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

  1. #2851
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    Wah! So cheap ah!

  2. #2852
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    So TDSR is officially the most effective cooling measure

  3. #2853
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    question is why didn't they do the TDSR in Jan 2011 and not mid 2013?

    Quote Originally Posted by Sandiwara View Post
    So TDSR is officially the most effective cooling measure

  4. #2854
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    Quote Originally Posted by bargain hunter View Post
    question is why didn't they do the TDSR in Jan 2011 and not mid 2013?
    My guess is they were still fine tuning the policies and didn t figure this one out yet. I think the government was actually quite unprepared for the continued frenzied buying during that time despite numerous cooling measures. When TDSR first came out i already said its the one that s gonna take the market down. I just pity those who bought the last 1-2 years for investment purposes. Really can wait long long. lol.....

  5. #2855
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    last 2 years at corrected prices ok what. u mean in the 2 years before mid 2013?

    Quote Originally Posted by mosaic View Post
    My guess is they were still fine tuning the policies and didn t figure this one out yet. I think the government was actually quite unprepared for the continued frenzied buying during that time despite numerous cooling measures. When TDSR first came out i already said its the one that s gonna take the market down. I just pity those who bought the last 1-2 years for investment purposes. Really can wait long long. lol.....

  6. #2856
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    That is why property should be hold for long period. Even if you buy in 2013/2014, you rent out for 20 years, you would have made quite a lot of money. In fact, if you rent out for the past 2 years, you already cover half of your initial downpayment. Assuming you didn't buy stupidly into a 4500 psf condo. Like you buy a Clift studio, would have collected > 100k in rental.


    Quote Originally Posted by mosaic View Post
    My guess is they were still fine tuning the policies and didn t figure this one out yet. I think the government was actually quite unprepared for the continued frenzied buying during that time despite numerous cooling measures. When TDSR first came out i already said its the one that s gonna take the market down. I just pity those who bought the last 1-2 years for investment purposes. Really can wait long long. lol.....

  7. #2857
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    Nice to see this thread moving again..
    Keep it up BH!!��
    The resale mart prices for condo still holding well lei..
    Dun know when will the actual drop starts...
    Think need to wait for at least 1 more year ..

  8. #2858
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    my squarefoot subscription expires soon. not sure what type of free access is available from then. maybe i report without unit numbers if i can still see lor.

    Quote Originally Posted by Mikey88 View Post
    Nice to see this thread moving again..
    Keep it up BH!!��
    The resale mart prices for condo still holding well lei..
    Dun know when will the actual drop starts...
    Think need to wait for at least 1 more year ..

  9. #2859
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    Quote Originally Posted by bargain hunter View Post
    1st casualty at Duo Residences

    Sold 18 MAR 2015 1 FRASER STREET #30-17 1,432sq ft 1,676psf
    Bought 10 DEC 2013 2,049psf
    Wow, including SSD, is that nearly $900k losses??

  10. #2860
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    Quote Originally Posted by Warren49 View Post
    Wow, including SSD, is that nearly $900k losses??


    I also wonder if this is real too... quite painful to lose so much within such short span of time.

  11. #2861
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    its real, my friend jio me to structure something to lowball the fella but we couldn't figure out how to get past the ABSD and get a loan. we even wanted to offer him an option to buyback later but i don't think he was keen. 1st time i tried partnering someone to buy but my friend has experience sharing with others (but all his purchases made before 2011's first measures). very difficult to structure anything at all with absd, ssd, tdsr. lol.

    and sorry guys, ethically, i cannot post this deal here becoz its my friend's deal and he was still exploring with others after i told him i'm gonna give it a miss.



    Quote Originally Posted by Werther View Post
    I also wonder if this is real too... quite painful to lose so much within such short span of time.

  12. #2862
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    but then again, the seller may have found some way to structure a deal with someone. anyone can advise how this is done? seriously, doesn't make sense to sell, may as well default on progress payments and let the interest to developer roll. still cheaper than paying SSD of 12% off selling price. in the meantime can buy time.

  13. #2863
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    Quote Originally Posted by bargain hunter View Post
    but then again, the seller may have found some way to structure a deal with someone. anyone can advise how this is done? seriously, doesn't make sense to sell, may as well default on progress payments and let the interest to developer roll. still cheaper than paying SSD of 12% off selling price. in the meantime can buy time.
    Also, it is arguable if IRAS will accept 12% SSD on 1.6k psf, or will IRAS insist on 12% SSD at 2k psf or at least 1.8k psf, since this seems to be the 1st sig casualty for Duo. All in all, a really stunning transaction within less than 2 years...... Just wondering what happened to the seller? Retrenched, biz failure or going back to home country?

  14. #2864
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    Ya, at first I thought i could buy under my children's name and hold in trust. But spoke with few lawyers, they said also must pay absd as parents. I think no way out liao...

    cannot buy. very sianz

  15. #2865
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    its under a single singaporean name. a businessman.

    i think if genuine sale, SSD at 1.6kpsf is acceptable.

    Quote Originally Posted by Warren49 View Post
    Also, it is arguable if IRAS will accept 12% SSD on 1.6k psf, or will IRAS insist on 12% SSD at 2k psf or at least 1.8k psf, since this seems to be the 1st sig casualty for Duo. All in all, a really stunning transaction within less than 2 years...... Just wondering what happened to the seller? Retrenched, biz failure or going back to home country?

  16. #2866
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    Wah! That is a very good deal for the DUO ... i would have bought it!

    I think it is 3 bedders ... personally i think the 3 bedder has the best functional layout.

