Will Rivergate hit 1k psf and below?

[dtrax]

Latest news, 80 units going @ $1050 psf - http://www.propertyguru.com.sg/listi...sale-rivergate

According to the agent, I believe it is the ferrell asset looking to offload. I called him earlier and he mentioned that they are currently gathering interested buyers, with the express of interest letter (no obligations to buy). Buyer will have ot engage their own lawyer.

Units are of 3/4 rms, well I wun dare say if it is true or not after all agents always chut stunt but if it is true and if they really intend to sell to individual buyers, I would say $1050 psf is a pretty gd deal

[sltc]

Latest news, 80 units going @ $1050 psf - http://www.propertyguru.com.sg/listi...sale-rivergate

According to the agent, I believe it is the ferrell asset looking to offload. I called him earlier and he mentioned that they are currently gathering interested buyers, with the express of interest letter (no obligations to buy). Buyer will have ot engage their own lawyer.

Units are of 3/4 rms, well I wun dare say if it is true or not after all agents always chut stunt but if it is true and if they really intend to sell to individual buyers, I would say $1050 psf is a pretty gd deal

Hi any new update on RG selling at $1050psf ? The last time my agent gave me a list of units to select and collected my cheque saying that I can get from $950psf to $1000psf but my cheque was later returned. Hope this is not another BS.

[latour]

Hi any new update on RG selling at $1050psf ? The last time my agent gave me a list of units to select and collected my cheque saying that I can get from $950psf to $1000psf but my cheque was later returned. Hope this is not another BS.

Indeed its the same Tactics and BS by some ppl, not just for this RG project...

[dtrax]

Hi any new update on RG selling at $1050psf ? The last time my agent gave me a list of units to select and collected my cheque saying that I can get from $950psf to $1000psf but my cheque was later returned. Hope this is not another BS.

I heard frm my friend when I told him abt this, he also went down to make an offer. Apparently the agent told them the seller (ferrell) had to urgently complete purchase within the wk and the individual buyers some might have loan issues or paper work will take more than a wk. imo, i think this is a bs waste of everyone's time, dunno whether are testing market. But then again these units are the larger 3rms and even buying for rental investment, confirm will have problems fetching a gd rental price given the tons of units available there as well.

[sltc]

I heard frm my friend when I told him abt this, he also went down to make an offer. Apparently the agent told them the seller (ferrell) had to urgently complete purchase within the wk and the individual buyers some might have loan issues or paper work will take more than a wk. imo, i think this is a bs waste of everyone's time, dunno whether are testing market. But then again these units are the larger 3rms and even buying for rental investment, confirm will have problems fetching a gd rental price given the tons of units available there as well.

I see. So those people that can pay 100% cash can get the good deal.

[dmonddd]

dont be too certain tat its a good deal if you are paying 100%

because of too many times property flipped, there is a risk that you may not have a clean title to the property. Not to mention that you later find out that the seller owes the bank an amount more than the selling price.....1% with seller or agent? if seller banks the 1% into his loan account, it will be difficult to get it back when amount to redeem property from bank is higher than selling price.

max 1% burned as next 4% will be kept by seller's lawyers.

[dmonddd]

to all agents who are reading this, please do a due diligence on your seller as the buyer is using his hard earned savings to buy the property.
maybe not for those rich investors/foreigners....

but still it is all about retribution. Agents to do their part but ensuring the parties they representing are genuine and have legal title to transfer. otherwise agents will be dragged into legal case for negligence.

those days are over when you dont ask seller any question. nowadays, better do so to ensure everyone is safe. even how well you know the seller but the sale before then may not be handled by you and the previous agent may have screwed up.. but you will be the one facing the problem.

[sharp]

http://amyng.myweb.sg/186.

Is this too good to be true?

[gfoo]

http://amyng.myweb.sg/186.

Is this too good to be true?

Which one - the chick or the $1150psf? She's more appealing than the price leh -$1150 hardly considered a lelong

[dtrax]

Yah 1150 hardly consider lelong, but if buying for stay and facing is gd might be worth it.. if you have some extra cash to burn

[Property_Owner]

My friend just sms me. He sold another of his RG @ 1400psf.

[sltc]

http://amyng.myweb.sg/186.

Is this too good to be true?

Tried calling her regarding the $1150psf unit but no response. Not sure if it's true. Another agent told me that some agents advertise at a lower psf than the owners asking price (without telling the owners) just to get potential buyers' contacts and also hope that sellers will sell at lower price after seeing these advertisements.

[sltc]

My friend just sms me. He sold another of his RG @ 1400psf.

