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

[bargain hunter]

that's true. i remember citydev still had several units at St Regis left after it obtained its CSC and disappeared off the monthly sales radar.

does this project have the "sell within 2 years of TOP or kenna heavy taxes" rule?

otherwise, citydev would unlikely sell at prices lower than 2006 prices.

my guess: developer sale
won't b surprised if there're still unsold units since no updates will b provided by developer once TOP... many of the CCR developers still holding huge inventory of unsold units, thus if one is really interested to buy, no need to go for resale

[hopeful]

that's true. i remember citydev still had several units at St Regis left after it obtained its CSC and disappeared off the monthly sales radar.

does this project have the "sell within 2 years of TOP or kenna heavy taxes" rule?

otherwise, citydev would unlikely sell at prices lower than 2006 prices.

quick check with squarefoot says completed in 2008.
unlikely they pay extension charges of 24% for many years.
i would say they foist the unsold units to a company, pay whatever stamp duties. And that company can rent out the "unsold" units.
i would bet that the seller is not Richmond Hotel Pte Ltd, the developer of St Regis.

[bargain hunter]

but it could be that they need not pay extension charges for this project?

so this is just a regular sale by developer?

quick check with squarefoot says completed in 2008.
unlikely they pay extension charges of 24% for many years.
i would say they foist the unsold units to a company, pay whatever stamp duties. And that company can rent out the "unsold" units.
i would bet that the seller is not Richmond Hotel Pte Ltd, the developer of St Regis.

[hopeful]

but it could be that they need not pay extension charges for this project?

so this is just a regular sale by developer?

from this URA link
http://www.ura.gov.sg/sales/text/cir...ionpremium.htm
it looks like extension charges was implemented in 2000.

so if CityDev possess land before 2000, then it is subjected to liquidated damages, after 2000, then it become extension charges?

again somebody need to cough out lunch money to solve this.
if seller is Richmond Hotel Pte Ltd, then it looks like they dont need to pay extension charges.

interesting 999 year leasehold started in 1995, usually i think that 999 leasehold is usually issued in 19th century.

[amk]

again somebody need to cough out lunch money to solve this.
if seller is Richmond Hotel Pte Ltd, then it looks like they dont need to pay extension charges.

ok since you helped my trilight story, I paid some lunch money for this.

seller is not Richmond Hotel. sellers are 2 non singaporean individuals. buyer is one non singaporean individual. clearly seller did not lodge a caveat when they bought

[玉格格]

clearly seller did not lodge a caveat when they bought

it is possible tat becos the buyer did not take a loan, hence the lawyer wun auto lodge a caveat? I am not taking abt cases where buyer purposely dun wan to lodge.

cos in the case where loans is taken, even when the buyer blur blur, the bank will make sure tat proper caveat is lodged.

[bargain hunter]

are u able to see when the seller bought and at what price?

ok since you helped my trilight story, I paid some lunch money for this.

seller is not Richmond Hotel. sellers are 2 non singaporean individuals. buyer is one non singaporean individual. clearly seller did not lodge a caveat when they bought

[amk]

are u able to see when the seller bought and at what price?

June 2006. No price.

[CCR]

I actually prefer Tanjong Pagar because its located nearer to the new financial center and there is also a large enough residential community that will be able to support more F&B and services businesses into those area.

And TP is also the area which we will see the largest cluster of tall skyscrapers.

by the time a single building is completed in the New financial centre wouldn't clermont be already 30 years Old? And it's still quite a distance to get to the New waterfront?

walk pass international plaza, then the new far east hotel, then amara, then one office building then cross the road under keppel bridge then you reach the edge of the new Waterfront?

Quality of the development, I believe both clermont and duo about the same, but price is 1k psf at least more....

so location wise still better than Duo?

How about future capital appreciation ? Which one is Better?

[Ringo33]

by the time a single building is completed in the New financial centre wouldn't clermont be already 30 years Old? And it's still quite a distance to get to the New waterfront?

walk pass international plaza, then the new far east hotel, then amara, then one office building then cross the road under keppel bridge then you reach the edge of the new Waterfront?

Quality of the development, I believe both clermont and duo about the same, but price is 1k psf at least more....

so location wise still better than Duo?

How about future capital appreciation ? Which one is Better?

The location of DUO is quite isolated and it still doesnt have the critical mass of A list tenant like the central business district.

If you ask me, none of the project is going to make you a lot of money, but I do think that when fully developed, Clermont will be more upmarket.

[lifeline]

perhaps lifeline can ask his friend what was the asking price at that time. any bidding war etc.
since it appears that 1712psf is a price too good to be true until so many theories appear.

I finally got more details from my friend on 28-08...
That unit was seeking 4.35mil. When my friend went, the asking immediately dropped to 4.25mil. It was closed the following day which we now know to be 4mil. Apparently the owners are from India, paid in cash and earned from the currency appreciation.

[dtrax]

I finally got more details from my friend on 28-08...
That unit was seeking 4.35mil. When my friend went, the asking immediately dropped to 4.25mil. It was closed the following day which we now know to be 4mil. Apparently the owners are from India, paid in cash and earned from the currency appreciation.

mia hiam buay pai? Sell 9 percent lower but easily earn 30-60% more from forex

[lifeline]

mia hiam buay pai? Sell 9 percent lower but easily earn 30-60% more from forex

so now we got a lot of reasons why some prices are apparently low:
1. decoupling
2. deleveraging
3. forex gains alone is sufficient
4. real loss for whatever reasons
5. etc

[hopeful]

mia hiam buay pai? Sell 9 percent lower but easily earn 30-60% more from forex

like that can cut indian construction workers' pay from $2/hr to $1.80/hr.
the bosses' explanation to workers - you still earn from forex when you convert to rupees.

