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Thread: End of property boom in sight?

  1. #61
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by toalertool
    yeap.. and the projects i listed for the illustration of my point are just a fraction of the land parcels purchased in 2006 and 2007.Close a hundred of such parcels are lying in the land banks of these developers and they won't let these go at a loss. They aren't called the big players for nothing and their influence on the prices of developments isn't something you can just dismiss. Remember which property was at the forefront of this current property bull run? It is no doubt The Sail which kicked off its sales at around 1000psf.. people were scoffing at the prices even as hundreds (probably agents) queued overnight for a unit. They set a benchmark then and this benchmark has been pushed higher and higher even since and there's no turning back for these major developers and there's no turning back for property prices in Singapore. At least not back to the level we had back in 2004 or 2005. After all, you can actually call the recent bull run a "correction" for the market subdued for so many years by 911, SARS and the oil turmoil stemming from the Iraqi war. Property prices stayed at bargain levels even as inflation shot through the roof and it's only right that a correction should come to bring prices back to where it is supposed to be.

    Do you think the US subprime crisis can kick prices back to where it was before? Unlikely. It will just remove some of the froth from the property market and let reality set in a little for some. Be prepared to pay more than last time for your homes in a developed country like Singapore.

    *Of course, like many of you out there I would love to be able to get a FH condo in Dist 4,5 for my hard earned $700k instead of a 10 year old resale HDB just across the road. But sometimes, things just got to move on. You cant find fishball noodles for $1.50 anymore.
    Dont be too sure. No one has seen TOMORROW. The same statements were made in 95-96. Man proposes God disposes.....

  2. #62
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by HDB
    Disclaimer: I am not a sour grape. I cannot afford anything but a HDB flat anyway.

    I have always long wondered, if the developers are going to sell the whole of Singapore's condoland to foreigners? Otherwise, how many Singaporeans can afford those prices? If they are going to sell half of Singapore to foreigners, much like China long time ago sold HK for 99 year lease, where will the Singaporeans go?
    dun worry, life is like a pryamid, there are alway ppl on top n on the bottom, also god create and destroy. those who enjoy fortune but did not recipocrate
    will be destroy also. for those who gve and help the less fortunate will enjoy
    wealth n happiness

  3. #63
    toalertool Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    If u can say GIANT then how can a giant developer be stupid and poor in their bussiness caculation of risks. For them they can hold for years. and for the speculators, if the think is not right to speculate, they throw n run leaving behind ppl who end of the day carry the burden of high px. and if banks die, ppl taking high loan die only. so be careful whether u sporean or others
    holding on is possible.. but consider the interests involved. We are not just talking about 10million but amounts as staggering as $1.2billion (ie farrer court's purchase).With farrer court owners set to receive their money in May 2008, the premises will be vacated by approx Nov 2008 and how long can the two joints developers hold on to this big burden and not launch it? NOt very long. It will be a miracle already if they dont start building a showflat inside the condo compounds and launch as soon as possible. 99 years Dist 10 selling for aprox $1400psf.. hmm you people praying for a crash (this seems to be favourite word nowadays eh?) better pray harder cause none is coming. Only a correction of the overheating highend markets (ie those going for $4000-5000 psf) is more likely.

  4. #64
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    Dont be too sure. No one has seen TOMORROW. The same statements were made in 95-96. Man proposes God disposes.....
    yes no one can see 2morrow, but u can prepare for 2morrow. take care

  5. #65
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by toalertool
    holding on is possible.. but consider the interests involved. We are not just talking about 10million but amounts as staggering as $1.2billion (ie farrer court's purchase).With farrer court owners set to receive their money in May 2008, the premises will be vacated by approx Nov 2008 and how long can the two joints developers hold on to this big burden and not launch it? NOt very long. It will be a miracle already if they dont start building a showflat inside the condo compounds and launch as soon as possible. 99 years Dist 10 selling for aprox $1400psf.. hmm you people praying for a crash (this seems to be favourite word nowadays eh?) better pray harder cause none is coming. Only a correction of the overheating highend markets (ie those going for $4000-5000 psf) is more likely.
    You say GIANT. so these figure are only mathematical sum to them, u dun have to worry for them, the CEO r paid Millions to think for u. as for 99 yrs lease, dun u know that there is TOP UP LEASE from gov.dun mislead readers here. thks

  6. #66
    Join Date
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    Default Re: End of property boom in sight?

