End of Mickey Mouse (MM)?

[minority]

Geylang mm got potential? Attracted to the price and location.
I drove to gullimard edge this morning at lorong 30.
But lorong 28 sleazy business as usually leh.
Just One lane away.

Those potential rental yield good. Coz supported by special tenant.

[Xan]

Those potential rental yield good. Coz supported by special tenant.

Ya, target for special tenants only. Normal family, normal couples would not want to stay one street away from sleazy business.
But if far far away from red light district, waterina that side seems to be worth considering.

[Xan]

I do agree on this point. WT gonna take 5 years to build, the returns may not be as good as investing in a TOP soon project.

People sell off Project before or during TOP because they want to pocket in capital gain.
Now u saying buy back from them for investment wouldn't it like going back to square one?
In the first place, why are there many people still selling off their to be TOPed project then? They might as well keep it and hold tight tight?

[price]

People sell off Project before or during TOP because they want to pocket in capital gain.
Now u saying buy back from them for investment wouldn't it like going back to square one?
In the first place, why are there many people still selling off their to be TOPed project then? They might as well keep it and hold tight tight?

TOP soon projects doesnt mean sub sale. It can be anything thats faster than 5 years.

[Xan]

TOP soon projects doesnt mean sub sale. It can be anything thats faster than 5 years.

But these projects after some years still not sold out would mean left over units lousy facing or project not highly sought after. Still worth buying?

[devilplate]

People sell off Project before or during TOP because they want to pocket in capital gain.
Now u saying buy back from them for investment wouldn't it like going back to square one?
In the first place, why are there many people still selling off their to be TOPed project then? They might as well keep it and hold tight tight?

If subsale is cheaper den nrby new launches...y not? Like dbr vs MManhatten

[mcmlxxvi]

Geylang mm got potential? Attracted to the price and location.
I drove to gullimard edge this morning at lorong 30.
But lorong 28 sleazy business as usually leh.
Just One lane away.

Lor 30 whole stretch got lots of new projects. I doubt the sleaze will crowd there...

[price]

But these projects after some years still not sold out would mean left over units lousy facing or project not highly sought after. Still worth buying?

Depends. if rental yield is good why not? Total rental yield for 5 years + potential capital gain may be better than capital gain after TOP.

[price]

Lor 30 whole stretch got lots of new projects. I doubt the sleaze will crowd there...

Hard to say, many pubs outside of 28 and 30

[devilplate]

some single ang mor expats may love to rent geylang studios....everything so convenient

[price]

some single ang mor expats may love to rent geylang studios....everything so convenient

So which are the ones that has potential in your POV?

[devilplate]

So which are the ones that has potential in your POV?

i said some angmor hor....very niche tenant pool lor BUT so many supply of MM in geylang there now....so wat u say? lol

and when wana sell later can only attract investors......

1mm in geylang abt 400k still can buy.....just hoping rental of 1.8-2k shd be achievable

now buy old old hdb resale 3rm flat aso can cost u 300-350k liao and rental also about 2k but cannot rent out first 5yrs

[price]

i said some angmor hor....very niche tenant pool lor BUT so many supply of MM in geylang there now....so wat u say? lol

and when wana sell later can only attract investors......

1mm in geylang abt 400k still can buy.....just hoping rental of 1.8-2k shd be achievable

now buy old old hdb resale 3rm flat aso can cost u 300-350k liao and rental also about 2k but cannot rent out first 5yrs

3rm flat these days cost so much??

[devilplate]

3rm flat these days cost so much??

for eg commonwealth old old 3rm flat now averagely 320k.....it was 160k in early 2007....LOL

[roly8]

3rm flat these days cost so much??

yes..

i notice the price is like
3rm - 300k+
4rm - 400k+
5rm - 500k+


easy to remember
but ridiculous to me

[price]

for eg commonwealth old old 3rm flat now averagely 320k.....it was 160k in early 2007....LOL

Wow, u already have so many PCs and your still so updated with HDBs pricing

[devilplate]

Wow, u already have so many PCs and your still so updated with HDBs pricing

mabe those who wana sell all their PC away and scare taxman chase after them can try buy HDB......u can say HDB rules force me to sell ALL pte ppty within 6mths....wakakakaka

[price]

mabe those who wana sell all their PC away and scare taxman chase after them can try buy HDB......u can say HDB rules force me to sell ALL pte ppty within 6mths....wakakakaka

Wah... quite sad leh. buy 1 HDB let go all ur PC investment. sit and do nothing for 5 years...

[devilplate]

Wah... quite sad leh. buy 1 HDB let go all ur PC investment. sit and do nothing for 5 years...

for those who wana time the market....but goto pray 5yrs later den market start to rebound.....LOL

[price]

for those who wana time the market....but goto pray 5yrs later den market start to rebound.....LOL

Haha.. not a bad idea eh? So are u planning on doing that?

[mcmlxxvi]

for eg commonwealth old old 3rm flat now averagely 320k.....it was 160k in early 2007....LOL

I saw some below 300k potong Pasir and Jalan bahagia quite nice. Esp the latter, kitchen got windows on two perpendicular walls with full greenery view wow

[mcmlxxvi]

Hard to say, many pubs outside of 28 and 30

Then they should actually build large units in Geylang what! Not MM? Decent single guy will get harassed for business. Decent single gal will get approached for quotation. Geylang before recently has always only have large huge sized apartments for families. It was never meant to cater to singles... I guess the assumption was these families will drive in and out and also if ever walking nearby to eat, will be walking in group...

