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Thread: need advice for tenure of property

  1. #1
    Join Date
    Mar 2009
    Posts
    13

    Default need advice for tenure of property

    hi,
    can i ask and get some views from ppl here.
    am looking at a leasehold penthouse.
    but one thing i find a bit pluzzled...
    i saw that this condo tenure begin on 1998, top date 2006. legal completion 2009.
    the agent told me this is a 3 year old project. which is true.
    but given the lease starts on the 1998, will it in anyway affect the price say if compare to nearby project top in 2008, but lease start from 2004?
    how do they calculate the amount to top up for the lease?
    am not buying and hope for enbloc sort of deal. but cos saw the lease started 1998, and as of now, it is only a 3 years old condo, how will it affect me or the condo in general. will buyer or banks look at the start tenure or the top date?
    is it a very important data for banks for valuation?
    i believe some developer brought the peice of land at high price and wait for market to improve before launching the project. but will it in anyway affect the valuation, say if 10 years or 20 years down the road?
    kindly comment.
    thanks
    please kindly advice.

  2. #2
    Join Date
    Apr 2009
    Posts
    407

    Default

    hi,
    can i ask and get some views from ppl here.
    am looking at a leasehold penthouse.
    but one thing i find a bit pluzzled...
    i saw that this condo tenure begin on 1998, top date 2006. legal completion 2009.
    the agent told me this is a 3 year old project. which is true.
    but given the lease starts on the 1998, will it in anyway affect the price say if compare to nearby project top in 2008, but lease start from 2004?

    TOP difference of 1 year not much diff.
    But 8 years from leasing of land from president to construction to TOP is a bit long but acceptable. The nearby project 4 years seem alright but again, 4 years in diffenences of leasing between the 2 won't make much diff.

    how do they calculate the amount to top up for the lease?

    I copied from my another post. Miggle around. But dont bother much, usually such case no one top up.

    For calculation of SLA LH depreciation; which all valuers applied as well as SISV standards & bank/developer;

    http://www.sla.gov.sg/doc/ser/THE_DI...Appendix_1.pdf

    For better understandings; go to http://www.ifaq.gov.sg/sla/apps/fcd_faqmain.aspx
    Type How is land premium payable based on DC rates computed?

    am not buying and hope for enbloc sort of deal. but cos saw the lease started 1998, and as of now, it is only a 3 years old condo, how will it affect me or the condo in general. will buyer or banks look at the start tenure or the top date?

    In my opinion, both don't bother much. the loan period most likely will still outrun the tenure by 3 times.

    is it a very important data for banks for valuation?

    Part of, but 4 years could be neglected unless it is an old age property which then tenure come very important.

    i believe some developer brought the peice of land at high price and wait for market to improve before launching the project. but will it in anyway affect the valuation, say if 10 years or 20 years down the road?
    kindly comment.

    When you say 10 or 20 years you refering to TOP already or launching?
    the earlier will see some minimum diff. The later most likely the developer will top up the lease. My suggestion is don't think too much on the 4 years.

    thanks
    please kindly advice.[/quote]

  3. #3
    Join Date
    Mar 2009
    Posts
    13

    Default

    hi apple3,
    thanks for your reply,
    could not get the unit as owner refuse to go down on the price but instad wanna increase further due to plast few weeks of stock rally...
    am gonna look again for my dream home...
    thanks bro...

    Quote Originally Posted by apple3
    hi,
    can i ask and get some views from ppl here.
    am looking at a leasehold penthouse.
    but one thing i find a bit pluzzled...
    i saw that this condo tenure begin on 1998, top date 2006. legal completion 2009.
    the agent told me this is a 3 year old project. which is true.
    but given the lease starts on the 1998, will it in anyway affect the price say if compare to nearby project top in 2008, but lease start from 2004?

    TOP difference of 1 year not much diff.
    But 8 years from leasing of land from president to construction to TOP is a bit long but acceptable. The nearby project 4 years seem alright but again, 4 years in diffenences of leasing between the 2 won't make much diff.

    how do they calculate the amount to top up for the lease?

    I copied from my another post. Miggle around. But dont bother much, usually such case no one top up.

    For calculation of SLA LH depreciation; which all valuers applied as well as SISV standards & bank/developer;

    http://www.sla.gov.sg/doc/ser/THE_DI...Appendix_1.pdf

    For better understandings; go to http://www.ifaq.gov.sg/sla/apps/fcd_faqmain.aspx
    Type How is land premium payable based on DC rates computed?

    am not buying and hope for enbloc sort of deal. but cos saw the lease started 1998, and as of now, it is only a 3 years old condo, how will it affect me or the condo in general. will buyer or banks look at the start tenure or the top date?

    In my opinion, both don't bother much. the loan period most likely will still outrun the tenure by 3 times.

    is it a very important data for banks for valuation?

    Part of, but 4 years could be neglected unless it is an old age property which then tenure come very important.

    i believe some developer brought the peice of land at high price and wait for market to improve before launching the project. but will it in anyway affect the valuation, say if 10 years or 20 years down the road?
    kindly comment.

    When you say 10 or 20 years you refering to TOP already or launching?
    the earlier will see some minimum diff. The later most likely the developer will top up the lease. My suggestion is don't think too much on the 4 years.

    thanks
    please kindly advice.
    [/quote]

  4. #4
    Join Date
    Apr 2009
    Posts
    137

    Default

    Quote Originally Posted by deljunks
    hi apple3,
    thanks for your reply,
    could not get the unit as owner refuse to go down on the price but instad wanna increase further due to plast few weeks of stock rally...
    am gonna look again for my dream home...
    thanks bro...
    [/quote]

    Did you ask the owner whether this means he will lower the price if share market falls??

  5. #5
    Join Date
    Mar 2009
    Posts
    13

    Default

    owner alway wan higher price...
    and if he can hold?
    wat can we do?


    Did you ask the owner whether this means he will lower the price if share market falls??
    [/quote]

  6. #6
    Join Date
    Apr 2009
    Posts
    137

    Default

    Whoah... so late still neber ???

    Mourning over your dream penthouse is it?? Cheer up lah!!

  7. #7
    Join Date
    Apr 2009
    Posts
    407

    Default

    Quote Originally Posted by deljunks
    hi apple3,
    thanks for your reply,
    could not get the unit as owner refuse to go down on the price but instad wanna increase further due to plast few weeks of stock rally...
    am gonna look again for my dream home...
    thanks bro...
    [/quote]

    don't mention it.

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