    The discussion here today is certainly very valuable. It has helped me strategise the direction of the execution of my current property portfolio here in Singapore District 5 for the medium term at least. Thanks to all for the valuable comments and feedback.

  7. #67
    toalertool Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by toalertool
    holding on is possible.. but consider the interests involved. We are not just talking about 10million but amounts as staggering as $1.2billion (ie farrer court's purchase).With farrer court owners set to receive their money in May 2008, the premises will be vacated by approx Nov 2008 and how long can the two joints developers hold on to this big burden and not launch it? NOt very long. It will be a miracle already if they dont start building a showflat inside the condo compounds and launch as soon as possible. 99 years Dist 10 selling for aprox $1400psf.. hmm you people praying for a crash (this seems to be favourite word nowadays eh?) better pray harder cause none is coming. Only a correction of the overheating highend markets (ie those going for $4000-5000 psf) is more likely.
    And I am leaving such comments in this forum so that I can look back a 1-2 years down the road and see whether my analysis of this market will actually be realised. I welcome all productive counter arguments instead of useless cutting and pasting of loads of bad news about the crisis in the US. For every bad news article you paste, I can find another 2 articles reporting good news. Show us some actual data and recent property market developments that points to it heading for a crash please! Thanks!

  8. #68
    Join Date
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    Default Re: End of property boom in sight?

    Quote Originally Posted by toalertool
    And I am leaving such comments in this forum so that I can look back a 1-2 years down the road and see whether my analysis of this market will actually be realised. I welcome all productive counter arguments instead of useless cutting and pasting of loads of bad news about the crisis in the US. For every bad news article you paste, I can find another 2 articles reporting good news. Show us some actual data and recent property market developments that points to it heading for a crash please! Thanks!
    Don't need to wait, your analysis is already 80% right on target.

  9. #69
    toalertool Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    You say GIANT. so these figure are only mathematical sum to them, u dun have to worry for them, the CEO r paid Millions to think for u. as for 99 yrs lease, dun u know that there is TOP UP LEASE from gov.dun mislead readers here. thks
    Sorry I dont see what's your point in your first sentence. Anyway it is a recognised fact that freehold properties still command a much higher premium than 99year Leasehold properties despite the top up available from the govt. This has been Singaporeans' mentality and will still be for a long long while.

  10. #70
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by toalertool
    And I am leaving such comments in this forum so that I can look back a 1-2 years down the road and see whether my analysis of this market will actually be realised. I welcome all productive counter arguments instead of useless cutting and pasting of loads of bad news about the crisis in the US. For every bad news article you paste, I can find another 2 articles reporting good news. Show us some actual data and recent property market developments that points to it heading for a crash please! Thanks!
    My discussion as passerby is to highlight ppl interested in this section. in case ppl here r mislead in a committment which they carry for life. some will makeit, but not all can endure the crisis of over committment. saying is cheap n easy, get out is never easy, take care

  11. #71
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    My discussion as passerby is to highlight ppl interested in this section. in case ppl here r mislead in a committment which they carry for life. some will makeit, but not all can endure the crisis of over committment. saying is cheap n easy, get out is never easy, take care
    n also data n market reports are useless in time of crisis, example our local stocks market, there is new low everyday even u hav T Analysis. all depend on market force. up means up, down means down. just be careful n take care

  12. #72
    toalertool Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    My discussion as passerby is to highlight ppl interested in this section. in case ppl here r mislead in a committment which they carry for life. some will makeit, but not all can endure the crisis of over committment. saying is cheap n easy, get out is never easy, take care
    yeah precisely. Buying a pte property is buying a home for most people. And it's a known fact most singaporeans throw in most of their life savings into the roofs over their head but it is definitely wise to make sure your financial status can afford you the luxury of a private property no matter whether what happens to its valuation. If you go by this rule, whatever $$ you put into it will not disappear and your asset will just grow and grow.

