Another New Project by CDL at Pasir Ris Grove

[kane]

The government's objective to approve the en bloc application is probably because it offers on going urban renewal and it creates more accomodation. In future when the MC applies for en bloc with the legal owner which is a developer for en bloc, we do not have a precedent case that demonstrates the objectives and decision they would exercise in the en bloc process.

However, if one is planning that as their last home and don't want to care what future complications their future generations will be subjected, then they can by all means buy such properties.

[chestnut]

The government's objective to approve the en bloc application is probably because it offers on going urban renewal and it creates more accomodation. In future when the MC applies for en bloc with the legal owner which is a developer for en bloc, we do not have a precedent case that demonstrates the objectives and decision they would exercise in the en bloc process.

However, if one is planning that as their last home and don't want to care what future complications their future generations will be subjected, then they can by all means buy such properties.

Kane, well done !!!! The plot ratio revision is exactly what will prompt developers to bid for en bloc. The plot ratio increase is based on the a few criterias and not limited to :
1. They feel the estate is too old (an eye sore) and want a total refurbishment.
2. They want more accomodation in that particular estate.

2013 will be the next revision.

[Secretariat]

Wah, bro, u damn smart. I admit defeat. I did not think of that. U champion.

Bro, I let you in la...

One of the reasons tha the yield of landed is so low, is because of its architecture. A landed house is designed here, mostly for single family. So the rental market is a very small pool; a single family is a single family, it doesn't matter if the landed house has one storey or three storeys. And a single family's rental budget is not much more for a landed house when compared with condo. Here, it seems that only ang mos like to rent landed.

But you go to London, go inside the terraces and see, the architecture is different. Each level for one family, sometime for two, depending on the area in London, examples near university, financial centre Canary Wharf etc. These are old terraces, from 1850s or so, and over the years modified to suit the demand of tenants. Super nice inside with iD, furnishing.

So, why not introducing this kind of architecture here. Not ulu locations, one level 1000-1200 sqf, can be done. Can rent at $3000 - $4000? Times three storeys, the sum is far more than renting to a single family now.

I am working on this. I know that you have the resources, think over it. Don't like, treat the idea as garbage lor.

[BigBoy]

Finally an official reply from CDL.

CDL: Our lawyer has advised that for a 99 years leasehold, the land will be the government's after 99 years. However, we will not know if there will be any changes to be made by the government threafter.

Based on the above, I do not think Palette is on a freehold land any more once it is converted to 99 leasehold.

[chestnut]

Bro, my friend rebuilt his terrace house on land of 1,700sq ft and built 3 level and many rooms. That was 15 yrs ago. He told me, if I need money, I will rent out the rooms individually and provide food to the student market. This guy's thinking was so forward thinking. During that time, to build 3 story only cost something like 300-500K, if my memory serves me well.

Bro, thanks for your recommendation. I really appreciate it. I am almost retiring. Will do so before 50. sup sup swee... Now, just enjoying my job...
I am on my last phase of investment and looking towards "run rate" money to sustain a very nice lifestyle. I am here just to share a little bit here and there but if I make so much money - I feel also no use (no offense to anyone. Just my own believe). When both my wife and I kick the bucket, my kids actually dont even need to work if they want to. So to me, I am calling it a day very soon. Dont bother about investment. Dont worry if shares go up or down. Dont need to worry about recession. That was my goal and I am keeping to it, because I know myself - I can be insatiable until I forget to enjoy.
Since you are in to doing more investment, feel free to let me know if you need some sharing from me. It may not be much, but I am a deep one and can see things many fail to see. Thats why I can make money. Hahaha

I personally think your plan is workable. It is similar to dual key concept in condo. Well done, my friend.

Bro, I let you in la...

One of the reasons tha the yield of landed is so low, is because of its architecture. A landed house is designed here, mostly for single family. So the rental market is a very small pool; a single family is a single family, it doesn't matter if the landed house has one storey or three storeys. And a single family's rental budget is not much more for a landed house when compared with condo. Here, it seems that only ang mos like to rent landed.

But you go to London, go inside the terraces and see, the architecture is different. Each level for one family, sometime for two, depending on the area in London, examples near university, financial centre Canary Wharf etc. These are old terraces, from 1850s or so, and over the years modified to suit the demand of tenants. Super nice inside with iD, furnishing.

So, why not introducing this kind of architecture here. Not ulu locations, one level 1000-1200 sqf, can be done. Can rent at $3000 - $4000? Times three storeys, the sum is far more than renting to a single family now.

I am working on this. I know that you have the resources, think over it. Don't like, treat the idea as garbage lor.

