I'm sure Lippo will have something But since Mr Wee's QC believes there is a case, then he must have in possession something incriminating.
I'm sure Lippo will have something But since Mr Wee's QC believes there is a case, then he must have in possession something incriminating.
Urban Suites
Sold 30 DEC 2014 3 HULLET ROAD #16-06 1,044sq ft 2,682psf
Bought 18 JAN 2010 2,765psf
small loss
Orchard Residences
Sold 2 JAN 2015 238 ORCHARD BOULEVARD #36-06 1,808sq ft 3,041psf
Boought 1 NOV 2007 4,287psf
about 2.5m in losses.
stack 6 3 bedder seems to be the worst investment for this project. 6 of the 8 losses recorded for this project, including the last 4 have been from stack 06.
however, prices have not fallen much since august when #37-06 was transacted at 3097psf.
there are some mortgagee sales where the buyers had bought really cheap eons ago. why can't they sell it in open market? anyone can shed some light on the reasons for these mortgagee sales?
e.g at JLL's auction on 29th Jan alone:
Ville Royale
23 SEP 2003 312 RIVER VALLEY ROAD #01-06 1,389sq ft 652psf $905,000
JLL's advert price $1.808m
http://www.propertyguru.com.sg/listi...e-ville-royale
twin regency
24 APR 2007 26 KIM TIAN ROAD #22-01 1,776sq ft 1,070psf $1,900,000
JLL advert price 3.1m
http://www.propertyguru.com.sg/listi...e-twin-regency
non CCR:
High Oak
17 FEB 2006 11 TOH TUCK ROAD #02-42 1,206sq ft 440psf $530,640
JLL advert price $1.1m
http://www.propertyguru.com.sg/listi...high-oak-condo
as well as properties bought in 2012/2013, why so soon kenna mortgagee sales? had noticed a few units purchased in 2013 and went under the hammer in 2014 as mortgagee sales.
in this auction, non CCR:
The Quintet
13 APR 2012 38 CHOA CHU KANG STREET 64 #14-06 1,259sq ft 715psf $900,000
JLL advertised price $1.02m
http://www.propertyguru.com.sg/listi...le-the-quintet
elias green:
21 JUN 2013 5 ELIAS GREEN #02-06 1,507sq ft 597psf $900,000
if the question is why the banks cannot just sell the property in the open mkt, the reason is that under law they have a duty when exercising the mortgagee right to sale to obtain a fair market value. and auction is regarded as the most undisputable way to do this.
if the question is why the owners cannot sell the property instead of ending up with the bank repossessing the property, i can only hazard a guess. it could be because the property is pledged as collateral for a larger commercial loan. or it could have been refinanced and owner has drawn out equity based on valuation at the peak of the market.
genuinely in trouble:
The Grange
2 MAY 2008 3 GRANGE GARDEN #17-03 2,303sq ft 2,692psf $6,200,000
JLL dvert price $4.86m
http://www.propertyguru.com.sg/listi...ale-the-grange
anyway, happy shopping everyone. seems like bargains galore.
i saw some units being advertised at D9 cairnhill/river valley for about $2000psf...quantum less than $2.3-2.9M. what is a good price/psf to aim for?
depends on each unit's characteristics, hard to generalise.
combination of size of unit and quantum decides the psf.
for the units our bro smellyfish is looking at, around 1400 sq ft, last year, at tribeca i think there was one unit which transacted at 2.3m+, which was 1600psf+. at this point, i think there are buyers.
That unit was a starbuy as the owner was very willing to sell. I remembered that it was sold within a few days as I was overseas during that time and could not view it. Moving forward (2H2015), premium D9 units at the 2000 sqft mark should be going for bargains (1500-2000 psf) in the market. Lets all wait patiently.
think 1500 a bit tough, unless its those outsized unit, ie 3 bedder > 1700 sq ft, 4 bedder > 2200 sq ft kind. i think 1600psf could be the lower end of the band.
how much do u think that mortgagee sale for 2303 sq ft at the grange can fetch? 2000psf? 4.61m? #05 of another stack was sold at super knock down price of 1832psf (4.2m) but i think for this high floor unit, should be able to find buyers at 2000psf.
