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Thread: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

  1. #91
    Lehman_CES Guest

    Unhappy

    was told all units sold by developers ! If really the case.. Lehman exposure no more there.. if still there, likley to be a strong seller !!! In this type of mkt.. Parc will be 600 psf is lehman is forced to sell what is remaining of the unlaunch units. will cause Parc price to collapse.. scary thought man ...
    Pray hard that they tell the truth...

  2. #92
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    Quote Originally Posted by Golden years
    What has Lehman Brothers got to do with us? Singapore have 5 Golden years ahead. Don't worry.
    Lets see, to build anything, somebody must provide the funds for the raw materials and labour. In this case, LB could be the source of funds for the materials while CES is the builder/ developer.

    When the project finishes and project TOP, money will be collected from buyers and paid to LB and CES.

    Simple question is with LB out of the equation (although I do not know how it actually affects LB (Hong Kong) which is the direct interest in The Parc), does CES still have the funds to carry on with the building and secondly if more buyers back out of the purchase (or forgo the amount paid till date->DPS project), there could be less collection than if all units are sold and thus directly impact what CES can collect.

    I do hope CES still have the funds or alternative sources of funds to continue the project and hopefully when things blow over, even if they were to sell at a discount for the returned units, be it 500 or 600 psf, they still can be profitable as eventually there will still be buyers out there.

  3. #93
    Get_real Guest

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    golden years ? Get real please.. Singapore is a tiny country with no resources nor talents... You must be living in a ivory tower not to realise the high cost of living and sufferings ! Golden years my foot... You need to have yr ears check lah..

  4. #94
    Go West Guest

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    Quote Originally Posted by Get_real
    golden years ? Get real please.. Singapore is a tiny country with no resources nor talents... You must be living in a ivory tower not to realise the high cost of living and sufferings ! Golden years my foot... You need to have yr ears check lah..

    I think investor should stay calm and not hit the panic button right now . Let the financial storm blew over ..I believe in Asian Fundamental.. though US would have a indirect impact.. but we should stand united and not over react.

  5. #95
    mr funny is offline Any complaints please PM me
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    http://www.businesstimes.com.sg/sub/...98425,00.html?

    Published September 25, 2008

    Lehman's failure won't affect projects: CES

    The 2 condos are substantially sold; funds to complete projects secured

    By LYNETTE KHOO


    CHIP Eng Seng (CES) said its two joint-venture projects with a real estate equity fund managed by Lehman Brothers are unaffected by the collapse of the US investment bank.


    CityVista: The 70-unit project at Peck Hay Rd is already 54% sold at an average $2,550 psf, while The Parc Condo at West Coast Walk is 95% sold at an average price of $880 per square foot

    Its JV partner is Lehman Brothers Real Estate Partners II (LBREP II), a US$2.4 billion fund that was closed in 2005. Only a fraction of that sum - some US$400 million - came from Lehman Brothers and its employees.

    CES had formed a 50-50 JV with LBREP II's wholly owned special purpose vehicle WM Mauritius Holdings for two high-rise freehold condominium projects.

    But a reassuring fact is that the 695-unit The Parc Condominium at West Coast Walk is already 95 per cent sold at an average price of $880 per square foot (psf). The 70-unit CityVista at Peck Hay Road is 54 per cent sold at an average $2,550 psf.

    All instalments of purchase money and construction loans have since been deposited into the Project Account of the building projects as stipulated by the Housing Developers Act.

    'With financing being secured with the bank, funds needed to finish the whole project was already secured. Not to mention that the projects were launched successfully and the deposits we collected are more than enough to fund the two projects till completion,' CES chief executive Raymond Chia told BT.

    The two projects are expected to be completed by the second half of 2010.

    CES teamed up with Lehman to bid for four projects in total. Two tenders did not succeed.

    Asked if Lehman's collapse will cause CES to search for a new JV partner for future projects, Mr Chia said CES is not short of choice, having landed on the radar screen of equity funds since its partnership with the Lehman fund in 2006. CES has since received enquiries from large funds on opportunities to work together on projects in Singapore and Vietnam, Mr Chia said.

    But he noted that CES can take on larger projects on its own now and, hence, has more options besides JVs. There also is the support of its 25 per cent shareholder Citadel Equity Fund, part of the Chicago-based Citadel Investment Group. Both are working together on a freehold condo project Grange Infinite, which is 100 per cent sold.

    While Lehman's failure may hurt US commercial property, its impact here is likely to be cushioned.