    Actually someone should make this an official Rule #1 for purchasing Singapore pte properties. heh

  13. #73
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by toalertool
    Sorry I dont see what's your point in your first sentence. Anyway it is a recognised fact that freehold properties still command a much higher premium than 99year Leasehold properties despite the top up available from the govt. This has been Singaporeans' mentality and will still be for a long long while.
    GIANT DEVELOPER as mention by the writer. in olden day yes, freehold and in certain location and development they command higer px. but in places like D9
    99 yrs also high px,

  14. #74
    Unregistered Guest

    Default Re: End of property boom in sight?

    New Writedown Worries Weigh on UBS Shares

    By Reuters | 31 Mar 2008 | 08:57 AM ET

    Worries mounted in the market that UBS would unveil more losses this week after the Swiss bank said at the weekend it had begun lowering the value of some structured securities held by clients.

    UBS shares were down 2.6 percent on Monday on concerns about its $5.9 billion exposure to Auction Rate Securities (ARS), a class of structured investments that has suffered liquidity problems in the global financial crisis.

    Analysts at Merrill Lynch say they expect UBS to have to write down up to 5 percent of its exposure to ARS -- or around $295 million. UBS told its clients on Friday that it would mark down the value of their ARS holdings.

    "Unknown unknowns from credit markets can still spring negative surprises for the banking sector," Merrill Lynch said.

    UBS shareholders are on tenterhooks amid expectations the bank, Europe's hardest hit by the financial crisis, may unveil fresh subprime losses and seek a new capital hike this week, ahead of an annual general meeting on April 23.

    Analysts expect UBS to write down between 10 billion Swiss francs ($10.03 billion) and 20 billion Swiss francs in ailing assets this year, in addition to $18 billion in 2007.

    Shareholders have already approved 19 billion francs in capital-raising measures.


    The bank needs a sound capital base to underpin its wealth management business for rich clients, who have less tolerance to losing money than institutional investors and are easily irked by negative headlines.

    ARS writedowns illustrate how even safe assets have suffered from a lack of liquidity since the outset of the financial crisis in August.

    "UBS's announcement on Friday that it would be marking down its private clients' holdings of Auction Rate Securities (ARS) shows new product concerns can emerge, even after nine months of turbulence in financial markets," Merrill said.

    Any more serious losses could send UBS back to shareholders with cap in hand or force a shake-up in the group structure.

    What was unthinkable one year ago -- that UBS could be taken over -- is now daily speculation, with many experts saying the investment banking woes have left its valuable wealth management franchise, the world's largest, undamaged.

    Also on Monday, U.S. brokerage Bernstein predicted UBS would post a loss of 0.97 Swiss francs per share for 2008, against its prior profit share view of 0.25 francs. It expects writedowns of $9.8 billion.

    UBS shares have lost 45 percent this year on concerns it would need to raise capital again.

  15. #75
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by toalertool
    yeah precisely. Buying a pte property is buying a home for most people. And it's a known fact most singaporeans throw in most of their life savings into the roofs over their head but it is definitely wise to make sure your financial status can afford you the luxury of a private property no matter whether what happens to its valuation. If you go by this rule, whatever $$ you put into it will not disappear and your asset will just grow and grow.

    Actually someone should make this an official Rule #1 for purchasing Singapore pte properties. heh
    Yes and dont be sucked in when you see low interest rates in the market. Borrow withing your repayment capacity. Don't get stuck with a white elephant.

