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Thread: Silversea (D15, 99 years Leasehold, Far East Organization)

  1. #31
    Join Date
    Mar 2008
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    Default Re: Silversea (D15, 99 years Leasehold, Far East Organization)

    I think the launch is pushed to OCTOBER. Do anyone know?

  2. #32
    Unregistered1 Guest

    Default Re: Silversea (D15, 99 years Leasehold, Far East Organization)

    Think will launch soon as i saw 2 property agents in the showflat last Saturday.

  3. #33
    zodiak Guest

    Default .....................

    this weekend

  4. #34
    waitingpatiently Guest

    Default

    Quote Originally Posted by zodiak
    this weekend
    think they dare not launch too soon with all the bad news floating around and if they still hope to sell betw $1500-$2500 psf i dare say they will find very few buyers

  5. #35
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    May 2008
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    so when is the launch?? guess the develop is afraid of the up sides of launching now.. haha.. i suppose its going to wait for the prices to rise be4 committing..


    mr sliver sea, any updates on when is it going to launch?

  6. #36
    Join Date
    May 2008
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    Default

    still no news on when is it launching?

  7. #37
    Uregistered Guest

    Talking

    Greed and Curiousity destroys - applies to both Seller and Buyer

    So the msg is Sellers dont be Greedy and Buyers dont be so curious and
    send wrong signals to sellers that cause them to be greedy.

  8. #38
    Unregistered5 Guest

    Default

    Quote Originally Posted by jaded
    still no news on when is it launching?
    Heard the launch will be in November.

  9. #39
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    Default

    I hope you heard that from a credible source

  10. #40
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    Jun 2008
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    Default When is the launch?

    When is the launch?

    By pushing later, will the the price be even lower?! Strike while iron is hot... too late now.

    Pls the fact that there are already SO many condos coming up and will jam up the place even worse than now. I think they will be lucky to get 800psf.

    When will it TOP?

  11. #41
    silversea Guest

    Default

    maybe launch at $600psf.

  12. #42
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    May 2008
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    Default

    $600psf? Lets camp outside the showroom now !!

  13. #43
    east yahoo Guest

    Default

    Quote Originally Posted by kal
    $600psf? Lets camp outside the showroom now !!
    camping now already.... but think camping space will cost you 600 per sq feet also hahahahah per day. can sit there till nov

  14. #44
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    Jun 2008
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    Default Who is the sub-contractor?

    I would like to know who is the sub-contractor and are they experienced? I was burned before - the design and quality turned out to be very lousy with so many defects (leaking, cracking floor, lousy biometric, lousy paint job, closets that don't slide properly, water retention in sinks and common area) To cut costs (due to the increase in price of building materials) they used old/sub-quality materials - even IKEA/HDB materials are better. In addition, the TOP was also delayed resulting in loss of potential rental income.

    I don't want to go through that again. Now, I am looking to buy a built unit so I can inspect everything before deciding to buy.

    With the delay of the launch, I get the feeling that this project will also suffer tha same fate as the one I bought...

  15. #45
    OX Guest

    Default

    Was that project by FE as well ? If not how can you class all projects as one.

  16. #46
    Join Date
    Jun 2008
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    Default

    Quote Originally Posted by oxboy99
    I would like to know who is the sub-contractor and are they experienced? I was burned before - the design and quality turned out to be very lousy with so many defects (leaking, cracking floor, lousy biometric, lousy paint job, closets that don't slide properly, water retention in sinks and common area) To cut costs (due to the increase in price of building materials) they used old/sub-quality materials - even IKEA/HDB materials are better. In addition, the TOP was also delayed resulting in loss of potential rental income.

    I don't want to go through that again. Now, I am looking to buy a built unit so I can inspect everything before deciding to buy.

    With the delay of the launch, I get the feeling that this project will also suffer tha same fate as the one I bought...
    I think it is very hard to find out who is the sub contractor unless you stalk out the place everyday. It is prob easier to gauge the quality of work through the main contractor. For example, if it is built by Woh Hup, Dragage etc, you will be assured of a pretty good quality. If you see China construction, you better pray a good team is building that development.

