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Thread: Some bargains for house hunters

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    Default Some bargains for house hunters

    http://www.straitstimes.com/Invest/S...ry_321638.html

    Jan 4, 2009

    property

    Some bargains for house hunters

    Developers cutting prices and offering discounts; some small projects on the way

    By Fiona Chan, Property Reporter


    Interested property buyers can look out for three offerings from City Developments - Phase 2 of Livia in Pasir Ris, The Arte (left) in Thomson Road and the Quayside Isle in Sentosa Cove. Projects launched earlier are rolling out discounts and incentives to attract more buyers. -- PHOTO: CITY DEVELOPMENTS

    The property market is off to a quiet start this year, with some developers even closing their show-flats temporarily in response to dwindling crowds.

    But as home prices continue to fall, house hunters tempted back into the market do have some places to go shopping.

    Several small developments are coming on the market, while other projects that have been launched earlier are giving discounts or other buying incentives.

    In the Balestier area, developer Roxy Homes is soft-launching two freehold boutique projects this weekend - Nova 48 in Prome Road and Nova 88 in Bhamo Road, both off Balestier Road.

    Nova 48 has 48 units while Nova 88 has 88. Both are priced at about $1,000 per sq ft (psf), with a one-bedroom unit of 506 sq ft in size starting at about $500,000.

    Another upcoming launch is that of Alexis in Alexandra Road. The freehold development has about 300 units and is less than 10 minutes' walk to Queenstown MRT Station, according to property agents.

    Indicative prices are about $900 to $1,000 psf, according to agents. The developer is offering a payment scheme similar to deferred payment, where buyers can pay 20 per cent upfront and then nothing until completion.

    Closer to town, the Heritage Group is holding private previews for Vivace, a new 999-year leasehold project to be built at the former Tong Watt Mansion near Robertson Quay.

    The 85-unit development has mostly small units, ranging from one-bedroom apartments of 388 sq ft in size to penthouses of 990 sq ft. Prices are understood to start at about $580,000, or about $1,500 psf.

    There are also a number of developers that have cut prices or are offering carrots to buyers.

    Novelty Group, for instance, has lowered the price of its Lucida project along Thomson Road. The 62-unit development was launched at close to $1,600 psf early last year, but is now selling at about $1,200 psf.

    The one-bedroom units are 624 sq ft in size, while two-bedroom apartments are 1,066 sq ft.

    In the East Coast, the asking price for Mountbatten Suites has fallen from $1,100 psf at its launch to over $900 psf now. The developer is reportedly offering deferred payment and absorbing stamp and legal fees.

    Frasers Centrepoint is also giving renovation vouchers to buyers of its Woodsville 28 project in Potong Pasir. Two-bedroom units come with a $20,000 voucher, while buyers of a three-bedroom unit get $30,000. Prices remain at $850 psf on average for the freehold development.

    For the rest of the year, interested buyers can look out for three offerings from City Developments, which is planning to launch Phase 2 of Livia in Pasir Ris, The Arte in Thomson Road, and the Quayside Isle in Sentosa Cove.

    While the prices for the last two projects have yet to be finalised, prices start at $797,000 for a three-bedroom apartment at Livia.

    Far East Organization is also understood to be planning to launch the latest phase of cluster houses in its Greenwood landed housing development, as well as a new 99-year leasehold project in Choa Chu Kang.

    [email protected]

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    the projects under construction and those to-be-launched are under stress. How to sell???? and the possibility of more people losing jobs or facing salary cuts, it is tough even to maintain one property.

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    dropped by the vivace preview today. In January, they tried to sell at 580k, nobody buy, now start from 715k or 1800psf. Out of 85 units, at most 20 units are confirmed sold. Another 20 units had green stickers on meaning "booked, handed in blank cheque" but not confirmed sold yet. Agents outnumbered buyers by a ratio so big, i can't really estimate and put a figure to it. Not the typical response you expect for a Mickey Mouse project.

    Quote Originally Posted by mr funny
    http://www.straitstimes.com/Invest/S...ry_321638.html

    Jan 4, 2009

    property

    Some bargains for house hunters

    Developers cutting prices and offering discounts; some small projects on the way

    By Fiona Chan, Property Reporter


    Interested property buyers can look out for three offerings from City Developments - Phase 2 of Livia in Pasir Ris, The Arte (left) in Thomson Road and the Quayside Isle in Sentosa Cove. Projects launched earlier are rolling out discounts and incentives to attract more buyers. -- PHOTO: CITY DEVELOPMENTS

    The property market is off to a quiet start this year, with some developers even closing their show-flats temporarily in response to dwindling crowds.

