They sold 460 units.Originally Posted by Unregistered
460 is not equal to zero.
I guess sour grapes are too stupid to understand that.
They sold 460 units.
460 is not equal to zero.
I guess sour grapes are too stupid to understand that.
I think the sour grape himself is online 24 hrs that's why he thinks everyone also online 24 hrs.
Maybe as I suspected, there's only one sour grape who's online 24 hours posting all the rubbish.
That's why he suspected other people also online 24 hours.
460 units are very good result with such price for HDB at this time.
Now 1 whole month, spore can only sell 100+ units, this is equavalent to 3 months of sale to whole spore can sell.
Absolutely, When you consider the simple fact that these design & build HDB flats commands $600 psf. This must a new benchmark for HDB new flats.
Developer may drop prices for the remaining units after TOP. Wait around and see.
You have good returns because you bought cheap in 2005.
Anyone who buys now will have only half of your returns.
They will follow market trend to move up the price instead.
They already make the money, no hurry for them to clear, as building cost increases further, they will ride on it.
I think you are absolutely right.
Just last week end, when I was in the coffee shop and mall, wherever I turned I saw ppl enthusiastly flipping the "Straits Times" home classified pages searching for resale ppty.
What I can conclude is that buyers are massive out there hungry for good deal. They are very desperate about a house. Seller should hold on your unit, don't let go easily or else you'll be regret.
sure, hold on. with price moves up slowly, low volume, buyers will be squeezed in time to come. The longer they wait, the worse it becomes.
Just look at DBSS flats Cityview@Boon Keng, not even EC status. No facilities and still the developer nmanage to sell 460+ units @$600 psf. Buyers for this upscale HDB flat need to wait 2-3 years for construction and another 5 years for minimum occupation period. Total 8 years before you resell it. I am surprised at the strength of the market. Market is still very hot considering the amount of uncertainties out there especially with the US financial crisis. unbelievable.
The STI stock market index has plunged about 20% from its peak, but the URA property index still seems to move up exponentially.
How can this be?
Let’s study the STI graph superimposed over the URA property index graph. Both graphs are scaled such that their time axes coincide, and their Asian financial crisis bottoms & dotcom peaks are at the same levels. STI is indicated by the dark blue line, while the pink line with blue crosses is for the URA index for condominiums (the other lines are for detached, semi-detached, terrace and apartments):
http://www.salary.sg/historical-prop...2008-large.gif
You should be able to see from the 2 graphs that the property bottom in end 1998 lagged the stocks bottom by about a quarter (i.e. 3 months). Similarly, the property peak in mid 2000 also lagged the stocks peak by about 1 to 2 quarters.
Now, fast forward to end 2007. The stock market has clearly tanked, amidst high inflation and comparatively stagnant salaries. But property is apparently still moving up, up and up! This can’t continue.
I hereby predict that property prices will plunge within the next 3 to 6 months. By at least 20%.
Want more evidence? In the last month (February), property developers were so spooked by the worsening economy that they launched only 343 units in the whole country, out of which only a miserable 170 got sold (excluding ECs). Oh yeah, maybe it’s the Chinese New Year.
References: URA news release and STI data in Yahoo! Finance.
There is no need to wait so long.
It's already crashing.
SIBOR is going drop to 0.75% soon.
Burn all the speculators.
Kill all the speculators.
When SIBOR hit 0.75%, there will be blood everywhere.
Die die die!
Ha ha ha!
Singapore interest rates likely to fall further
Fed cut and robust Sing$ could push interbank lending rate below 1%
Nicholas Fang
The Straits Times
Monday, 24 March 2008
Singaporeans can expect cheaper mortgages but lower savings and fixed deposit rates in the months to come.
This is after a move by the United States Federal Reserve to slash a key US interest rate last week.
The Fed had cut three-quarters of a point off its federal funds rate, bringing it to 2.25%, to fight a mushrooming credit crisis and a slowing US economy.
Economists in Singapore said the lowering of the Fed funds rate will have a knock- on effect in the Republic.
The Singapore Interbank Offered Rate (Sibor), or the rate at which banks lend to one another, tends to track the Fed rate.