  17. #47
    Unregistered.. Guest

    Default

    Should be launching soon. 1-2 mths time. Saw them pasting up the posters along ECP.

  18. #48
    buybuy Guest

    Default

    yep they say its in OCT - price 1.5K psf up up up

  19. #49
    Sell Sell Guest

    Default

    The bigger you are, the better you weather the storm

    By VEN SREENIVASAN


    WHAT a difference a year makes.

    Last year, euphoria ruled asset markets. After a moribund three years which saw Singapore property values dive by some 45 per cent, the market sprang to life in 2007, fuelled by the robust stock market and supported by a slew of new infrastructure initiatives - most notably the integrated resort (IR) development plans. Property prices surged some 28 per cent last year.

    But all that is history now.

    Latest data shows that prices for some property transactions in the sub-sale market have declined almost 40 per cent from last September's levels. And although new home prices are still holding up amid only 2,100 new units launched to date, a potential glut of new supply next year could put pressure on new home prices.

    Not surprisingly, property stocks have been hit.

    And the turbulence facing the industry has sparked the inevitable rumours about who might be impacted most.

    One company which is being closely watched is high-end property developer SC Global Developments.

    With its properties priced at $4,000 per square foot per plot ratio (psf ppr) and above, speculation is rife that the company is caught between a rock and a hard place. Not surprisingly, SC Global's stock price has dived into a seemingly inexorable decline, losing some two-thirds of its value since last October to close at $1.26 yesterday.

    Weighing down sentiment on the stock is market talk that the company is struggling under a huge overhang of unsold apartment units and grappling with a huge debt burden.

    Indeed, SC Global started the year with almost 1.1 million sq ft of unsold property - primarily at The Marq on Paterson, Hilltops, The Ardmore and The Beachfront Collection @ Sentosa. More critically, the company had debts of some $1.2 billion, almost double the $700 million it had a year earlier.

    And its debt/equity ratio was almost three times.

    Not exactly comforting numbers.

    But looks can be deceiving. And SC Global is not just any developer.

    The company, which has over $60 million in cash in its coffers, is a niche player catering to a high-end, globally mobile, jet-setting class which is relatively price-insensitive and discriminating.

    Over the past half-year, the company has managed to sell some 200,000 sq ft of its land bank - mainly at The Marq @ Paterson and Hilltops - for over $700 million.

    If SC Global exercises its option to prepay its debts from sale proceeds, the company would be left with a net debt of some $500 million against a remaining land bank of 900,000 sq ft. The resulting debt-land bank ratio of some $555 psf ppr is not exactly an insurmountable problem for a company like SC Global.

    Seen from another angle, this could be a breakeven price of sorts for the company should it want to be completely debt-free (not that SC Global will ever sell any of its luxury units at such bargain basement prices, though).

    In fact, the company has completely recouped its costs at The Marq with the sale of 40 per cent of the units there. So proceeds from every additional unit sold in the future will go straight to its bottom line.

    But all this does not change the depressing macro picture for the property sector here, where there is still significant downside risk to valuations.

    Still, as Merrill Lynch noted recently, SC Global has only two property assets that are at risk of impairment in the current downcycle: the Sentosa Beachfront Collection and The Ardmore. But the investment house noted that the average book value of these assets would have to dive by two-thirds, from $2,141 psf ppr to $824 psf ppr, 'to be of any real threat to SC Global's survival' - an outcome which is highly unlikely.

    Recent evidence suggests that despite the current slowdown, the luxury segment seems to have held up pretty well, with some 50 new apartments in the over $10 million price range being snapped up this year. This number could double by year-end.

    Meanwhile, Fitch Ratings believes that residential receivable transactions have not been impacted by the softening of the local residential market. Fitch - which applies market value decline (MVD) assumptions of between 48 per cent and 58 per cent to the transactions depending on the property location - dismisses the possibility that the current stress scenario will develop into anything similar to that which existed during the Asian financial crisis.

    The bottom line? Not all property players are equal. Some, like SC Global, have a premium land bank, cater to a niche market, and have the ability to sit on their land bank for a while. These players will ride out the current turbulence better than others.