  16. #76
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    ha ha, not so easy la. My $$$$ can easily crush you like sugar cane juice. Life is just unfair. U will probably continue to be sour grape and I will always be up there crushing you.
    Wa!!!! this writer so rich!!! but no point. u dun know the value of money. u only know how to crush ppl n will be always crushing ppl. so maybe i day sent to jail fo crushing ppl. My frend, my advice, be humble abit. let ppl feel ur richness inside u. pay attention ppl around u. help the less fortunate ppl like me. donate more. pray more than ur life more meaingful. then money more meaning if not die also cannot take. bye

  17. #77
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by toalertool
    And I am leaving such comments in this forum so that I can look back a 1-2 years down the road and see whether my analysis of this market will actually be realised. I welcome all productive counter arguments instead of useless cutting and pasting of loads of bad news about the crisis in the US. For every bad news article you paste, I can find another 2 articles reporting good news. Show us some actual data and recent property market developments that points to it heading for a crash please! Thanks!
    What a moron. Once crash happens you won't be here. You would be as good as dead along with the other speckys. The important thing is to act before it happens and not wait till it kills you. It is at your doorstep. Ofcourse if you are a frog in your well you wont see it coming. What a moron.

  18. #78
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    What a moron. Once crash happens you won't be here. You would be as good as dead along with the other speckys. The important thing is to act before it happens and not wait till it kills you. It is at your doorstep. Ofcourse if you are a frog in your well you wont see it coming. What a moron.
    He is not a moron, he is a magician realtor who will use his magic to turn the market up.. good luck to him, do not follow......danger

  19. #79
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    He is not a moron, he is a magician realtor who will use his magic to turn the market up.. good luck to him, do not follow......danger
    Oh then send him to US to turn the market around. The Fed need not do anything then. They would reward him with millions. Better than playing the market here.

  20. #80
    Unregistered Guest

    Default Re: End of property boom in sight?

    Why dont you guys try to sell you condo and see if there are many buyers interested in your condo at your asking price. If yes that means market ok but if nobody interested at your asking price, then market is not ok.

  21. #81
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    My agent just called me and said that this weekend the firesale will pick momentum. All signs point to a big meltdown.
    Ah HAH !!!

    Sour Grape Paradox 5 (SGP5) detected ! Beep! Beep! Beep!

    How come sour grape has an "agent"?

    What is this "agent" doing for sour grapes?

    Is the "agent" acting as buyer's agent or seller's agent?

    Remember, an agent's job is to close a deal. Got deal, got commission. No deal, no commission.

    Let's analyse carefully, one scenario at a time, and we shall see Sour Grape Paradox 5 ...

    Scenario 1 - Sour Grape is a Buyer

    If sour grape is a buyer looking to buy a condo, then this "agent" is a buyer's agent.

    In that case what the "agent" does is incorrect. If the buyer's agent keep telling the buyer that prices are coming down, then the buyer will keep offering lower, and the more difficult it is to close deals. No deal, no commission.

    Makes no sense.

    Scenario 2 - Sour Grape is a Seller

    If sour grape is a seller wishing to sell his condo, then this "agent" is a seller's agent.

    In that case what the "agent" does is correct. Agents' job is to close a deal, so by scaring the seller that there is going to be a firesale and big meltdown coming ... hmmm ... that makes sense. So that the seller will panic and quickly accept whatever offer comes along. Close deal, earn commission.

    Sounds quite logical ...

    BUT WAIT!!!

    Sour grape is a seller? That's impossible!

    So scenarios 1 and 2 are both not possible.

    However, based on careful analysis of sour grape's mentality, I am beginning to see a third possible scenario.

    Scenario 3 - Sour Grape's "Agent" is not a Property Agent but a Maid Agent because Sour Grape is actually a Maid

    Sour grape did not mention what type of agent. I suspect it could be a maid agent, and sour grape is actually a maid.

    Here is my points to validate this hypothesis:

    1. Property ownership in Singapore is almost 100% (85% HDB and 15% Private) hence a sour grape who hopes the property market to crash must be someone who does not own a property. Hence a maid fits this profile.

    2. The maid agent told the maid "Go to market must bring cash."

    Then the maid heard wrongly and kept posting here "Market going to crash."