    Lehman Brothers is believed to own a 45,000 square feet building at Clemenceau Avenue worth about $80 million. Its managed fund teamed up with Australia's Lend Lease in a 75:25 JV to buy Paradiz Centre in Selegie Road for $138 million in 2006.

    Paradiz Centre is being redeveloped and slated for completion by the end of this year. But it is understood that Lehman's collapse will not affect the fund that owns this project and Lend Lease has pre-emptive rights to buy out Lehman's stake in the venture.

    Lehman Brothers also occupies minimal amount of office space here. It currently takes up about 40,000 square feet of office space in Suntec City Office Tower Five, a mere 3.1 per cent of the total Suntec City office space of 1.29 million square feet, according to DMG & Partners Securities.

    Its other assets have been divested. The office building at 71 Robinson Road which Lehman jointly owned with Kajima Overseas Asia in April was sold to a German fund for $743.8 million, higher than some $613.4 million they spent on the land and redevelopment. Lehman sold Novotel Clarke Quay last year to CDL Hospitality Real Estate Investment Trust at $219.8 million, double the amount it spent on it.

  6. #96
    TheParc Guest

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    I want to get a 3 rooms unit in the Parc. Anyone can advice how much it will cost?

  7. #97
    code01 Guest

    Smile

    There are plenty ard in the papers but just tread carefully....

  8. #98
    Unregisteredxx Guest

    Default

    "But a reassuring fact is that the 695-unit The Parc Condominium at West Coast Walk is already 95 per cent sold at an average price of $880 per square foot (psf)."

    What about the units (out of the 95%) that are sold on deferred payment basis? Dosent the developer have to fund the cost of construction of the project?

  9. #99
    code01 Guest

    Cool

    Quote Originally Posted by Unregisteredxx
    "But a reassuring fact is that the 695-unit The Parc Condominium at West Coast Walk is already 95 per cent sold at an average price of $880 per square foot (psf)."

    What about the units (out of the 95%) that are sold on deferred payment basis? Dosent the developer have to fund the cost of construction of the project?
    Developer take loan from bank. There is not enough liquility in the market at the moment and it cause Sibor jump by 1% before MAS came in to calm the ship. 1% to us is alot. To developer even worse!!! The loan size they take...

  10. #100
    Worried Guest

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    I decided to upgrade from my HDB unit and bought a unit in Parc thinking it is a good deal, at around $880 psf. Since I stay in Clementi, I like this area. But, hearing so many bad news about US and eventually coming to SG, I am having a second thought if I should sell it. Anyone can advise?

  11. #101
    Advise Guest

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    Quote Originally Posted by Worried
    I decided to upgrade from my HDB unit and bought a unit in Parc thinking it is a good deal, at around $880 psf. Since I stay in Clementi, I like this area. But, hearing so many bad news about US and eventually coming to SG, I am having a second thought if I should sell it. Anyone can advise?
    Maybe you want to think about these

    1. How much is your current household income? (You don't have to tell me) What is the risk of your current job? Is it stable? What extend is your company affected by the financial crisis?

    2. After selling the hdb & moved to The Parc, do you have sufficient balance in your CPF ordinary account to continue paying the loan for at least 6-9 mths? 1 yr will be even safer.

    3. Do you have sufficient savings to ride over say 1 yr of unemployment?

    4. Are you stretching yourself financially with the bank loan? ie no more savings after the loan?

    5. What other outstanding loan you have (car, house)?

  12. #102
    code01 Guest

    Cool

    Quote Originally Posted by Worried
    I decided to upgrade from my HDB unit and bought a unit in Parc thinking it is a good deal, at around $880 psf. Since I stay in Clementi, I like this area. But, hearing so many bad news about US and eventually coming to SG, I am having a second thought if I should sell it. Anyone can advise?
    Since you buy it already then just shift in n stay lor. Most importantly is you like the environment and if you can afford it is ok.

    To sell now is a bit challenging unless u sell at a loss. Your agent told u $880psf is a good buy?!

  13. #103
    Worried Guest

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    Quote Originally Posted by code01
    Since you buy it already then just shift in n stay lor. Most importantly is you like the environment and if you can afford it is ok.

    To sell now is a bit challenging unless u sell at a loss. Your agent told u $880psf is a good buy?!
    Thanks for your advise. It was such a mad rush last August to buy a unit at the showroom. It thought I was lucky but now ....

    Things may not be so bad afterall. I read from the newspaper the biggest drop will be those HIGH-END ones... Parc should be considered as mass-market type which will not drop so much.