  20. #50
    Unregistered.. Guest

    Default

    Wah so many new launches coming up. Dakota, Clover, Silver Sea... wat it means. Does it mean that developer feel that the property price should be picking up from now and the sentiments are good... any experts out there to share your view. Should I sell my Clearwater unit now and buy a unit at D.15 like Cote D'Azur or The Esta...???

  21. #51
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    Default

    Quote Originally Posted by Unregistered..
    Wah so many new launches coming up. Dakota, Clover, Silver Sea... wat it means. Does it mean that developer feel that the property price should be picking up from now and the sentiments are good... any experts out there to share your view. Should I sell my Clearwater unit now and buy a unit at D.15 like Cote D'Azur or The Esta...???
    i am no expert but from my observations , i think that the developers feel there is currently a market for their projects albeit at more conservative prices than before. currently those still buying up the condos are probably hdb upgraders and those who had a windfall from their en bloc sale and looking to reinvest the $ back into pte properties

  22. #52
    Unreg¡stered Guest

    Default

    Quote Originally Posted by toaler
    i am no expert but from my observations , i think that the developers feel there is currently a market for their projects albeit at more conservative prices than before. currently those still buying up the condos are probably hdb upgraders and those who had a windfall from their en bloc sale and looking to reinvest the $ back into pte properties
    Everything got up and down.

    Market came down in Q4 '07.
    Now it is going up from Q2 '08.

    So no big deal. Quite normal
    Quote Originally Posted by mr funny
    Published June 27, 2008

    Ho Bee's robust sales prompt more launches

    By KALPANA RASHIWALA


    SOME developers are riding on the pick-up in home-buying mood created by Ho Bee's Dakota Residences preview last week to launch their own projects.


    Upbeat: Sim Lian Grp has sold about 100 units of the Clover By The Park condo since its Wednesday preview

    Mainboard-listed Sim Lian Group, for one, has sold about 100 units of its Clover By The Park condo at Bishan St 22 since it began previewing the development on Wednesday at an average price of $750 psf.

    Next to Kovan MRT Station, an outfit controlled by UOB-Kay Hian star stockbroker pair Han Seng Juan and David Loh Kim Kang is getting ready to release its 512-unit condo, according to industry sources.

    BT understands that Centurion Kovan, which is developing the project, plans to preview the condo soon to 'remisier friends' of Messrs Han and Loh. There are also plans to preview the condo overseas, including China. The average price is expected to be in the $850-900 psf range.

    The duo bought the 189,812 sq ft site at a state tender in October last year for around $436 psf per plot ratio.

    Over in Bishan, Sim Lian is developing two 39-storey blocks with a total of 616 units for the Clover By The Park condo. The first phase released earlier this week comprises one tower with 308 units. It is near good schools like Catholic High (within 1 km), Ai Tong Primary School and Raffles Institution. 'Clover By The Park features three-bedroom and four-bedroom units to luxurious penthouses and suites of six bedrooms,' Sim Lian said in a release yesterday.

    Ho Bee has sold 95 units at Dakota Residences since last Friday. The average price is $976 psf. All three projects are 99-year leasehold.

  23. #53
    thethethe Guest

    Default

    Quote Originally Posted by Unreg¡stered
    Everything got up and down.

    Market came down in Q4 '07.
    Now it is going up from Q2 '08.

    So no big deal. Quite normal
    historically, property markets do not have big big swings within a quarter or two.. they follow a trend and the trend now is a gradual slide downwards

  24. #54
    123 Guest

    Default

    Sonia Kolesnikov-Jessop

    After two years of exuberance, activity in the private housing market in Singapore has slowed to a near standstill. The number of new property sales, measured on a monthly basis, contracted 64.9 percent in April, as buyers became more cautious and took a wait-and-see attitude. As a result, several well-publicized launches have been put on the backburner for an indefinite period and some developers have started to drop asking prices, for example at The Lakeshore in Jurong West and Blu Coral in Telok Kurau.

    An air of doom and gloom has settled over Singapore’s residential property market and vultures are circling, proclaiming the Singapore residential property market is about to collapse by 30-40 percent, but are they interpreting the facts correctly? Not all experts agree, with some calling the current market downturn more of a short-term blip rather than the beginning of a market collapse.

