Originally Posted by
peterng8
TOP is around 2015...
That is the legal completion date. Estimated TOP is Q4 2013.
If anybody likes the DBR's location and convenience, you should buy now instead of dragging on your feet. The following are the reasons:
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The old condos near Simei MRT only Modena and Tropica Spring, very few transactions in the last 2 years (go and check URA) and nobody is selling at bargain too (guess all the owners are not flippers). So our only choice is DBR but they only have 10 2-bedroom units left (our budget does not strech to 3-bedroom, if 3 bedroom, can still wait for a potential 5-10% drop if economy gets worse next year). 2-bedroom is popular bcos rental yield is high and easy to rent out. So do we have a choice? If we wait for another 6 months, then no more new condo for us in Simei.
Second reason is price, If you think price is high now, how about those who bought in 1996 and 2007 when private property index is at 180+. Mind you, I am a technical chartist, the current index at 140 is a good entry point as it is at the long term support line. Yah, there is a chance it will go lower but it has an equal chance that it will hold. Situation for mass market condo is unlike the 1997 crash when HDB has too many excess units. Today, HDB BTO projects are used to control supplies very effectively. And new flats in mature estates are highly sought after (see the response to Simei DBSS, The Peak, Cityview@Boon Keng u get the idea). Most DBSS flats selling prices are above 500,000 which is pretty close to a 2 bedroom mass market condo anyway, some first timers choose to buy HDB bcos they can get the grant, otherwise, they could have easily stretches to 600k+ to get a condo as they have small family typically. This will provide enough support from below to reduce the downside risk of mass market condo price crash. Even recession is prolonged, may be only another 10% downside risk.
Another plus point is the interest absorption scheme, even you pay 2% extra, the risk of interest rate hike till TOP and about 50% of the interest are actually absored by the developer. So the furhter the TOP and any delay in TOP is only to your advantage as your CPF will grow at 2.5% from now till TOP. I like DBR top date of Dec 2013, this gives me another 4 years to accummulate CPF and cash to do loan conversion at TOP. If I buy resale condo, I don't have this flexibility and worse still, I must rush to sell off my existing HDB.