Now you can buy River Gate for 1300 psf , who would pay more then 700psf for lousy Ballestier area ?? , next to skin communitive desease centre ... Yaaak.. Just wait untill April and see ..
Now you can buy River Gate for 1300 psf , who would pay more then 700psf for lousy Ballestier area ?? , next to skin communitive desease centre ... Yaaak.. Just wait untill April and see ..
http://www.tnp.sg/news/story/0,4136,180640,00.html?
FIRE SALE: OWNERS DUMP CONDOS
Agents: Some clients give as much as 20 per cent discount
By Elysa Chen
October 20, 2008
FOR sale: Luxurious multi-million-dollar apartments, not quite for a steal, but with a hefty discount.
Stock market losses have forced some property owners to resort to 'fire sales' for a quick return to liquidity.
And because the property market is almost flat, they have had to let go of their property at huge discounts.
Property agent Henry Neo receives one SMS a day from different clients asking him to sell their homes.
Mr Neo, who has been a property agent for close to 20 years, said: 'The Asian financial crisis of 1997 and this crisis are real challenges.
'It's a tsunami of the stock market.'
Two or three of the 50 clients he is servicing now are what he calls 'desperados' - people who had their fingers burnt so badly in the stock market they need to sell their houses.
The situation is worse for those who opted for deferred payment schemes, said Mr Neo, because some are no longer eligible for loans, and cannot meet payments once the developers issue the Temporary Occupation Permit (TOP).
'They have to get rid of their properties before TOP, so they would be giving even more discounts.'
Noting that the high-end property market seems to be hit the hardest, Mr Neo said: 'My colleagues who specialise in high-end properties are not doing well. They do not have any transactions at all.'
Mr David Cheang, senior vice-president of the Resale Division at HSR Property Group, noted that two out of every 10 clients are affected by the stock market crash, and are selling their property investments to 'get more liquidity'.
A property agent who declined to give his full name said one of his clients had made such losses on the stock market that he was selling his 27th floor freehold apartment at the Twin Regency for a mere $1.05 million, though its market price is $1.3 million.
Last year, he had sold another unit, on the 29th floor of the same condominium, for $1.4 million.
It is the same story for Mr Felix Young, 35, a property agent specialising in high-end condominiums. Some of his clients are prepared to go as low as 20 per cent below their offer price.
He had taken out an advertisement for five properties, all high-end condominium units in the city.
Apartments at The Sail at Marina Bay, which were going for $2,000 psf are now being offered for sale at $1,450 psf, said Mr Young.
But even such a huge discount is failing to entice buyers, who are asking for $1,100 psf. That is because even with such discounts, the two-room apartment costs about $1.3 million.
In the current climate, not many people would be able to shell out that kind of money because they could be sitting on huge paper losses in the stock market.
Mr Young said: 'Buyers have the sentiment that the property market will cool even more, and prices will drop further.'
And because of this, said Mr Young, there has been a significant drop in transactions - up to 70 per cent for high-end properties that people buy for investments.
Most buyers also know developers' launch price for the condominiums and are holding out until they can get a unit at that price.
He said: 'These days, when buyers call me, they ask me if I have any owners who are 'bleeding'.'
Bleeding is a term that is used to describe owners who over-committed themselves financially and need to sell their properties in a hurry.
Mr Young said: 'Many of my clients' bank loans are kicking in soon, so they need to release the properties quickly, before TOP.
'They are stuck because they can neither sell their property, nor rent it out to cover their mortgages, as the rental market has slowed down a lot.'
****ing Hell , this is very depressing for some owners , missed their boats when the market was high and now screwed up having to sell at a huge loss .. See this is what I told you in a very early stage of all that , forget your Pavillion at even 750psf , peopl are not stupid , can buy Sail now for 1,100 psf !!! yOUR Pavillion is 600psf now
Wah! Freehold Pavillion same psf as HDB flats? Where to find? Can buy man! Can pass me the contact?Originally Posted by J-Dog
Time for 80% to stay in condos and 20% to stay in HDB flats. Yes!
Asshole, be considerate!Originally Posted by cannot tahan
Don't post the same message everywhere!
Do you want us to post our same message everywhere?
Do you think it will happen?Originally Posted by Interested
Imagine C&C starts selling their MB E350 at the price of Hyundai Genesis 3.8. Everyone will go for the E350 man! Will C&C sell E350 at Genesis 3.8 price?
hi forumers, ignore the few to-and-fro nonsensical posts above from me. i still can't get over the Novena dumbass that bonked my mother FOC. Please give me my medicine......Originally Posted by Fúck You
That's why I say all will stay in condos. Only a few will stay in HDB flats.Originally Posted by What?
for heaven sake, get lost !!Originally Posted by Ge˙lang 0KT
OK. Why don't you sell your condo to me at HDB price? I will buy.Originally Posted by Interested
But why should I sell my condo to you at HDB price?Originally Posted by What?
