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Thread: The Infiniti (D5, Freehold, Frasers Centrepoint)

  1. #211
    123 Guest

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    Sonia Kolesnikov-Jessop

    After two years of exuberance, activity in the private housing market in Singapore has slowed to a near standstill. The number of new property sales, measured on a monthly basis, contracted 64.9 percent in April, as buyers became more cautious and took a wait-and-see attitude. As a result, several well-publicized launches have been put on the backburner for an indefinite period and some developers have started to drop asking prices, for example at The Lakeshore in Jurong West and Blu Coral in Telok Kurau.

    An air of doom and gloom has settled over Singapore’s residential property market and vultures are circling, proclaiming the Singapore residential property market is about to collapse by 30-40 percent, but are they interpreting the facts correctly? Not all experts agree, with some calling the current market downturn more of a short-term blip rather than the beginning of a market collapse.

    “The slowing of the property market is a natural development after prices skyrocketed on the back of very strong demand,” says Sherman Chan, an economist at Moody’s Economy.com, “but a 30-40 percent collapse is highly unlikely. The construction sector is an important growth driver for Singapore and I don’t think the government would let it collapse as there would be wider ramifications. Let’s not forget that the government imposed some measures last year to cool down the market and these measures could very well be lifted if need be.”

    In recent weeks, several bearish reports have forecast a dramatic plunge in home values over the next two years. Barclays Capital believes private home prices could slide 28-30 percent by 2010, while Credit Suisse predicted a price decline of 30 percent in 2008-2009.

    The bears are pointing to several factors suggesting the writing is on the wall. The stock of unsold condominiums (as measured by projects that have been issued a sales license) rose to 10,861 units in the first quarter of this year, 34 percent higher than the quarterly average in 2007 and back up to levels not seen since June 2005. Net CPF withdrawals for private property have turned negative for the first time, reflecting the decline in transaction as well as profit taking by local buyers who own more than one property. “This has never happened before, not even during the 1998 Asian Financial Crisis,” notes Barclay Capital economist Waiho Leong. And vacancy rates in non-landed property developments have also risen in recent months toward 6.3 percent, compared with 5.6 percent in the last quarter of 2007. Credit Suisse, in its recent report, argues that this will rise further to 9.8-19 percent, on a base and worst case scenario. This could in turn trigger a sharp fall in rentals further weakening the market. “The last time vacancies shot up from 5.8 percent to 9.7 percent, rentals fell by 41percent,” Credit Suisse Tricia Song wrote referring to the year 1996.

    Casting long shadows on the markets are the estimated 66,000 home units expected to be completed between 2009-2012, as well as the possible unwinding of speculative purchases. Unless many of the developments that are currently in the pipeline are postponed, a cumulative surplus could provide a glut that will be felt most acutely in 2010, Leong warned.

    The bears also argue that given the current thin sales environment, the small price growth recorded by the URA indices do not reflect sentiment and can easily be biased by a few high-end sales. A better gauge of sentiment is land prices and developers’ waning appetite for recent URA auctions, they say. In May, a 99-year residential leasehold site in Choa Chu Kang Drive attracted a top bid of only $203 per square foot per plot ratio, well below the $230-$270 psf ppr range the market had expected.

    But not everybody agrees. “I think bad interpretation of data is causing the string of bad news,” says Ku Swee Yong, Director, Savills Residential Private Limited.

    Ku points out that the supply figures touted by some analysts bundle together planned, under construction and complete unit numbers. “The reality is that any apartments expected to complete in 2010 but still not under construction today, is unlikely to be completed on time given that the average construction period for a 20 storey apartment block takes 24 months from foundation works till handover” Ku remarks.

    “The construction sector is tight on resources today and unless there are policy changes given to encourage faster pace of construction, the ‘oversupply scenario’ is not a realistic one,” he adds.

    Tay Huey Ying, Director for Research and Consultancy at Colliers, agrees, pointing out that although the supply pipeline appears a “bit on the high side,” once delays and abandonment of project developments are taken into account, “the new supply will be much lower than expected.”