    “The slowing of the property market is a natural development after prices skyrocketed on the back of very strong demand,” says Sherman Chan, an economist at Moody’s Economy.com, “but a 30-40 percent collapse is highly unlikely. The construction sector is an important growth driver for Singapore and I don’t think the government would let it collapse as there would be wider ramifications. Let’s not forget that the government imposed some measures last year to cool down the market and these measures could very well be lifted if need be.”

    In recent weeks, several bearish reports have forecast a dramatic plunge in home values over the next two years. Barclays Capital believes private home prices could slide 28-30 percent by 2010, while Credit Suisse predicted a price decline of 30 percent in 2008-2009.

    The bears are pointing to several factors suggesting the writing is on the wall. The stock of unsold condominiums (as measured by projects that have been issued a sales license) rose to 10,861 units in the first quarter of this year, 34 percent higher than the quarterly average in 2007 and back up to levels not seen since June 2005. Net CPF withdrawals for private property have turned negative for the first time, reflecting the decline in transaction as well as profit taking by local buyers who own more than one property. “This has never happened before, not even during the 1998 Asian Financial Crisis,” notes Barclay Capital economist Waiho Leong. And vacancy rates in non-landed property developments have also risen in recent months toward 6.3 percent, compared with 5.6 percent in the last quarter of 2007. Credit Suisse, in its recent report, argues that this will rise further to 9.8-19 percent, on a base and worst case scenario. This could in turn trigger a sharp fall in rentals further weakening the market. “The last time vacancies shot up from 5.8 percent to 9.7 percent, rentals fell by 41percent,” Credit Suisse Tricia Song wrote referring to the year 1996.

    Casting long shadows on the markets are the estimated 66,000 home units expected to be completed between 2009-2012, as well as the possible unwinding of speculative purchases. Unless many of the developments that are currently in the pipeline are postponed, a cumulative surplus could provide a glut that will be felt most acutely in 2010, Leong warned.

    The bears also argue that given the current thin sales environment, the small price growth recorded by the URA indices do not reflect sentiment and can easily be biased by a few high-end sales. A better gauge of sentiment is land prices and developers’ waning appetite for recent URA auctions, they say. In May, a 99-year residential leasehold site in Choa Chu Kang Drive attracted a top bid of only $203 per square foot per plot ratio, well below the $230-$270 psf ppr range the market had expected.

    But not everybody agrees. “I think bad interpretation of data is causing the string of bad news,” says Ku Swee Yong, Director, Savills Residential Private Limited.

    Ku points out that the supply figures touted by some analysts bundle together planned, under construction and complete unit numbers. “The reality is that any apartments expected to complete in 2010 but still not under construction today, is unlikely to be completed on time given that the average construction period for a 20 storey apartment block takes 24 months from foundation works till handover” Ku remarks.

    “The construction sector is tight on resources today and unless there are policy changes given to encourage faster pace of construction, the ‘oversupply scenario’ is not a realistic one,” he adds.

    Tay Huey Ying, Director for Research and Consultancy at Colliers, agrees, pointing out that although the supply pipeline appears a “bit on the high side,” once delays and abandonment of project developments are taken into account, “the new supply will be much lower than expected.”

    Leonard Tay, director, CBRE Research also points out that many of the units will be taken out by either en-bloc sellers who need to relocate, or new expatriates moving here. “There is a lack of activity in the market, but property prices have been holding. I believe there are still a lot of buyers in the market with ready cash; they’re just waiting for what’s next,” Tay says, forecasting that the luxury end of the market may “dip just a bit” this year, but prices should hold for now.

    As for the units bought under the deferred payment scheme that some say will be “dumped” in the market as the construction is completed, Ku says their number is probably limited to around 2,900, 10 percent of the 29,000 units that URA has given approval for sale under Deferment Payment Scheme. “Not that much to worry about,” he says.

    Many property consultants are pointing to the long-term prospects for the Singapore property market supported by the positive vibe stemming from the Integrated Resorts and events such as the F1 race and the 2010 Youth Olympics.