Don't argue over a TNP article lah.Originally Posted by Fúck You
Why not go for a holiday and enjoy yourself?
Originally Posted by TNP
Are we near the kind of economic difficulty faced during the Great Depression? The US economy today is much stronger than it was in 1929 and the fundamentals are still pretty strong regardless of the crisis we're in.
If you look at the numbers, they are so dramatically different. GDP growth in the US is about 1% and I'm sure it will fall but it is nothing like the -27% during the Great Depression. Unemployment is about 6.1%, but during the Great Depression it was 25%.
Today's world is very different from the Great Depression period - there is greater linkage between fiscal policies and the economy than before and all policymakers are working together. So we are not even close to the level of difficulties faced then.
Fedup!!!!!!!!!Originally Posted by Interested
even if C&C will sell their ML350 at the price of Hyunday , that does not mean everyone go to buy ML350 , ppl just do not have money to buy even at Hyundai price !! Same goes to Condos now ppl do not have money to buy and banks are not landing , and deferring schemes come to a pay day and no money t0 pay !! What to do ?? either have the condo repossesed by the bank which is more then happy for you to default , so they can snach cheap .. ot sell at huge loss and lose your 15-20% .. This is a dilemma ppl are facing right now .. so most of them go and sell at the developer's price as if you don't sell before top you are screwed !! and lose even more ... I think only less then 20% can hold and maintain repayments at loss and pay off when top issued .
Even Hyundai price also nobody buying?Originally Posted by J-Dog
So even HDB flat also nobody buying?
So I together with the rest of the 80% staying in HDB flats should dump our flats now?
Wah biang! Silly Seng!Originally Posted by Seng
You believe that Con Dog?
Nobody buying HDB flats?
You believe that jerk's lies?
Demands for HDB flats and resale flats are so high that HDB prices continue to move up.
This is like saying demand for Hyundai cars is very high.
Don't get conned by that Con Dog! Fųcking liar!
In fact, demand for HDB flats have spilled over to mass-market condos. That's why a few OCR condos have just broken their high records.Originally Posted by JHJ
Yah!Originally Posted by Prof Lilian Ng (NBS, NTU)
Don't be too happy!
Everyone is a loser
Only IRAS is the big winner who is smiling now!
Originally Posted by The Straits Times
Don't say like that lah. Profit is always good mah!Originally Posted by UnregĄstered
Learnt from agent, a 958sqft unit transaction in P11 mid floor stack 6 (pool facing) unit was sold at lower price. The Owner (2nd) bought the unit at $1050psf, but was sold at $1000psf. It on latest URA's listing. the Owner lost $50k (excluding stamp fee...).
I am that idiot that smoked you. Ha ha!Originally Posted by keane
Project Name-PAVILION 11
Developer-UOL Development (Novena) Pte Ltd(UOL Group Limited)
Property Type-Condominium
Tenure - Freehold
Total Units - 180
Completion Date - Est 1 Jun 2010
District - 11
source from:
http://www.virtualhomes.sg/pavilion11
Hi! Any of you guys know whats the expected occupancy date (TOP) for pavilion 11? Thanks!
I will buy higher floor at around $700 psf , quick cash deal if any one wants to sell quick
when is expected TOP? price still at $1000+psf? will drop soon? thinking of getting a 2 bedder.
Even the launch price is already 900psf - 1000psf, who wants to sell at a loss??????????Originally Posted by J-Dog
I do not know who wants but I know that hundreds of owners around the island sell at huge loss for various reasons .. And if some premium projects in the city and River Value being transacted at 1000psf I do not see a reason why Pavillion with tiled floor in Ballestier would not go for 650-700 .. Who cares what was the launch price ? No one !! Take Soleil launch price 1,700 and what now ? everybody happy to sell at 1,100 psf !!
Not all Soleil units are selling at 1.7psf. In average it was 1.5k psf. Soleil is a high rise project, you can't just simply compare the price without knowing the level.Originally Posted by J-Dog
In fact, the range from lowest to highest is 1.1k - 1.8k.
No doubt condo price is diving now, but it is still one of the leader for 99LH project. All 99LH project have to benchmark from it.
over the weekend i saw a soleil ad asking for $900psf, check it out.Originally Posted by J-Dog