Originally Posted by
Farnie
Hi DW,
Like you I was looking at this area (D5) sometime back for the simple fact that I'm a `west/ central' person but after looking around the properties here, I think end of the day, location still matters very much to me.
Granted, Pasir Panjang is not badly located but the sight of the wharves, cranes and black/ grey smoke coming out from the refineries isn't a pretty site, to me at least.
Although I do not really believe the impact on health of these fumes, there are many other people who think so and it will affect your resaleability, which is 1 of my maxim of property purchase `buy a property with the consideration that you need to sell it 1 day'.
Nevertheless, if we are strictly talking abt Grandhill vs The Peak, i definitely would rate The Peak better and so Grandhill price MUST be below that of The Peak, provided there are enough buyers that die-die must stay in the area around here to support and pay for the asking px of Grandhill sellers. To me its a no-brainer that The Peak is a more attractive place and thus should be priced higher that Grandhill.
But like I mentioned in The Peak thread, I think if I would rather pay more for D9,10,11 or 15 properties (sub/resale) than The Peak. It just doesn't make sense. Another thing is the `generous' balcony that one of the Agents (I think its Home-run) was trying to put it so nicely, its crazy coz its such a waste of space so much so that it makes the room and livable space much smaller than what the developer would like you to believe in. I mean 1,500 psf for 3-bedder sounds spacious but the rooms are so small due to the wasted huge balcony that its closer to 1,100 sqf. But hey, the develppers want us to pay $1,000 psf for the additional 400 sqf??!! That's why I think they are nuts. Right price to me is if want to charge $1,000 psf, then charge base on 1,100sqf of livable space. If want to charge the balcony as well, then to me a reasonable asking px is $733psf.
Well, the market is definitely down and I'm glad I didnt buy into all the spin doctor stories from developers, property marketing agencies and some agents. Long term, yes, there is definitely potential but timing is important and I had held the believe that the past 18 mths just wasnt the right time to buy, especially since I'm buying for investment. Long term, short term doesnt matter, to me timing wasnt right. Some agents try to reason that if buying for long-term, its ok, but if in the short term can buy cheaper (which is already happening and I believe will decline further), why noy enter later?
I will buy when market has dropped @ least 20% from current px or when more properties has TOP in 2010 and if the rental yield then of the property I'm eyeing is commanding @ least 3% after interests.