[chestnut]

CONGRATULATIONS

How much u bot psf? Check out NV, price higher leh. And Palette will offer shuttle to MRT.

Finally an official reply from CDL.

CDL: Our lawyer has advised that for a 99 years leasehold, the land will be the government's after 99 years. However, we will not know if there will be any changes to be made by the government threafter.

Based on the above, I do not think Palette is on a freehold land any more once it is converted to 99 leasehold.

[Secretariat]

Bro, my friend rebuilt his terrace house on land of 1,700sq ft and built 3 level and many rooms. That was 15 yrs ago. He told me, if I need money, I will rent out the rooms individually and provide food to the student market. This guy's thinking was so forward thinking. During that time, to build 3 story only cost something like 300-500K, if my memory serves me well

3 years ago, $500,000 was still possible for a bread-&-butter architecture.

Sometime, I read the pricing estimate given by property analysts, after some developers won some gls, the construction amount they put, I can only .

[chestnut]

3 years ago, $500,000 was still possible for a bread-&-butter architecture.

Sometime, I read the pricing estimate given by property analysts, after some developers won some gls, the construction amount they put, I can only .

Mr brother's semi-d done 7 years ago for 4000 sq ft built in with 4000 land was 800K. some more with bells and whistle.

[Secretariat]

So, Sultan Hussein ceded Singapore to the British (Raffles) in 1824, then his son wanted it back in 1923.

Oh well...

[ZeeWee]

The price and BW thingy all preliminary info.

Anyway Palette was sold slightly higher than NV

As for Palette taking almost 1 year to sell out.. I thought Livia took longer and NV took more than a year as well, only after the launch of Palette then NV was sold out.. so more than a year as well. So if there is any left over units when the new project is launch, the remaining units in Palette shouldn't last more than 3 months

[chestnut]

Bro, when I was in San francisco in jan this year. Went to a friends house. His house has 2 levels. His family stayed on second floor and there was a separate staircase to the second floor. The ground floor he rented out.

I think u referring to something like this rite?

Bro, I let you in la...

One of the reasons tha the yield of landed is so low, is because of its architecture. A landed house is designed here, mostly for single family. So the rental market is a very small pool; a single family is a single family, it doesn't matter if the landed house has one storey or three storeys. And a single family's rental budget is not much more for a landed house when compared with condo. Here, it seems that only ang mos like to rent landed.

But you go to London, go inside the terraces and see, the architecture is different. Each level for one family, sometime for two, depending on the area in London, examples near university, financial centre Canary Wharf etc. These are old terraces, from 1850s or so, and over the years modified to suit the demand of tenants. Super nice inside with iD, furnishing.

So, why not introducing this kind of architecture here. Not ulu locations, one level 1000-1200 sqf, can be done. Can rent at $3000 - $4000? Times three storeys, the sum is far more than renting to a single family now.

I am working on this. I know that you have the resources, think over it. Don't like, treat the idea as garbage lor.

[Secretariat]

Bro, when I was in San francisco in jan this year. Went to a friends house. His house has 2 levels. His family stayed on second floor and there was a separate staircase to the second floor. The ground floor he rented out.

I think u referring to something like this rite?

Not really. Nor the version that you can see in Today's article, which requires the user of the second staircase to access the first storey private space.

Staircase can create a lot dead space if not planned properly. Plus, SCDF and BCA have quite a bit of by-laws to fulfill.

There are two versions being sketched:

- A lift inside the house, provided that the agencies allow the placement of staircase outside the house (like those that can still be seen in old shophouses, such as those opposite Lavender Food Court),

- An enclosed common staircase inside the house.

[chestnut]

Bro, wats the expected yield u see. If you can get 10% based on total price, you can do wonders withe the rest of money. The rest will roll and allow you to expand progressively or even quantum leap.
When u do this, the agent appointment is very important. They need to do corporate lease and preferably to ang moh. Interesting and wish u success.

[Secretariat]

Bro, wats the expected yield u see. If you can get 10% based on total price, you can do wonders withe the rest of money. The rest will roll and allow you to expand progressively or even quantum leap.
When u do this, the agent appointment is very important. They need to do corporate lease and preferably to ang moh. Interesting and wish u success.

Bro, I believe that a deployment of $1.3 mil should be enough for initial cost of the old house, cost of rebuilding in one year. So the yield should be around what you said (so choon...). Then let the rental finances the rest.

But need a lot of patience & luck to get the right plot in FH landed. Those placed for sale are mostly redeveloped ones.

