Newbie
Seems prices at P11 is heading up or that owners r so confident and holding out for more!! Understand even upper floor stack 1 asking for >$1350++
Also, rental seems to be creeping up and its common to see rental at 6-7k plus for 3 bed-room.
Anyone has a rental income that beats this in this tan tock seng area??
Senior
do you know someone .. and for a fact that a 3 bedroom is rented out at 6-7k ??Originally Posted by Riverund
or did you hear from agent ?? or is 6-7k asking price ?
we need concrete actual case .. not hearsay ...
if you read my other posts .. NO AGENTS dare state for a fact the actual rental
F01 N54 Sheer Driving Pleasure
We need concrete actual case from you - not hearsay.
Senior
i wish i can provide that info
i am not an agent ... i wish to hear from agents what are the actual rents for each project ..
i know hillcrest villa was rented out at 9k .. after a price war between owners ..
Global recession is coming....
My source told me that Novena condos (not apartments) 3BR of about 1200 sf can get $6k. About 1000 sf can get $5k.
Junior
how many units of P11 for sale in the market? someone told me >50%.
F01 N54 Sheer Driving Pleasure
We all know it is nice to debate on topics with juicing subjects as such "Will Rivergate drop below $1,000 psf?", "Rental is dropping as nobody is renting!", etc.. However, we should realise that situations can change and we need to be updated and change too.
For the Rivergate case, shouldn't we be discussing "Will Rivergate rise above $2,500 psf?" now that it has hit $1,909 psf?
For rental, why are we still talking about rental dropping, no tenant, etc.?
1. Rënt has rïsen 0.6% in Q4 2009.
2. Dëmänd for physically completed homes has hit a 9-year hïgh.
3. Occüpäncy rate has hit an äll-tïme hïgh of 95%.
Shouldn't we be discussing "Can CCR rent rise more than 12% this year?"? I believe this is more appropriate.
Private rentals inch upwards
Turnaround comes after 5 quarters of decline
Weekend Today
Saturday, 23 January 2010
Rentals of private residential properties inched 0.6% higher in the 4th quarter of last year, reversing 5 straight quarters of decline. This was a turnaround compared to a decrease of 2.2% posted in the third quarter of last year.
The uptick in rentals was supported by the take-up rate which outstrips supply last year, said Colliers International’s research and advisory director, Ms Tay Huey Ying.
“While the net increase in the stock of private homes hit a 5-year high of 8,285 units in 2009,
demand for physically completed homes hit a 9-year hïgh
, to record at 10,520 units,” she said.
This pushed
occupancy rate to an all-time hïgh of 95%
by end-2009, from 93.9% in end-2008,” she added.
The improving economy has a part to play as well.
“The leasing market also leveraged on the improving economic fundamentals in 2H2009 and began to stabilise,” said CBRE Research executive director Li Hiaw Ho.
By regions, rental of non-landed properties in the prime areas known as the Core Central Region (CCR) and the city fringe areas or Rest of Central Region (RCR) increased by 0.9% and 0.1% respectively in the 4th quarter.
Meanwhile, rental rates for properties in other areas or those known as Outside Central Region (OCR) remained unchanged.
Overall rentals have fallen 14.6% for the whole of last year but were back at mid-2007 levels by Q4, added Mr Li.
Colliers’ Ms Tay expect rents to rise by 5 to 10% this year.
“The number of expatriates is expected to rise in 2010 given the improving business climate and confidence that will lead more firms to consider re-activating hiring plans,” she added.
She expects high-end homes in the CCR, traditionally more popular with expatriates, to experience faster rental growth of 8% to 12%. The mid-tier segment in the RCR is expected to see rental upside of 5% to 8%, while mass-market homes could see rental movements of up to 3%, she added.
Meanwhile, Urban Redevelopment Authority’s final price index showed a growth of 7.4% quarter-on-quarter growth for private homes in Q4, slightly higher than the flash estimate of 7.3%.
Sub-sales clocked 599 units in the 4th quarter — down from 1,342 homes in the previous quarter. In percentage terms however, subsales accounted for 10.3% of all sale transactions in Q4, comparable to the 10.6% in Q3.
Analysts expect private property prices to moderate this year in the light of government’s stance that it would intervene with more measures should the property price growth runs ahead of the economy. Contrary to last year’s bull run in the mass market segment, high-end and luxury properties are expected to lead the market.
Office Boy
Some agents must have told u that ... but good try ...
I reckon its not how many are for sale, but how much are the current asking prices ... I think every unit is for sale if you offer them 2K psf !
Newbie
Support the view that rental rates are creeping up. Seems rental offers are flooding in for good class condos (central location, good view/balcony for ang mohs & etc..)
Believe we are in a sweet spot now, caught between a recovering economy (means more expats) and supply crunch of rental units. In '08 many owners were quick to commit to low rent for cashflow security, taking units out of the chain and tied to 2-yr leases.
