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Thread: 99 yr vs FH houses

  1. #1
    piggy
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    Default 99 yr vs FH houses

    Hi

    Need some advise whether it is worthwhile to buy 99yr terraces considering that the prices are more or less similar to condo?? Is the value depreciated like mad after some time??

    Tks!

  2. #2
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    Quote Originally Posted by piggy
    Hi

    Need some advise whether it is worthwhile to buy 99yr terraces considering that the prices are more or less similar to condo?? Is the value depreciated like mad after some time??

    Tks!
    You have to see the condition of the terrace and the left over lease of the property. Is it new or old? Don't forget that the re-build may take an additional of $200 to $300PSF. My friend who bought a D19 terrace spent more than $450K to $500K to rebuild.

  3. #3
    908
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    Quote Originally Posted by propertyinvestor
    You have to see the condition of the terrace and the left over lease of the property. Is it new or old? Don't forget that the re-build may take an additional of $200 to $300PSF. My friend who bought a D19 terrace spent more than $450K to $500K to rebuild.
    if it is an old FH terrace, it is still worth the while investing in the rebuild because it is yours forever.

  4. #4
    tukwa
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    there are still a number of freehold landed property going about $400-$500 per sq ft for house not done up and about $600-$800 for house already rebuilt or upgraded.

    at least you can be sure it will not be enbloced.

  5. #5
    good idea!
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    Old terrace is worth it.

    Can hire the same contractor who renovated all the Govt's black and white houses. I heard cheap cheap nia nia. Really pee and chee. No need for all the swee swee feature walls lah, etc. Just basic skeleton, new wiring and plumbing, and new paint job will do. The furnishings can buy separately from those trendy and cheap designer furniture shops.

  6. #6
    piggy
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    I am thinking of buying tai keng villa, 99 leasehold property. It's now 12yrs.. but worried after 30-40yrs, the prices will drop like mad.. so wondering shd go for smaller but FH hses..

    any comments? tks!

  7. #7
    Peter Pan
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    Quote Originally Posted by piggy
    I am thinking of buying tai keng villa, 99 leasehold property. It's now 12yrs.. but worried after 30-40yrs, the prices will drop like mad.. so wondering shd go for smaller but FH hses..

    any comments? tks!
    How old are you? Are you married? Do you have any kids? ask yourself this question and you will have your answer. Life is short!!! enjoy what you like while you are still alive, if you have the money.

  8. #8
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    Quote Originally Posted by piggy
    I am thinking of buying tai keng villa, 99 leasehold property. It's now 12yrs.. but worried after 30-40yrs, the prices will drop like mad.. so wondering shd go for smaller but FH hses..

    any comments? tks!
    It is all about your affordability. Housing for long term should be OK. But frankly, it is still best not to hold on to LH99 property to say 30-40years.

  9. #9
    7788
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    i have friends who bought old 99-year terraces because they are within their affordability range. they like to stay in landed properties but couldn't afford the FH ones; so there is still a market for LH landed properties.

  10. #10
    piggy
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    Thks for the advise.. Yes, it's all abt the affordability.. who doesn't want to stay in FH hse?? No $ only.. sob sob...

    Btw, can any1 advise how to calculate the annual property tax for landed to be paid to IRAS every yr? What other expenses would need to be incurred?? E.g. rubbish chute conservation fees, pest control etc?? thanks!

  11. #11
    tukwa
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    actually its cheaper than staying in a condo.

    a got a house at sembawang hills estate for about 900k last year, and it was already upgraded and move in condition.

    its freehold but about 30 years old.

    no need to pay maintenance and sinking fund, the condo where i used to live i pay around $300.00 a month.

    free parking (condo, 2nd car got to pay parking fee)

    the land is about 2000 ft sq, so value for money, and children quite happy running around the place.

    property tax about the price of the condo, as it depends on the value of the property

  12. #12
    7788
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    Quote Originally Posted by tukwa
    actually its cheaper than staying in a condo.

    a got a house at sembawang hills estate for about 900k last year, and it was already upgraded and move in condition.

    its freehold but about 30 years old.

    no need to pay maintenance and sinking fund, the condo where i used to live i pay around $300.00 a month.

    free parking (condo, 2nd car got to pay parking fee)

    the land is about 2000 ft sq, so value for money, and children quite happy running around the place.

    property tax about the price of the condo, as it depends on the value of the property
    wow, you are so lucky!