[chestnut]

Bro, I believe that a deployment of $1.3 mil should be enough for initial cost of the old house, cost of rebuilding in one year. So the yield should be around what you said (so choon...). Then let the rental finances the rest.

But need a lot of patience & luck to get the right plot in FH landed. Those placed for sale are mostly redeveloped ones.

You need to scout old estate. You should be familiar.
Trust me, when/if you get this cracking, your mindset will change. The influx of cash will be crazy. After a few months, u check your bank book, you will get a shock. Or maybe you are already experiencing it already. Hahahaha

A lot of things are difficult for me to share via forum. Not for selfish reasons but purely difficult because it involves a lot of Q and A. I will once in a while, conduct investment sessions with my staff during lunch or coffee break. Kind of like sharing session and such sessions can take at least 2 hrs.

[Secretariat]

So, Sultan Hussein ceded Singapore to the British (Raffles) in 1824, then his son wanted it back in 1923.

Oh well...

(Part II: The story is fictitious, and not a representation of true historical event of Singapore)

Sultan Hussein's son: Eh masaleh, I want the land back...

Governor of Singapore: Cannot la, you sold it to me FH leh...

Sultan Hussen's son: Why cannot? My father told me the land was sold in 9,999 parcels of 99 LH leh

Governor of Singapore: No la, FH is FH mah...

Sultan Hussein's son: ....(lan lan), ok you wait har, I go and ask my Elders first...

[NV2010]

For those who miss this article!
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
Five bids for Pasir Ris residential site

Buyers selective as many sites are coming up: analysts

A RESIDENTIAL site in Pasir Ris has met with a cautious response from developers, with only five bids lodged by the time the tender closed yesterday.
The top bid, from Capital Development, was $211 million or $418 per sq ft per plot ratio (psf ppr).
Capital Development is developing FLO Residence not far away in Punggol in a joint venture. The project was launched last month.
In second spot was SingLand Development with a bid of $209.9 million or $416 psf ppr.
The lowest came from Frasers Centrepoint which put in a bid of $156.4 million, or $310 psf ppr.
The 46,867 sq m site in Pasir Ris Drive 3, on the northern boundary of Pasir Ris new town, is zoned for condominiums or flats, or a combination of flats and strata landed houses if prior approval has been obtained. A maximum of 670 flat units is allowed.
While the top bid was within expectations, the 'tender response was moderate', said executive director at Credo Real Estate Ong Teck Hui.
Competition was a big reason for the lukewarm response from developers, he added.
'Interested parties would have considered competition from the more attractive Elias Road site that was sold in April, which would generate some 350 units.
'There's also new supply of 376 units from Sea Esta at Loyang Besar, which would be launched for sale soon,' Mr Ong said.
Elitist Development put in the top bid of $165.9 million, or $472 psf ppr, for the site between Elias Road and Pasir Ris Drive 3.
Another reason for the muted response to the latest site could be the raft of tender closings over the next three weeks in Buangkok Drive/Sengkang Central, Farrer Drive and Pheng Geck Avenue Parcel B, said Mr Ong.
'With this variety of opportunities, developers are likely to be more selective in tendering for sites.'
CBRE's executive director of residential services Joseph Tan said that developers may have been held back by potential competition from other sites in Pasir Ris and Tampines.
One could also attribute it to the distance between the site and Pasir Ris MRT station 'which is a short drive away', said Mr Tan.
'The five bids submitted and the quantum of the bids show that developers are cautious about the site because there is no MRT station nearby.' Recent launches in Pasir Ris have been well received, Mr Tan noted.
The 679-unit Ripple Bay in Pasir Ris Drive 4 has sold nearly 500 units at the average price of $880 psf to-date. The 892-unit Palette condominium in Pasir Ris Grove was launched in November last year at the average price of $900 psf and is about 72 per cent sold.

[sabian]

Developers also getting cautious? Pasir Ris still have more plots on the way for launch...

[leesg123]

Finally an official reply from CDL.

CDL: Our lawyer has advised that for a 99 years leasehold, the land will be the government's after 99 years. However, we will not know if there will be any changes to be made by the government threafter.

Based on the above, I do not think Palette is on a freehold land any more once it is converted to 99 leasehold.

Glad to hear that!

[radha08]

Glad to hear that!

depends who is govt in 99 years time of course we all woudlnt know cos we wont be around...

[kane]

depends who is govt in 99 years time of course we all woudlnt know cos we wont be around...

aiyo, you can always vote in your government, but you can never vote out the ultimate landlord if it's a private entity.

[Secretariat]

depends who is govt in 99 years time of course we all woudlnt know cos we wont be around...