  22. #82
    Unregistered Guest

    Default Re: End of property boom in sight?

    REALITY CHECK?

    Anyone has any facts figure on any recent transaction told by agent? LIke before sold at certain price and now is sold for this price? Like to get a feel of the market sentiments....

    Many forcasts and opinions... lets give some true figures...ok?

  23. #83
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    Bear Stearns is bank. they lend money to ppl like u n me, if u n me never pay, they go under. understand? moreover they never go under, they are eaten by the GIANT matchmake by the FEB. understand?. GIANT Developer like far east, city, F&n, fraser u thik can go under? not until u n i go 1st. understand? if nt dun mislead readers here. thanks
    You are wrong. One giant developer had to be bailed out during the financial crisis in 1997. It had a big land bank but buying up even more. Then cam the crash and it almost collapsed. Now it's not as giant as before.

    Go read the discussion on tulip gardens and see what problems are brewing.

  24. #84
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    Yes and dont be sucked in when you see low interest rates in the market. Borrow withing your repayment capacity. Don't get stuck with a white elephant.
    Don't worry. Properties can be rented out, won't be white elephant.

    The resale market may be quiet, but the rental market is going very strong.

    Ironically, the longer foreigners settling here put off buying properties, the better the rental market.

    My family has four properties rented out now. The net yield averages around 4% p.a.

    Much better than the stupid 1.2% p.a. interest the banks are offering.

  25. #85
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    REALITY CHECK?

    Anyone has any facts figure on any recent transaction told by agent? LIke before sold at certain price and now is sold for this price? Like to get a feel of the market sentiments....

    Many forcasts and opinions... lets give some true figures...ok?
    You want facts and figures, here are some from the SISV Realink21 Caveat Database.

    One problem with properties is that they're not a homogeneous product.

    To make a meaningful comparison, I try to choose units around the same level and floor area (but they are not exact).

    Normally, higher floors command better price. Also, the psf price tends to be higher for smaller units.

    I just sample some developments I'm familiar with ...

    District 11: Newton Suites (High Floor)

    14 May 07: #30-04: 1,238 sf at $1.23 m ($1,544 psf) (Before Sub-Prime)
    26 Dec 07: #32-03: 1,238 sf at $2.41 m ($1,950 psf) (After Sub-Prime)
    26 Feb 08: #34-02: 1,238 sf at $2.35 m ($1,900 psf) (Latest)

    District 4: Twin Regency (Mid Floor)

    16 May 07: #13-06: 1,216 sf at $1.3 m ($1,069 psf) (Before Sub-Prime)
    10 Dec 07: $13-03: 1,442 sf at $1.8 m ($1,248 psf) (After Sub-Prime)
    13 Feb 08: #09-08: 1,227 sf at $1.52 m ($1,239 psf) (Latest)

    District 16: Costa Del Sol (High Floor)

    30 July 07: #26-19: 1,561 sf at $1.78 m ($1,140 psf) (Before Sub-Prime)
    27 Dec 07: #23-31: 1,238 sf at $1.4 m ($1,131 psf) (After Sub-Prime)
    18 Mar 08: #28-09: 1,346 sf at $1.635 m ($1,215 psf) (Latest)

    Any reasonable person looking at these data can only come to the conclusion that the latest official information tells us that prices are holding steady. Neither up now down.

    Of course, some people like to point out that this set of information is not the "latest" compared to what "their agent" told them.

    However, they have been saying that for the past several months ...

  26. #86
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    District 11: Newton Suites (High Floor)

    14 May 07: #30-04: 1,238 sf at $1.23 m ($1,544 psf) (Before Sub-Prime)
    Oops!

    There is error in this record. I merged the data of two transactions.