    But as home prices continue to fall, house hunters tempted back into the market do have some places to go shopping.

    Several small developments are coming on the market, while other projects that have been launched earlier are giving discounts or other buying incentives.

    In the Balestier area, developer Roxy Homes is soft-launching two freehold boutique projects this weekend - Nova 48 in Prome Road and Nova 88 in Bhamo Road, both off Balestier Road.

    Nova 48 has 48 units while Nova 88 has 88. Both are priced at about $1,000 per sq ft (psf), with a one-bedroom unit of 506 sq ft in size starting at about $500,000.

    Another upcoming launch is that of Alexis in Alexandra Road. The freehold development has about 300 units and is less than 10 minutes' walk to Queenstown MRT Station, according to property agents.

    Indicative prices are about $900 to $1,000 psf, according to agents. The developer is offering a payment scheme similar to deferred payment, where buyers can pay 20 per cent upfront and then nothing until completion.

    Closer to town, the Heritage Group is holding private previews for Vivace, a new 999-year leasehold project to be built at the former Tong Watt Mansion near Robertson Quay.

    The 85-unit development has mostly small units, ranging from one-bedroom apartments of 388 sq ft in size to penthouses of 990 sq ft. Prices are understood to start at about $580,000, or about $1,500 psf.

    There are also a number of developers that have cut prices or are offering carrots to buyers.

    Novelty Group, for instance, has lowered the price of its Lucida project along Thomson Road. The 62-unit development was launched at close to $1,600 psf early last year, but is now selling at about $1,200 psf.

    The one-bedroom units are 624 sq ft in size, while two-bedroom apartments are 1,066 sq ft.

    In the East Coast, the asking price for Mountbatten Suites has fallen from $1,100 psf at its launch to over $900 psf now. The developer is reportedly offering deferred payment and absorbing stamp and legal fees.

    Frasers Centrepoint is also giving renovation vouchers to buyers of its Woodsville 28 project in Potong Pasir. Two-bedroom units come with a $20,000 voucher, while buyers of a three-bedroom unit get $30,000. Prices remain at $850 psf on average for the freehold development.

    For the rest of the year, interested buyers can look out for three offerings from City Developments, which is planning to launch Phase 2 of Livia in Pasir Ris, The Arte in Thomson Road, and the Quayside Isle in Sentosa Cove.

    While the prices for the last two projects have yet to be finalised, prices start at $797,000 for a three-bedroom apartment at Livia.

    Far East Organization is also understood to be planning to launch the latest phase of cluster houses in its Greenwood landed housing development, as well as a new 99-year leasehold project in Choa Chu Kang.

    [email protected]

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    Quote Originally Posted by bargain hunter
    dropped by the vivace preview today. In January, they tried to sell at 580k, nobody buy, now start from 715k or 1800psf. Out of 85 units, at most 20 units are confirmed sold. Another 20 units had green stickers on meaning "booked, handed in blank cheque" but not confirmed sold yet. Agents outnumbered buyers by a ratio so big, i can't really estimate and put a figure to it. Not the typical response you expect for a Mickey Mouse project.
    I think from your comment, we should seriously consider giving Vivace a miss.

    Not that I am a Disney fan, but which Mickey Mouse project would you recommend to us?

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    I am not a MM fan either. I am a fan of that real MM cartoon you posted on some other thread earlier though.

    Quote Originally Posted by Reporter
    I think from your comment, we should seriously consider giving Vivace a miss.

    Not that I am a Disney fan, but which Mickey Mouse project would you recommend to us?

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    Quote Originally Posted by dmonddd, 6 January 2009
    the projects under construction and those to-be-launched are under stress. How to sell???? and the possibility of more people losing jobs or facing salary cuts, it is tough even to maintain one property.
    Luckily unemployment in 2009 was moderate and not as bad as some predicted.

    I think we can look forward to more good years from now on as there will be pay increment in 2010, predicted to be 75% higher in Singapore.

    Quote Originally Posted by T Shanmugaratnam
    "Despite the sharp fall in the country's GDP, unemployment went up moderately and local employment actually increased by 7,000."


    - Tharman Shanmugaratnam
    . Finance Minister
    . in Singapore Parliament
    . Monday, 19 October 2009
    Quote Originally Posted by The Business Times

    Asia-Pac workers expect pay increases next year
    Chuang PeckMing
    The Business Times
    Tuesday, 20 October 2009



    With the economy bouncing back, salaries in the Asia-Pacific are set for bigger jumps next year to forestall job hopping, as bosses return to staff-poaching to meet rising orders, says a recent poll by HR Business Solutions (HRBS).

