Clover By The Park, Bishan

[nicole2008]

I asked my father why he did not buy a pte property 25 years old. He said very expensive at that time (price went up by about 10 times compared to current). When my friend brought The Sail at 1000 psf in 2005, I said to him you "Siow" & it was too expensive (price went up by about 2 - 3 times compared to current). The same story is happening now as a lot of people saying pte property very expensive now (10 years later they will say very cheap).

Absolutely perfect answer...10 years later..Don't be surprise that HDB flats may cause $1mil...

[jlrx]

Absolutely perfect answer...10 years later..Don't be surprise that HDB flats may cause $1mil...

I think no need to wait 10 years, it was already very close ...

The Straits Times

Jan 9, 2008

Queenstown flat sold for record $890k

21st-storey executive flat in Mei Ling Street was bought for $300,000 in 1992

By Tan Hui Yee & Jessica Cheam


The owners, Mr David Ho Khoi Seng, 72, and wife Judy, 64, had paid just over $300,000 for the 1,614 sq ft flat, which has four bedrooms, a living room and a study, in 1992. -- ST PHOTO: MUGILAN RAJASEGERAN

THE brief for the property agent was simple: Find an HDB flat with great views and near an MRT station. Top floors only - and, it appears, never mind the price.

Two intense days of door-knocking and a record $890,000 later, the buyer has his dream home - and the most expensive Housing Board flat in the country.

For his money, he gets a spacious 21st-storey executive flat in Queenstown, with expansive views towards Sentosa and leafy Mount Faber on one side and Queenstown Stadium on the other.

The 13-year-old flat in Block 150, Mei Ling Street, is just a few minutes away from Queenstown MRT via a sheltered walkway, and a swimming complex is just around the corner.

The owners, Mr David Ho Khoi Seng, 72, and wife Judy, 64, had paid just over $300,000 for the 1,614 sq ft flat, which has four bedrooms, a living room and a study, in 1992.

Mr Ho, who runs a stationery shop, said he had no intention of selling when PropNex agent David See and his son came knocking last Thursday.

The couple tried to deter the buyers - believed to be an elderly couple who own private property - by asking for what they felt was a ridiculous $900,000.

'We thought $900,000 was too high a price for anyone, but the buyers seemed pretty desperate to find a suitable flat,' said Mr Ho.

Mr See, 47, said he roped in his 20-year-old son Wilson for the quest to give him some work experience before he starts university later this year.

But knocking on doors, he said, is something he would only do for 'genuine buyers'.

'It was a challenge. It's not easy to get people to sell high-floor units at this time,' he added.

Demand had sent HDB resale prices up 17.4 per cent last year, the highest in a decade, but executive flats in coveted districts near the central city like Queenstown and Bukit Merah have been extra hot.

The old record for an HDB flat was $780,000 - also for an executive flat in Mei Ling Street - achieved last November.

Five other such flats in Mei Ling Street changed hands between November and December, ranging in price from $728,000 to $765,000.

Median resale prices of executive flats in Queenstown hit $719,000 between July and September last year, a jump from $609,000 in the previous quarter. This type of flat in Queenstown commanded $120,000 in cash over their valuation in the same period.

A five-roomer in Kim Tian Place in nearby Bukit Merah changed hands for $720,000 last June.

With prices of resale HDB flats expected to climb further, the latest deal has prompted some people to ask when a public housing unit will cross the $1 million mark.

Agents reckon that is a way off yet.

Mr See thinks his record deal was more a reflection of the buyers' eagerness, rather than market sentiment.

Meanwhile, Mr Ho and his wife will live with their 35-year-old son in his Siglap terrace house until they find a suitable home.

When they move, Mr Ho will have to give up a pastime of his: Watching S-League football matches at Queenstown Stadium from the balcony of his Mei Ling Street flat's master bedroom.

[jlrx]

Duplicate Post Deleted.

[xebay11]

Absolutely perfect answer...10 years later..Don't be surprise that HDB flats may cause $1mil...

Actually when property was crazy in the 90s, I still remember in 1995 reading an article in the Starits Times that by yr 2000, executive flats would cost $1m, but alas, it is now 2009 and even though incomes are so much higher than in 1995 this still has not happened. When will HDB flats cost $1M? hmmmm......I am rather sketical they ever will now. Many so called record prices in the 90s and early 2000s still remain unbroken, poor fools overpaid too much.

[xebay11]

I asked my father why he did not buy a pte property 25 years old. He said very expensive at that time (price went up by about 10 times compared to current). When my friend brought The Sail at 1000 psf in 2005, I said to him you "Siow" & it was too expensive (price went up by about 2 - 3 times compared to current). The same story is happening now as a lot of people saying pte property very expensive now (10 years later they will say very cheap).

Really depends if you are savy (lucky) in selecting your property, take Finland Gardens in East Coast for eg, someone paid $1.2 m for a unit in 1996 and now 13 years later, even an enbloc offer is only $1.28 million, if sold individually cannot even match that price, so not all properties can experience gains.

