I wonder how they do in September.Originally Posted by esurprise
I wonder how they do in September.Originally Posted by esurprise
30 units is good? think the sales has just dried up hehehe. there should be many 2, 3 and 4 bedders all still available.
Originally Posted by esurprise
Precisely, it thot it should be lesser. To hear that 30units sold in Aug, i thot it was quote good :-)Originally Posted by bargain hunter
How many percent has been sold huh?
can't recall offhand but probably 30+% sold.
Originally Posted by esurprise
Ascentia Sky
Total units: 373
Total units launched: 180
Cumulative units sold to 31 Aug 09: 148 (40%)
Based on launched unit, is about over 80% sold.. not bad. But seems like demand not so big, else why dont they launch the other 198 units too...Originally Posted by Reporter
Anyone know when will they launch the rest?
Demand is consider not bad. Actually, if they are will to drop their price to $1150psf, I guess the rest of the units already snatched up.Originally Posted by wklibran
its already "launched" in a way, because you can ask for the price for any unit and they can get you the price. Just that officially, those units does not have a list price in the price lists which agents sell. They wouldn't want to appear that take up rate is so poor right? 1.1m for a very very low floor 2 bedder just doesn't make any sense to me.
Originally Posted by wklibran
I have got a few friends that bought condos in 2007 when the prices are still consider "cheap", something like $500 to $600 psf. Today most of their project already TOP, and they realised that, at that "cheap" price they still find it difficult to service the loan.I really don't understand how are these people going to service their loan when their million dollars house TOP.I think by then those that can't make it will have to sell... and by then will be to many sellers...Watch out for mid 2010 to early 2011 prices....Originally Posted by bargain hunter
i think mid 2010 to early 2011 you only see prime prices weaken first because the boom for that area is 2007 ie massive TOP from late 2010 to throughout 2011. For those non prime, the boom is 2009, the problems only start when the projects TOP in 2012 to 2013.
But first, let's see how many options expire in the months ahead.
Originally Posted by Honesty
Ya, I think you are more acurate in the segment market.Originally Posted by bargain hunter
Maybe buyers out there can buy at the "reasonable" price in future.
In fact even now I start to see FIRE SALES advert in the ST, and also plenty of houses for sale.
They are more and more ads in sat ST.
Sellers are getting out now....
Could your few friends be the exception here?Originally Posted by Honesty
Buyers who bought at the abovementioned psf's are millionaires now. I also know of many who can service their loans and some even buy without loan.
Originally Posted by The Business TimesOriginally Posted by The Straits Times
You real? The prime has even claw back halfway from the peak of 2007. How do you know it will exceed 2007 peak or come close?Originally Posted by bargain hunter
that's my personal opinion. please feel free to disagree with it.
I look at brand new Orange Grove Residences just as an example. 4+1 asking rental 10k and no takers. Dreamier ads asking for FROM 12.5k. A $4m+ unit struggling to fetch 3% GROSS yield.
CBD area. Just check out the number of units coming out in District 1 in the next 2 years. Marina Bay Residences, One Shenton, The Clift. There's also the Lumiere in District 2. What about all those condos in Sentosa coming on stream as well? owners at the coast asking for 8k+ for 3.5m units and no takers as well. And i haven't even mentioned the huge chunk of units completing in district 9, 10 and 11.
Originally Posted by andy
My agent said his phone has gone dead. 2 calls a day. He says there will soon be less and less ads in ST because if there is no demand, agents will try not to advertise. Sorry, the door has already closed on the sellers.......can't get out already...
Originally Posted by Honesty
I think the top prime will not recover to levels of 2007. Look at St regis, it is still around $2500psf. During the peak it reached $3500psf. With the huge pipeline of TOP units in 9,10,11 coming around 2011, the prime area is unlikely to go much further until we have foreign investors eventhough it has recovered somewhat.Originally Posted by bargain hunter
Many ppl are confused by the liquidity bubble which is driving the mass market mickey mouse unit frenzy. We should compare the total floor area sold rather than total units sold
precisely. st regis is a bit arbitrary though. u can get units which transact at 2500psf or 3500psf and yet mean nothing in terms of general prime prices because its just 1 or 2 units and 3500psf can be for a smaller unit with better views while 2500 is for a large unit.
i agree that quantum, be it total area or total $ is important. it's clear that for the below 2000psf units, buyer resistance comes in somewhere around $3m for 4 bedders. anything above meets with resistance.