    Leonard Tay, director, CBRE Research also points out that many of the units will be taken out by either en-bloc sellers who need to relocate, or new expatriates moving here. “There is a lack of activity in the market, but property prices have been holding. I believe there are still a lot of buyers in the market with ready cash; they’re just waiting for what’s next,” Tay says, forecasting that the luxury end of the market may “dip just a bit” this year, but prices should hold for now.

    As for the units bought under the deferred payment scheme that some say will be “dumped” in the market as the construction is completed, Ku says their number is probably limited to around 2,900, 10 percent of the 29,000 units that URA has given approval for sale under Deferment Payment Scheme. “Not that much to worry about,” he says.

    Many property consultants are pointing to the long-term prospects for the Singapore property market supported by the positive vibe stemming from the Integrated Resorts and events such as the F1 race and the 2010 Youth Olympics.

    “I think the Singapore property market is still pretty strong. We could see a mild correction, but I don’t see that as a concern because the government is still trying to attract expatriates to work here and they will contribute to demand for properties,” Chan says.

    Tay also points out that given the anticipated continuing influx of foreigners, the 15-year historical average number of 7,000 new units needed a year is likely to increase to 8,000 to even 10,000 units.

    “So I don’t foresee an oversupply situation as yet. I don’t think the sky is about to fall in,” she says.

  2. #212
    Unreg¡stered Guest

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    Quote Originally Posted by 123
    Sonia Kolesnikov-Jessop

    .............

    “I think bad interpretation of data is causing the string of bad news,” says Ku Swee Yong, Director, Savills Residential Private Limited.

    Ku points out that the supply figures touted by some analysts bundle together planned, under construction and complete unit numbers. “The reality is that any apartments expected to complete in 2010 but still not under construction today, is unlikely to be completed on time given that the average construction period for a 20 storey apartment block takes 24 months from foundation works till handover” Ku remarks.

    “The construction sector is tight on resources today and unless there are policy changes given to encourage faster pace of construction, the ‘oversupply scenario’ is not a realistic one,” he adds.

    Tay Huey Ying, Director for Research and Consultancy at Colliers, agrees, pointing out that although the supply pipeline appears a “bit on the high side,” once delays and abandonment of project developments are taken into account, “the new supply will be much lower than expected.”

    Leonard Tay, director, CBRE Research also points out that many of the units will be taken out by either en-bloc sellers who need to relocate, or new expatriates moving here. “There is a lack of activity in the market, but property prices have been holding. I believe there are still a lot of buyers in the market with ready cash; they’re just waiting for what’s next,” Tay says, forecasting that the luxury end of the market may “dip just a bit” this year, but prices should hold for now.

    As for the units bought under the deferred payment scheme that some say will be “dumped” in the market as the construction is completed, Ku says their number is probably limited to around 2,900, 10% of the 29,000 units that URA has given approval for sale under Deferment Payment Scheme. “Not that much to worry about,” he says.

    Many property consultants are pointing to the long-term prospects for the Singapore property market supported by the positive vibe stemming from the Integrated Resorts and events such as the F1 race and the 2010 Youth Olympics.

    “I think the Singapore property market is still pretty strong. We could see a mild correction, but I don’t see that as a concern because the government is still trying to attract expatriates to work here and they will contribute to demand for properties,” Chan says.

    Tay also points out that given the anticipated continuing influx of foreigners, the 15-year historical average number of 7,000 new units needed a year is likely to increase to 8,000 to even 10,000 units.

    So I don’t foresee an oversupply situation as yet. I don’t think the sky is about to fall in,” she says.
    Is there a need to post this piece of news everywhere?

  3. #213
    Jam Guest

    Smile TOP

    Quote Originally Posted by Unregistered
    Hi everyone,

    For your reference, I'm in the construction line. From the way I see, ID works seems started 3 months ago. According to to the stage of works, the ID works should take another 8 months or so, then follow by QM checks by the appointed assessor, hence this part the contractor will take another 2-3 months for preparation works. Then the contractor will probably be doing the hand over job in March. I dont think end of dec 2008m will be ready. Actually if Infiniti can TOP by March 2008 is considered very fast due to the sand forbid last year and the price of steel went up by nearly 100%. So we will look forward togther and wish that Infiniti can TOP by March next year.
    Halo! Have you been around the development lately? Whats your take on the progress?