Citigroup economist Kit Wei Zheng said: 'For Singapore rates, the trend is downwards. We expect the Fed to cut its rate to 1% and Singapore should follow with a lag.'
He lowered his forecast for the Sibor, estimating it would fall to as low as 0.75% by the end of the third quarter, down from an earlier estimate of 1%.
A recent report by DBS Group Research also forecast the Sibor would fall, to 0.83% in the second quarter, and remain at that rate through the second half before rising next year.
The three-month Sibor fell to a 12-month low of 1.25% last Monday, before recovering to 1.425% on Thursday, ahead of the Good Friday public holiday.
Mr Kit said Singapore rates were also affected by the Singapore dollar's appreciation against the US currency. He said the Singdollar is most probably at the top end of the secret trade-weighted band within which the Monetary Authority of Singapore (MAS) guides the currency.
'With the Singdollar expected to continue appreciating, MAS will aim to moderate it by flooding the market with liquidity, which will in turn pressure interest rates downwards,' he said.
OCBC economist Selena Ling said another consequence of the strong Singdollar would be a high inflow of foreign capital into the Republic. 'This can also contribute to lower interest rates.'
For consumers, the net result is both good and bad.
Banks recently embarked on a mortgage loan war, with Maybank firing the first salvo last month with an aggressive three-year, fixed-rate package offered at 1.68% for the first year.
DBS Bank and United Overseas Bank (UOB) have also unveiled attractive packages. UOB has one that offers a zero rate in the first year.
And with Sibor-linked home loan package rates likely to head south too, it could be a good time to refinance mortgage loans, experts said.
A DBS spokesman said: 'DBS offers transparent mortgage rates pegged to the Sibor and the CPF Ordinary Account rate, so our rates will move in tandem with market forces.'
But there is also the possibility that savings and fixed deposit rates could slump as interest rates go down.
OCBC's vice-president for group wealth management, Mr Fabian Lum, said the bank would review its deposit rates to keep them in line with prevailing market conditions.
And while the bank has not changed its savings rate recently, it lowered its 12-month fixed deposit rate for amounts between $50,000 and $1 million to 1.2% a year from 1.4% earlier this month.
DBS said that its savings deposit rates had not been adjusted since 2005, but added that its fixed deposit rates are always pegged to the interbank rate and would thus be adjusted accordingly.
CIMB-GK economist Song Seng Wun said that the low interest rates did not reflect a lack of liquidity on the part of banks. 'The loans-deposit ratio is still very strong, so banks definitely have the money to lend,' he said.
'But I think there is greater caution now, after what has happened in the US with the sub-prime crisis, and people are much more cautious nowadays when it comes to borrowing and lending money.'
HDB releases 2 land parcels under Reserve List for condominium development
By Wong Siew Ying, Channel NewsAsia | Posted: 25 March 2008 2130 hrs
SINGAPORE : The Housing and Development Board is releasing two parcels of land for condominium housing under the Reserve List of the Government Land Sales programme.
One of them, at Jurong West Street 42, is for executive condominium housing, while the other at Chestnut Avenue is for private apartments.
Among the two sites, the one at Chestnut Avenue is expected to get more attention from developers.
Analysts said this is because of its attractive location, compared to the site at Jurong West Street 42, which is some 1.2 kilometres away from the nearest train station.
The proposed condominium project at Chestnut Avenue could yield about 400 to 450 units, which will be sold at between S$720 and S$750 per square foot on average.
Nicholas Mak, Director, Knight Frank, said, "This particular parcel at Chestnut Avenue...I think the developers might want to make it not so much mass market, but they may make it slightly mass to mid market and they may play on the fact that it is quite near to a park, so they may try to sell on its greenery aspect."
The plot at Jurong West for executive condominium housing is projected to yield about 420 to 460 units.
Both sites, with lease terms of 99 years, are on the Reserve List. This means they will only be released for sale by tender if developers commit to a minimum bid acceptable to the HDB.
However, market watchers expect rising construction costs to put pressure on the land price.
Mr Mak said, "For the executive condominium site, we can expect bids ranging from S$120 to S$160 per square foot per plot ratio, while for the private 99-year leasehold site, we could see a range of bids of about S$220 to about S$270 per square foot per plot ratio."