[Ringo33]

For someone who can pay $4m in cash to buy property, what is losing a few hundred Ks. To them the difference is probably to change Jag every year or every other year.

[amk]

Alamak this Trilight unit has made a massive loss of 50k
Very very good price for the buyer. 4.3 down to 4 just like that.
I like the way this banker did this deal. how I wish I was not affected by ABSD. Now even durian falls I cannot do it.

[stalingrad]

this is developer sale mah, cannot be decoupling hehehe.

Don't have to be so tactful. Just tell him like it is. He is just plain stupid. All theories about decoupling are stupid.

[stalingrad]

so now we got a lot of reasons why some prices are apparently low:
1. decoupling
2. deleveraging
3. forex gains alone is sufficient
4. real loss for whatever reasons
5. etc

These theories are advanced by diehard CCR fans to continue to deny that CCR homes are just like little cushions under your chairs' legs, one dollar a dozen.

[stalingrad]

any one sold Duchess Residences at a loss? I still can forget the buying frenzy I witnessed with my wife 6 years ago at the showflats.

[bargain hunter]

pay absd lor. but need prices to fall 20% lah. 10% absd, 10% ur real "gain".

Alamak this Trilight unit has made a massive loss of 50k
Very very good price for the buyer. 4.3 down to 4 just like that.
I like the way this banker did this deal. how I wish I was not affected by ABSD. Now even durian falls I cannot do it.

[bargain hunter]

so far only 8 losses. the rest trying their best to hold on. wait.....more than half the units were sold to VVVVVIPs at 1528 to 1700psf. they are not really making losses. its the VVIPs who paid 1800psf to 2300psf who are really struggling.

the 8 losses obviously by pple who thought they are VVIPs and bought between 1811psf and 2300psf.

the top 3 buyers who bought at 2200, 2251 and 2300psf respectively, all cannot take it anymore and have cut loss at 1772, 1820 and 1885psf.

any one sold Duchess Residences at a loss? I still can forget the buying frenzy I witnessed with my wife 6 years ago at the showflats.

[teddybear]

This is called herd instincts!
People like us would know that Duchess Residences is not worth $1800 psf at that time, just like we know that JGateway is not even worth >$1300 psf now... Again, herd instincts!

so far only 8 losses. the rest trying their best to hold on. wait.....more than half the units were sold to VVVVVIPs at 1528 to 1700psf. they are not really making losses. its the VVIPs who paid 1800psf to 2300psf who are really struggling.

the 8 losses obviously by pple who thought they are VVIPs and bought between 1811psf and 2300psf.

the top 3 buyers who bought at 2200, 2251 and 2300psf respectively, all cannot take it anymore and have cut loss at 1772, 1820 and 1885psf.

Originally Posted by stalingrad View Post
any one sold Duchess Residences at a loss? I still can forget the buying frenzy I witnessed with my wife 6 years ago at the showflats.

[dtrax]

Then DUO resi how? Peter Lim hoot multiple units... so cannot go wrong there?

[thomastansb]

Even buffet made mistakes before.. Who is Peter Lim....

Then DUO resi how? Peter Lim hoot multiple units... so cannot go wrong there?

[dtrax]

Even buffet made mistakes before.. Who is Peter Lim....

Peter lim no Peter lim, is Duo herd instinct too?

[stalingrad]

so far only 8 losses. the rest trying their best to hold on. wait.....more than half the units were sold to VVVVVIPs at 1528 to 1700psf. they are not really making losses. its the VVIPs who paid 1800psf to 2300psf who are really struggling.

the 8 losses obviously by pple who thought they are VVIPs and bought between 1811psf and 2300psf.

the top 3 buyers who bought at 2200, 2251 and 2300psf respectively, all cannot take it anymore and have cut loss at 1772, 1820 and 1885psf.

Haha, you just made my day. the broker wouldn't give us the time of day when we approached them in the showflats. They had too many eager buyers to attend to. I still remember the mountain of slippers at the entrance. it is a buying frenzy indeed.

I wonder how the maisonettes have turned out.

[CCR]

Peter lim no Peter lim, is Duo herd instinct too?

Ya Thomas, do share your insights... is duo herd instinct? And how much should it be worth Only psf Wise?

[dtrax]

Haha, you just made my day. the broker wouldn't give us the time of day when we approached them in the showflats. They had too many eager buyers to attend to. I still remember the mountain of slippers at the entrance. it is a buying frenzy indeed.

I wonder how the maisonettes have turned out.

An average 3bedder 136sqm bot at peak in 07 now renting around 6300. Each unit cost in excess of $2.5mil which translate to a gross 3% yield or 2.X%. I guess most are still holding on a thin line. Impact will probably be felt should interest rate hike begins

[walkthetiger]

An average 3bedder 136sqm bot at peak in 07 now renting around 6300. Each unit cost in excess of $2.5mil which translate to a gross 3% yield or 2.X%. I guess most are still holding on a thin line. Impact will probably be felt should interest rate hike begins

Interest rate hike likely in near coming years, if they surrender when that comes they will learnt it is too late. I knew some folks are holding onto few units bought in recent years, good luck to those folks.

CMs maybe small as compare, I too hope no bloodshed to those folks.

[walkthetiger]

Even buffet made mistakes before.. Who is Peter Lim....

Duo should be safe with their price, especially their buyers are all protected by CMs now...