I also know of many properties in Hill View area, make losses after buying and even 10 years later only make very minimal gains, ie. still very cheap.

So do be careful, these days many developers selling LH properties on land not near MRT, not near town and even near expressways, these may never see gains at all.

[jwong71]

Actually when property was crazy in the 90s, I still remember in 1995 reading an article in the Starits Times that by yr 2000, executive flats would cost $1m, but alas, it is now 2009 and even though incomes are so much higher than in 1995 this still has not happened. When will HDB flats cost $1M? hmmmm......I am rather sketical they ever will now. Many so called record prices in the 90s and early 2000s still remain unbroken, poor fools overpaid too much.

Just few months, my frz bought a Redhill 5i HDB at 730k. Coz is near to MRT,his reply.

To the savy pickers/buyers, to them some property are overpriced but some are still underpriced.
To the herd will just based on some news reported, and oh ya properties are ALL expensive blar blar blar...

[2004civic]

Should be true. My source is from Orange Tee, official agent for Clover.

price increase from 1 Nov? Are you sure?

[cl0ver]

whatever the argument is, Clover was not launched at a high, so most buyers who bite the bullet can still relax a bit since there are many other launches later that potentially underpinned the prices.
If we compare with Trevista, Centro and the upcoming condo next to Gardens @ Bishan, their average prices are way above 950 psqft and all are LH. Nearby Natura Loft also appear to keep valuations high in the Bishan vacinity.

The trump card could be the $76mil bishan park makeover which should further maintain Clover as an attractive place to live.

[nicole2008]

whatever the argument is, Clover was not launched at a high, so most buyers who bite the bullet can still relax a bit since there are many other launches later that potentially underpinned the prices.
If we compare with Trevista, Centro and the upcoming condo next to Gardens @ Bishan, their average prices are way above 950 psqft and all are LH. Nearby Natura Loft also appear to keep valuations high in the Bishan vacinity.

The trump card could be the $76mil bishan park makeover which should further maintain Clover as an attractive place to live.

Fully agreed...only intends to let go my unit @ CBTP a few years later after ABC project at Bishan Park is completed...

[2004civic]

I agree too. Although am not an owner (still mulling), I think mid term of Clover (2-3 years later) is much better than now, by then , am not surprised if prices easily hit $1000 psf...

Fully agreed...only intends to let go my unit @ CBTP a few years later after ABC project at Bishan Park is completed...

[HANROSE]

Not that difficult to calculate Clover's potential. Compare its prices against
the other developments and you can deduce it yourself.

[xebay11]

Why if the project is so good, all of you want to sell only after staying 2-3 years? Sounds to me all of you not comfortable with the LH status. Even if you make money, where do you intend to move?

[HANROSE]

I love the size of the 3-bedder and its proximity to the Park. Really looking forward to its TOP and will be staying there for certain...at least for 5 good years before considering to sell.
Generally, why i chose Clover was due to its value for money and whatever price upside in the future will be a good bonus...

[teddybear]

Still can't understand if so good why stay only 5 years then sell?
I have been staying in my place for >12 years and still no intention to sell (because so good until cannot find any other better place to live if I sell).

I love the size of the 3-bedder and its proximity to the Park. Really looking forward to its TOP and will be staying there for certain...at least for 5 good years before considering to sell.
Generally, why i chose Clover was due to its value for money and whatever price upside in the future will be a good bonus...

[proud owner]

Still can't understand if so good why stay only 5 years then sell?
I have been staying in my place for >12 years and still no intention to sell (because so good until cannot find any other better place to live if I sell).

maybe its like Car .. sell before 5 yrs .. or else COE no value

[sleek]

maybe its like Car .. sell before 5 yrs .. or else COE no value

Or new HDB flat, can only sell after 5 years?

[teddybear]

Car anytime you sell also can find a replacement from same brand easily and with better performance some more.
However, for property once you sell you must be damn lucky to be able to buy back at a cheaper price at the same location and with better facing and floors (if yours is already the best stack in the block and on 1 of the highest floors).

maybe its like Car .. sell before 5 yrs .. or else COE no value

[proud owner]

Car anytime you sell also can find a replacement from same brand easily and with better performance some more.
However, for property once you sell you must be damn lucky to be able to buy back at a cheaper price at the same location and with better facing and floors (if yours is already the best stack in the block and on 1 of the highest floors).

actually , i have a friend who sold his HDB, point block, and bought a similar size one, in the same block, at a much higher floor, at a slight discount ..only below the condition of the higher floor unit was not so updated in terms of renovation

but it was a good deal .. i guess

[noblebaby]

Garment want to make all Singaporean rich

Just few months, my frz bought a Redhill 5i HDB at 730k. Coz is near to MRT,his reply.

To the savy pickers/buyers, to them some property are overpriced but some are still underpriced.
To the herd will just based on some news reported, and oh ya properties are ALL expensive blar blar blar...

[xebay11]

maybe its like Car .. sell before 5 yrs .. or else COE no value

Yeah LH property like car, is depreciating asset after 5 years.

