A few CCR transactions sold at a loss (reported in The Edge)

[bargain hunter]

Marina Bay Suites fire burnt, 2 deaths penthouse sold within less than a year.

29 MAY 2015 1 MARINA BAY SUITES 3 CENTRAL BOULEVARD #XX-XX CONDOMINIUM 99 YRS FROM 2007 8,514sq ft STRATA 2,293psf $19,520,000

[bargain hunter]

Orchard Residences

Sold 28 MAY 2015 238 ORCHARD BOULEVARD #XX-XX 1,808sq ft 3,041psf
Bought 14 MAR 2008 4,700psf

[bargain hunter]

Cosmopolitan 2 in a row:

Sold 28 MAY 2015 202 KIM SENG ROAD #XX-XX 1,679sq ft 2,114psf
Bought 27 JUL 2007 2,251psf

Sold 2 JUN 2015 202 KIM SENG ROAD #XX-XX 1,679sq ft 1,894psf
Bought 22 FEB 2010 2,000psf

[bargain hunter]

Wilkie studio

Sold 2 JUN 2015 86 WILKIE ROAD #XX-XX 1,916sq ft 1,148psf
Bought 24 SEP 2009 1,150psf

[stalingrad]

Seascape

Sold 29 MAY 2015 59 COVE WAY #XX-XX 4,133sq ft 1,403psf
Bought 21 DEC 2011 2,661psf

lose 50% also sell?

Basically, be prepared to lose all your money if you bought a property on Sentosa.

[teddybear]

Expected, since the property cooling measures like punitive ABSD and very tight foreigners work-permit measures etc are all like telling foreigners that they are not welcomed here! So why would foreigners be coming to buy properties in Singapore anymore?

Basically, be prepared to lose all your money if you bought a property on Sentosa.

[Kelonguni]

Expected, since the property cooling measures like punitive ABSD and very tight foreigners work-permit measures etc are all like telling foreigners that they are not welcomed here! So why would foreigners be coming to buy properties in Singapore anymore?

In my opinion, it's a shift from one type of foreigners to another type. Hope to have QC on that.

[bargain hunter]

it was reported that marina one, scotts square and others have had some success in hk roadshows. a lot of caveats have also popped up between 25th may and the latest caveat date of 7th Jun. seems like investors who made big money in the hk equities bull run have put some money in sg ccr ppties.

[stalingrad]

it was reported that marina one, scotts square and others have had some success in hk roadshows. a lot of caveats have also popped up between 25th may and the latest caveat date of 7th Jun. seems like investors who made big money in the hk equities bull run have put some money in sg ccr ppties.

But still no luck with Sentosa properties. When Sentosa properties were on fire (figuratively speaking) in 2006, I looked at my wife and said why all the rage? I didn't understand the attraction of living on the island then, and still don't. What looks irrational to a rational personal will prove to be irrational at the end, however big the hoopla is.

[bargain hunter]

i don't think many of us in the forum r keen on sentosa properties. nonetheless, there have been some buying there as well at seemingly "low" prices.

But still no luck with Sentosa properties. When Sentosa properties were on fire (figuratively speaking) in 2006, I looked at my wife and said why all the rage? I didn't understand the attraction of living on the island then, and still don't. What looks irrational to a rational personal will prove to be irrational at the end, however big the hoopla is.

[cartman]

i would buy a property in sentosa cove to live in if the psf price is similar to a mass market condo price at say below 1500psf. unfortunately although i have seen caveats transacted at low psf, the asking prices still remain high.

[Mikey88]

Same thoughts too....
1600 sqf @ $1400 psf will be ideal...
If only....

[bargain hunter]

website was down for so long i didn't realise it was up last week. lost track of what i have not reported. lol.

[bargain hunter]

Centennia Suites

Sold 22 JUN 2015 100 KIM SENG ROAD #XX-XX 2,303sq ft 1,867psf
Bought 5 MAY 2010 1,926psf

[bargain hunter]

Melrose Park

Sold 2 JUN 2015 93 KELLOCK ROAD #XX-XX 1,346sq ft 1,338psf
Bought 31 JUL 2007 1,611psf

[bargain hunter]

Orchard Scotts

Sold 25 JUN 2015 7 ANTHONY ROAD #XX-XX 1,873sq ft 1,495psf
Bought 18 FEB 2011 1,935psf

[bargain hunter]

St Regis

Sold 30 JUN 2015 33 TANGLIN ROAD #XX-XX 2,142sq ft 2,100psf
Bought 3 NOV 2006 2,353psf

Sold 22 JUN 2015 33 TANGLIN ROAD #XX-XX 1,959sq ft 2,157psf
Bought 9 SEP 2009 2,501psf

7:0 score.

[bargain hunter]

Reflections

Sold 3 JUL 2015 33 KEPPEL BAY VIEW #XX-XX 1,550sq ft 1,645psf
Bought 7 MAY 2007 1,887psf

[bargain hunter]

The Coast

Sold 23 JUN 2015 278 OCEAN DRIVE #XX-XX 2,024sq ft 1,631psf
Bought 18 DEC 2009 1,980psf

Sold 19 JUN 2015 278 OCEAN DRIVE #XX-XX 2,626sq ft 1,592psf
Bought 22 DEC 2006 1,690psf

[bargain hunter]

Duchess Residences

Sold 18 JUN 2015 108 DUCHESS AVENUE #XX-XX 1,905sq ft 1,811psf
Bought 31 JUL 2007 1,877psf

in comparison, the cronies who bought 1 day earlier at the VVVVVIP preview ONE DAY EARLIER still made a lot of money despite selling at lower psf.