  13. #13
    piggy
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    yes agree. $900k for FH 2000sqft+ land is a steal.. envy...

  14. #14
    di do loh?
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    Quote Originally Posted by tukwa
    actually its cheaper than staying in a condo.

    a got a house at sembawang hills estate for about 900k last year, and it was already upgraded and move in condition.

    its freehold but about 30 years old.

    no need to pay maintenance and sinking fund, the condo where i used to live i pay around $300.00 a month.

    free parking (condo, 2nd car got to pay parking fee)

    the land is about 2000 ft sq, so value for money, and children quite happy running around the place.

    property tax about the price of the condo, as it depends on the value of the property
    sembawang hills is where? yio chu kang rd there is it?

  15. #15
    tukwa
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    Quote Originally Posted by di do loh?
    sembawang hills is where? yio chu kang rd there is it?
    its near to sembawang hills drive.

    there are still a few older units for sale.

    if you are not fussy about the condition, its still a good buy

  16. #16
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    Quote Originally Posted by tukwa
    actually its cheaper than staying in a condo.

    a got a house at sembawang hills estate for about 900k last year, and it was already upgraded and move in condition.

    its freehold but about 30 years old.

    no need to pay maintenance and sinking fund, the condo where i used to live i pay around $300.00 a month.

    free parking (condo, 2nd car got to pay parking fee)

    the land is about 2000 ft sq, so value for money, and children quite happy running around the place.

    property tax about the price of the condo, as it depends on the value of the property

    Cheaper to stay in landed than condo?

    Not exactly, but safer (keeping your home) since landed is protected from en bloc raiders.

    The problem with landed properties is that the owners are always at the mercy of contractors and service providers.

    Take the garbage collecting service, for example. Who pays more? The landed property owner or the condo owner?

    When your building needs repainting, try getting a decent quote with your lone ranger one-half house (semi-D) or just one unit in a terrace, or even a bungalow compared with a condo.

    And TODAY is distributed to condos, but not to landed properties (transport costs too prohibitive, I was told), and etc., etc.

    Free parking? Yes, I can park two family cars for free in my small condo, and frequently my brother leaves his car in my care when he travels, also free. For landed properties, lucky you can park one car and your visitors can find a lot outside your house within 100m. walking distance (without having to pay). Of course, the bigger condos have parking problems for owners having to pay for 2nd car, but visitors park free except one HDUC (or MinFin) estate in the east coast.

    But it is CHEAPER to stay in CONDO THAN HDB if you factored in the free car park, the 24-hour security and the use of swimming pool (no need to consider tennis courts, function rooms, etc.).

    I have lived in all the three types of housing -- landed, HDB and condo. My final choice would be condo if en bloc can be outlawed (or changed to SERS type), otherwise, HDB is safest and cheapest, especially if you can split your family and get two 3-room units (since you still get four bedrooms) and plenty of freebees and govt handouts!

  17. #17
    Unregistered234
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    Always insist on freehold. For freehold property, only the building depreciates over time. For 99 yr leasehold property, both land and building depreciates over time and therefore resale value of 99yrs LH development drops significantly after a couple of years.

  18. #18
    Unregistered234
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    As to whether to stay in condo/apt versus landed. Both has pros and cons.

    Pros of Landed

    1) No need to share facilities with others
    2) Personal garage
    3) Not subjected to forced en-bloc


    Cons of Landed

    1) Pests, insects all over
    2) Ur internal movements in the unit can be peeked or seen easily - No privacy
    3) Maintenance all comes under one roof => More expensive
    4) Your nieghbours determine your unit's exclusiveness! Imagine ur house is newly renovated and your neighbours' houses are aged old more than 30 years


    Pros of condo / apt

    1) Maintenance shared
    2) If stay in units unblocked, more privacy
    3) More hygenic, less pests, insects and etc

    Cons of condo / apt

    1) Shared facilities
    2) No personal garage


    Its up to your individual choice at the end of the day.

