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Thread: Kovan Residences (D19, 99 years Leasehold, Duchess Development)

  1. #61
    might as well buy central Guest

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    if 954psf, might as well buy central...

    Quote Originally Posted by Crazy2
    This is dumb lah...really lousy location...can tell by the sales, still so many (80%) unbooked...

  2. #62
    better deal Guest

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    some more in central either freehold or triple 9 for less than 1k psf

    Quote Originally Posted by might as well buy central
    if 954psf, might as well buy central...

  3. #63
    Palin Guest

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    Quote Originally Posted by better deal
    some more in central either freehold or triple 9 for less than 1k psf
    Allo Brother, if 954psf for a Central property, then confirm is those cannot make it 2nd class "central" property. Are you dreaming? The good ones cost over $1,000psf. And enough crap about freehold or 999......you dun seemed to know much about property in general....location location location is all that matters. Look at The Sails, Reflection, Sentosa Coves development etc......99year leaseholds. If Kovan Residences reach around 30-40 years old, should be able to rally itself for en-bloc. The close proximity to Kovan MRT and Heartland Mall is attractive to many in the suburban area.

    Kovan Residences 800-900psf for now still have sales albeit slow turnover. No doubt I agree is slightly on the high side. If developer lower by 5%-10%, should be able to move more units. But Developer quite stubborn.....it must still have a strong balance sheet for now.....but comes 2009, developer maybe more willing to slash prices to clear its inventory......but dun expect a major percentage cut. Those who see a major property correction in 2010 can wait till then to get a unit....that is if luck is on your side.

  4. #64
    Crazy Guest

    Default Prices Drop!

    Haha! Prices drop as reported in Business Times....Buyers of this crappy development, time to cry...

  5. #65
    Question Guest

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    Quote Originally Posted by Crazy
    Haha! Prices drop as reported in Business Times....Buyers of this crappy development, time to cry...
    Got meh? Business Times never says KR price is dropping leh.

  6. #66
    URA Guest

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    Private Residential Units Sold in the Month of September 2008

    Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Kovan Residences . OCR ....... 4 ............................... 964 ................ 940 ............... 860

  7. #67
    UnregĄstered Guest

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    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of September 2008

    Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Kovan Residences . OCR ....... 4 ............................... 964 ................ 940 ............... 860
    Wow!
    KR has just broken August record high of $954psf with this new record high of $964psf.
    Bravo!

  8. #68
    Unregistered3 Guest

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    Quote Originally Posted by Question
    Got meh? Business Times never says KR price is dropping leh.
    They are many HEROs around. Property price wont drop even Singapore is in RECESSION now. Trying very hard to figure out, why people still buying even they know price will drop next year?????

  9. #69
    RegĄstered Guest

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    Quote Originally Posted by Unregistered3
    They are many HEROs around. Property price wont drop even Singapore is in RECESSION now. Trying very hard to figure out, why people still buying even they know price will drop next year?????
    Technical recession is different from recession.
    Recession means no growth. Technical recession can have growth. We still have growth.

    Still haven't figured it out?
    Cos' OCR price will not drop. In fact, it is going up.

  10. #70
    Buyers Guest

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    How's the take up rate during the weekend? Heard virtually no business...



    Quote Originally Posted by RegĄstered
    Technical recession is different from recession.
    Recession means no growth. Technical recession can have growth. We still have growth.

    Still haven't figured it out?
    Cos' OCR price will not drop. In fact, it is going up.

  11. #71
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    Quote Originally Posted by Palin

    Kovan Residences 800-900psf for now still have sales albeit slow turnover. No doubt I agree is slightly on the high side. If developer lower by 5%-10%, should be able to move more units. But Developer quite stubborn.....it must still have a strong balance sheet for now.....but comes 2009, developer maybe more willing to slash prices to clear its inventory......but dun expect a major percentage cut. Those who see a major property correction in 2010 can wait till then to get a unit....that is if luck is on your side.
    I think it is not a matter of willing or not, the developer brought this land at high cost and at high construction cost, EVEN if they want to , they hardly have any room to cut further.

    My opinion is that people waiting for fire sale for this development should not wait. Those properties that are likely to be available for fire sale are those properties that are purchased under deferred payment and will be TOP soon. Then, the owners who are unable to service the full loan will be forced to sell LOW.

    KR will see very slow sale but will probably ride out the down cycle.

  12. #72
    UnregisteredK Guest

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    Quote Originally Posted by iridrium
    I think it is not a matter of willing or not, the developer brought this land at high cost and at high construction cost, EVEN if they want to , they hardly have any room to cut further.

    My opinion is that people waiting for fire sale for this development should not wait. Those properties that are likely to be available for fire sale are those properties that are purchased under deferred payment and will be TOP soon. Then, the owners who are unable to service the full loan will be forced to sell LOW.

