The Tessarina (D10, Freehold, Wing Tai)

[dtrax]

As one of the residents who was interviewed in the newspaper.. that place is so "3rd world"

[Cactus72]

pay good money for the condo, park your ferrari there and have it damaged by floods.

There is difference being rich and poor. Like the ferrari owner, the car is bought under his company's name. He doesn't have to fork out a single cent to own and drive a sport car. Somehow, I wonder what justification is there for a company to buy a ferrari for its director. But, that is up to the shareholders to question them and these shareholders may be the directors too.
But then again, buying a car under company's name reduces company's corporate tax. If he had bought under his name, he cannot claim tax deductions for personal tax for his purchase of car. Isn't this a loophole?

[coburn]

There is difference being rich and poor. Like the ferrari owner, the car is bought under his company's name. He doesn't have to fork out a single cent to own and drive a sport car. Somehow, I wonder what justification is there for a company to buy a ferrari for its director. But, that is up to the shareholders to question them and these shareholders may be the directors too.
But then again, buying a car under company's name reduces company's corporate tax. If he had bought under his name, he cannot claim tax deductions for personal tax for his purchase of car. Isn't this a loophole?

Nope, there is no loophole.
Private car expenses are not tax deductible.
The company cannot claim capital allowance on the cost as well.

[focus]

Nope, there is no loophole.
Private car expenses are not tax deductible.
The company cannot claim capital allowance on the cost as well.

Think the only expenses are the petrol and maintenance associated with it.

But this CEO also buay paisay.. go on paper to say is bought by company and used as a reward for the directors to use..

uh.. u put the ferrari in your house.. u think ur directors dare to ask you to lend the car for him to drive ah.. keke


Anyway, common practise for companies to do that... My ex-gf's father is the owner of a listed company and they registered personal cars under the company.. all paid for by shareholders.. if not, it's houses bought under company and rental paid by the "occupiers".

[august]

Buy under company name but for personal use, IRAS will lump back the car expenses back to him and include under his taxable income... correct me if i am wrong ~

[jlrx]

But this CEO also buay paisay.. go on paper to say is bought by company and used as a reward for the directors to use..

But now everyone knows about his "EPS group of companies which specialises in IT manpower outsourcing".

http://www.eps.com.sg/

Very good advertisement!

That's why there is a Chinese saying "Water" is "Money" ...

[Reporter]

Bukit Timah is still hot property
Elysa Chen
The New Paper
Saturday, 28 November 2009



It seems that even Mother Nature can't do anything to temper the property craze in Singapore.

Property agent Judy Ong was hoping that the headline-grabbing floods that turned one Bukit Timah condominium's basement carpark into a giant swimming pool would lead to lower prices there.

Ms Ong, 45, who is marketing a unit at the Tessarina, said: "If I find a keen buyer, I will use the flash floods to persuade the owner to lower the price."

Home owners at the 443-unit Tessarina, it seems, are still asking for "ridiculously high" prices, she added.

Ms Ong said the market price of units of around 1,400 sqft is $1.2 million to $1.3 million each.

Some owners, however, are asking for "sky-high" prices of $1.7 million. Checks with other property agents confirmed this.

She said: "At those prices, most people would rather get a new condominium unit."

Property experts feel that the flash floods will not put a damper on prices.

Last Thursday, more than 100 cars in the Tessarina's underground carpark were submerged in rain water after an unusually heavy downpour caused a flash flood. 4 cars in the basement carpark of the Sixth Avenue Centre, along Bukit Timah Road, also suffered the same fate.

Recounting the flood problem in Bukit Timah, a low-lying area with a history of flooding that stretches back to the 1930s, property investor Marlene Chong said prices of houses there skyrocketed after works were carried out to solve the problem.

Madam Chong, who is in her 70s, has been investing in property for 40 years.

She said: "Foreigners like buying property there. There are good schools, so that is prime area. If I could, I would also capitalise on this opportunity to buy a piece of property there. But I doubt prices will fall as the flooding is a small problem."

PropNex CEO Mohamed Ismail, said interest in the area remains strong as it is an enclave for the wealthy.

He said: "Property owners in Bukit Timah enjoy a certain status, so the flash floods, which are a short-term problem, would have little impact on property prices."

He noted that prices of landed property there would range from $1,100 to $1,200 psf, while condominium apartments could fetch as much as $1,500psf.

Ms Ivy Lee, CEO of Ivy Lee Realty, said the flash floods had not caused any panic-selling among her clients, and that sales at her project, The Linear, in Upper Bukit Timah, are good.

