hi, hijacking this thread a bit....anyone passes by UV site? any update on the construction progress? thanks!
hi, hijacking this thread a bit....anyone passes by UV site? any update on the construction progress? thanks!
The Glades is definitely a beautiful project and the developer Keppel Land is extremely reliable from their previous track records of Caribbean At Keppel Bay and Reflections among others. With such a huge landscape and land area, owners will have lots of activities to do as well as enjoy the breath-taking pool view and the landed estate/greenery view nearby.
My cousin stays opposite at Optima. She bought a 4 bedroom unit there at almost $1.9 million and plans to stay put there for at least 6-8 years. So the psf price there should remain stable and is already hovering around $1300-1500psf for ready condos. As such, the psf asking by The Glades at $1500psf is extremely reasonable.
In addition, Tanah Merah is a nice quiet estate with nice eateries nearby. MRT is just outside the condo. We can hardly find any condo which is so near to MRT like that.
However, the only setback is that its not near town, and its not freehold, and also not much of a view to please the eye. But the mrt make up for all that shortcomings.
kinda surprising to hear the term extremely reasonable used on 1500psf. i think it's just fair value.
Skyvue has an above ground 5-storey car park. I hate that, it looks ugly. Pure cost saving tactic.
As I mentioned I've formed the opinion that people buying The Glades are people who like the area and are buying for own stay. I don't think The Glades is one for the investors.
VI you should wait for Duo Residences...architecturally it looks interesting
Thanks for the advice. Much appreciated. Actually since each thread on here seems to be about a specific development it's not easy to get a 360 degree view where different developments are compared against each other for pros/cons. Really appreciate the tip and the heads up. Thanks!!
I want to rule this in or out and move on, one way or another.
I thought looking at rental yield would help. Then I realized I don't know how to calculate rental yield Can someone help? I enquired about a unit at The Glades that I didn't mind the layout and the facing.
It was 678 sqft and priced at 1,001,500.
I would think it could rent out at about 3,200 as a rough guess.
What rental yield does that give me? Negative?
Simple Rental Yield % = (Annual Rental/Purchase Price)*100
Exact Rental Yield % = (NET Annual Rental/Total Cost of Purchase)*100
where
NET Annual Rental = Annual Rental - Annual Property Tax - Annual Maintenance Fee - Agent Fee
Total Cost of Purchase = Purchase Price + Stamp Duty + Legal Fee
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Based on Optima recent few months rental transaction for 2-bedroom (850 sqft) from $3.4k to $4k, rental rate for a 2-bedroom PC in Tanah Merah area will expect to be more than $3.2k.
Developer Sales Team for The Glades
Eco is about 304,XXX sq feet in size, of which 1/3 is taken up by townhouses, total units 748. Whereas The Glades is 341,XXX sq feet with no townhouses, and total units 726. I think The Glades will be less crowded than Eco?
My only 'complaints' are that:
Most pool view units all have to face the MRT tracks, and have slight west sun.
There's no 'sky gardens' on the blocks' rooftops (not considering level 2 of one of the blocks a sky garden).
No bomb shelters, need to find space to make your own storerooms.
indeed the glades is less crowded. it has a plot ratio of only 1.6, whereas eco has a plot ratio of 2.1.
by the way alot of people still have the misconception that there will be a mall like the one at bedok next to urban vista. it has been changed to residential with commercial at first storey only since beginning of this year. SO NO BIG SHOPPING MALL. don't expect much beyond the more essential provisions. look at the ura plan if don't believe me, over here:
http://www.ura.gov.sg/uramaps/?confi...e%20amendments)
hope no one is conned by agents who say there will be a big shopping mall here.
Thanks for the explanation. "Exact Rental Yield" sure makes it a bad proposition for me. Glades has high maintenance fees and I also need to ABSD. If I rent it out I'd have to subsidize the tenant to live in my house I think cautiously it could only rent at 3.2 because whilst it is a 2-bed it's much smaller than the Optima 2-beds that are renting at 3.4.
I also love Optima. I wish I had a time machine to go back and pick up a unit before the prices went so high.
Optima and Casa Merah are usable as a home. Developers are not building homes anymore, they are building hotel suites. Very sad.
I wish they would still build nice homes that I could never afford. At least I could then put it out of my head and just accept it. But, no, those buggers still build units I can afford to torture my mind in to wondering whether I could get used to living in a rabbit hutch
I am going to buy, but I think I'm crazy. I think I'm buying out of fear and hope more than anything else. I'm imagining reading this thread in 5 years time and a poster writing "wow, such a huge 600 sqft flat, and the asking price is just 2 million, what a bargain".
But it sounds like many in the forum are so hoping for shopping malls nearby, for investment reasons, and there's a big diff between residential with shops on first floor and mixed development, so I thought to highlight this. N it seems urban vista was marketed as next to shopping mall.
As for ura may as and when change land use - no that will not happen. Land use changes for a particular area changes once in a blue moon, and thru an extended process and deliberation. The land has just been changed to shops on first floor early this year, so ura not so fickle to suddenly just change back again. And developers bid on a price based on the stated land use and plot ratio, so cannot change its usage once bought.
Eh I thought UV used the 'commercial hub' as one of selling point? Pls refer to its brochure as well as the ad per link from 0.51 to 0.58s which showed a multi-storey shopping mall. UV was launched in Mar 13 after the URA amendment in Jan 13 ....
http://www.youtube.com/watch?v=nBKB5_KHIK8
Exactly what I mean by agents conning buyers - by spreading misinformation. Obviously commercial hub is going to sound much more attractive than 'shops on ground floor', so they neglected to mention the change and feigned ignorance? Or if they r not even aware then it also shows their level of professionalism.
Per ad today, UV is 85% sold after 6 month in the market. Wander how many bought because of the commercial hub though to be fair, UV does have its own merits which are mainly the super close proximity to MRT and the very likely earlier TOP than Eco and The Glades! Nonetheless, agents still should not misrepresent.
On the topic, if I have not gotten Eco, for staying, The glades is definitely the choice! Like the landscaping and space though I would prefer Eco 2 BR bigger unit size and layout which comes with Yard, utility and enclosed kitchen, which are rate attributes of 2 BR nowadays. Anyway, cannot have cake and eat it too rite .
Btw, hows sale of The Glades?
Hmmm...I am not in the agencies marketing Urban Vista so I am not aware their marketing approach.
When I was with Savills in eCO last year, the approach was to market eCO as a refuge from the hustle and bustle...walkable from Tanah Merah mrt but a chill out condo with lots of pools and landscaping
Majority of the unsold units at eCO are of the SOHO variety...had there been more of the conventional type units I'm pretty sure eCO would have sold out
I will not use the word "con" but it's true that agents were making a big deal about it, saying a mall adds to the area's convenience and appeal and thus drives prices up. Almost every agent I spoke to said that - and none mentioned it had been changed to a mixed development.