Not true that caveat is lodge only before the first bank disbursement. Caveat is lodge by the bank once the buyer accepted and signed the loan offer. Because of the current low interest rate loan offer, any sound minded buyers would want to quickly secure a loan now while interest rate is still low even though the first bank disbursement could be a year or 2 from now just in case they might not be able to get a loan later on when the developer calls for the disbursement of the remaining outstanding amount.
I will be surprised that genuine buyers still have not secured a loan as yet, it's been Nov since the DUO was launched. How certain are they that they will be able to secured loan later??? unless they are cash rich, need not borrow from the bank?
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
if the 300 caveats which have not been lodged, they could have paid the 20% downpayment but not yet taken bank loan? they have the option of taking bank loan subsequently and/or pay cash for further installments partially or in full?
of course if they run into financial difficulties subsequently and can't get a loan, then they may default?
Hi buddy,
My 3 units are not lodged as there is no bank loan. Most of my friends who bought into the project are also not taking up a loan yet so no lodgement also. As for the so called "phantom buyers" conspiracy theory that you are advocating, a logical explanation is that most buyers booked 3 to qualify for bulk buy but only proceeded with 1-2 units. The forfeited amount is still lower than a 10% increase in price. The chances of securing the units that you want is also almost certain during the bulk buy stage.
The auditors are there to make sure the buyers names and cheque tally.... and the balloting is fair and transparent.... they are so strict that for multiple units buyers, if the OTP of the multiple units is of different names you will be rejected....
And if they want to just use this marketing ploy, why only sell 28 units to vvip? Sell 300 units to vvip
There will be some cash rich who do not need a loan (often these are foreign buyers). Now in the context of DUO, it was reported that majority abt 80% of buyers are Singaporean with the remaining 20% consisted of Malaysians and other foreigners.
Again you assumed that majority of these Singaporeans buyers are 2nd home buyers (only take 50% loan), hence the bulk of caveat not lodge yet.
Even if I go by your assumption of the majority buyers only need up to 50% loan, why would a lot them take the risk not to secure a bank loan now? what if they can't secure a loan 1 or 2 years from now when the 2nd part of the 50% payment kicks in because they lose a job etc?
I took a bank loan and caveat was just lodged but yet to be uploaded on the ura website. So, everyone, relax....
Again you are paraphrasing what I wrote.
Did I say majority? Or did you just made that up to divert this discussion away from your silly and baseless assumptions that 300+ units are bought by phantom buyers trying to generate buzz of the project?
All this silly conspiracy theory about losing job etc etc are just evidence that you are struggling to defend your silly and baseless theory. You could also throw in contracting HIV or getting kill by fallen tree etc to amuse yourself, but please dont use that as a basis to 4 to 5 pages of nonsensical arguments just because you of silly theory.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Hahaha it amuses me that some smart alecks are into these "phantom buyers" conjectures.
Sale of developers' units in Singapore are governed by the Housing Developers Act. And it is mandatory that every developer keep a sales register with all required information (e.g. buyer's name, IC number, contact no. etc.) at every project showflat and office at any one point. The URA and MND people can walk into the showflat at any time and ask the developer to produce the sales register to cross-check the units that claimed were "sold".
So, simi phantom buyers???
Since it M+S they will make sure they are super transparent.... and the reason the under price this project is 2 fold.... PAP keep saying market too high, then when they launch their own product they price High high Ah? 2nd, it's their first project, so must make sure it's successful so can announce to whole world this is a successful partnership...
This phantom buyers and sell good units to directors first then release out at higher price makes me wanna laugh....
Btw, if you have been to the balloting, you will notice that the cars outside the show fat are 80% Mercedes S class, 7 series, Bentley, posche and other bug continental cars
I sold a penthouse unit in 2009 ... to date ...buyer has not lodged caveat ...
I do not know if he took any loan though
Hahaha Ghost buyer is a good one too!
caveat lodged in SLA is to protect ur interest in the event of duplicate ownership in fraud. BUT owner can instruct his lawyer NOT to lodge if not taking bank loan. Reason given is PRIVACY. Super rich owners dun wan ppl to login in URA n check their net worth.
In bank loan, bank will wan the lawyer represent them which is EXTERNAL party to lodge caveat as FIRST legal claim over ur property in event of default or bankrupt. So bank will check all documents n procedures done BEFORE the 1st loan disbursement. Therefore, the EXTERNAL lawyer can SLOWLY do they online login sla to lodge caveat maybe last few working days before 1st disbursement.
Once lodged caveat sla, the details will show in ura in the next update either tue or fri.
If dun believe, ask ur lawyer next time u buy\sell ppty.
Hope it clarifies.
Just Do It! 要拼才会赢!
Can you pay to remove a caveat that has already been lodged?
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Owners must instruct their own lawyer to DISCHARGE the ppty once mortgage is fully paid off. ANd bear all costs and charges. Bank most likely will agree to remove the caveat/1st legal charge when u dun own them any OTHER kinds of money. But the data is still there lah.
If u are NOT the owners or non related parties to this ppty, of cos NO. Why govt would allow ppl to MESS up the system? That's why Singapore is one of the world's most OPEN pprty mkt. Where u can find rental, ppty px n charts etc in govt's websites.
But the system has been abused. Developers selling air spaces and giving renovation/furitures rebates at TOP to manipulate PSF/px in URA data. To give false impressions of px going up. Hope they find ways to correct these behaviours.
Hope these help u all understand further.
Just Do It! 要拼才会赢!
there are now 317 caveats. including the multiple units, 337 units have lodged caveats.
Ura indicate left 70 units, will be less after jan I think
Saw this on squarefoot.com