Great response... units launched overseas almost sold out already
Great response... units launched overseas almost sold out already
Along Devonshire Road behind The Bayron. Great location, especially with Orchard Central (by FEO) shopping mall set to make waves in the middle of Orchard Road.
price will increase for this area.
CES has achieved 67% sales for Ritz Residences so far. CES has currently stopped selling Ritz Residences. They intend to re-launch Ritz Residences at an average of $1,600 psf, compared to the previous average of $1,400 psf.
Total units for Ritz is 157.
Newbie
I am looking for a 2BR, 3BR & 4BR units at The Suites @ Central, I have a few Clients from overseas, I would prefer a direct deal, but I do not mind to co-broke also.
Please do email me at [email protected] or call me 90717878 if you guys have the information.
Thanks
Newbie
Just passed by, saw this skyscraper,wow.. going to TOP soon..I find it is a superb location, few mins to sommerset mrt, somemore the former Phoenix hotel going to be posh shopping mall... dunno got "urgent seller" or not. hehe
Newbie
got, but not too urgent....
I have a seller for 4br unit, stack 05, looking for $2100 psf nego
cheers
Any complaints please PM me
http://www.businesstimes.com.sg/sub/...99140,00.html?
Published May 9, 2009
Buyer of units at The Suites gets a break
Six-month extension for 51-unit purchaser comes with price of $500,000 a month of which the first has been paid
By UMA SHANKARI
KEPPEL Land yesterday said that it has granted a six-month payment extension to a buyer who purchased 51 apartments in its 157-unit The Suites @ Central project.
The buyer purchased the units in an en bloc deal for an average price of $1,806 per sq ft under the deferred payment scheme (DPS) in June 2007 - at the height of the property market boom.
Keppel Land, which jointly developed The Suites @ Central with Chip Eng Seng, did not disclose the buyer's identity.
Upon the execution of sale-and-purchase agreements, the buyer paid 20 per cent of the purchase price, with the balance of $1,445 psf due after the project obtains its temporary occupation permit (TOP).
Units at the fully-sold The Suites @ Central have been progressively handed over to purchasers since TOP was obtained.
The buyer of the 51 units has since asked to extend the due date to arrange funds for payment. Keppel Land and Chip Eng Seng have agreed to a six-month extension that started yesterday.
But the extension is subject to the purchaser paying $500,000 a month during the extension period. The first payment of $500,000 has been received, Keppel Land said.
The Suites @ Central was developed by Devonshire Development, 60 per cent owned by Keppel Land and 40 per cent by CEL Development, the property arm of the Chip Eng Seng group.
Last month, it emerged that a China investor that bought 20 units in MCL Land's The Fernhill condo failed to pay about $30 million that was due when the project received its TOP.
As a result, MCL Land booked first-quarter profit from only five units in the 25-unit freehold project for which buyers have paid the outstanding balance by the due date.
The investor, Concordia Overseas, subsequently managed to re-sell 19 of the 20 units.
Market watchers have said that developers who sold projects on DPS at peak prices in 2007 and early 2008 may have reason to worry if buyers do not pay up as the projects are completed in the coming months.
Such developers may have to sue buyers to get them to complete the purchase at the contracted price, or agree to a payment extension.
Any complaints please PM me
http://www.straitstimes.com/Money/St...ry_374332.html
May 9, 2009 Saturday
Developer says: time to pay up Buyer says: give me more time
51 units in luxury condo bought under deferred payment
By Fiona Chan
ANOTHER buyer who purchased luxury condominiums in bulk under the deferred payment scheme is now having trouble paying up.
Keppel Land said yesterday that an Indonesian investor who bought 51 units at The Suites @ Central in Devonshire Road has asked for more time to cough up the final payments.
The investor paid $1,806 per sq ft (psf) for the freehold apartments, which were bought in June 2007, Keppel said in a filing to the Singapore Exchange. It would not disclose the total price of the units or whether the investor is an individual or an institution, such as a company or a fund.