    Should be:

    14 May 07: #30-04: 797 sf at $1.08 m ($1,356 psf) (Before Sub-Prime)
    13 Jun 07: #34-04: 797 sf at $1.23 m ($1,544 psf) (Before Sub-Prime)

  27. #87
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    ha ha, not so easy la. My $$$$ can easily crush you like sugar cane juice. Life is just unfair. U will probably continue to be sour grape and I will always be up there crushing you.
    Quote Originally Posted by Unregistered
    MONEY U HAV??? OR JUST LIKE WAT U SAY SUGAR CANE HUSK?????? DRIED
    AND OF NO MORE VALUE..................
    Quote Originally Posted by Unregistered
    HE PROBABLY SELLING SUGAR CANE WATER. -OCCUPATIONAL LINGO-
    Quote Originally Posted by Unregistered
    ya, hawker very rich, especially sugar cane water, now jumbo size 2.50.
    sell 1 year can buy house.
    You are right. Those sour grapes above are ignorant. They don't even know that hawkers can make a lot of money. I thought every one already knows that?

    Sour Grape Ignorance 7 - Don't know that hawkers can make a lot of money.

    Let me open the sour grapes eyes with the Straits Times articles below. But be forewarned ... the sour grapes may become even more sour ...

    This article is in green because after reading this, sour grapes will experience "Green-Eyed Jealousy".

    The Straits Times

    14 April 2007

    MR ALAN Lee, managing director of food court chain Banquet Holdings, has colourful tales to tell of successful hawkers in Singapore.
    He lets on he knows one who lives in a $6 million bungalow and drives a $730,000 Bentley. The man, who has little education, runs a string of stalls selling fishball noodles.
    Another is a noodle seller who arrived almost penniless from China about a decade ago. He now rakes in '$80,000 to $90,000' a month running close to 20 stalls.
    Indeed, in this food-crazy island city, it is not unheard-of for hawkers to make up to $3,000 net profit a day.
    Property agent Aida Atan counts several successful hawkers as her clients. One, who runs a zi-char stall selling restaurant-style dishes, is so successful that he paid for his second property, a $1.2 million terrace house in Bukit Timah, with cash.
    This article is in red because after reading this, sour grapes will experience "Red-Eyed Syndrome" 眼红.

    The Straits Times

    29 April 2007

    IT WOULD be easy to mistake Mr Lee Chee Wee for a white-collar professional on a day off. The Nike polo T-shirt, bermudas and brown loafers make him look the part.
    So does his annual income tax bill - about $20,000, the sort of figure junior stockbrokers and general practitioners fork out.
    But Mr Lee, 43, is in a far more elite group than that.
    His popular Beach Road Prawn Noodle House in East Coast Road has rendered him that rarest of rare creatures - a hawker who has made good.
    Working out what hawkers earn is a tricky task but that tax bill is a giveaway. If Mr Lee pays $20,000 in taxes, his monthly earnings are likely to range between $13,000 and $27,000.
    The question of how much food sellers earn has become a talking point after the taxman went after 12 hawkers last Saturday for tax evasion.
    One of the 12 earned $4 million in six years, or about $56,000 a month, yet declared just half the amount.
    So how much do hawkers really earn? Most aren't telling, so The Sunday Times dispatched six reporters to do a plate count at 10 popular stalls. Four hours were spent at each stall counting the plates or bowls of food sold in that time.
    The Sunday Times then worked out the maximum possible sales of each stall, taking into account opening hours and average prices.
    Sales can dip on rainy days and during off-peak periods but results showed that maximum sales figures for popular hawkers could easily hit $100,000 a month.
    In the count, Beach Road Prawn Noodle House could sell as many as 116 bowls an hour. At $5 a bowl, that's $139,200 a month.
    Even at the stall with the lowest plate count - 36 plates an hour at No. 18 Fried Kway Teow in Zion Road - sales could reach $32,400 a month.
    Accountant Vincent Chan, 31, is not surprised. His hawker clients pull in about $10,000 to $15,000 a month.
    'It's really possible to earn quite a bit, especially if the hawker is popular,' he said.

  28. #88
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    You are right. Those sour grapes above are ignorant. They don't even know that hawkers can make a lot of money. I thought every one already knows that?

    Sour Grape Ignorance 7 - Don't know that hawkers can make a lot of money.