  4. #214
    Unreg¡stered Guest

    Default

    Quote Originally Posted by blackjack21trader
    Okay Okay, after receiving so many pms ( some sarcastic ones too )regarding why I bought 4 units here in West Coast. So as not to be selfish , I shall share with all here today. My humble reasons are as follow :

    1) There is an supply and demand imbalance for private housing here.
    2) There are many middle and high ranking managers of huge MNCs here looking for a decent condo housing in West Coast/ Jurong since 2002.
    3) An agent of mine showed me last year that on the average, a private condo unit is vacant here only for a week with a rental return of 5%!
    4) Coupled with the in progress research companies developments and billions foreign energy investment here , I think the imbalance would only get worse in the next 2-5 years.
    5) Because of this lack of private condo supply here, the potential tenants here are now looking for subsitute areas like Upper Bukit Timah and Pasir Panjang instead.

    Mid and mass tier MOVING UP AND UP. WEST COAST MOVING UP AND UP !

    Just my humble take. A 2 cents worth only . LOL
    Gte ready to cheong ah!

  5. #215
    Unregistered1 Guest

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    yes I think so price will be dropping...from URA caveats the transactions are slow and even if there are transactions they are below 700psf for Carabelle, Infiniti...

  6. #216
    Join Date
    Jun 2007
    Location
    D15
    Posts
    5,095

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    Quote Originally Posted by Unregistered1
    yes I think so price will be dropping...from URA caveats the transactions are slow and even if there are transactions they are below 700psf for Carabelle, Infiniti...
    Sorry to disappoint you, the price in July just went up:


  7. #217
    Unreg¡stered Guest

    Default

    Quote Originally Posted by Unregistered1
    yes I think so price will be dropping...from URA caveats the transactions are slow and even if there are transactions they are below 700psf for Carabelle, Infiniti...
    Quote Originally Posted by blackjack21trader
    Sorry to disappoint you, the price in July just went up:

    Went up? Good what!

  8. #218
    Join Date
    Mar 2007
    Posts
    191

    Default

    anybody can confirm that infiniti is within 1km of Nan Hua.
    27 places left for Phase 2C

  9. #219
    Unreg¡stered Guest

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    Quote Originally Posted by ht
    anybody can confirm that infiniti is within 1km of Nan Hua.
    27 places left for Phase 2C
    Wah liao! Confirmed lah!

  10. #220
    Join Date
    Mar 2007
    Posts
    191

    Default

    Thanks bro,

    I am pretty sure myself, but just want to hear something official about it.
    Anything >1km cannot "smell" liao....

  11. #221
    Unregistered8 Guest

    Default

    Quote Originally Posted by ht
    Thanks bro,

    I am pretty sure myself, but just want to hear something official about it.
    Anything >1km cannot "smell" liao....
    hehehe.....it's not my turn to worry about it pri school yet. my kid is only 1.5 yo. Been hearing from friends who were damn kan cheong abt 2A, 2B, 2C....never understand wat they are talking about also. anyways, let me sit back and relax meanwhile.

    and yes. botannia, carabelle and infiniti are all within 1km from nan hua.....

  12. #222
    West Coast Guest

    Default

    Latest!!

    psf at 774 from www.nationproperty.sg

  13. #223
    Molly Guest

    Wink

    Quote Originally Posted by West Coast
    Latest!!

    psf at 774 from www.nationproperty.sg
    Okay lah, FH pty mah, not expensive.........

  14. #224
    you are so wrong Guest

    Default

    ya right! one unit done at july and you take that as statistics?
    I will not even consider that an outlier.
    You are never too objective in yr observations.

  15. #225
    KSS Guest

    Default

    guys wats the psf now.....is it true its bounced back?

  16. #226
    nam-daM Guest

    Default

    Wait for caveat. 1300+ sqft unit sold at 850k last week.