Sold 29 JUN 2015 110 DUCHESS AVENUE #XX-XX 1,464sq ft 1,742psf
Bought 30 JUL 2007 1,585psf

[HP65]

Orchard Scotts

Sold 25 JUN 2015 7 ANTHONY ROAD #XX-XX 1,873sq ft 1,495psf
Bought 18 FEB 2011 1,935psf

Wah! How come this one so cheap! Must be cash sale coz recently I tried to offer a ppty 20% below but the bank refused to lend to me unless I raise my offer.

[bargain hunter]

this one was a mortgagee sale which was at the auctions previously.

don't think it was sold at auctions though coz pple r very shy.

convince your bank to get a valuer to bring down the value. don't let the bank convince u to raise the bid!

else get another bank which is willing to use a valuer who is willing to value lower.

Wah! How come this one so cheap! Must be cash sale coz recently I tried to offer a ppty 20% below but the bank refused to lend to me unless I raise my offer.

[cartman]

didnt realise banks will insist on high valuation. a loan specialist i spoke to told me to offer a price at least 10% below valuation in today's market haha

[stalingrad]

Wah! How come this one so cheap! Must be cash sale coz recently I tried to offer a ppty 20% below but the bank refused to lend to me unless I raise my offer.

HP65, please keep on buying properties in CCR so that you will burn more brightly when CCR properties crash. Frankly, having lived in Singapore for 17 years, I never saw the attraction of living in CCR. Such a small country Singapore is, living in CCR and living outside CCR are really no different. Only Singaporeans can tell the difference. Even the smallest city in Canada is ten times bigger than Singapore.

[teddybear]

Obviously only Singaporeans can tell the difference lah!

You are never a real Singaporean, nor have lived in CCR before, and you are only as good as those living in OCR, how can you tell?

HP65, please keep on buying properties in CCR so that you will burn more brightly when CCR properties crash. Frankly, having lived in Singapore for 17 years, I never saw the attraction of living in CCR. Such a small country Singapore is, living in CCR and living outside CCR are really no different. Only Singaporeans can tell the difference. Even the smallest city in Canada is ten times bigger than Singapore.

[Pynchmail]

Even the smallest city in Canada is ten times bigger than Singapore.

According to wiki, the largest city in Canada is Toronto. It has an area of 630 sq.km and a population of 2.6 million. According to wiki, Singapore has an area of 718 sq.km and a population of 5.5 million.

[HP65]

this one was a mortgagee sale which was at the auctions previously.

don't think it was sold at auctions though coz pple r very shy.

convince your bank to get a valuer to bring down the value. don't let the bank convince u to raise the bid!

else get another bank which is willing to use a valuer who is willing to value lower.

Thanks. My banker gave me some BS like must transact at arms length, fair value so bank not willing to go below valuation by too much. Ok, gently gonna ask my banker again.

On the other hand, I have a place that is jointly owned with my wife that I wish to decouple. Value has gone up by 45% from purchase price. Here I tried to 'sell' my share to her at cost. Again, the banker said must transact at market value / arms length. While technically it's just left to right pocket, however I cannot comprehend the logic. Only reason I can think of is to avoid questions from IRAS on lower stamp fees due to lower transacted value. Any thoughts or advice? I have contacted 2 local banks on this and both gave the same reply that I need to 'sell' at the +45% or thereabouts.

[HP65]

Obviously only Singaporeans can tell the difference lah!

You are never a real Singaporean, nor have lived in CCR before, and you are only as good as those living in OCR, how can you tell?

Teddy, dun bother with NUS-reject lecturer and hypocritical man who dislike Singaporeans so much yet sleeps with 1 at night lol

[HP65]

Orchard Scotts

Sold 25 JUN 2015 7 ANTHONY ROAD #XX-XX 1,873sq ft 1,495psf
Bought 18 FEB 2011 1,935psf

One thing to note, Orchard Scotts was originally planned to be a hotel in the early 2000s. However due to the down turn, it was converted to residential. Having said that, I'm not sure if this ppty has r bloc potential ala Rochelle whose freehold title belongs to the clan next door. But 1,495 is still cheap which ever way you look at it.

[Amber Woods]

Thanks. My banker gave me some BS like must transact at arms length, fair value so bank not willing to go below valuation by too much. Ok, gently gonna ask my banker again.

On the other hand, I have a place that is jointly owned with my wife that I wish to decouple. Value has gone up by 45% from purchase price. Here I tried to 'sell' my share to her at cost. Again, the banker said must transact at market value / arms length. While technically it's just left to right pocket, however I cannot comprehend the logic. Only reason I can think of is to avoid questions from IRAS on lower stamp fees due to lower transacted value. Any thoughts or advice? I have contacted 2 local banks on this and both gave the same reply that I need to 'sell' at the +45% or thereabouts.

The banker works for the bank and the bank works for its shareholders. During the bull market, bankers are willing to provide loans even if the developer's asking price is 30% more than valuation because the bank will match the developer's asking price.

All banks are now holding on to huge mortgages at high valuations. They would rather not do your business rather than accept loan application with a purchase price well below the bank's valuation price. The reason is obvious; by accepting your application, the caveat would be lodged at a much lower price hence affecting other properties. The banks want a soft landing too and prefer prices to drop moderately over a period of time so that they need not have to knock on their clients asking them to top up their mortgages because their loans amount exceed the valuation.

This is what is happening in the market right now. Go to some other banks who are not highly exposed to mortgage loans and they are likely to accept your below valuation price for your loan. Then again, the banks may be quietly agreed with each other as in some kind of collusion.