    Regional pay hikes in 2010, including in Singapore, are anticipated to be on average 50% higher than they were in 2009, when the worst global recession since the 1929 Great Depression led to cuts or freezes in pay, or minimal salary increases.

    'Driving the optimistic outlook is the improved economic growth, with all countries' GDP in better shape in 2009 than earlier forecast, and with positive growth for all countries come 2010,' said Elaine Ng, Hong Kong-based HRBS' managing partner.

    The Asian Development Bank last month upgraded its growth forecast for Asia in 2010, from an earlier number of 6.0% to 6.4%. It also expects the region to grow 3.9% this year, up from its projection of 3.4% in March.



    According to the HRBS poll, covering 954 companies in 19 locations, pay packages in the Asia-Pacific region will rise by an average 4.8% next year, compared with a 3.2% gain this year. Pay in Singapore will go up 2.8%, up from 1.6%, a HRBS poll of 90 companies here shows.

    'Among 19 economies, Singapore is ranked to have the seventh biggest pay increase for 2010,' said Ms Ng, a Singaporean based in Hong Kong. 'This is 75% more than the average in 2009.'

    Pakistan is likely to see the biggest jumps in pay averaging 9.6% next year, according to the HRBS poll. It is followed by Vietnam and India, with projected pay hikes of 8.5% and 8% respectively. Pay in Macau is expected to go up only 1.8%, but still better than the miserly 0.3% pay rise posted this year.

    Salary increases in Japan (1.9%), Hong Kong (2.3%) and New Zealand (2.3 per cent) will also be low, according to the poll.

    HRBS's poll results came on the heels of a similar poll taken by consultancy firm Watson Wyatt, which shows that companies have revised their overall salary increase budgets for 2010 from 2.5% in July to 3.2% currently. After taking into account salary freezes, the average salary hike in 2009 stood at 1.3%; the estimate for next year is 3.3%.

    The HRBS poll indicates that employees in the healthcare industry are expected to enjoy the largest pay rises - 3.5% on average - next year, while workers in the semiconductor industry here will take home only 2% more in pay.

    With the economic upturn, employers are generally worried that the staff-poaching war will hot up again as demand increases with more business, Ms Ng said. 'While average attrition rate for the first half of 2009 has been low, this is expected to increase as the market heats up,' she said. 'Hence employers are setting aside more merit pay increase budgets for next year.'

    Besides, as most companies shift away from a wage freeze, employees will be clamouring for a decent pay rise in 2010, Ms Ng said.

    According to the HRBS poll, companies implementing salary freezes in Singapore will drop from 51% in 2009 to 16% next year. And 84% of those polled will hike pay in 2010, up from 46.7% in 2009.

    The poll also shows that average attrition across the Asia-Pacific region plunged from 13.3% in 2008 to 5.9% in the first half of 2009, after cutbacks in job openings because of the global economic slump.

    Singapore's average resignation rate tumbled from 16.7% in 2008 to 6.2% in the first half of 2009, a two-thirds drop.
    Quote Originally Posted by AFP

    Hong Kong unemployment dips
    Agence France-Presse
    Hong Kong
    Monday, 19 October 2009

    Hong Kong's unemployment fell to 5.3% between July and September, the first decline since the start of the global economic crisis, official data showed Monday.

    The seasonally adjusted jobless rate dropped from 5.4% for the June-August period, and beat a median 5.4% forecast of eight economists surveyed by Dow Jones Newswires.

    The number of jobless fell by 7,700 to 209,100, while the workforce declined by 7,400 to 3,704,700 in the three months ending September, according to the Census and Statistics Department.

    Despite improving business conditions, the southern Chinese city's jobless rate will continue to be influenced by an economic recovery abroad, Matthew Cheung, Secretary for Labour and Welfare, said in a statement.

    "As overseas markets have yet to show visible improvement, a sustained and solid recovery will hinge on a fundamental improvement in the external environment," he said.

    "The recovery path may still be uneven."

    Cheung also noted that the city's financial firms had been very active in their hiring drive in recent months.

    The city's jobless rate hit a 10-year low of 3.6% in 2007.

    Meanwhile, a Hong Kong Baptist University survey released Monday showed that local employees could expect an average 1.3% pay increase next year.

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