But a check of the Urban Redevelopment Authority's (URA) Realis caveats shows that a series of 51 units were sold at that time for a total of $127 million. The units were not bought in a single block and do not appear to make up entire floors, but span the second to the 33rd floors.
The units were bought under the deferred payment scheme. This means the buyer made a downpayment of 20 per cent of the purchase price and then deferred the rest of the payments until the apartments were completed.
The Suites @ Central was completed in February, but the buyer failed to pay up on time.
Two other buyers, both Singaporeans, also missed the payment deadline, Keppel said. One had bought two apartments in the fully-sold project; the other had bought three.
Keppel has received payment for the other 101 apartments in the 157-unit project, which is a 60-40 joint venture between Keppel and Chip Eng Seng.
The Indonesian buyer has asked for an extension of the payment deadline in order to 'arrange funds for payments', Keppel said.
The developer has agreed to a six-month extension starting from yesterday, but is requiring the Indonesian buyer to pay $500,000 per month during the extension period. The first payment has already been received, Keppel said.
Other developers have also recently reported problems collecting payments for units they sold under the deferred payment scheme.
MCL Land ran into trouble last month with the buyer of its Fernhill condominium off Stevens Road. The buyer, reported to be a company called Concordia Overseas controlled by a Hong Kong resident named Chan Ki, had purchased all 25 units in the project and managed to resell five soon after.
But when the time came to make payment for the 20 units it still owned, Concordia missed a few deadlines. It subsequently managed to resell 19 units in time to meet the final deadline, but reportedly at a loss.
The price Concordia paid for the units was $1,410 psf, but the Business Times reported that it fetched only $1,180 psf for the 19 units it resold.
Market watchers said that if the Indonesian buyer of the 51 units at The Suites @ Central has to offload the apartments in a hurry, it may end up making a loss.
The average price of apartments at the project has fallen to about $1,470 psf, according to five caveats lodged for units that have been sold so far this year.
More buyers with payment problems could surface in the coming months, as the property slump coincides with the fallout from the deferred payment scheme, which was scrapped in October 2007.
Some 29,250 homes planned for completion between last year and 2013 were offered with the deferred payment scheme, the URA revealed last year. Analysts have estimated that about 14,000 were actually sold under the scheme.
But even if a handful of buyers default, it may not be statistically significant, noted Mr Nicholas Mak, director of research and consultancy at Knight Frank.
At CapitaLand's RiverGate, about 2 per cent of buyers have missed payments since the project was completed in March, the developer said on Thursday. Most of the project's buyers had opted to take the deferred payment scheme.
'Two per cent is not an alarming figure,' said Mr Mak. 'Once in a while you get cases like a single buyer unable to pay for 51 units but, if you look at the bigger picture, it may just be a small proportion.'
But he added that next year will be the time of reckoning, as many projects that were sold during the height of the market - in the second half of 2007 and early last year - will be completed then, with the bulk of their payments due.
[email protected]
Senior
Latest caveats. Such a wide range of 1400+ to 1700+
THE SUITES AT CENTRAL $2,670,000 1,572sq ft 1,699psf May-09
THE SUITES AT CENTRAL$2,610,000 1,572sq ft 1,661psf May-09
THE SUITES AT CENTRAL$2,488,000 1,701sq ft 1,463psf May-09
THE SUITES AT CENTRAL$1,111,250 635sq ft 1,750psf May-09
THE SUITES AT CENTRAL$2,350,000 1,572sq ft 1,495psf Apr-09
THE SUITES AT CENTRAL$1,776,775 1,001sq ft 1,775psf Apr-09
THE SUITES AT CENTRAL$2,770,000 1,572sq ft 1,763psf Apr-09
THE SUITES AT CENTRAL$1,227,000 818sq ft 1,500psf Apr-09
THE SUITES AT CENTRAL$1,553,420 1,012sq ft 1,535psf Apr-09
Senior
my friend just rented a unit here 886 sqft .. at 4.3kOriginally Posted by bargain hunter
looking at the caveat .. say lowest psf 1400 psf .. tahts 1.24 mio ,
80 pct financing is 992k loan .. thats close to 4 k a mth ..
adding maintenance .. at 4.3k rent landlord is not making money
Senior
886 sq ft is 2 bedroom or single bedder? if 2 bedroom then its the smallest 2 bedroom so the psf is higher!