  19. #19
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    buying a 99yrs landed is provide you have old people at hoome for them to stay at downstair . as for condo if you have kids still small i advise you should for it. I am stayinhg at landed and now look to buy a 99 yrs condo at horizon green





    Quote Originally Posted by piggy
    Hi

    Need some advise whether it is worthwhile to buy 99yr terraces considering that the prices are more or less similar to condo?? Is the value depreciated like mad after some time??

    Tks!

  20. #20
    Unregisteredsefadfvg
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    u stay in landed, got to maintain the place urself and at ur cost. condo u pay fixed maintenance and enjoy security guard, swimming pool, gym etc etc....i would go for condo anytime.....moreover in landed, if roof leakes, it might cost a lot just to get people in to repair. unless you are super rich and can afford a mansion with at least 50m radius clear of neighrbours and in an upmarket estate like nassim, no point buying landed in singapore. those kuching kurak landed properties in serangoon or elsewhere is a waste of time....

  21. #21
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    Quote Originally Posted by Unregisteredsefadfvg
    u stay in landed, got to maintain the place urself and at ur cost. condo u pay fixed maintenance and enjoy security guard, swimming pool, gym etc etc....i would go for condo anytime.....moreover in landed, if roof leakes, it might cost a lot just to get people in to repair. unless you are super rich and can afford a mansion with at least 50m radius clear of neighrbours and in an upmarket estate like nassim, no point buying landed in singapore. those kuching kurak landed properties in serangoon or elsewhere is a waste of time....
    You are right, my landed is waste of time even i brought it cheap a year ago. Now looking for 99 yrs condo near MRT maybe AMK

  22. #22
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    Quote Originally Posted by Jas17
    buying a 99yrs landed is provide you have old people at hoome for them to stay at downstair . as for condo if you have kids still small i advise you should for it. I am stayinhg at landed and now look to buy a 99 yrs condo at horizon green

    Never buy anything less than a 999-year lease (freehold, if possible) for landed property, but OK for condo.

    Reason?

    Condos can be sold en bloc and re-developed in which case the lease can be "topped up" to the full 99 years even though the old estate may have a few years left.

    There are still quite a number of bungalows and semi-Ds in the choice Bukit Timah area that are going for a song -- about $200k to $300k a piece with land area of about 4,000 to 6,000 sq.ft., something that would cost millions if freehold; the remaining lease is less than 25 years!

    So before you buy 99-year landed properties, check the remaining livespan.

    But you can't do the same for landed properties unless a developer buys up a whole stretch of landed properties and redevelop it as one project. On its own, a single detached house, two semi-Ds or a row of terrance houses do not have the potential for re-development -- you can only rebuild the old houses. Thus, SLA will not allow top ups on an individual basis.

    Once your 99-year leases run down to 60 years or less, the market value of your property can only decline even if the neighbouring properties enjoy a windfall increase in value because banks are not willing to lend to properties with less than 60 years lease.

    CPF is now considering lowering the threshold to 50 years, and banks may follow. But if you buy a property with, say, 50+ years lease, you may get a bank loan, however, if a few years down the road when your lease falls to less than 50 years, you will have a problem selling it.

  23. #23
    Unregistered for today
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    We've seen some units in Horizon Green and Garden.
    It will be nice if they split the whole floor into just 2 levels..4 storey is an overkill for me.

    A friend of mine bought it at 800K+ 4 year ago. Now asking almost double that price...phew...


    Quote Originally Posted by Jas17
    buying a 99yrs landed is provide you have old people at hoome for them to stay at downstair . as for condo if you have kids still small i advise you should for it. I am stayinhg at landed and now look to buy a 99 yrs condo at horizon green

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