    KR will see very slow sale but will probably ride out the down cycle.
    Iridrium, are you vested in KR also?

  13. #73
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    Quote Originally Posted by UnregisteredK
    Iridrium, are you vested in KR also?

    Nope. I wish I have the $$$ to be vested though.

    Just want to share my point of view with the forum so that they get a balance view. Yes, everyone wants to hear the news that the developer dropped price, but we have to measure the posibility of that happening with rational thoughts.

    Land cost at $437psf/PR and add construction cost of $300psf/PR for this type of finishes is not uncommon and that will give you the breakeven cost for the developer. That is how low the developer will be able to sell you. They can, but they probably won't.

    So it is easy to go around shouting CUT PRICE ! CUT PRICE! but we must also examine the dynamic of the market. I reiterate that those looking for distress sale SHOULD look at properties TOP next year with deferred payment scheme. That is when the full loan is committed and the burden is on.

  14. #74
    Unregisteredk Guest

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    Quote Originally Posted by iridrium
    Nope. I wish I have the $$$ to be vested though.

    Just want to share my point of view with the forum so that they get a balance view. Yes, everyone wants to hear the news that the developer dropped price, but we have to measure the posibility of that happening with rational thoughts.

    Land cost at $437psf/PR and add construction cost of $300psf/PR for this type of finishes is not uncommon and that will give you the breakeven cost for the developer. That is how low the developer will be able to sell you. They can, but they probably won't.

    So it is easy to go around shouting CUT PRICE ! CUT PRICE! but we must also examine the dynamic of the market. I reiterate that those looking for distress sale SHOULD look at properties TOP next year with deferred payment scheme. That is when the full loan is committed and the burden is on.
    Hi Iridrium,

    Thanks a lot for bringing quality discussion onto this forum. You did give a good point based on totally different perspective.

    It is actually not impossible for the price to fall below 800psf. Maybe even till 750psf or lower. Breakeven cost does not matter in exceptional situation. Look at Lehman. Look at AIG. Ultimately it will depend on how long this economy crisis will last and whether demand picks up. There is not fixed rule that business must sell above breakeven price in such circumstances. Why? Because if you are unable to service your interest to banks or payments to contractors, the illiquid assets on hand will be useless..... it will signal the end of business continuity. So the developer will be forced to sell a number of units in order to raise working capital. This is not uncommon. It has happened already across many companies. Banks forced to sell below the original prices for some securities they bought earlier on to raise working capital.

    Do you know this this is the worst crisis the world has seen over the past 50 years? Of course I hope such a situation does not occur as it will plunge the values of many homes in Singapore. Year 2009 will provide us the answer.

  15. #75
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    Quote Originally Posted by Unregisteredk
    Hi Iridrium,

    Thanks a lot for bringing quality discussion onto this forum. You did give a good point based on totally different perspective.

    It is actually not impossible for the price to fall below 800psf. Maybe even till 750psf or lower. Breakeven cost does not matter in exceptional situation. Look at Lehman. Look at AIG. Ultimately it will depend on how long this economy crisis will last and whether demand picks up. There is not fixed rule that business must sell above breakeven price in such circumstances. Why? Because if you are unable to service your interest to banks or payments to contractors, the illiquid assets on hand will be useless..... it will signal the end of business continuity. So the developer will be forced to sell a number of units in order to raise working capital. This is not uncommon. It has happened already across many companies. Banks forced to sell below the original prices for some securities they bought earlier on to raise working capital.

    Do you know this this is the worst crisis the world has seen over the past 50 years? Of course I hope such a situation does not occur as it will plunge the values of many homes in Singapore. Year 2009 will provide us the answer.
    Yes, I know this is the worst crisis the world has seen, because I am in the middle of it. This is a JV project between Kay Hian stockbrokers and Lian Beng. Lian Beng themself is a main contractor for this project.

    In Singapore, you will have to secure the necessary financing in the project account before you can even start work. So any sales before the construction completes reduce the loan drawdown required and hence interest rate. So technically speaking, any sales before TOP is bonus, no sales before TOP is still not the matter of life and death.

    But I do agree with you and in today's world of Lehman and Bear Stern, I hardly dare to say words like "never" or "impossible".

  16. #76
    Hu La La Guest

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    Quote Originally Posted by iridrium
    Yes, I know this is the worst crisis the world has seen, because I am in the middle of it. This is a JV project between Kay Hian stockbrokers and Lian Beng. Lian Beng themself is a main contractor for this project.

    In Singapore, you will have to secure the necessary financing in the project account before you can even start work. So any sales before the construction completes reduce the loan drawdown required and hence interest rate. So technically speaking, any sales before TOP is bonus, no sales before TOP is still not the matter of life and death.