Senior
its a 1 bedroom 2 baths
Junior
the catch is loan % .. smaller loan quantum maybe 70% still can break even
but now asking psf has shot up to ove 1700psf
market benefits the cash rich now
Global recession is coming....
How you get $4k pm instalment? Loan $992k at 1.6% interest for 35 years, instalment only $3086 pm wah!
Even if consider 2.5% interest, instalment only $3546 pm! Housing loan interest rate unlikely to go up much with so much paper money floating around looking for higher yield as bank interest is <1% p.a. (so much of these have overflown into properties where yield is still at a decent 3.5-4%).
Junior
30 yrs tenure at 2.5% (unlocked) is around 3.9k/mth ...
think 1.6% one no more liao leh
Global recession is coming....
DBS still having housing loan of 1.99% interest rate fixed for 3 years right?
Junior
yup, still have ~~
Global recession is coming....
Loan $992k for tenure of 35 years at 1.99% interest rate (fixed for 3 years), instalment only $3281 (cheap wah and good deal some more! Hard to find such good deal, thus I doubt it will last).
Senior
i maybe wrong about the rates
but at 1.99 pct $3280 a mth + maintenance , say 250 .. that $ 3530 .. and renting out at 4.3k ...meaning $770 for keep a mth ?
risk /reward not very good ..
and my friend sign 2 yr contract ..according to him ..the landlord is second owner ..so i am not sure what psf he paid ..
and even if price continues up ..he leases it out for 2 yrs...can he chase my friend out ? if he decides to sell ?
would anyone buy with a tenancy of 4.3k by which time ?
Global recession is coming....
Why not? Getting a net profit of $770 pm after interest for 2 years to get over this low rental period and by then rental would have gone up when subject to renewal and price would have gone up as well. Investing in investment property is all about price appreciation. If buy for own stay, as long as a person is comfortable and like the place and can afford, any price is OK.
Senior
with so many projects and so many people buying for investment
why the cetainty that rental WILL go up ?
Senior
not everybody can borrow up to 35 years also...meaning potentially, the monthly payments are higher, maybe much higher...
Banned
Rent at Suites Central
The Suites Central for Rent
Availaible Unit
4+1 unit Mid floor with big balcony,
Brand new! of P/furnish,wet and dry kitchen,
good condition, nice view - city and pool view, windy and pte lift.
asking 8.5k nego
Inform Project
Development Name: The Suites @ Central
Property Type: Condominium
Developer: Devonshire Development Pte Ltd
Tenure: Freehold
Expected Completion: 2009
# of Units: 157
The Suites @ Central is located in the same district as condominiums such as St Thomas Suites and The Metz in the renowned District 9. With a completion date listed as 2009, the 157-unit condominium is situated a short walk away from Somerset MRT station.
Established schools such as Chatsworth International School and River Valley School are both within a short walking distance, and an even shorter driving distance. Amenities are not lacking for residents living at The Suites @ Central due to its excellent location. Orchard Road, with its variety of exotic cuisines as well as fashion boutiques from all around the world, is barely a 10 minute stroll away.
For residents who drive, getting to places like the Central Business District, Boat Quay, and the Esplanade is reduced to a mere handful of minutes via the Central Expressway. With the added convenience of the nearby Somerset MRT station, getting around Singapore for residents of The Suites @ Central is quick and easy
Facilities:*Private Lift*Main Pool*Children's Pool*Reflective Pool*Lap Pool*Floating Timber Deck*Outdoor Jacuzzi*Sunken Deck*BBQ Area*Fitness Area*Hot SPA*Function Room*Reading Lounge*Gymnasium
Photo
Location
update soon.
Kindly make your appoitment with andy for viewing arrangement.
Hp 8448 3535 /82981266
Premium stay that we promise.
