

there are some HDBs in bukit merah and toa payoh approaching 40 years if i remember correctly. en bloc not yet happen.

[ysyap]

there are some HDBs in bukit merah and toa payoh approaching 40 years if i remember correctly. en bloc not yet happen.

Public housing is govt's initiative. These old HDB flats will get their SERS in due time. Just don't know when. Mr Khaw has plenty on his platter now so worry about SERS.

[kane]

Public housing is govt's initiative. These old HDB flats will get their SERS in due time. Just don't know when. Mr Khaw has plenty on his platter now so worry about SERS.

actually i would have thought doing those in parallel would help because essentially, they would be increasing the supply and maximising the plot ratios on the existing old plots.

[howgozit]

Q: How much of my CPF savings can I withdraw to buy a private property with remaining lease of less than 60 years but at least 30 years?

A:You can use your Ordinary Account savings, and the future monthly CPF contributions in this account to buy the property and/ or to pay the monthly installments of the housing loan up to the applicable Withdrawal Limit (WL). The applicable WL is set at a level that covers the estimated depreciated value of the property when the member reaches the CPF withdrawal age of 55 years. It is calculated based on the ratio of the remaining lease when the member is 55 years old, to the lease at the point of purchase.
Example:

A 35 year old member buys a private property with 50 years of lease remaining. When the member turns 55 years old, the property will have 30 years of lease remaining.
Hence, the applicable WL = 30/50 x 100% = 60% of *Valuation Limit
* Valuation Limit is the lower of the purchase price or the value of the property at the time of purchase.
In the case of properties with remaining leases less than 60 years but at least 30 years, the applicable Withdrawal Limit is the ratio of the remaining lease of the property when the member is 55 years old, to the lease at the point of purchase. Please refer to the following table for more details.

[mkl22]

i think the 1st plots of 99years LH reaching expiry will be those landed at rifle range and maybe near tanah merah station? in another 20years or so?

But these are landed and affects only a few. wait till it comes to those condos with 200-300 units or more. then we can know what exactly happens

[fclim]

only for HDB hor...and for HDB, you are a lessee and not a strata owner. this is different for private 99LH. like The acardia. their lease will not be renewed. the point is no one knows exactly what the govt will do. everyone can say what they want. which is why i say the difference will be clear when a private property actually hits the 99year mark.

anyway your statement is conflicting. on one hand you say the govt will not chase people out when the 99year is reach but now they want to introduce 60LH. to make a shorter LH work you will need to chase people out or make then pay the lease again right? and if some of the strata owners dun pay? then you need to set up a department to kick those who dont pay out and keep those who pay?

No conflicting statement. 60 yrs LH to turn around the land faster. Every area needs rejuvenation to avoid becoming a slum. Needs mindset change from banks, CPF board.

Anyway, gahmen dun kick people out, but go for collective sales and top
up lease.

[mkl22]

No conflicting statement. 60 yrs LH to turn around the land faster. Every area needs rejuvenation to avoid becoming a slum. Needs mindset change from banks, CPF board.

Anyway, gahmen dun kick people out, but go for collective sales and top
up lease.

for collective sales still need 80% right. what if no 80%? then somehow force people to sign to get 80% to become a collective sale? and for lease top up the old building still stands then, so how does it tie in with your renewal process. am still talking about private leasehold, not HDB which is totally different.

not sure if i am understanding you completely. others can correct me? or help me understand what fclim is saying.

[lifeline]

http://www.realestatebriefings.com/r...erd-mentality/

useful explanation. we all take solace in companionship.

[chanel]

for collective sales still need 80% right. what if no 80%? then somehow force people to sign to get 80% to become a collective sale? and for lease top up the old building still stands then, so how does it tie in with your renewal process. am still talking about private leasehold, not HDB which is totally different.

not sure if i am understanding you completely. others can correct me? or help me understand what fclim is saying.

Yes, en-bloc sale needs at least 80% approval from owners.
Some people like to buy old apartments, trying to cash in for enbloc sales, very lucrative cos can profit almost double.
For old HDB blocks which are redeveloped, they offer owners brand new units at nearby location but need to top-up.

[pineapple]

I find it hard to believe the buyers of WT feel that their purchases are good deals when they are paying the highest psf amongst all the properties in Punggol currently.

Sorry, this is just a frank observation. No intention to pour cold water. WT is really a nice development for own stay.

Highest PSF is logical given its the most valued plot of land in Punggol.

[minority]

Highest PSF is logical given its the most valued plot of land in Punggol.

Perceived value FEO is tell all the C.....

[minority]

CDL Qwek's words of wisdom:

1) "It's never about affordability. It's the sentiment"
2) "The higher the property prices, the more people will buy".

Yes and u realized a lot are sgpean . Usually that single the end of the cycle. Leaving many sgpean holding to assest. The smarts foreginer investor all off load , developer off load.

Pity all the C... I mean buyers

[minority]

last time only those near city can command high price but now the buying sentiment has changed. now PPL look for convenient then to be near city. the new generation want new lively town. as long it is near MRT or mall (best is near both) the new generation is willing to pay for it. anyway spore is so small, even if you travel from east to west or north to south, the most you spend one to one n half hour of journey. the new generation is looking for far from noisy town but equip with necessary amenities and near MRT. as long a project that fulfil such requirement, it will attract buyer.

This is herd instinct. Like horse 1 run all run.. Why run? Dono just follow..

[minority]

Another way to look at it is that the people who bought later got a very bad deal.

Test water prices exceeded expectations so FEO strike iron while hot, ramped up the prices ridiculously to capitalise on the feeding frenzy and herd mentality.

FEO really milked it and lapped it up.

I m sure the FEO agents scream HUAT aH!!!!

[Xan]

Yes and u realized a lot are sgpean . Usually that single the end of the cycle. Leaving many sgpean holding to assest. The smarts foreginer investor all off load , developer off load.

Pity all the C... I mean buyers

Why pity the rich when they hv spare cash to be used for property investment?
Actually, we pity you more

[Xan]

This is herd instinct. Like horse 1 run all run.. Why run? Dono just follow..

Because this project "no horse run"

[minority]

Why pity the rich when they hv spare cash to be used for property investment?
Actually, we pity you more

No need to pity me I already bought many an offloaded to fellow sgpean .

[minority]

Because this project "no horse run"

Hah hah ok no horse run following a no eye deer.

[Xan]

No need to pity me I already bought many an offloaded to fellow sgpean .

Why u like dreaming and talking to yourself?
Yawn zzz. No one interested in your stories lah.
Coincidentally, your "success stories" sounded like mr B