$1400psf is very ex. Must be a very high floor unit.
2 or 3 bedroom ? Which Floor ?

[dmonddd]

no offence to agents.
have anyone been charged for misselling? banks paid a price for this - minibonds
what about agents? their licences or business should be revoked or closed

getting the correct financing margin from bank is difficult.
Same for valuers. and these jokers i hope they are not understand the pain the buyers are going through.

i hope some property investors will throw them a letter from their lawyer and offer to purchase all the properties and see whether these agents can deliver....if they dont have the products/properties in hand, can this be seen as misrepresentation/act of fraud

[bargain hunter]

Is your friend an owner or agent? I have heard that several units were transacted at 1300+ to low 1400 but is this true? Have not seen that many lodged in the caveats. So far only 2, one at 1379 and one at 1416psf.

My friend just sms me. He sold another of his RG @ 1400psf.

[Property_Owner]

Is your friend an owner or agent? I have heard that several units were transacted at 1300+ to low 1400 but is this true? Have not seen that many lodged in the caveats. So far only 2, one at 1379 and one at 1416psf.

Owner. 2nd unit sold for me. Please...don't ask if i'm a agent or not

[sharp]

Which one - the chick or the $1150psf? She's more appealing than the price leh -$1150 hardly considered a lelong

heh heh... she mentioned that she has 5 stacks including stack 9 high floor which has the best view...(furthermore, the price is negotiable)

how do we check if agents really have their advertised units to sell?

[sharp]

dont be too certain tat its a good deal if you are paying 100%

because of too many times property flipped, there is a risk that you may not have a clean title to the property. Not to mention that you later find out that the seller owes the bank an amount more than the selling price.....1% with seller or agent? if seller banks the 1% into his loan account, it will be difficult to get it back when amount to redeem property from bank is higher than selling price.

max 1% burned as next 4% will be kept by seller's lawyers.

can they really get away with this? sounds pretty scary.... how do we do a background check on the seller / agent before any transaction? the agent will probably try his best to keep the identity of the seller confidential which leaves us little time to do any checks..

[Property_Owner]

Owner. 2nd unit sold for me. Please...don't ask if i'm a agent or not

Paiseh. Not me. I mean my friend.

[kal]

before u issue the deposit cheque, ask for ownership proved and ask yr agt to do a bankruptcy search on the owner. Tats all u can do. If still scared here and there, either keep yr $$ under yr pillow or buy direct from HDB , sure safe !!

[bargain hunter]

ok, another caveat lodged today at 1349psf. seems like prices range from 1200 to 1400+ recently.

Paiseh. Not me. I mean my friend.

[teddybear]

Been looking and looking and nobody want to sell below $1200 psf for a high floor and good view unit. Damn xian! People keep saying price will sure drop but yet I still didn't see any sign of the price really dropping. Seen 1 unit on 38th floor and owner asking for $1800 psf.

Is your friend an owner or agent? I have heard that several units were transacted at 1300+ to low 1400 but is this true? Have not seen that many lodged in the caveats. So far only 2, one at 1379 and one at 1416psf.

[dmonddd]

before u issue the deposit cheque, ask for ownership proved and ask yr agt to do a bankruptcy search on the owner. Tats all u can do. If still scared here and there, either keep yr $$ under yr pillow or buy direct from HDB , sure safe !!

not to be too worried. btw agent is normally acting for seller. co-broke agent will mess things up as seller's agent will rather sell direct and avoid sharing of commissions. too many cooks spoil the broth. and it will be a chasing price game as each time you present a cheque, the price escalates.

once you are keen on property, engage lawyer to do search and enter option and dangle cheque with reply within an hour - deal or no deal? why seller needs so long time to think. genuine sellers will be happy to see lawyer engaged by buyer as buyer is genuine as well.

otherwise move on....move on and move on. Keen sellers or geunine agents will make sure that deal goes through. Fishing sellers will be wasting everyone's time by asking for the sky.. like one of my friends said, slow slow wait

[proud owner]

wasting everyone's time by asking for the sky.. like one of my friends said, slow slow wait


or Wait Long Long

[dmonddd]

wasting everyone's time by asking for the sky.. like one of my friends said, slow slow wait


or Wait Long Long

buyer wait long long...seller slow slow wait. both dont move....

but lets be realistic. try walking into a bank and ask for financing. also check with valuer. part of equation- who's targeting this RG? locals for own occupation or foreigners. my agent friend was telling me that nowadays the interested buyers are mainly locals.

dun forget foreign investors need to weigh their returns on properties in SG and other Asian countries - Hong Kong, Shanghai.

