Pinnacle sellers making massive gains

[victorcpwong]

Pinnacle sellers making massive gains- May 28, 2015

Defying the slowing property market, Pinnacle@Duxton sold over 60 units within five months since owners began meeting the five-year minimum occupation period last December, revealed media reports.

Owners of the said units have witnessed hefty gains from the sale. The highest resale price was recorded last month when a five-room flat on the 29th storey was sold for $1.06 million.

Specifically, six of the 17 transactions for five-room flats since January found buyers at $1 million and above.

In fact, four property agents from PropNex saw the potential of the 50-storey project as a hotspot for those planning to move to the central area. Last June, the agents Alvin Lim, Lawrence Tan, Ray Lim and Adrian Lim teamed up and persuaded owners to capitalise on the sale of their units.

They began conducting tours of the project for potential buyers in November last year, and have since sold 24 units.

Last Sunday, they conducted a tour for eight interested buyers who viewed four units. After the two-hour tour they sold two units, a four-roomer on the 34th storey and a similar-sized unit on the 37th storey at $872,000 and $885,000 respectively. The respective asking prices for the units stood at $900,000 and $920,000.

“If I had known that the price would go up by so much, I would have chosen a bigger unit on a higher floor,” said 36-year-old Ma Seow Lin, the seller of the flat on the 34th storey. She is set to gain $526,000 from the sale as she purchased the unit for only $346,000.

The housing board website shows there have been 59 resale transactions at the project. The 17 resale transactions for five-room flats had an average price of $983,092, while the 42 transactions for four-room flats averaged $857,230.

As such, five-room flat sellers would have netted over $500,000 as they paid between $345,100 and $439,400 when Pinnacle@Duxton was launched in 2004. Four-room flats were in the range of $289,200 to $380,900 back then.


Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email [email protected]

[Arcachon]

When you have more, they give you more.

The different is only about 500,000/75,000 = 6.6 unit free.

http://www.channelnewsasia.com/news/...b/1874632.html

[Arcachon]

The Day where they give big discount are over.

SINGAPORE: The Housing and Development Board on Wednesday (May 27) launched its largest Build-To-Order (BTO) cum Sale of Balance Flats (SBF) exercise, with a total of 9,431 new flats for sale in 24 HDB towns and estates. This includes 1,402 flats at Punggol Northshore, which will be the first to test-bed smart technologies.

The 4,044 BTO flats and 5,387 balance flats are on offer in the May exercise.

The BTO flats on offer include four projects in the non-mature towns of Punggol and Sembawang, and two projects in the mature towns of Clementi and Tampines. The first homes at Northshore District, with smart technologies found within the projects, are also part of the launch.

Analysts felt that the Clementi project has the most attractive location, although that will come at a cost. PropNex Realty Mohamed CEO Ismail Gafoor said when a BTO and a resale flat are compared, there is a discount of 30 to 35 per cent across the board.

However, for flats in Clementi in particular, there will not be huge discounts, he said. "When I look at the highest price of a BTO and a resale, the discount is barely about 14 to 15 per cent."

“Therefore one who buys the BTO in Clementi will have to accept the fact that he is not going to get the huge discount, but in terms of its location and the upside capital appreciation in the near future, it is still bright for Clementi," added Mr Ismail.

ERA Realty's Key Executive Officer Eugene Lim agreed that the Clementi BTO flats - which cost S$478,000 to S$621,000 for four-room flats and S$576,000 to S$725,000 for five-room flats - may seem pricey for some buyers.

"Comparatively, older 99-year leasehold condos around the West Coast area are just below S$1 million for two-bedroom units and just above S$1 million for three-bedroom units," he said.

Still, the Clementi BTO flats are expected to attract strong demand. Suntec Real Estate Consultants Director of Research & Consultancy Colin Tan said: "Sometimes when people look at a property, they do not look at the absolute price, they look at the value for money, and sometimes they actually look at the potential for appreciation.

“Because the project is right in the middle of the town centre, fairly close to the MRT, I think it will still be fairly popular."

This is the second BTO launch of the year, bringing the total number of BTO flats offered this year to 8,039 units. Together with the 5,387 balance flats offered in this exercise, HDB has offered a total of 13,426 flats for sale in the first half of 2015.

Eligible first-timer families participating in the BTO exercise will enjoy S$60,000 of housing grants, comprising the Additional CPF Housing Grant up to S$40,000 and the Special CPF Housing Grant up to S$20,000. With these grants, 2-room, 3-room, 4-room and 5-room flats can be purchased from S$15,000, S$102,000, S$203,000 and S$354,000, respectively, HDB said in its press release.

New flats are priced with a subsidy, taking into account factors such as location, flat attributes, project design and prevailing market conditions, the agency added.

[Kelonguni]

600k to 700k and upside some more. Means at least 800 to 900k in 5 years time? Really? Where does it leave the private housing?

On a separate note, can HDB near MRT exceed the price of private housing in the same district some distance away like Trilinq or Waterfront?

[Arcachon]

8 year time not 5.