  17. #2867
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    Quote Originally Posted by Werther View Post
    Ya, at first I thought i could buy under my children's name and hold in trust. But spoke with few lawyers, they said also must pay absd as parents. I think no way out liao...

    cannot buy. very sianz
    Give others a chance.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  18. #2868
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    i still think it was not a straightforward sale. doesn't make sense to incur 12% ssd. could he have pledged it to someone else who is giving him a loan and that person lodged a caveat for it while the unit remains in his name?

    Quote Originally Posted by kellogs View Post
    Wah! That is a very good deal for the DUO ... i would have bought it!

    I think it is 3 bedders ... personally i think the 3 bedder has the best functional layout.

  19. #2869
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    #59-01
    31 MAR 15
    2,691 SQFT
    S$ 2,948 PSF
    S$ 7,932,750

    vs

    #61-01
    27 OCT 14
    2,691 SQFT
    S$ 2,699 PSF
    S$ 7,263,000

    keppel land raised prices?!?!?!!?!

  20. #2870
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    Quote Originally Posted by bargain hunter View Post
    i still think it was not a straightforward sale. doesn't make sense to incur 12% ssd. could he have pledged it to someone else who is giving him a loan and that person lodged a caveat for it while the unit remains in his name?
    This deal doesn't make sense at all. Why would the seller want to sell now at such a price and fork out a significant sum of cash for SSD?

    If the seller is in some kind of financial difficulty in the first place, then cash should be king. Also, it is not a bank auction so there is no pressure to sell at such a low price. In addition, most buyers of DUO are still paying the progressive payments in cash as it's still too early to take a loan for investment.

  21. #2871
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    Quote Originally Posted by bullman View Post
    This deal doesn't make sense at all. Why would the seller want to sell now at such a price and fork out a significant sum of cash for SSD?

    If the seller is in some kind of financial difficulty in the first place, then cash should be king. Also, it is not a bank auction so there is no pressure to sell at such a low price. In addition, most buyers of DUO are still paying the progressive payments in cash as it's still too early to take a loan for investment.
    May not be local. May be for fx gain.

  22. #2872
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    with your experience, do u think there is any other way where the owner can structure such that this unit is collateral but remains in his name and someone is actually lending him money in return and caused this caveat to be lodged?


    Quote Originally Posted by bullman View Post
    This deal doesn't make sense at all. Why would the seller want to sell now at such a price and fork out a significant sum of cash for SSD?

    If the seller is in some kind of financial difficulty in the first place, then cash should be king. Also, it is not a bank auction so there is no pressure to sell at such a low price. In addition, most buyers of DUO are still paying the progressive payments in cash as it's still too early to take a loan for investment.

  23. #2873
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    Quote Originally Posted by bargain hunter View Post
    with your experience, do u think there is any other way where the owner can structure such that this unit is collateral but remains in his name and someone is actually lending him money in return and caused this caveat to be lodged?
    I am not an expert on this but I think the name cannot be transferred without incurring SSD, regardless of the structuring. Even with water-tight documentation, the buyer is taking a big risk paying for everything when the title is ultimately not transferred. Maybe some conveyance specialist can share regarding this topic?

  24. #2874
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    Quote Originally Posted by MrTan View Post
    May not be local. May be for fx gain.
    Which currency has appreciated 30% against SGD during this period?

  25. #2875
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    Quote Originally Posted by bullman View Post
    Which currency has appreciated 30% against SGD during this period?
    u mean depreciated?

  26. #2876
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    yeah, need some expert.

    i had discussed the same issue with my friend, i backed out as i was not comfortable with non name transfer.

    the "seller" whom my friend did talk to personally, is a local.


    Quote Originally Posted by bullman View Post
    I am not an expert on this but I think the name cannot be transferred without incurring SSD, regardless of the structuring. Even with water-tight documentation, the buyer is taking a big risk paying for everything when the title is ultimately not transferred. Maybe some conveyance specialist can share regarding this topic?

  27. #2877
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    Default Non name transfer

    Quote Originally Posted by bargain hunter View Post
    yeah, need some expert.

    i had discussed the same issue with my friend, i backed out as i was not comfortable with non name transfer.

    the "seller" whom my friend did talk to personally, is a local.
    I am not an expert.
    Many years ago did buy a semi-detached and having just sold another property, paid the seller in full.Decided not to hold as market was running up and ask the seller lawyer for power of attorney in view of a resale.Their lawyer came back with a suggestion of a properly signed blank transfer form.I agreed.
    I saved on the stamp duty but on hind sight there is much risk as any claim will put obstacle on the transaction.
    My lawyer also check on any other bankruptcy or competing claims.It was an estate sale ,hence such obstacle is minimal.

  28. #2878
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    hmm, thanks for sharing.

    so after how long does the ppty become a normal property transaction under your name? upon completion?

    Quote Originally Posted by gsmsimmax3 View Post
    I am not an expert.
    Many years ago did buy a semi-detached and having just sold another property, paid the seller in full.Decided not to hold as market was running up and ask the seller lawyer for power of attorney in view of a resale.Their lawyer came back with a suggestion of a properly signed blank transfer form.I agreed.
    I saved on the stamp duty but on hind sight there is much risk as any claim will put obstacle on the transaction.
    My lawyer also check on any other bankruptcy or competing claims.It was an estate sale ,hence such obstacle is minimal.

  29. #2879
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    Quote Originally Posted by bargain hunter View Post
    hmm, thanks for sharing.

    so after how long does the ppty become a normal property transaction under your name? upon completion?
    About six months for completion as market was quite hot....

  30. #2880
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    2 losses at the sail:

    Sold 31 MAR 2015 2 MARINA BOULEVARD #XX-XX 1,798sq ft 1,992psf
    Bought 4 MAY 2011 2,503psf

    Sold 2 APR 2015 6 MARINA BOULEVARD #XX-XX 614sq ft 2,037psf
    Bought 24 JUN 2008 2,227psf

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