This unit could be quite difficult to sell given the current climate. The other unit was sold at a time whereby there were still opportunistic investors around. I can only say that I will pay around 1800 Psf for this unit after factoring the "risk" of loading this unit into my portfolio at this moment. That being said, I will not buy anymore till the ABSD is lifted.
let's see how it goes at the auction. anyone who is attending please update as i am not sure if i am free to attend yet.
but feels like there are still opportunistic investors around.
for bidders to reference (caveats lodged for transactions >$3m in dec and jan so far):
D9
9 JAN 2015 9 NOMU 20 HANDY ROAD #10-03 APARTMENT FREEHOLD 1,389sq ft STRATA 2,434psf $3,380,000
2 JAN 2015 9 THE ORCHARD RESIDENCES 238 ORCHARD BOULEVARD #36-06 APARTMENT 99 YRS FROM 2006 1,808sq ft STRATA 3,041psf $5,500,000
2 JAN 2015 9 THE COSMOPOLITAN 202 KIM SENG ROAD #31-07 CONDOMINIUM FREEHOLD 1,679sq ft STRATA 1,935psf $3,250,000
15 DEC 2014 9 RIVERGATE 93 ROBERTSON QUAY #16-03 APARTMENT FREEHOLD 1,604sq ft STRATA 1,983psf $3,180,000
15 DEC 2014 9 THE METZ 83 DEVONSHIRE ROAD #27-03 CONDOMINIUM FREEHOLD 3,240sq ft STRATA 1,852psf $6,000,000
10 DEC 2014 9 ST THOMAS SUITES 31 ST. THOMAS WALK #29-01 CONDOMINIUM FREEHOLD 4,672sq ft STRATA 1,552psf $7,250,000
5 DEC 2014 9 GRANGE HEIGHTS 15 ST. THOMAS WALK #09-15 APARTMENT FREEHOLD 3,003sq ft STRATA 1,292psf $3,880,000
3 DEC 2014 9 THONG SIA BUILDING 30 BIDEFORD ROAD #20-02 APARTMENT FREEHOLD 2,034sq ft STRATA 1,720psf $3,500,000
1 DEC 2014 9 PATERSON RESIDENCE 73 PATERSON ROAD CONDOMINIUM FREEHOLD 4,123sq ft STRATA 1,552psf $6,400,000
(does not include 4 Residences at emerald hill units which i believe are related party transactions to boss' wife)
D10
7 JAN 2015 10 HALLMARK RESIDENCES 17 EWE BOON ROAD #11-01 CONDOMINIUM FREEHOLD 3,681sq ft STRATA 1,589psf $5,850,000
30 DEC 2014 10 THE TOMLINSON 20 CUSCADEN ROAD #03-02 APARTMENT FREEHOLD 2,368sq ft STRATA 2,111psf $5,000,000 in particular, surely the grange on mortgagee sale unit is at least equal or superior to this unit? (i do not know how the ultra rich thinks, they may like tomlinson more than grange even though this project sits on a small plot of land and is low floor)
22 DEC 2014 10 THE TRIZON 6 RIDGEWOOD CLOSE #20-05 CONDOMINIUM FREEHOLD 2,067sq ft STRATA 1,452psf $3,000,000
19 DEC 2014 10 THE TESSARINA 22 WILBY ROAD #09-17 CONDOMINIUM FREEHOLD 3,358sq ft STRATA 1,221psf $4,100,000
19 DEC 2014 10 DRAYCOTT EIGHT 10 DRAYCOTT PARK #10-08 CONDOMINIUM 99 YRS FROM 1997 2,863sq ft STRATA 2,008psf $5,750,000
18 DEC 2014 10 THE GRANGE 1 GRANGE GARDEN #16-04 CONDOMINIUM FREEHOLD 1,744sq ft STRATA 2,036psf $3,550,000
18 DEC 2014 10 BOTANIKA 50 HOLLAND ROAD #01-07 APARTMENT FREEHOLD 1,636sq ft STRATA 1,956psf $3,200,000
16 DEC 2014 10 GOODWOOD RESIDENCE 263 BUKIT TIMAH ROAD #04-09 CONDOMINIUM FREEHOLD 2,497sq ft STRATA 2,627psf $6,560,300
15 DEC 2014 10 THE GRANGE 3 GRANGE GARDEN #05-01 CONDOMINIUM FREEHOLD 2,293sq ft STRATA 1,832psf $4,200,000
12 DEC 2014 10 NASSIM PARK RESIDENCES 21 NASSIM ROAD #04-19 CONDOMINIUM FREEHOLD 3,477sq ft STRATA 3,940psf $13,700,000
11 DEC 2014 10 NASSIM MANSION 32 NASSIM HILL #02-36 APARTMENT FREEHOLD 2,852sq ft STRATA 2,932psf $8,362,500
10 DEC 2014 10 GALLOP GREEN 19 WOOLLERTON PARK #04-21 CONDOMINIUM FREEHOLD 3,272sq ft STRATA 1,780psf $5,824,160
