pacific mansion

[proud owner]

how ironic

during enbloc talk all say 2300 psf was a fair value

now that it has failed you can see transaction at below 800 psf

[ahlahdin]

You know how old and run down it is? $800 psf got people buy considered good liao.

A brand new mega luxury condo on this site would be selling at least $3000psf during 2007 peak. But now maybe $1800psf for a new condo of that mega luxury character in that location.

Whatever it is, enbloc price is always higher than selling individual units, because enbloc presents the developer who buys, an opportunity to realise a new lease of life for the site, what with the gross floor area potential and opportunity to build and to market expensive modern luxury condo.

If you believe Singapore will rise up again one day as an economy and advanced and vibrant nation, then it does make sense to take advantage of current conditions to buy a cheap unit there. Must be prepared to hold for some time though.

Long term investment-wise, this is better than some brand new 99 year Kallang or freehold East Coast condo.

Physical buildings turn old and will devalue but location is forever. This is quite a prime district 9 location. If can get at around $700psf, I don't see how you could possibly lose money.

[proud owner]

You know how old and run down it is? $800 psf got people buy considered good liao.

A brand new mega luxury condo on this site would be selling at least $3000psf during 2007 peak. But now maybe $1800psf for a new condo of that mega luxury character in that location.

Whatever it is, enbloc price is always higher than selling individual units, because enbloc presents the developer who buys, an opportunity to realise a new lease of life for the site, what with the gross floor area potential and opportunity to build and to market expensive modern luxury condo.

If you believe Singapore will rise up again one day as an economy and advanced and vibrant nation, then it does make sense to take advantage of current conditions to buy a cheap unit there. Must be prepared to hold for some time though.

Long term investment-wise, this is better than some brand new 99 year Kallang or freehold East Coast condo.

Physical buildings turn old and will devalue but location is forever. This is quite a prime district 9 location. If can get at around $700psf, I don't see how you could possibly lose money.

i agree

i now live in river valley, renting an apt ... so scouting around ..

problem with pacman is that the residents damn greedy ... so many times enbloc failed ...

if i buy one now say at 700 psf ..come 2015 .. mkt pick up and enbloc talks again ... i will let go at 1800 psf (hahah,) but you know the greedy residents will ask for 2300 psf again ..

[ahlahdin]

i agree

i now live in river valley, renting an apt ... so scouting around ..

problem with pacman is that the residents damn greedy ... so many times enbloc failed ...

if i buy one now say at 700 psf ..come 2015 .. mkt pick up and enbloc talks again ... i will let go at 1800 psf (hahah,) but you know the greedy residents will ask for 2300 psf again ..

$700psf x 1400 sf = $980,000 that is for a 3 bedroom.

If you take 70% to 80% loan with SOR or SIBOR linked loans, pay about $2,000 to $2,500 a month.

Not bad! Better then renting.

You could even let out 2 bedrooms to the pretty young student mei meis at $800 per room per month discounted rate if u catch my drift.

[proud owner]

$700psf x 1400 sf = $980,000 that is for a 3 bedroom.

If you take 70% to 80% loan with SOR or SIBOR linked loans, pay about $2,000 to $2,500 a month.

Not bad! Better then renting.

You could even let out 2 bedrooms to the pretty young student mei meis at $800 per room per month discounted rate if u catch my drift.

hahahha

no thanks ... i like the location only ..not the birds ... you wouldnt know how many men have 'worn' that pair of shoes before you
even if they wear 'socks'

[toaler]

$700psf x 1400 sf = $980,000 that is for a 3 bedroom.

If you take 70% to 80% loan with SOR or SIBOR linked loans, pay about $2,000 to $2,500 a month.

Not bad! Better then renting.

You could even let out 2 bedrooms to the pretty young student mei meis at $800 per room per month discounted rate if u catch my drift.

go take a look at the place first before you say that pacific mansion is a good buy... it's really difficult to fork out 1mil of ur $$ for a place so run down unless you are really looking to wait till for the next enbloc wave

[Geylang OKT]

This is also known as the xiao lao por mansion

[ahlahdin]

go take a look at the place first before you say that pacific mansion is a good buy... it's really difficult to fork out 1mil of ur $$ for a place so run down unless you are really looking to wait till for the next enbloc wave

Hello please read carefully my semi-educated friend: I said it is a good buy if you can hold long term through to the next cycle, whether for own stay or rent out.

If you are currently going to rent at $2500 a month where can you rent? Even those Yishun, AMK, CCK, Tampines, 3 bedroom condo also requires at least $3000 a month rent.

My reasoning is: Might as well pay $2500 a month towards owning the unit at Pac Mansion, at 70% or 80% loan.

Renovation no need to do until designer condo like that, just fresh paint, polish marble, retile bathrooms and kitchen, new cabinets and bathroom facilities, and you are ready to be landlord or live in it yourself. You can do the above reno at $20k to $30k, which is more than sufficient. If you use Ikea, may even be half the price.