The potential developments are unlikely to have any immediate impact on property prices in the surrounding areas until the units are ready to be launched.
Industry watchers said the demand from developers for the two land parcels will be soft and it will depend on whether they are able to sell their current stock of inventory.
In addition, the developers are also expected to take a wait-and-see approach when it comes to bidding for the two sites, as they are on the Reserve List.
Separately, the HDB also released the provisional tender results for a 99-year leasehold condominium site at the junction of Yishun Avenue 1 and 2.
MCL Land put in the highest of the five bids at over S$213 million, some 68 percent more than the next bid from Peak Green.
Analysts said the bid reflected the confidence of developers in the mass market in 2009.
They added that there is a potential for the building of 15- to 18-storey apartments at the site, which could be marketed at around S$800 per square foot. - CNA/ms
Wah new record. Yishun also can go so high?
Quite amazing! The few clowns who sold their Orchid Park condo at $460psf must be kicking themself silly for selling so low.
You mean this new Yishun condo?
Yishun condo site draws record bid of $213.5M
Fiona Chan
The Straits Times
Wednesday, 26 March 2008
A Yishun condominium site drew a higher-than-expected top bid when its tender closed yesterday, belying expectations of a property market slide.
Developer MCL Land offered $213.5 million for the 99-year leasehold plot, which works out to about $350 per sq ft per plot ratio (psf ppr) - believed to be a new benchmark for Yishun.
Property consultants said this could translate into the finished project selling at record prices for the area, even as home buyers are now holding out for lower prices in a subdued market.
Mr Nicholas Mak, director of research and consultancy at Knight Frank, estimated that the end units for the Yishun project could be priced from $830 psf up to almost $900 psf.
This would be almost double what the 99-year leasehold Orchid Park Condo down the road is fetching. Four units at the 14-year-old development have been sold there this year at an average price of $460 psf.
MCL Land's bid pipped four others and came in almost 70% higher than the next bid, from Peak Green, at $127 million, or $208 psf ppr.
Frasers Centrepoint, Sim Lian and Hong Kong's Cheung Kong also tabled offers ranging from $57.7 million to $109.7 million, or $95 to $180 psf ppr - which some consultants said were 'unrealistically low' bids. They had predicted bids of between $200 and $300 psf ppr.
But Mr Li Hiaw Ho, executive director of CBRE Research, said the response was 'fairly robust' and signalled 'developers' confidence in the suburban segment despite the current lukewarm response to new projects'.
'Should the United States enter a mild recession and the sub-prime problems clear up, sentiment for suburban homes should improve after June, bringing demand and upward price momentum back to the market.'
Experts described MCL Land's offer as 'extremely bullish' and suggested that the developer may be short on land bank in the mass market segment.
MCL Land said in its latest financial results that it bought some sites last year, including Holland Hill Mansions and Dynasty Court Garden 1 in Sixth Avenue. Its land bank can now yield 780 units with a total gross floor area of 1.4 million sqft.
The Yishun site is at the corner of Yishun Avenues 1 and 2, and is 10 minutes' walk from Khatib MRT Station. It is next to Yishun Stadium and overlooks Lower Seletar Reservoir.
'The site is good in that frontage to the reservoir is fantastic,' said Mr Ku Swee Yong, director of marketing and business development at Savills Singapore. 'I agree you should pay a premium for this site, but this seems to be a very significant premium.'
Separately, HDB yesterday put two more sites up for sale through its reserve list system.
One is a 182,986 sq ft plot at Jurong West Street 42 for executive condos, while the other is a 244,341 sq ft condo site at Chestnut Avenue in Bukit Panjang.
High Bid = High Home Prices?
Property consultants said the higher-than-expected offer by MCL Land could translate into the finished project selling at record prices for Yishun, even as home buyers are now holding out for lower prices in a subdued market.
Or they can turn into a sour grape.
There is one other possibility.
Maybe MCL Land will get one of the contractors here who charges construction cost of $110 psf.
Then add to the $350 psf ppr of land cost, the breakeven price is $460 psf.
Then MCL Land sells at breakeven cost.
Then the price will be the same as the Orchid Park condo sale price of $460 psf you mentioned above.