[singaporewoman]

Sim Lian is selling 3 bed rooms(block 6, facing park, 1249 sqft, 30+ floor) at $1.2M

so the psf of park facing units is around $961.

however, according to URA website and Propertyguru.com, the highest psf in the historical transactions is only $870. and most Unit Price ($psf) is under $800.

http://www.propertyguru.com.sg/proje...r-by-the-park/

So, Sim Lian raised price? or all park facing units are still unsold?

Any one bought CBTP stack 13/14/15/16?

[sleek]

Sim Lian is selling 3 bed rooms(block 6, facing park, 1249 sqft, 30+ floor) at $1.2M

so the psf of park facing units is around $961.

however, according to URA website and Propertyguru.com, the highest psf in the historical transactions is only $870. and most Unit Price ($psf) is under $800.

http://www.propertyguru.com.sg/proje...r-by-the-park/

So, Sim Lian raised price? or all park facing units are still unsold?

Any one bought CBTP stack 13/14/15/16?

Think only 454 units are launched out of total 616 units. Can check URA website.

[nicole2008]

I also know of many properties in Hill View area, make losses after buying and even 10 years later only make very minimal gains, ie. still very cheap.

So do be careful, these days many developers selling LH properties on land not near MRT, not near town and even near expressways, these may never see gains at all.

Why if the project is so good, all of you want to sell only after staying 2-3 years? Sounds to me all of you not comfortable with the LH status. Even if you make money, where do you intend to move?

Brother...i think u are confusing yourself and everyone here...sell before or after 10 years also wrong...please enlighten on when to sell then

[cheerful]

Brother...i think u are confusing yourself and everyone here...sell before or after 10 years also wrong...please enlighten on when to sell then

I think he meant it as some locations (e.g. Hillview) no matter LH, FH or 999 (pretty common there) - if not so good, then sell now or sell later still the same.

But overall, this brother has stated his preference is still FH in general ...

[cheerful]

Clover looks alrite in terms of pricing .. juz tt it's LH. It's not near MRT like the one I was looking at, somewhere near Marymount :P

[xebay11]

Brother...i think u are confusing yourself and everyone here...sell before or after 10 years also wrong...please enlighten on when to sell then

Hillview area never really see gains even after 10 years, even when they are FH property, this is because location is inaccesible and many other FH properties also, but live it out and sell maybe 30 years time, by then the prices will appreciate.

As for CBTP, why sell after so short time? if the property is so good and comfortable, as all are proclaiming here...live in it for life.

[nicole2008]

Hillview area never really see gains even after 10 years, even when they are FH property, this is because location is inaccesible and many other FH properties also, but live it out and sell maybe 30 years time, by then the prices will appreciate.

As for CBTP, why sell after so short time? if the property is so good and comfortable, as all are proclaiming here...live in it for life.

Well...I have to agree with u...certainly there are pros and cons for both FH & LH properties...i would still have to look at the practical side of property market..tt's why l'm looking at the correct harvest time or rather strike while it's hot which is a few years after the completion of ABC project @ Bishan Park otherwise may miss the boat.
I don't think LH property can be stay in for life...buyers may not be able to get mortage loan from bank if the LH property is 30 years unless buyer is cash rich.

[cheerful]

Hillview area never really see gains even after 10 years, even when they are FH property, this is because location is inaccesible and many other FH properties also, but live it out and sell maybe 30 years time, by then the prices will appreciate.

While this is not HV thread, but hey got to agree with you here .... somehow this place like forever the same .. wonder if DTL will bring about any changes to those nearer to tt mrt station (e.g. glendale, etc.).

As for the LH vs. FH ques, ocassionally got such discussion. I also like FH coz even if the bldg is going going gone, the land value is still there - makes sense for developers to look at enbloc since no need to top up lease value which is such a hassle & cost $$

[cl0ver]

Sim Lian is selling 3 bed rooms(block 6, facing park, 1249 sqft, 30+ floor) at $1.2M

so the psf of park facing units is around $961.

however, according to URA website and Propertyguru.com, the highest psf in the historical transactions is only $870. and most Unit Price ($psf) is under $800.

http://www.propertyguru.com.sg/proje...r-by-the-park/

So, Sim Lian raised price? or all park facing units are still unsold?

Any one bought CBTP stack 13/14/15/16?

Park facing were sold out in 3-5 days. During then, no announcement of ABC project. But now, i guess it is commanding a premium.
whether it gets transacted still to be seen....

lets see closer to TOP time.
i got mine under 700psft....

and im staying long term unless some idiot really offering me 1000 psft...

[singaporewoman]

Park facing were sold out in 3-5 days. During then, no announcement of ABC project. But now, i guess it is commanding a premium.
whether it gets transacted still to be seen....

lets see closer to TOP time.
i got mine under 700psft....

and im staying long term unless some idiot really offering me 1000 psft...

park facing under 700psft?
that is really really cheap!

may I know yours is which stake?
now block 2 street face is still under 700psft....