Originally Posted by andy
So back to your comment that prime area will weaken around 2010/2011. How can it weaken if it has not really recovered.Originally Posted by bargain hunter
I mean....agents are saying there is in fact very few calls for resale, particularly above $2m-$3m.
So my question is if someone has $2m to $3m budget what is your take:
a) do nothing and wait & collect 0.45% FD assuming 20% cash
b) buy good bargain at resale in prime area
c) buy new at higher end launch
d) put in stocks
Originally Posted by bargain hunter
Serious? So bad?
He's a pure resale agent ie never do new launches, never do subsales type. previously it was seventh month. now its the cooling measures. he is now away in thailand to pray to si4 mian4 fo2. (not joking). he says its an annual ritual for pple like him who do sales.
Originally Posted by Property_Owner
if i am that person, and the 2 to 3m is one single bet (ie not someone who can buy one 2m unit then can later buy another one or more type):
a few months ago, i would have said put in stocks (which i did) but now i would say do nothing and wait for a good bargain to come up in resale market in prime area next year. i do not see any good bargains in resale market in prime yet. Keep your options open and cash is the instrument which helps to keep your options opened.
If you have hte budget to buy 2 or 3 such units, then of course its a different story. buy 1 now and wait to buy the rest next year.
Originally Posted by andy
I wish I have the budget but I don't. Just want to understand why the buyers for resale are not really there, not withstanding the asking price for resale is simply not realistic fuelled by daily news sold out projects.Originally Posted by bargain hunter
But then you are kinda of property bearish, right?
I just spoken to my agent too. Been confirmed! Zero call even for weekend adv. Time to rethink for me.Originally Posted by bargain hunter
i am bearish on prime only because of the number of units (and some are really large units at that! we have not even counted the mickey mouse units which we don't even know if people really would like to rent yet!) coming up in the next 2 years. the asking price for resale prime is obviously not realistic. owners of OCR and RCR can ask for the 2007 peak prices and get away with it but not CCR owners. But they are in dreamland and still hope to be able to get those prices so they continue to ask so or rather, i should say, the peak prime owners continue to ask at a price where they hope to breakeven or make a small profit.
Originally Posted by andy
but you are already a diversified multi property owner right? what do you need to rethink? were you looking to buy more or sell some?
Originally Posted by Property_Owner
that's why my agent said he sees a decline in weekend adverts going forward. no calls how to continue to advertise like this?
resale agents damn poor thing. first banks don't match valuations cannot close deals. then boom in primary market also cause them to lose business. then seventh month. then property cooling measures.
Originally Posted by Property_Owner
Of course to buy more.Originally Posted by bargain hunter
maybe people who buy in CCR does not need to have rental to pay the mortgage?
My personal opinion is that CCR will always be better then the rest. The reason being, let's be honest, if a person can afford it, he or she probably would want to stay as near town as possible (at least for most people).
In another word, if CCR can drop rental real low. It doesn't have to cover whole instalment, in fact if it covers interest portion, they are already a happy camper. With that in mind, if CCR is willing to rent out a 2 bedroom at Rivergate, for say 2k per month, will there not be any taker at all?
And if so, wouldn't CCR become a big and interesting competitor for an apartment in Clementi that others are trying to rent out?
Then it becomes a question of how low can one go... can a RCR go lower then another owner who in the first place could afford an apartment in CCR?
we must not forget that people who buy and hold on to a CCR, there is a good chance they can afford to hold. The ability of rental covering instalment may not be a must.
So IMHO, not matter what the economy is, and how much over supply there is in the market, etc...etc, CCR will always be better than the rest, assuming ceteras paribus (sig).
Hard to predict that issue which I pm you.Originally Posted by bargain hunter
i have to agree that many people who buy CCR do not need the rental. However, let's not forget the 2007 speculators of CCR who bought on easy credit. I am pretty sure among this huge supply that's coming out, there will be quite a number of people who will need rental to help to cover their monthly mortgage payments. The big question is how many. That can't be estimated and we shall find out soon over the course of the next year or 2.
Originally Posted by pweesng