The contractor will use sour grapes seed composite as cement and sour grapes branches as reinforcement steel bar to achieve $110 psf construction cost. During soft launch all belonging to sour grapes club will get further 10% discount
That's why I say don't anyhow sell away properties.
There are more people who regret selling away their properties than people who regret buying.
Sometimes you think the economy not good then you sell away your property, then next moment you get news like this that the land cost (without construction) nearby is worth almost the same as the unit psf price you sold away your property, can get heart pain (or Hokkiens say "Sim Tiah").
Then some people here say that developers will not go after en bloc properties anymore but go after state land, which is "cheaper".
That's not true, when every developer is going after the so-called "cheaper" state land, it's no longer cheap as they bid up the price.
Like in this case, MCL Land got the land for $350 psf ppr while Li Kashing's Billion Rise which placed a "cheeky bid" of $95 psf ppr does not get it.
On the other hand, Li Kashing's Billion Rise got the West Coast plot for around $305 psf ppr when it was serious, which narrowly defeated Far East's $301 psf ppr.
Recently in "The Edge" magazine. I read UOL's General Manager saying that they will go after state land, which is cheaper than buying en bloc. However, when every developer thinks the same, then state land is not going to be cheap anymore.
In fact, similar to en blocs, the State also has a reserve price. If the price is too low, like the 99-year landed plot bids of $77.80 psf ppr bid was too low, it was rejected and the site not awarded.
You know what? I did almost the same thing as you did.
I was then living in a 3R HDB but needed to upgrade as baby was on the way, but wife and I were disqualified from another HDB because of our joint income, but we could not afford private housing.
So I looked for a new job which would allow me to start three months later. After quitting, I waited for two months to ensure that my CPF returns (contributions) were zero in order to file a SD that I was UNEMPLOYED. So I qualified for HDB flat again and once you filed in your application, they can't throw you out thereafter.
The latest technology is MgO or dry walls -- no cement, no sand, no concrete. MgO is magnesium oxide as the main ingredient and MgO walls are less than one-third the weight of brick and concrete.
This reduces the overall load of the building reducing the costs of piling and foundation work, and as the walls are prefab dry walls, it speeds up construction time by a third, thereby reducing overall development costs (developers pay less for financing, etc.).
Believe in mother nature: when a problem becomes serious, a new solution will always be found.
Same for petrol. You can count on the new biofuels, especially biodiesel.
It was easier for me. I took an oath at the HDB office while I was jobless (as I have quitted) and then show it to the EC developer. Immediately upon the purchase, I took a new job which is more >$10k. The EC TOPed 4 months later and we moved in. 2 months later, my wife changed to a >$10k job too. With a combined income was around $25-30k, which is well above the ceiling of $10k, we should not have lived in an EC.
We were lucky then. However, not everyone is lucky.
Anyway, my point is that not everyone can buy a HDB flat or an EC. There are constraints in the real world.
With combined monthly income of $25-$30k per month, why you want to live in an EC?
You can easily afford a condo in the central districts or landed property.
That salary came after we bought so .....
Although at around $900k, it is an EC so it is dirt cheap at around $320psf after grant. The extra cash we have allow us to invest. We have bought and sold a few condos. We may sell 1 or 2 and keep 1 or 2 for rental.
There is no "physical" difference between an EC and a mass-market condo. The differences are in the commercial aspects (purchase salary ceiling, when can sell, when an EC becomes a normal condo, etc.).
Wow! $900k at $320 psf.
That's a huge EC at around 2800 sf.
Now I can understand.
It's value for money.
Hahaha moron. Many earning above your number friend. Was a good number 10 years ago. Not anymore. Thats not the point. Forum to showcase income or property?
In today's standard, What is considered a good number then?
Comined monthly household inclome >20 K should be in the range of top 10% (very likely even top 5%). Is it good enough?
20k so? I go tiananmen biweekly and spend min $1200 ea. time. So?
You are the one who is a moron.
He is just telling us about the challenges he faced when applying for EC due to the income limitation rules.
This forum is to showcase property, and income is related property, especially for properties that are subject to income limitation constraints.
But one thing I am pretty sure of is that this forum is not for sour grapes, who are definitely not amongst the "Many earning above your number friend.", whether 10 years ago, today, or 10 years later.
Poor guys I pity you.
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