BTW, more difficult to fork out $1m for a D9 old RV apartment than forking out $1m for a new apartment of same size at Kallang / EastCoast / Kembangan / Joo Chiat? I think you need to have your head examined. You rather pay $1m to live next to Lavender coffin shop while telling yourself "it is brand new!", than to pay $980,000 (and $20k to renovate) to live in an old condo that is 5 mins walk to Orchard?

Besides, a brand new D9 RV unit of 1400 square feet fully built-in will currently cost you upwards of $1.7 million. And I am being very bearish and conservative already.

Like many Singaporeans, you are easily seduced by "new" property but fail to see the true value of good location property, old as they may be.

I think you better don't play property if you can't see past the surface.

*note: not vested in any of the above

[jc]

You know how old and run down it is? $800 psf got people buy considered good liao.

A brand new mega luxury condo on this site would be selling at least $3000psf during 2007 peak. But now maybe $1800psf for a new condo of that mega luxury character in that location.

Whatever it is, enbloc price is always higher than selling individual units, because enbloc presents the developer who buys, an opportunity to realise a new lease of life for the site, what with the gross floor area potential and opportunity to build and to market expensive modern luxury condo.

If you believe Singapore will rise up again one day as an economy and advanced and vibrant nation, then it does make sense to take advantage of current conditions to buy a cheap unit there. Must be prepared to hold for some time though.

Long term investment-wise, this is better than some brand new 99 year Kallang or freehold East Coast condo.

Physical buildings turn old and will devalue but location is forever. This is quite a prime district 9 location. If can get at around $700psf, I don't see how you could possibly lose money.

This project is oredi 33 yrs old (corect me if i am wrong). If we have a 5 or 10 yr time horizon for the next big wave, do we forsee that due to wear n tear owners have to fork out much more $ to replace eg. lift, etc. Anyone knows if the condo fund balance sheet is strong?

And Bro, somehow got the feeeling that u r not in favor of East Coast FH Condo. Pls enlighten

[code01]

Hello please read carefully my semi-educated friend: I said it is a good buy if you can hold long term through to the next cycle, whether for own stay or rent out.

If you are currently going to rent at $2500 a month where can you rent? Even those Yishun, AMK, CCK, Tampines, 3 bedroom condo also requires at least $3000 a month rent.

My reasoning is: Might as well pay $2500 a month towards owning the unit at Pac Mansion, at 70% or 80% loan.

Renovation no need to do until designer condo like that, just fresh paint, polish marble, retile bathrooms and kitchen, new cabinets and bathroom facilities, and you are ready to be landlord or live in it yourself. You can do the above reno at $20k to $30k, which is more than sufficient. If you use Ikea, may even be half the price.

BTW, more difficult to fork out $1m for a D9 old RV apartment than forking out $1m for a new apartment of same size at Kallang / EastCoast / Kembangan / Joo Chiat? I think you need to have your head examined. You rather pay $1m to live next to Lavender coffin shop while telling yourself "it is brand new!", than to pay $980,000 (and $20k to renovate) to live in an old condo that is 5 mins walk to Orchard?

Besides, a brand new D9 RV unit of 1400 square feet fully built-in will currently cost you upwards of $1.7 million. And I am being very bearish and conservative already.

Like many Singaporeans, you are easily seduced by "new" property but fail to see the true value of good location property, old as they may be.

I think you better don't play property if you can't see past the surface.

*note: not vested in any of the above

bro relax..haha but good analysis. Pls share more!! Cheers

[gfoo]

pacman can now be gotten for high $6xxpsf. this is a great buy. the 3.8 plot ratio is extreme!

[blackswan]

this thread makes me wonder are there some more good quality properties that had not make it to the enbloc bandwagon (after starting talks) that we can take a look at.............will be interesting.

[gfoo]

this thread makes me wonder are there some more good quality properties that had not make it to the enbloc bandwagon (after starting talks) that we can take a look at.............will be interesting.

pender court at morse road, foot of mount faber. i grew up there.
good to make money from it in long term, bad for stay - built right on top of a 1800s malay cemetary.

[blackswan]

okie, will do more research on this.....anyidea what's the expected enbloc price then?

[gfoo]

dunno, but my mom bought it when launched at $290k for a 1,800sq ft unit, top flr. that was prob about 1989 liddat.

Bravo offered them about $700-800psf, and they intended to resell new development for about $1600psf.

fair price would be about $700psf i guess

[Geylang OKT]

If you can hold for another 5 to 7 years waiting for the next cycle you should be ok

[propertyguru]

Does anyone know of any listing for Pacific Mansion for < $700 psf? One agent told me it's at least 1m for a 13XX sf unit, which is closer to $800 psf. I am looking to buy a place in RV area for own stay because it's near my parents, but would prefer not to overleverage myself. Thus, looking at spending less than 1m, but at the same time, I am not inclined toward those studio units in RV Suites e.g. Too small. Pacific Mansion seems like a good buy with upside when the market picks up again. Just a question of how much I need to spend to renovate the interiors.