Re/Max Empire Property Group CEO David Cheang said it was too early to tell if the flash floods had any effect on property prices as it had only been a week since they occurred.

He added that there were factors bigger than the occasional flash flood driving up property prices, such as people with money to spare in search of investment opportunities.

"Financial instruments are no longer as attractive as they used to be, so people are turning to investing in property. With the integrated resorts coming up, more high-net-worth individuals will be attracted to Singapore, pushing the market forward."

The head of special projects at HSR Property Group, Mr Dennis Yong, said prices would hold stable as the flooding situation is a problem that can be fixed.

He said: "It's not as if the property is haunted - that's the one problem that property agents are scared of."

As Singapore does not experience heavy rain every day, he said, home owners in the area are not panic-selling.

But he added cheekily: "If there's any seller who wants to sell his property in the Bukit Timah area because of the flash floods, I wouldn't mind buying it. It might be a good buy."

[calvenng]

Is this condo still worth $1200 psf after so much bad publicity.
Even if a unit there is free I might not even consider.
Maybe they should convert the basement carpark into a swimming pool.
Glad I m not a residents there.

With heavy traffic jam almost daily n the recent floods, living in Bukit Timah must be a nightmare.

[Wild Falcon]

Traffic is ok in Bukit Timah. As for flooding, low lying and flood-prone areas like Bukit Timah, Katong, Telok Kurau, Orchard, Thomson, Newton, Upper Thomson, Bishan, Changi etc. would always be high-risk area. Our government already say it is impossible to prevent flooding in such low-lying areas. So if you're smart about it, for your primary residence, choose areas on higher grounds.

[proud owner]

Traffic is ok in Bukit Timah. As for flooding, low lying and flood-prone areas like Bukit Timah, Katong, Telok Kurau, Orchard, Thomson, Newton, Upper Thomson, Bishan, Changi etc. would always be high-risk area. Our government already say it is impossible to prevent flooding in such low-lying areas. So if you're smart about it, for your primary residence, choose areas on higher grounds.

Go west coast GO


now do we all know why D5 is doing well ?

[teddybear]

D5 has the invisible toxic in the air that has long-term slow effects that people don't know and can't concretely measure and prove - that is even more dangerous!

Go west coast GO


now do we all know why D5 is doing well ?

[cher]

D5 has the invisible toxic in the air that has long-term slow effects that people don't know and can't concretely measure and prove - that is even more dangerous!

If this is true, Sentosa area will be equally if not worst affected

[teddybear]

I believe so, Tsunami and it will disappear too (another hazard). Water level rising and it will flood too. Any way, some people will say this is an "Act of God" and nobody can do anything!
People should start buying Amphi-vehicle.
Also, better live in high-rise units as ground floor units may get flooded completely. (for estate with basement car park, they should be thankful that luckily it is the basement car park taking the flooding water and not their apartments!). Landed property residents sleeping in ground floor bedroom better watch out (can get drown without knowing when sleeping at night)!
Condos & Apts with multi-storey car parks (MSCP) will start to sing praises about the advantage of MSCP when flooding (but truth is developers build it not because of possible flooding but because it is so much much cheaper to build MSCP vs basement car park and MSCP just look cheap-skate and not healthy for residents and not green-conscious! )

If this is true, Sentosa area will be equally if not worst affected

[mogyi]

I believe so, Tsunami and it will disappear too (another hazard). Water level rising and it will flood too. Any way, some people will say this is an "Act of God" and nobody can do anything!
People should start buying Amphi-vehicle.
Also, better live in high-rise units as ground floor units may get flooded completely. (for estate with basement car park, they should be thankful that luckily it is the basement car park taking the flooding water and not their apartments!). Landed property residents sleeping in ground floor bedroom better watch out (can get drown without knowing when sleeping at night)!
Condos & Apts with multi-storey car parks (MSCP) will start to sing praises about the advantage of MSCP when flooding (but truth is developers build it not because of possible flooding but because it is so much much cheaper to build MSCP vs basement car park and MSCP just look cheap-skate and not healthy for residents and not green-conscious! )

yup, as far as developver is concern..it's the cost of basement against MSCP. They dont give a shit about yr flood! only their bottom line matters to them

[Lovelle]

This morning rain heavily. How is Tessarina ?

[sfwoo]

Go west coast GO


now do we all know why D5 is doing well ?

