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Thread: Far East: Cooling steps may need tweaking

  1. #1
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    Default Far East: Cooling steps may need tweaking

    http://www.straitstimes.com/Money/St...ry_756843.html

    Far East: Cooling steps may need tweaking

    Published on Jan 18, 2012

    By Esther Teo, Property Reporter


    THE recent property cooling measures might have to be fine-tuned, depending on how persistently sales volumes drop, according to Far East Organization chief executive Philip Ng.

    He told a briefing yesterday that the 10 per cent additional buyer's stamp duty for foreigners is 'a very big number'.

    He also said that the measures had led Far East and its partners to drop the prices for the upcoming launch of its Watertown project in Punggol Central.

    Foreigners, the main target of the new cooling policies, have shown less interest in the project than at launches before the measures, noted Mr Ng.

    He said the measures may eventually need to be tweaked.

    'Indeed, there could be some calibration or tiering perhaps, but that's something that has to be discussed with good data between developers and policymakers.

    'At this point, it's pretty early days and you can see that there was already a drop in December,' he said, referring to the 63 per cent plunge in new private homes sales last month.

    He added that the policy should be allowed to run for a while to gauge if the sales decline is persistent before deciding if the policy needs calibrating.

    Mr Ng made his comments at a briefing on the upcoming Watertown launch.

    The 992-unit estate has a development cost of more than $1.6 billion and is being jointly developed by Far East, Frasers Centrepoint and Japanese firm Sekisui House. It will be integrated with a mall of 370,000 sq ft of net lettable shop space and a Shaw Theatres Imax cinema.

    Prices have been cut by 5 per cent to 8 per cent in response to the cooling measures.

    The first 250 units will be sold at a starting price of $1,080 per sq ft (psf) after the discount and are expected to go on the market next week.

    Even with the price reduction, the development will still be the priciest project in Punggol, trumping Sim Lian Group's A Treasure Trove, which was priced at $866 psf at its launch last September.

    Watertown will consist of suites, 'small office, home office' (Soho) apartments, sky patios and residences. About 55 per cent of the units will be less than 700 sq ft.

    Mr Ng said: 'We're reflecting the trends of major global cities like Hong Kong, Tokyo, London and Paris. They do have a sizable amount of small units in their stock... Most of our sales of small units have been quite well-received.'

    He expects foreigners to account for less than 10 per cent of Watertown's sales.

    Mr Lim Ee Seng, chief executive of Frasers Centrepoint, did not give the briefing his forecasts on how the residential market might pan out but alluded to land tenders that closed after the cooling measures were imposed on Dec 7 as a gauge of sentiment.

    Bids for these tenders were between 10 per cent and 20 per cent lower than those for nearby sites tendered earlier.

  2. #2
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    it is still very red hot property market... and minister kbw might give you a new CM6 as chinese new year angpow...

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    Sounds like FEO is sweating and worried that govt might come up with CM6. heh heh.

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    They should raise prices so that it sells slowly. If sell too fast, it catches attention and raises the probability of CM6.

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    This claim about price reduction for Watertown may be a marketing gimmick. Pricing is (heard from agent) 1250psf for a 1 bed SOHO unit to 1150 Psf for 2+1 unit.

    Aren't these benchmark prices for Punggol??? Where is the discount?

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    Quote Originally Posted by Mr.Keh
    This claim about price reduction for Watertown may be a marketing gimmick. Pricing is (heard from agent) 1250psf for a 1 bed SOHO unit to 1150 Psf for 2+1 unit.

    Aren't these benchmark prices for Punggol??? Where is the discount?
    They ask $1450psf for 1 bedder SOHO so $1350psf is a discount lor... They can say anything they like wat... its free!

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    knn $1000psf nvr heard before in OCR 2 yrs ago. now is everywhere.

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    when was CM5 hur ??... CM5 had been out in the market for too long, and lost its effects liow... we need higher dosage... where is minister kbw... please bring out your big gun CM6 ... haha...

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    Quote Originally Posted by rattydrama
    knn $1000psf nvr heard before in OCR 2 yrs ago. now is everywhere.
    A few years ago 1000psf can buy u park infinia @ wee nam.

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    Buyers gambling? Nt real demand 2 stay

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    cool little bit only kao bei kao bu! they are still top sales what. gonna set record in jan 2012 with hillier and watertown occupying the top 2 positions.

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    Quote Originally Posted by bargain hunter
    cool little bit only kao bei kao bu! they are still top sales what. gonna set record in jan 2012 with hillier and watertown occupying the top 2 positions.
    Take these 2 projects out fm Jan sales..market up or real dead?
    Face d fact.

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    Quote Originally Posted by azeoprop
    A few years ago 1000psf can buy u park infinia @ wee nam.
    yep view a unit damn windy that 23sty but no balls to commit even thou we have the $. I think was about 1.2Xm for 2bedder.

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    brave buyers? c mkt like dat..still jump. jan ura data worst/bad/ or good?

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    Quote Originally Posted by richie$$$
    brave buyers? c mkt like dat..still jump. jan ura data worst/bad/ or good?
    let the dust settle to have a clear picture.

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    can see d pressure on biz.
    data lags in time. diff betwn c in totality vs isolation. developers wld know outlook few mths ahead? otherwise they never make noise before

    all say hldg power...liquidity evaporated in biz
    kodak bankrupt.mar financials release. expect companies all report good profits? or bad?

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    Quote Originally Posted by richie$$$
    can see d pressure on biz.
    data lags in time. diff betwn c in totality vs isolation. developers wld know outlook few mths ahead? otherwise they never make noise before

    all say hldg power...liquidity evaporated in biz
    kodak bankrupt.mar financials release. expect companies all report good profits? or bad?
    Not surprising developers are making noise this time.

    Their luxury projects will be very tough to sell without the support of foreign buyers

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    Quote Originally Posted by bigapplefan
    Sounds like FEO is sweating and worried that govt might come up with CM6. heh heh.
    ya lor... talk somemore, hoot out CM6

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    gd developers make profits$$$ last few yrs.
    now time 2 give
    but still hv some smart alecs still buying new projects
    agst govt efforts

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