  17. #227
    Real Estate Pundit Guest

    Default

    Quote Originally Posted by nam-daM
    Wait for caveat. 1300+ sqft unit sold at 850k last week.
    #08-06__1259sqft__$707psf__$890,000__15Jul08
    #11-10__915sqft___$631psf__$577,800__14Jul08
    #11-03__904sqft___$774psf__$700.000__03Jul08
    #07-21__1270sqft__$735psf__$933,450__02Jul08
    #12-03__904sqft___$774psf__$700,000__20Jun08
    #08-01__1259sqft__$691psf__$870,000__10Jun08

  18. #228
    Unregistereda Guest

    Default

    curious from where you get this data from? I mean with the unit no.
    thanks

  19. #229
    Unregistered ASS Guest

    Default Wah #11-10 !!! what happen ??

    Quote Originally Posted by Real Estate Pundit
    #08-06__1259sqft__$707psf__$890,000__15Jul08
    #11-10__915sqft___$631psf__$577,800__14Jul08
    #11-03__904sqft___$774psf__$700.000__03Jul08
    #07-21__1270sqft__$735psf__$933,450__02Jul08
    #12-03__904sqft___$774psf__$700,000__20Jun08
    #08-01__1259sqft__$691psf__$870,000__10Jun08
    Wah option unit isit ??? where can get this price now in spore, somemore free
    hold.. If i know i will offer another 50 k for that unit.. **** LA

  20. #230
    Andykim1980 Guest

    Default Infinitians pls refer to this data

    Quote Originally Posted by Unregistered ASS
    Wah option unit isit ??? where can get this price now in spore, somemore free
    hold.. If i know i will offer another 50 k for that unit.. **** LA
    Project Name
    Street Name
    Type
    Price
    ($)
    Land/
    Floor Area (Sqft)
    Unit Price ($psf)
    Date of Option Exercised / Sales Agreement Signed

    THE INFINITI WEST COAST PARK Condominium 890,000 1,259 707 Jul-08
    THE INFINITI WEST COAST PARK Condominium 700,000 904 774 Jul-08
    THE INFINITI WEST COAST PARK Condominium 933,450 1,270 735 Jul-08
    THE INFINITI WEST COAST PARK Condominium 700,000 904 774 Jun-08
    THE INFINITI WEST COAST PARK Condominium 888,000 1,270 699 Jun-08
    THE INFINITI WEST COAST PARK Condominium 886,080 1,249 710 May-08
    THE INFINITI WEST COAST PARK Condominium 870,000 1,259 691 May-08
    THE INFINITI WEST COAST PARK Condominium 680,000 926 735 May-08
    THE INFINITI WEST COAST PARK Condominium 688,000 915 752 May-08
    THE INFINITI WEST COAST PARK Condominium 680,000 915 743 May-08
    THE INFINITI WEST COAST PARK Condominium 860,000 1,238 695 Mar-08
    THE INFINITI WEST COAST PARK Condominium 1,000,000 1,346 743 Jan-08
    THE INFINITI WEST COAST PARK Condominium 690,000 915 754 Jan-08
    THE INFINITI WEST COAST PARK Condominium 1,100,000 1,561 705 Dec-07
    THE INFINITI WEST COAST PARK Condominium 1,000,000 1,346 743 Nov-07
    THE INFINITI WEST COAST PARK Condominium 650,000 904 719 Oct-07
    THE INFINITI WEST COAST PARK Condominium 848,000 1,238 685 Sep-07

    Hi all Infinitians, I 've actually made a call to the URA to check out the true data & according to their lodge cavet .. there isnt any transaction record showed that the subsale for 915 sf has transacted @ $631psf. URA will contact Nation property to rectify this wrong information which they had posted up @ their website www.nationproperty. Hope all Infinitians stay calm & cool, DO NOT be bothered about the recent turmoils about the property market news. Shares market may retreat by at least another 200- 300 points within this year. However, I believe that the property market will still be able to hold, unless foreign investment start to divert out of singapore, which I think is quite unlikey.

    Anyway, all Infinitians let us just wait patiently for the collection of our keys to our NEW DREAM HOMES ....CHEERS

  21. #231
    Join Date
    Jun 2007
    Location
    D15
    Posts
    5,095

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    Cheers! Thanks to Andy too for the hardwork

  22. #232
    Real Estate Pundit Guest

    Default

    Hi Andy,

    Thank you for correcting the status of #11-10. I should have re-checked the caveat when the $psf was so far different. Again, please accept my apologies for the anxiety caused with $631psf.