    Let me open the sour grapes eyes with the Straits Times articles below. But be forewarned ... the sour grapes may become even more sour ...
    Haha didnt know that he is a KARANG GUNI MAN also. Keeps old rags and news papers too. KARANG GUNI men are also rich. But beware neighbours of the stinking smell from his collection. By the way we see your 'Bentley' packed with newspapers. Please post more older news. I bet you have a good collection.


  29. #89
    Unregistered Guest

    Default Re: End of property boom in sight?

    Quote Originally Posted by Unregistered
    Haha didnt know that he is a KARANG GUNI MAN also. Keeps old rags and news papers too. KARANG GUNI men are also rich. But beware neighbours of the stinking smell from his collection. By the way we see your 'Bentley' packed with newspapers. Please post more older news. I bet you have a good collection.

    Wah so multi talented meh? Hawker, Karang Guni and also Speculator meh? Please dont forget to pass on your skills to your kids so that they can also be as successful as you. Even your neighbours would be loving to have such a personality living next door.

  30. #90
    Unregistered Guest

    Default Re: End of property boom in sight?

    POSTING ON TULIP GARDEN THREAD. GAME OVER. RUSH FOR EXITS.

    Quote Originally Posted by Unregistered
    Saw Straits Times News,
    A SMALL property firm that snapped up enough sites to place it among the top en bloc players last year has put off completing two deals while it ties up funding.
    Because of the delays, owners at one condo are still waiting to pick up cheques for well over $1 million each. They expected payment in late February but an extension put this back to March and now the due date is late this month.

    The payments are pending from Bravo Building Construction, a relatively new firm on the property scene. It bought freehold Pender Court condominium in the Telok Blangah area for $80 million last July and soon after purchased Tulip Garden near Holland Road - also freehold - for $516 million.

    But completion of both deals seems to have stalled.

    Completion is at the final stage of the sale process and triggers the final payment - usually around 95 per cent of the purchase price - to owners. The remaining 5 per cent is paid when the owner vacates.

    These headaches for the owners come amid a slowing market for collective sales. The first quarter this year saw just one relatively small deal, compared with some 25 notched up in the same period last year.

    The Tulip Garden transaction is expected to be completed late next month but Bravo has already asked for two postponements - first to July 23 and then Aug 7.

    It has also asked for extensions to pay an additional 5 per cent of the purchase price - $25.8 million.

    This is a routine payment required once the Strata Titles Board approves a sale. An initial 5 per cent deposit was paid when the sale was done.

    The deadline for the second 5 per cent payment was March 13 but Bravo won approval to move it to April 7. Then in mid-March, it again asked to move the date, this time to May 5.

    However, before the sale committee could respond to the request, it is understood that Bravo asked again to have the date moved even further back, to June 7.

    Tulip Garden sold for about $1,018 per sq ft. It has 164 units comprising 96 flats, 66 maisonettes and two shophouses. Flat owners stand to reap $2.5 million to $4.2 million while maisonette owners will receive about $3.4 million each. The shop units will get about $1.1 million each.

    The owners are meeting this weekend to consider Bravo's requests that the completion date be pushed back to Aug 7 and the deadline for the $25.8 million payment be extended to June 7.

    The Pender Court deal is even further behind schedule.

    Bravo was supposed to have completed the sale on Feb 25 but had it postponed, initially to around mid-March. It then asked for a further extension to April 24, which has apparently been granted.

    Pender Court's 48 owners should each get $1.6 million or so for their flats, which sold for about $872 psf.

    Sources have told The Straits Times that they understand Bravo is committed to completing the two purchases and just needs more time to arrange funding.

    Bravo, which was registered in 2002, reportedly picked up $824.5 million worth of en bloc sale deals last year, making it the fourth-largest buyer of en bloc sites.

    Bravo's directors could not be reached for comment, despite numerous telephone calls and a visit to its office in an industrial building in Geylang Road last Friday. A Bravo staff member said that the company directors were away on business.

    GAME OVER

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