8 DEC 2014 10 D'LEEDON 15 LEEDON HEIGHTS #32-54 CONDOMINIUM 99 YRS FROM 2010 2,422sq ft STRATA 1,551psf $3,756,300
8 DEC 2014 10 ORANGE GROVE RESIDENCES 31 ORANGE GROVE ROAD #01-05 CONDOMINIUM FREEHOLD 2,400sq ft STRATA 1,875psf $4,500,000
8 DEC 2014 10 ARDMORE PARK 9 ARDMORE PARK #04-01 CONDOMINIUM FREEHOLD 2,885sq ft STRATA 2,600psf $7,500,000
8 DEC 2014 10 ARDMORE PARK 9 ARDMORE PARK #04-02 CONDOMINIUM FREEHOLD 2,885sq ft STRATA 2,808psf $8,100,000
1 DEC 2014 10 GOODWOOD RESIDENCE 261 BUKIT TIMAH ROAD #04-07 CONDOMINIUM FREEHOLD 1,970sq ft STRATA 2,442psf $4,810,000
slightly off-topic, but interesting nonetheless: dun expect "firesale" price cuts for Keppel's Reflections/Corals, because :
"the Keppel Bay land plots are exempted from QC taxes, having been granted a special status by the government because they are deemed "specifically tailored to entice foreigners purchasers".
Keppel is bluer than Capitaland !
since we r on the topic of QC taxes
https://www.squarefoot.com.sg/phocad...buy-or-pay.pdf
from the list,
perhaps interlace and d'leedon may cut prices but both projects seem to have sold well since the jan 2013 super price cut and prices have actually trended up since.
only iliv@grange is under threat it seems, they are still trying to find that elusive single buyer.
one of the reasons listed for privatising popular is the poor sales of 8 raja. think boss doesn't want to sell it cheap either.
Goodwood Resi, Marina Bay Suites and Urban Resort still seems to be able to sell a unit here and there to the well-heeled?
i don't see many projects which have an urgent need to cut prices leh.
for those TOP in 2014 (developer can worry about it next year),
the more vulnerable ones are: Concourse Skyline, Waterscape, Le Nouvel Ardmore, Tomlinson Heights, The Peak @ Cairnhill I.
very few units left for Foresque and Lincoln Suites to worry the developers.
The article also said that the Keppel Bay land plots are exempted from Qualifying Certificate taxes because they have been granted a special status by the government. This is inaccurate. They are exempted as the land was acquired before the revision to the Residential Property Act in July 2005. The article has been amended to reflect this.
just as we were discussing the QC Tax,
Capitaland sold these 4 high floor units with price cuts and set new psf lows for this project. in comparison #11-01 was sold at 2702psf in Jul 2013. even earlier, #16-02 of the same size set the record psf for this project at 3208psf in may 2011. comparing that with #16-01's psf is a -28.6% drop.
12 JAN 2015 9 URBAN RESORT CONDOMINIUM 32 CAIRNHILL ROAD #17-01 CONDOMINIUM FREEHOLD 2,121sq ft STRATA 2,312psf $4,902,000
12 JAN 2015 9 URBAN RESORT CONDOMINIUM 32 CAIRNHILL ROAD #15-01 CONDOMINIUM FREEHOLD 2,121sq ft STRATA 2,270psf $4,814,000
12 JAN 2015 9 URBAN RESORT CONDOMINIUM 32 CAIRNHILL ROAD #16-01 CONDOMINIUM FREEHOLD 2,121sq ft STRATA 2,291psf $4,858,000
12 JAN 2015 9 URBAN RESORT CONDOMINIUM 32 CAIRNHILL ROAD #13-01 CONDOMINIUM FREEHOLD 2,121sq ft STRATA 2,229psf $4,726,000
really dangerous to be earlier buyers of capitaland products....
news just in: Keppel Corp is taking Keppel Land private !!
becoming like a trend starting from Simon Cheong.. is this for the same reason?