I not so sure...I live in D5...and a large part of D5 is AT sea level.

Time to buy a boat?

[stalingrad]

I not so sure...I live in D5...and a large part of D5 is AT sea level.

Time to buy a boat?

he he, I have lived in D5 for 14 years and have never seen a flood as of today. Our carpark is dry like a desert. heard that we are on a higher ground.

[amk]

can some one tell me if this Tessarina is within 1km of any school ?

[stalingrad]

can some one tell me if this Tessarina is within 1km of any school ?

I heard it is within 1 km of singapore swimming school, and singapore tow truck school. haha, don't count on me, my hearing is not so good.

[rattydrama]

can some one tell me if this Tessarina is within 1km of any school ?

Nearest Schools
Methodist Girls' School (0.67 km)
Swiss School (1.13 km)
German European School (Main) (1.39 km)

from property guru

[proud owner]

If this is true, Sentosa area will be equally if not worst affected

maybe that china bird smelled the toxic air .. fainted and drowned in that sentosa bungalow pool ???

[proud owner]

I not so sure...I live in D5...and a large part of D5 is AT sea level.

Time to buy a boat?

You live Not on pasir panjang hill ?

You live Not on Kent ridge ?

You live along Pasir panjang rd ?

fret Not .. unless you are living on the side closest to the highway ..

if there's flood, those will kana first .. and they will 'absorb' the impact and the water first

[proper-t]

If die die must stay in Bukit Timah area and want to avoid floods, the best is at the top of the Shelford road vicinity. If you drive into Shelford Rd, you will notice that it slopes upwards towards a hill. The peak is around Kellet court/Nineteen Shelford. After Nineteen shelford, you will notice that the road slopes downward again. If you walk from Adam Rd, you will notice that there is a grassy knoll with steps upwards that you can take into Shelford rd. That area should be the highest point around the Cluny/Hwa Chong area. What's more within 1 km of nanyang primary. Unfortunately, a lot construction going on at Shelford Rd. Traffic is the pits.

[devilplate]

If die die must stay in Bukit Timah area and want to avoid floods, the best is at the top of the Shelford road vicinity. If you drive into Shelford Rd, you will notice that it slopes upwards towards a hill. The peak is around Kellet court/Nineteen Shelford. After Nineteen shelford, you will notice that the road slopes downward again. If you walk from Adam Rd, you will notice that there is a grassy knoll with steps that you can walk up into Shelford rd. That area should be the highest point around the Cluny/Hwa Chong area. Unfortunately, a lot construction going on at Shelford Rd. Traffic is the pits.

agree...but if the drainage system is choked or not designed properly...everywhr can also flood and not just low lying areas rite?

[proper-t]

agree...but if the drainage system is choked or not designed properly...everywhr can also flood and not just low lying areas rite?

Yah but you forget even with massive rainfall, the basement carparks of all the condos and shopping centres along Adam rd and Dunearn Rd (Cluny court/serene ctr, crown, coronation) become the water collection points so they will drain away the water for you even before it reaches you at Shelford.

[stalingrad]

Yah but you forget even with massive rainfall, the basement carparks of all the condos and shopping centres along Adam rd and Dunearn Rd (Cluny court/serene ctr, crown, coronation) become the water collection points so they will drain away the water for you even before it reaches you at Shelford.

haha, you are using tessarina's carpark as your reservoir. how cruel!!! but how smart!!!

[livenlove]

Seems to be a lot of gloating over the misfortune of others, when we should be in solidarity/empathy with our fellow sing-condo owners.
Lets hope this will remain a good, useful and respected forum that doesn't degrade to such low levels (pun unintended)

[Mabel]

Flooding has always been around Bt Timah ever since donkey years ago when I went to school there and got caught in the flood (no exams ). Flooding is not a new thing there but condo-flooding is new. Singapore is sinking with heavy construction, water level is rising with global warming, flooding will be prevalent in the future like every 1 or 2 weeks. We may have to build a barrage around Bt Timah or turn it into a massive reservoir filling up to the height of Bt Timah hill. Or we can pump in billions there and turn the area into the Venice of Singapore. Whichever way, I am convinced flooding in BT Timah will only get worse before it gets better.

[leslens]

prices are indeed hit

look at the NEXUS
last two transactions 1119 and 1130 PSF

good luck to those sellers asking 1300psf

[sfwoo]

I am convinced flooding in BT Timah will only get worse before it gets better.

I thought got tender open to widen and deepen Bukit Timah Canal?