[DW]

no offence to agents.
have anyone been charged for misselling? banks paid a price for this - minibonds
what about agents? their licences or business should be revoked or closed

getting the correct financing margin from bank is difficult.
Same for valuers. and these jokers i hope they are not understand the pain the buyers are going through.

i hope some property investors will throw them a letter from their lawyer and offer to purchase all the properties and see whether these agents can deliver....if they dont have the products/properties in hand, can this be seen as misrepresentation/act of fraud

Technically speaking, the agents can only be at best be viewed as invitation to treat. Given how deals are done in Singapore, it will be difficult to opine on whether a contract was indeed formed in which case, if you can pursue anything under BoC at all.

In terms of duties, the agent is probably acting for the seller and thus fiduciary duties will be out of the window. Again, you can perhaps try your best luck on duty of care - you will have to sue on equity and it will be difficult to prove.

[DW]

Received a call today (just got back from overseas) from agent on Ferrell looking to offload at 1000psf. Conditions of such price offered are:-

1. Minimum purchase is 5 units;
2. It has to be cash purchase.

I asked why Ferrell is not willing to consider a leveraged purchase, if buyer is able to raise financing within say a week. Besides,you (your lawyer) will at least a couple of days to do the relevant searches and stuffs... ... Was told Ferrell needed to unload these units soon and need the payments to be made in full asap.

I am not sure Ferrell will necessarily get their deals done faster this way. Their approach is likely to limit the pool of pre-qualified buyers (i.e. basically buyers whom will be paying up the full sum from equity) and thus might delay or even kill their sale process to achieve the desired sales number.

Besides, I am really wondering why there is such a need to get the deals done that fast. Any ideas ?

[kalumder]

Received a call today (just got back from overseas) from agent on Ferrell looking to offload at 1000psf. Conditions of such price offered are:-

1. Minimum purchase is 5 units;
2. It has to be cash purchase.

I asked why Ferrell is not willing to consider a leveraged purchase, if buyer is able to raise financing within say a week. Besides,you (your lawyer) will at least a couple of days to do the relevant searches and stuffs... ... Was told Ferrell needed to unload these units soon and need the payments to be made in full asap.

I am not sure Ferrell will necessarily get their deals done faster this way. Their approach is likely to limit the pool of pre-qualified buyers (i.e. basically buyers whom will be paying up the full sum from equity) and thus might delay or even kill their sale process to achieve the desired sales number.

Besides, I am really wondering why there is such a need to get the deals done that fast. Any ideas ?

There are many reasons.

1) The obvious one being, that Ferrell might have a liquidity problem and needs cash.

2) They are in a hurry because they might fear that if they dont offload their units quick enough they have to lower the price even more. They bought 80 units, and I doubt that it easy to offload them in the current market. Transaction volume is low.

3)http://www.ferrell.com.sg/Ferrell_asiafunds_FPREIF.html
The objective of this Sub-Fund is to achieve returns of 10% - 15% per annum through investments in properties with medium to long term capital appreciation potential.

It does not take a genius to see that they wont hit that target in the next 5 years with property. So maybe they prefer to return money to the investors. While they can still get a decent price or not loose too much money.

[teddybear]

All sort of conflicting info regarding this Ferrell holdings of RG lately. If they really needs liquidity and money, they should just sell as & when they have buyers, why resort to so many conditions? If they impose so many conditions, then doesn't seem like they are in a hurry to get the money. What I have heard is that they prefer to sell all at 1 go to another institutional investor (another version of the story). May be all other stories are cooked up by agents to simulate interest and to get cheque so that they can go to find other sellers to pitch to?

Received a call today (just got back from overseas) from agent on Ferrell looking to offload at 1000psf. Conditions of such price offered are:-

1. Minimum purchase is 5 units;
2. It has to be cash purchase.

I asked why Ferrell is not willing to consider a leveraged purchase, if buyer is able to raise financing within say a week. Besides,you (your lawyer) will at least a couple of days to do the relevant searches and stuffs... ... Was told Ferrell needed to unload these units soon and need the payments to be made in full asap.

I am not sure Ferrell will necessarily get their deals done faster this way. Their approach is likely to limit the pool of pre-qualified buyers (i.e. basically buyers whom will be paying up the full sum from equity) and thus might delay or even kill their sale process to achieve the desired sales number.

Besides, I am really wondering why there is such a need to get the deals done that fast. Any ideas ?

[rivergate]

hi, came across a similar approach by agent on the selling by batch of units and urgent settlement - what is the name of the agent who called you please.. would be good to try and find out if this is really for real so that we can together assess how real is this opportunity. thanks