    “I think the Singapore property market is still pretty strong. We could see a mild correction, but I don’t see that as a concern because the government is still trying to attract expatriates to work here and they will contribute to demand for properties,” Chan says.

    Tay also points out that given the anticipated continuing influx of foreigners, the 15-year historical average number of 7,000 new units needed a year is likely to increase to 8,000 to even 10,000 units.

    “So I don’t foresee an oversupply situation as yet. I don’t think the sky is about to fall in,” she says.

  25. #55
    Unreg¡stered Guest

    Default

    Quote Originally Posted by 123
    Sonia Kolesnikov-Jessop

    .............

    “I think bad interpretation of data is causing the string of bad news,” says Ku Swee Yong, Director, Savills Residential Private Limited.

    Ku points out that the supply figures touted by some analysts bundle together planned, under construction and complete unit numbers. “The reality is that any apartments expected to complete in 2010 but still not under construction today, is unlikely to be completed on time given that the average construction period for a 20 storey apartment block takes 24 months from foundation works till handover” Ku remarks.

    “The construction sector is tight on resources today and unless there are policy changes given to encourage faster pace of construction, the ‘oversupply scenario’ is not a realistic one,” he adds.

    Tay Huey Ying, Director for Research and Consultancy at Colliers, agrees, pointing out that although the supply pipeline appears a “bit on the high side,” once delays and abandonment of project developments are taken into account, “the new supply will be much lower than expected.”

    Leonard Tay, director, CBRE Research also points out that many of the units will be taken out by either en-bloc sellers who need to relocate, or new expatriates moving here. “There is a lack of activity in the market, but property prices have been holding. I believe there are still a lot of buyers in the market with ready cash; they’re just waiting for what’s next,” Tay says, forecasting that the luxury end of the market may “dip just a bit” this year, but prices should hold for now.

    As for the units bought under the deferred payment scheme that some say will be “dumped” in the market as the construction is completed, Ku says their number is probably limited to around 2,900, 10% of the 29,000 units that URA has given approval for sale under Deferment Payment Scheme. “Not that much to worry about,” he says.

    Many property consultants are pointing to the long-term prospects for the Singapore property market supported by the positive vibe stemming from the Integrated Resorts and events such as the F1 race and the 2010 Youth Olympics.

    “I think the Singapore property market is still pretty strong. We could see a mild correction, but I don’t see that as a concern because the government is still trying to attract expatriates to work here and they will contribute to demand for properties,” Chan says.

    Tay also points out that given the anticipated continuing influx of foreigners, the 15-year historical average number of 7,000 new units needed a year is likely to increase to 8,000 to even 10,000 units.

    So I don’t foresee an oversupply situation as yet. I don’t think the sky is about to fall in,” she says.
    Is there a need to post this piece of news everywhere?

  26. #56
    Interested Buyer Guest

    Default

    When is Silversea official launch??

  27. #57
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    Default

    Quote Originally Posted by Interested Buyer
    When is Silversea official launch??
    Hi,

    Offical Launch not confirm at this moment,

    you may email me at [email protected]

    with your particlulars so that

    I can register you in my guest list

    and inform you ASAP once the preview is confirm

    Thanks

  28. #58
    stupid agents Guest

    Talking

    Quote Originally Posted by Sea
    Hi,

    Offical Launch not confirm at this moment,

    you may email me at [email protected]

    with your particlulars so that

    I can register you in my guest list

    and inform you ASAP once the preview is confirm

    Thanks
    Haha, i think wait until 2010 also still don't dare to launch, you agents better go somewhere else. hahahaha!!!

  29. #59
    registered Guest

    Default

    Well i had already said in earlier posts that there is bound to be a delay as
    the market is soft and locals will never "buy" the story 'can see the sea" so
    pay high high - 1.8k to 2K psf.

    Ridiculous - in times of boom all get carried away and "blindly"end up paying thru nose but now everyone is concerned abt the global economic - whats the use of "see the sea" but have no job, or uncertainity hanging over the head......

  30. #60
    hue Guest

    Smile enquiry

    Im more interested with its design & architect factors. Wondering who is Silversea's design architect though. Anyone here knows?

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