[phantom_opera]

Buffet is now very positive on US housing market :

这一毁灭性的供求关系等式如今逆转了：每天新的家庭数量要多于房屋。人们可能在充满不确定的时期搁置置业，但最终荷尔蒙会接管一切。在衰退期间，一些人最初的反映可能是“暂时同居一室”，但与对方父母同居一室很快会失去吸引力。


我们目前每年建造60万个家庭房屋-远低于新家庭形成的数量-购买和租赁需求正在吸收此前遗留下的过度供给。（这一过程在美国各地已不同速率开展；不同地区的供需情形不同）。然而当这种修复发生时，我们的房地产相关企业却手忙脚乱，他们在2006年的员工数字为58769，而如今却只有43315。作为经济中至关重要的部门，它不仅包含建筑业，还包含所有对其依赖的行业，房地产业仍然在经历其自身的衰退过程中。我相信这是就业复苏远远落后于我们在经济的绝大部分行业所看到的稳固和显著的复苏的原因。

明智的货币和财政政策在缓和衰退中起到重要作用，但这些政策工具不会创造家庭，也不能消除多余的房屋。幸运的是，人口因素和我们的市场体系将会恢复所需的平衡-很可能在不久之后。当那一天来临的时候，我们的年均住宅建造量将再度达到100万栋或更多。我相信，一旦这种情形发生后，那些自命权威的人将对失业率的下降程度感到惊讶。他们将再度意识到1776年以来就一直确认的事实：美国的好日子还在前面。

[price]

I saw some below 300k potong Pasir and Jalan bahagia quite nice. Esp the latter, kitchen got windows on two perpendicular walls with full greenery view wow

I feel Potong Pasir units are undervalued now! 5 years time Sitoh gotta do something otherwise...

[testtest]

Which is the smallest MM you can find in SG?

258 sqft - some more got bay window

http://www.propertyguru.com.sg/listi...tes-guillemard

[ikan bilis]

Which is the smallest MM you can find in SG?

258 sqft - some more got bay window

http://www.propertyguru.com.sg/listi...tes-guillemard

if i could remember correctly,... they bought at around 360k??

[Xan]

if i could remember correctly,... they bought at around 360k??

Based on the report last time, the size of this mm unit is basically 8 ping pong tables put together.

[mcmlxxvi]

Based on the report last time, the size of this mm unit is basically 8 ping pong tables put together.

Splendid. This apartment will thus fit 8 x 2 PRCs.

[minority]

Based on the report last time, the size of this mm unit is basically 8 ping pong tables put together.

IPad ping pong table u mean..

[dtrax]

MM unit so cheap, rental yield so high, pple so cash rich who will wanna kill it:


Top Print Edition Stories
Published February 29, 2012

Still open to funding shoebox units: CIMB
Bank denies report that it has stopped approving loans for tiny residential units

By CONRAD TAN

(SINGAPORE) CIMB Bank has denied cutting off financing for buyers of small homes here, after a report suggested that it had stopped approving new mortgages for so-called shoebox apartments because they were too risky.


Risk factor: CIMB uses a broad range of criteria to assess credit risk before deciding whether to grant a home loan
CIMB and various other banks BT spoke to said that they focus on buyers' ability to repay their mortgage, not the size of the home, in deciding whether to approve a home loan.

'We are still approving and financing new home loans for buyers of apartments that are less than 510 square feet in size' - the measure the bank uses for shoebox apartments, a CIMB Singapore spokesman said. 'The report that financing for shoebox units is no longer being offered by CIMB is incorrect.'

A report posted on an online news portal had claimed that CIMB was no longer approving loans for shoebox units.

Other banks, too, said that they continue to offer loans to buyers of very small homes.

'United Overseas Bank is still financing small apartment units, as the key consideration with any home loan application is the credit-worthiness of the potential customer,' said Chia Siew Cheng, head of secured loans at UOB's personal financial services division. 'In addition to the current property valuation, credit-worthiness is measured through income stability and credit records.'

OCBC Bank, too, is still financing purchases of shoebox apartments. 'This is subject to borrowers meeting our home loan criteria, which includes the individual's financial commitments, income, credit history and repayment ability, among others,' a bank spokesman said.

A DBS Group spokesman told BT that there had been no change to the bank's policy for financing purchases of shoebox units. 'The primary consideration when assessing such loans is the customer's commitment and ability to manage the repayments,' a spokesman said.

A source at a foreign bank said that it wasn't worried that the resale value of the shoebox apartments that have been launched so far would fall sharply.

Another source, at a Singapore-listed bank, said that its financing of apartments smaller than 500 square feet has held steady since the start of the year. 'The trend we are seeing, through the developers we work with, is that these smaller units remain popular and are usually the first to be snapped up in most newly launched projects,' the source said.

'We do not assess credit based on the size of the apartments but on affordability and the repayment ability of the borrower,' said Alan Lau, head of consumer banking at Maybank Singapore.

'The risk associated with property financing is not simply a function of the size of the apartment, it's also about the purpose of the purchase and the repayment ability of the borrower.'

CIMB uses a broad range of criteria to assess credit risk before deciding whether to grant a home loan, said Coreen Kwan, head of retail banking at CIMB Singapore.

'We primarily look at his Credit Bureau report, perform litigation checks and also look at his loan statements with other banks if applicable and available, and internal records if he is an existing customer.'

'We also look at his ability to repay and afford the loan. We ascertain his exposure to credit facilities and his income to cover such exposures,' she added.

'Even if a person can afford a loan, there is always a chance that he may go into default when something affecting his ability to pay happens. That is why we also ensure the loan to valuation ratio is healthy and the quality of collateral is good - that, we can determine through the valuation reports of the property.'