If anybody has any opinions or lobangs, do let me know. Thanks!

[Bishan Kid]

Does anyone know of any listing for Pacific Mansion for < $700 psf? One agent told me it's at least 1m for a 13XX sf unit, which is closer to $800 psf. I am looking to buy a place in RV area for own stay because it's near my parents, but would prefer not to overleverage myself. Thus, looking at spending less than 1m, but at the same time, I am not inclined toward those studio units in RV Suites e.g. Too small. Pacific Mansion seems like a good buy with upside when the market picks up again. Just a question of how much I need to spend to renovate the interiors.

If anybody has any opinions or lobangs, do let me know. Thanks!

Check with URA about the plot ratio again.

I think present plot ratio of Pacific Mansion is already exceed the 2.8.
If enbloc , the new development probably has to follow the revised plot ratio of 2.8.

[propertyguru]

Yup, you are right, I think it's 2.8 last I checked (couple of days back). Does that mean the appeal of the place is diminished in the eyes of developers? Therefore less risk of enbloc? I don't really care whether it goes enbloc or not. I would assume for a FH land, over time, it must appreciate as long as I don't buy at peak. So at some point, whether it enblocs or I sell it off, as long as I don't make a loss that should be fine.

Glad for your input btw.

[wadexu]

Check with URA about the plot ratio again.

I think present plot ratio of Pacific Mansion is already exceed the 2.8.
If enbloc , the new development probably has to follow the revised plot ratio of 2.8.

may i know how do you check the present plot ration of one specific project?

[toaler]

you can check under the master plan 2008 @ www.ura.gov.sg

yeap the plot ratio's 2.8 for the land pacific mansion is sitting on and the development is already built up to that limit.. very surprising for a condo of that age..

that's the primary reason why the asking prices for pacific mansion is almost 400psf less than that of yong an park which is another old river valley condo albeit a decade younger

the secondary reason is, but of course, the poor maintenance of the entire condo.

[Geylang OKT]

Go to the URA website and select master plan... and going by the previous post, yes, the plot ratio has already been maximised

[propertyguru]

you can check under the master plan 2008 @ www.ura.gov.sg

yeap the plot ratio's 2.8 for the land pacific mansion is sitting on and the development is already built up to that limit.. very surprising for a condo of that age..

that's the primary reason why the asking prices for pacific mansion is almost 400psf less than that of yong an park which is another old river valley condo albeit a decade younger

the secondary reason is, but of course, the poor maintenance of the entire condo.

Haha, you can't compare the two man. Pacific Mansion looks like crap from the outside. The ten years make a lot of difference to the facades and the facilities. Also, I understand that the people who rent the apts at PacMan are from a less than desirable demographic. Though in its favour, I think PacMan may be in a slightly better location given its proximity to Somerset and also Robertson Quay (walking distance to both). But at current prices, Yong An is unfortunately beyond my reach.

[Geylang OKT]

the demographics in question are the china mistresses kept by the old ah peks and the motley assortment of ktv girls

[propertyguru]

Personally, I would find the ktv girls and china mistresses a very desirable demographic. Heehee.

[Geylang OKT]

I also like!

[toaler]

Personally, I would find the ktv girls and china mistresses a very desirable demographic. Heehee.

not desirable for ur $$ though

[wadexu]

you can check under the master plan 2008 @ www.ura.gov.sg

yeap the plot ratio's 2.8 for the land pacific mansion is sitting on and the development is already built up to that limit.. very surprising for a condo of that age..

that's the primary reason why the asking prices for pacific mansion is almost 400psf less than that of yong an park which is another old river valley condo albeit a decade younger

the secondary reason is, but of course, the poor maintenance of the entire condo.

Thanks, I can check the allowed from master plan, which is 2.8. however, how can I know the present ratio of the pacific mansion is over this limit? what is exactly ratio based on current building?

[blackswan]

I am also interested to know what's the current plot ratiofor the development. went down to check the site twice and judging by the way the the blocks are built up and the various empty space avaliable on the compound, find it hard to believe that the plot ration is already at 2.8.

Or is it that the master plan is showing that the max plot ratio possible is 2.8, and not that the current plot ratio is 2.8?

Walk leisurely from Somerset (jaywalk across to Comm Centre) and the time taken is 8 minutes, which is bearable for me. Only thing is there are no bus stop around.

[proud owner]

Yup, you are right, I think it's 2.8 last I checked (couple of days back). Does that mean the appeal of the place is diminished in the eyes of developers? Therefore less risk of enbloc? I don't really care whether it goes enbloc or not. I would assume for a FH land, over time, it must appreciate as long as I don't buy at peak. So at some point, whether it enblocs or I sell it off, as long as I don't make a loss that should be fine.

Glad for your input btw.

current mkt situation ...you dont have to fret ..

just look out on papers ...for any advert on pacific mansion ...

if they ask for 800 psf ... just place your interest with the agent at 700 psf ... give it a couple of months .. i believe you can get it ... maybe by then ..you can have a few units to choose from ...