Last edited by District 84483535; 17-08-09 at 12:20. Reason: typo error
Banned
SuitesCentral to Rent
The Suites Central for Rent
Availaible Unit
4+1 unit Mid floor with big balociens,
Brand new! of P/furnish,wet and dry kitchen,
good condition, nice view - city and pool view, windy and pte lift.
asking 8.5k nego
Inform Project
Development Name: The Suites @ Central
Property Type: Condominium
Developer: Devonshire Development Pte Ltd
Tenure: Freehold
Expected Completion: 2009
# of Units: 157
The Suites @ Central is located in the same district as condominiums such as St Thomas Suites and The Metz in the renowned District 9. With a completion date listed as 2009, the 157-unit condominium is situated a short walk away from Somerset MRT station.
Established schools such as Chatsworth International School and River Valley School are both within a short walking distance, and an even shorter driving distance. Amenities are not lacking for residents living at The Suites @ Central due to its excellent location. Orchard Road, with its variety of exotic cuisines as well as fashion boutiques from all around the world, is barely a 10 minute stroll away.
For residents who drive, getting to places like the Central Business District, Boat Quay, and the Esplanade is reduced to a mere handful of minutes via the Central Expressway. With the added convenience of the nearby Somerset MRT station, getting around Singapore for residents of The Suites @ Central is quick and easy
Facilities:*Private Lift*Main Pool*Children's Pool*Reflective Pool*Lap Pool*Floating Timber Deck*Outdoor Jacuzzi*Sunken Deck*BBQ Area*Fitness Area*Hot SPA*Function Room*Reading Lounge*Gymnasium
Photo
Kindly make your appoitment with andy for viewing arrangement.
Hp 8448 3535 /82981266
Premium stay that we promise.
Senior
Now Andy, this is more like it...more realistic than the Centro @ AMK posting. Assuming this goes for 8k, how can Suites @ Central be worth more than $2000psf?
The Suites Central for Rent
Availaible Unit
4+1 unit Mid floor with big balcony,
Brand new! of P/furnish,wet and dry kitchen,
good condition, nice view - city and pool view, windy and pte lift.
asking 8.5k nego
Inform Project
Development Name: The Suites @ Central
Property Type: Condominium
Developer: Devonshire Development Pte Ltd
Tenure: Freehold
Expected Completion: 2009
# of Units: 157
The Suites @ Central is located in the same district as condominiums such as St Thomas Suites and The Metz in the renowned District 9. With a completion date listed as 2009, the 157-unit condominium is situated a short walk away from Somerset MRT station.
Established schools such as Chatsworth International School and River Valley School are both within a short walking distance, and an even shorter driving distance. Amenities are not lacking for residents living at The Suites @ Central due to its excellent location. Orchard Road, with its variety of exotic cuisines as well as fashion boutiques from all around the world, is barely a 10 minute stroll away.
For residents who drive, getting to places like the Central Business District, Boat Quay, and the Esplanade is reduced to a mere handful of minutes via the Central Expressway. With the added convenience of the nearby Somerset MRT station, getting around Singapore for residents of The Suites @ Central is quick and easy
Facilities:*Private Lift*Main Pool*Children's Pool*Reflective Pool*Lap Pool*Floating Timber Deck*Outdoor Jacuzzi*Sunken Deck*BBQ Area*Fitness Area*Hot SPA*Function Room*Reading Lounge*Gymnasium
Photo
Location
update soon.
Kindly make your appoitment with andy for viewing arrangement.
Hp 8448 3535 /82981266
Premium stay that we promise.
Newbie
Not the above Andy but checking property guru. [email protected] is asking $1700psfNow Andy, this is more like it...more realistic than the Centro @ AMK posting. Assuming this goes for 8k, how can Suites @ Central be worth more than $2000psf?
Senior
F01 N54 Sheer Driving Pleasure
Are you looking for higher than $2,000 psf, Andy? Good news for you!
The Suites at Central has a nėw hļgh of $2,141 psf!
The Suites At Central
Address .............................. psf ............... Area ........... Price ........... Contract Date
57B Devonshire Road #30-05 .... $2,141 psf .... 1,765 sqft .... $3,780,000 .... 20 Jan 10
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