    But I do agree with you and in today's world of Lehman and Bear Stern, I hardly dare to say words like "never" or "impossible".
    Everyone is in the middle of the crisis. Not just you. If still no sales at TOP then it will die. If businessman badly affected and working professionals take pay cut then no one will have the money to buy your Kovan Residences. Prices will therefore drop. The bloody employees and directors of this development driving big cars and living in big houses. There is still a BIG profit margin to be squeezed out because it is currently priced way too high.

  17. #77
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    Quote Originally Posted by Hu La La
    Everyone is in the middle of the crisis. Not just you. If still no sales at TOP then it will die. If businessman badly affected and working professionals take pay cut then no one will have the money to buy your Kovan Residences. Prices will therefore drop. The bloody employees and directors of this development driving big cars and living in big houses. There is still a BIG profit margin to be squeezed out because it is currently priced way too high.
    Of course I know everyone is in the middle of the crisis. You might like to read the rest of the thread before commenting.

    If businessman are badly affected and working professionals take a pay cut... who then can afford to buy even if they cut price? Maybe you can, since you have been waiting for it.

    Good luck to your squeezing of the profit margin.

    Btw, it is not MY Kovan Residences, I don't own it.

  18. #78
    Frequenter Guest

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    Sir,

    You've not accounted for re-sale units. There will be people who are forced to sell below developer break-even because of financial obstacles after they have over-committed. And, this being the internet age, once word gets out of the caveat transacted, it will become a reference base price.

    But, thanks for your input. in any case, I think the odds are in the buyer's favour. In difficult times, buyers (if there are gutsy ones) will have significant leverage

  19. #79
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    Quote Originally Posted by Frequenter
    Sir,

    You've not accounted for re-sale units. There will be people who are forced to sell below developer break-even because of financial obstacles after they have over-committed. And, this being the internet age, once word gets out of the caveat transacted, it will become a reference base price.

    But, thanks for your input. in any case, I think the odds are in the buyer's favour. In difficult times, buyers (if there are gutsy ones) will have significant leverage
    BINGO! Isn't this the exactly advice I have been saying? I don't just go around saying "cut price cut price", and I backed my opinion up with proper evidences.

    I kept on repeating, the likelyhood of buying cut price property from buyers of TOP projects are better than from KR developer.

    Why so?
    Because those who brought TOP projects under deferred payment scheme will see the full loan payment after TOP. So they will be desperate to get rid of the units. The KR developer have stronger financials and more unlikely to do so.

    So look at the overall property market instead of KR and you will really find properties that you can really shout " cheap! cheap!"

  20. #80
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    Reporter is offline F01 N54 Sheer Driving Pleasure
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    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of October 2008

    Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Kovan Residences . OCR ....... 2 ............................... 902 ................ 876 ............... 849
    About the same.

  21. #81
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    Default kovan residences


  22. #82
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    Default Any Kovan Residences seller want to sell?

    Wonder if there are any 4brm sellers @ Kovan residences willing to sell at loss?


    Have a serious buyer keen to buy the 4brm unit there at 700psf..

  23. #83
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    700 psf quite good price for kovan

  24. #84
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    Quote Originally Posted by SP specialist
    Wonder if there are any 4brm sellers @ Kovan residences willing to sell at loss?


    Have a serious buyer keen to buy the 4brm unit there at 700psf..
    The developer is still asking 750++. Pool view 3 bedroom is around 1mil. I think the developer is still dreaming.

  25. #85
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    Quote Originally Posted by isaaclim
    The developer is still asking 750++. Pool view 3 bedroom is around 1mil. I think the developer is still dreaming.
    thats because its good area lah

    u want 500psf go and buy old en bloc

  26. #86
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    the land cost i heard is pretty steep, that's why the developers are squeezed.

  27. #87
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    anyone know how much the developer got that piece of land?

  28. #88
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    Found it!

    S$436.55 psf ppr. Almost 300mils.

    These two brokers only have 2 choices:
    1. Delay the development and stop marketing it now or
    2. Reduce the price to around 700psf or less.

    Those who brought at 850-950.. Basically yours 200k is used to cushion the development.

  29. #89
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    Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

    750psf is good price, can buy.
    700psf is very good price, buy.
    under 700psf, chiong ah! die die must buy

  30. #90
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    Quote Originally Posted by AK47
    Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

    750psf is good price, can buy.
    700psf is very good price, buy.
    under 700psf, chiong ah! die die must buy
    Wah.. hero act man...

    Kovan Melody next door was selling at 400-500+ during initial launch. And was peak at 700+ during 2007.

    Buying at 750psf is considering buying at 2007 price.

    If you seriously want to buy, please check up more information about this project. They are definitely not as sound as FCH or Guocoland.

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