  14. #104
    hello 33 Guest

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    Quote Originally Posted by Worried
    Thanks for your advise. It was such a mad rush last August to buy a unit at the showroom. It thought I was lucky but now ....

    Things may not be so bad afterall. I read from the newspaper the biggest drop will be those HIGH-END ones... Parc should be considered as mass-market type which will not drop so much.

    I think it is difficult for most uncompleted projects to move right now.Moreover , the TOP for The Parc is around 2010 . The current market is for genuine buyers and stayers only ..the speculators are keeping the sideline... so dun lose heart..

  15. #105
    code01 Guest

    Default

    Quote Originally Posted by hello 33
    I think it is difficult for most uncompleted projects to move right now.Moreover , the TOP for The Parc is around 2010 . The current market is for genuine buyers and stayers only ..the speculators are keeping the sideline... so dun lose heart..
    Very true. If ur noticed projects that have TOP earlier this yr and have been rented out, the prices are still quite ok. For eg Citylights and Seaview. Home buyers are coming in now.. anyway still long way to go.. just ride out the cycle. Cheers

  16. #106
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    Hi

    Anyone knows how much is the Parc selling now? - 3 bedrooms

  17. #107
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    Hi there,

    Anyone selling or knows someone who is? I'm interested in getting a 3-rm unit.

    Thanks.

  18. #108
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    Quote Originally Posted by koinonia
    Hi there,

    Anyone selling or knows someone who is? I'm interested in getting a 3-rm unit.

    Thanks.
    What psf are you looking at ?

  19. #109
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    Quote Originally Posted by TheParc
    I want to get a 3 rooms unit in the Parc. Anyone can advice how much it will cost?
    The latest caveats lodged for Parc Condo at 1,216sf is $781psf (Jan 2009). Seem like it has fallen below its launch price.

  20. #110
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    Quote Originally Posted by Allthepies
    The latest caveats lodged for Parc Condo at 1,216sf is $781psf (Jan 2009). Seem like it has fallen below its launch price.
    Which floor and blk is this $781 psf for? How you know it has fallen below its launch price, I thought the average launch price is $850.

  21. #111
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    caveats lodged do not show which floor, etc. only the price and total unit size..781psf is for a 1,216sf unit. u can refer to ura website for all the caveats lodged.. https://www.ura.gov.sg/realEstateWeb...Controller.jpf


  22. #112
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    Quote Originally Posted by Kon2
    Which floor and blk is this $781 psf for? How you know it has fallen below its launch price, I thought the average launch price is $850.
    haha your statement is really oxymoron

  23. #113
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    Quote Originally Posted by toaler
    haha your statement is really oxymoron
    a lot of units of the parc condo are for sale at $740-$750 psf at propertyguru.com. go check them out.

    This condo is doomed, and has been doomed from the beginning.

  24. #114
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    Default Parc

    The rental market is still strong in the West Coast area so that should help this project somewhat.

    However, judging by the number of sellers out there, the price will surely drop in the coming months.

  25. #115
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    Default Advice needed

    Got an offer of $900+ psf for a 3 bedder (1302 sf) unit on #2X-XX (high floor). Worth buying ?

  26. #116
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    Quote Originally Posted by Kon2
    Got an offer of $900+ psf for a 3 bedder (1302 sf) unit on #2X-XX (high floor). Worth buying ?
    If you can buy a brand new condo in district 10 for less than 900 psf, why would you even consider....

  27. #117
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    Quote Originally Posted by stalingrad
    If you can buy a brand new condo in district 10 for less than 900 psf, why would you even consider....
    Hi

    Which brand new condo in D10 is less than 900psf?

    Thanks!

  28. #118
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    Quote Originally Posted by coburn
    Hi

    Which brand new condo in D10 is less than 900psf?

    Thanks!
    many, including viz@holland, cosmopolitan, maplewoods, tanglin regency. too many to list them all. do your homework, and don't be a sucker.

  29. #119
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    Quote Originally Posted by stalingrad
    many, including viz@holland, cosmopolitan, maplewoods, tanglin regency. too many to list them all. do your homework, and don't be a sucker.
    thanks for the info
    was looking at RV area but did not see cosmopolitan at 900psf..
    will go thru again..

  30. #120
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    Quote Originally Posted by coburn
    thanks for the info
    was looking at RV area but did not see cosmopolitan at 900psf..
    will go thru again..
    think he meant Metropolitan, ard 800psf or less

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