    This caveat reflects the caveat of the seller that bought from the developer. If only i had searched farther back to 02 May 08, then i will see the caveat to reflect the sub-sale at $743psf for #11-10.

  23. #233
    Unregistered1 Guest

    Default

    yes one transaction in jul cannot make any strong statement...i think now no sincere buyer want to buy above 700psf and seller also still holding hopes that market will improve..so sales are real slow.

  24. #234
    Unregistered1 Guest

    Default

    sell above 1000psf? *snort* if now there is one buyer willing to buy at 800pfs you faster grab it man!

  25. #235
    Real Estate Pundit Guest

    Default

    Below are the caveats lodged for sub-sale in june/july:

    #08-06__1259sqft__$707psf__$890,000__15Jul08
    #11-03__904sqft___$774psf__$700.000__03Jul08
    #07-21__1270sqft__$735psf__$933,450__02Jul08
    #12-03__904sqft___$774psf__$700,000__20Jun08
    #08-01__1259sqft__$691psf__$870,000__10Jun08

  26. #236
    Beware Guest

    Red face

    Beware of agents telling you all the bad news as they prefer you to sell rather than rent. Understand some are even in cahoots with the buyers although they may have collect yr 1 to 2% commission.
    Think we need some sort of control here to prevent agents from double hatting.

  27. #237
    West Coast Guest

    Default

    What nation property is doing?
    Now even got 563 psf for Infiniti??

  28. #238
    Join Date
    Aug 2008
    Posts
    7

    Default Do u think PSF will drop further?

    Hi All

    First time looking at condo (yes, I m a HDB upgrader)........ need a place near kids' current school.

    Need some advice from forumers here, wats the chance of the PSF going down cos I can wait till near TOP (Jun 2009 - if I m not wrong). Saw last Sat and today ad papers that the PSF is abt 690 for 4/3 bedder.....

    Anyway looking for Monterey Park but at 800+ PSF, could not get a unit (looking for 4 bedder - big family) I like....

    Thanks in advance!!

    L4P2L

  29. #239
    ert Guest

    Default

    Quote Originally Posted by look4place2live
    Hi All

    First time looking at condo (yes, I m a HDB upgrader)........ need a place near kids' current school.

    Need some advice from forumers here, wats the chance of the PSF going down cos I can wait till near TOP (Jun 2009 - if I m not wrong). Saw last Sat and today ad papers that the PSF is abt 690 for 4/3 bedder.....

    Anyway looking for Monterey Park but at 800+ PSF, could not get a unit (looking for 4 bedder - big family) I like....

    Thanks in advance!!

    L4P2L
    keep looking.. if u find a unit that you feel is destined to be your home, and you can afford it, just buy lor. Of course market is softening so there is no rush , just take your time. however, take note the psf varies not just on market condition, but also on the condition of the unit, whehter it is a choice unit , etc. For eg, u see a great unit (unblock view, great view, hi floor, hi ceiling, good layout, good facing etc) at 750psf.. ok. so u say wait, then it's sold to someone else. finally u wait until next year, really prices have tumbled, and u find another unit at 600psf.. but it is not a choice unit.. low floor, badly kept, blocked view, facing no good etc). sometimes not only the absolute psf or price is important, it's a feeling when u buy. hope this helps.

  30. #240
    Unregistered_001 Guest

    Default

    Quote Originally Posted by ert
    keep looking.. if u find a unit that you feel is destined to be your home, and you can afford it, just buy lor. Of course market is softening so there is no rush , just take your time. however, take note the psf varies not just on market condition, but also on the condition of the unit, whehter it is a choice unit , etc. For eg, u see a great unit (unblock view, great view, hi floor, hi ceiling, good layout, good facing etc) at 750psf.. ok. so u say wait, then it's sold to someone else. finally u wait until next year, really prices have tumbled, and u find another unit at 600psf.. but it is not a choice unit.. low floor, badly kept, blocked view, facing no good etc). sometimes not only the absolute psf or price is important, it's a feeling when u buy. hope this helps.
    As an ex property hunter I must say this advice is really true and wise. Thumbs up!

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