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Thread: 'Sky/Raised Pool' Projects - beware!

  1. #1
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    Default 'Sky/Raised Pool' Projects - beware!

    LET me share my first-hand experience on the debate over 50-year housing loans ("50-year home loan a 'gimmick' says Khaw"; Aug 6).

    I used to be the chairman of the management corporation of a small condominium a few years ago, and a young couple bought a two-bedroom unit there, upgrading from their five-room HDB flat.

    The couple were on a tight budget, with enough funds for the monthly instalments and the maintenance and sinking fund contributions, and moved in just in time to celebrate Chinese New Year in their new apartment.

    Unfortunately, two months later, a capital levy was imposed on all the owners to replace a seriously leaking swimming pool.

    As the couple did not have spare funds for such an emergency, they had to borrow from their friends and colleagues.

    Five months later, another capital levy was imposed to replace the leaking roof membrane of another block.

    In desperation, the couple had to sell their apartment and downgrade to an HDB flat, not a five-room flat this time, but a four-room one because they had to pay a hefty penalty for redeeming the 20-year mortgage loan prematurely, apart from other expenses.

    The principle behind taking a longer-term mortgage is not to buy a bigger flat whose cost exceeds one's financial capacity, but as a wise financial precaution.

    I similarly took a 20-year mortgage loan for my unit, but at the end of each year, after collecting my annual bonus, I would work out the amount I could spare and then notify my bank to make a partial capital repayment, which effectively reduced the interest charges on my loan without affecting its term.

    Consequently, every year my monthly repayments fell progressively, which then allowed me to make even larger partial capital repayments.

    My 20-year mortgage was redeemed after only 12 years.

    So, when you take a 50-year mortgage, it does not mean that you must take 50 years to repay the loan.

    Fifty-year housing loans are definitely not a gimmick or undesirable.

    On the contrary, they provide the borrower a safety margin in the event of an emergency.

    I commend United Overseas Bank for its foresight in offering a safety margin with its 50-year mortgage loans.

    Francis Zhan

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    Default

    Some examples:






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    What happens if the top units with personal Jacuzzi / wading pool starts to leak... down into the units directly below?

    Questionable:
    a. Owners of top units with personal jacuzzi / pool is liable to pay and make good OR

    b. These owners are not liable as they can claim from the developer OR

    c. Can claim from sinking fund?

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    Good questions. I have no answers. perhaps bros with experience may wanna comment?

  5. #5
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    wow.. so expensive to fix leaking swimming pool ah ??...

    that cdl case was not that bad... 600K divided by 51 units....

    http://forums.condosingapore.com/arc...p?t-10780.html

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    Quote Originally Posted by mygeemeel

    c. Can claim from sinking fund?
    u mean...LEAKING fund...

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    nice to see good to sit...but once leak...god bless...

    http://www.propertyguru.com.sg/listi...le-bluwaters-2

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    Maybe some developers will come up with retro FH walk up apartments with only carpark and no facilities.

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    Quote Originally Posted by azeoprop
    Maybe some developers will come up with retro FH walk up apartments with only carpark and no facilities.
    trust me in this mkt there will be clowns who will buy...

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    Freehold no facilities carpark only Mountbatten Lodge still selling well....

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    Quote Originally Posted by radha08
    u mean...LEAKING fund...
    Nice one....

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    Quote Originally Posted by carbuncle
    Freehold no facilities carpark only Mountbatten Lodge still selling well....
    http://www.propertyguru.com.sg/listi...ntbatten-lodge

    valuation!

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    Quote Originally Posted by carbuncle
    can buy and rent out at $20 an hour......to young aspiring couples who wish to qualify for baby bonus

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    Usually building at the top few are subjected to higher dynamic lateral movement, so the creak on the wall and floor are more promnt ...

    Again swimming pool on the top look great but is subjected to leakages ..

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    Used to think whoever bought the units right below the pool good luck man but from the article it seems actually the whole condo owners have to bear any resultant repair cost.

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    Quote Originally Posted by carbuncle
    Used to think whoever bought the units right below the pool good luck man but from the article it seems actually the whole condo owners have to bear any resultant repair cost.

    its still partially good luck to them as although the monetary aspect is covered. the leaking and repairs will be a huge pain.

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    Quote Originally Posted by carbuncle
    Nice one....
    talk bro talk...i am chasing you in terms of post count...

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