Bro, I am not a lawyer but do you think that a freeholder (a FH land owner) needs to ask the government, every 99th year, "eh, this year is the 99th anniversary, so what do you want to do with my land..."?

If the answer is No, then we have to assume that the alleged FEO reply was referring to the situation where the freeholder is the government.

If the answer is Yes, then this requirement makes a mockery of the legality of FH.

Put it another way.

Can I as an individual, follow FEO, buy a FH land, build a house on it, and then sell the house with 99LH. If I follow the law of England & Wales (from which the laws of Singapore derived) then for sure I can. If I follow the law of Singapore, then I will want to find out if there is a precedent to follow. But clearly, the government of Singapore can do so, a corporation (FEO) can do so, legally.

The government made the law, but it also has to uphold the law it made.

I believe that the reactions of this forum to the FEO case, are legitimate & normal, but I also suspect that most condo owners don't really understand what exactly the own in buying a 99LH unit. But this is a separate subject altogether.

Revolutions took place over the length of human history over land ownership. The most extreme revolution arguably took place in China, at the height of communism fever, everything was a commune. Now the pendulum swings.

[NV2010]

Developers also getting cautious? Pasir Ris still have more plots on the way for launch...

Most interesting parts are in the areas of Pasir Ris Central, ie Bus interchange, this may develops into commercial and residential project, the hill in front of MRT station, will reclaim for residential use (according to Master plan 2008), etc.

[radha08]

Most interesting parts are in the areas of Pasir Ris Central, ie Bus interchange, this may develops into commercial and residential project, the hill in front of MRT station, will reclaim for residential use (according to Master plan 2008), etc.

yup pasir ris got PLENTY upcoming projects..

[kane]

yup pasir ris got PLENTY upcoming projects..

punggol and pasir ris are the few places with big open lands. after that there'll be less ulu sites and pogressively more plum sites.

[NV2010]

Went down to Pasir ris last Sunday and paid a visit to the CDL showflat. To my observation, the showflat is not ready, still alot more things to do. It may takes another month or so.

Looks like the new launch may hold between DEC and Jan 2013.

[sabian]

Went down to Pasir ris last Sunday and paid a visit to the CDL showflat. To my observation, the showflat is not ready, still alot more things to do. It may takes another month or so.

Looks like the new launch may hold between DEC and Jan 2013.

So late then launch? Not confident?

I thought demand is strong?

[ZeeWee]

So late then launch? Not confident?

I thought demand is strong?

more like massive renovation and ID work being put in

This next plot being next to expressway, CDL definitely have to do something extraordinary to:

1st) Entice people to buy
2nd) Convince people that buying higher (maybe $20psf more) than Palette is worth it still

Initial information is Dec 12 will start sell.. see how lor

[NV2010]

more like massive renovation and ID work being put in

This next plot being next to expressway, CDL definitely have to do something extraordinary to:

1st) Entice people to buy
2nd) Convince people that buying higher (maybe $20psf more) than Palette is worth it still

Initial information is Dec 12 will start sell.. see how lor

Last week, went to Ripple bay showflat to find out more about the project. Not many people around. viewed its 3bedder of 1087 sqft. with 2 sizable belonies. One in living area and the other one in master bedroom. All rooms without BWs. The kichen is a bit small without yard, cannot hang clothing. Agent suggests using the balcony. The unit layout seems good. There are 3 sizes, 1087, 1066 and 900 plus.

Was told by the agent that sea view left only low floor, although being blocked by the houses in front, it is still selling at seaview price, all units above 1mil.
Unit facing swimming pool on 7th 1066sqft selling above 900k.
Facing swimming pool on 7th 1066sqft selling above 900k.

Unfortunately,don't have the times to see other projects around there to compare due to other matter to attend to.

[sabian]

Last week, went to Ripple bay showflat to find out more about the project. Not many people around. viewed its 3bedder of 1087 sqft. with 2 sizable belonies. One in living area and the other one in master bedroom. All rooms without BWs. The kichen is a bit small without yard, cannot hang clothing. Agent suggests using the balcony. The unit layout seems good. There are 3 sizes, 1087, 1066 and 900 plus.

Was told by the agent that sea view left only low floor, although being blocked by the houses in front, it is still selling at seaview price, all units above 1mil.
Unit facing swimming pool on 7th 1066sqft selling above 900k.
Facing swimming pool on 7th 1066sqft selling above 900k.

Unfortunately,don't have the times to see other projects around there to compare due to other matter to attend to.

how come CDL projects still have bay windows when projects like ripple bay already do away with bay windows?