Would be interesting to see 2Q-3Q this year when Montebleu, Soleil, One Amber and other projects TOP....
The key question like you mentioned is how high is high for rental? Your guess's as good as mine..... stay tuned....
Newbie
Last few transactions seem to be around 11xx psf only? Any idea which stack amd how high the last one is?
Newbie
Can see fireworks just now below 25 th storey. clear view. cool!
Newbie
stack 5 see only half maybe even 1/3 fireworks. I should know. I live here. Stack 6 & 7 should be fine. Stack 3 needs to be above 23 floor to clear Ansley. Not sure about stack 1 but definitely needs some height to clear Ansley too.
Rental 6-7K? So my 2 cents? I am NOT paying that kind of rent for my 3-bedroom. Not even close. nuff said.
Office Boy
Stack 6,7 can see the entire fireworks ... Even the ones at Chinatown !
Stack 1,2,3 will have to be above 25 floor I think.
Newbie
Halo DKSG, i saw the chinatown fireworks on the 19 jan and also the one during chingay It is unblock fireworks view. I am at stack 2 below 25th floor. I think stack 1 one dun need to clear 25th floor maybe just 12 floor should see the fireworks beside the flyer. maybe the stack 1 resident can comment. anyway it is really relaxing to sit at the balcony and have a glass of wine in the evening...I really like the fireworks but i think our country fireworks still have more room for improvement.
Newbie
Envy all of you.
Is parking a problem so far?
I'm waiting for my Soleil to be ready.
Junior
car park lots only 40% occupied..
Newbie
normally, estates in the prime are heavily tenanted
thus lota of excess parking lots as expats usually dun
own cars ...compare to the heartland estate especially ECs .....
"neighbour fights over park space"
Office Boy
Ya man!
Tell me about it. The parking here is just great !
No need to worry if there are parking lots.
Only think I need to check is if I can get my favourite lot ! Haha!
I once own a condo, the residents actually proposed to the MCST that they should open up their carpark during the day to the public for park and ride (since the condo is very near a MRT) so that they can collect parking charges to defray maint costs !
The good thing abt P11 is that there are very few upgraders and people here are indeed gracious. I would be very reluctant to move out of this place.
DKSG
Office Boy
Hope I am not jumping ahead of Reporter who is the well respected Reporter here ...
Latest 2BR has hit $1,482 psf !!!
Junior
Tink is #31-03.. the highest 2 bedder unit with million $$ view
F01 N54 Sheer Driving Pleasure
No lah, don't say that! Can you all help to cover please? FIFA WC coming, I need to more spend time on the sofa ...Thanks!
Newbie
it helps that the estate has a nice estate manageress....
Global recession is coming....
Manageress? Why I read as "tigress"?
Junior
OCBC, Pastoral View owners sell sites together http://www.businesstimes.com.sg/sub/...60740,00.html?
Published July 27, 2010
OCBC, Pastoral View owners sell sites together
OCBC, which has owned a site at 11 Bassein Road in the Novena area since the 1940s, has teamed up with the owners of Pastoral View next door who are doing a collective sale, to sell the two properties together.
Both Pastoral View, which is at 7 Bassein Road, and OCBC's site, at 11 Bassein Road, are freehold.
'The sellers are expecting offers in the region of $130-150 million. This translates to a land rate of $904-1,043 per sq ft per plot ratio, after factoring in a marginal development charge of about $157,000 payable for No. 11 Bassein Road, to redevelop the site up to a 2.8 gross plot ratio. No DC is payable for Pastoral View,' said Tan Hong Boon, deputy managing director at Credo Real Estate, which is marketing the two properties.
More than 80 per cent of owners by share value and strata floor area at the 50-unit Pastoral View have signed a collective sale agreement. OCBC's next door property is an empty site.
The two sites have a combined land area of 51,395 sq ft and can be developed into a new condo with a gross floor area of 143,906 sq ft. This allows for a 36-storey project with 140 apartments of average size of 1,000 sq ft.
The site is zoned for residential use with a 2.8 plot ratio under Master Plan 2008.
Interested parties can bid for one or both sites.
'We believe developers would find the enlarged site more attractive because it would offer economies of scale and broaden their offering,' said Mr Tan.
There will be space for the winning developer to build a showflat before Pastoral View residents move out, Mr Tan said. This means that the developer can market the new project earlier, reducing holding costs and market risks.
Novena is home to office and retail blocks such as United Square, and hospitals such as Tan Tock Seng.
Credo believes that the new residential project will attract medical professionals and medical tourists.
Near Pastoral View, units at D'Ixoras have changed hands at more than $1,240 psf in the past two months, based on caveats lodged.
Jialet!! my unit at Pavilion 11 will be partially block by this project!!
Office Boy
Look at it another way.
Land cost is abt $950 ppr. Break even cost to developer is likely to be in the range of $1,350 psf including marketing costs.
Add a 15% meagre profit for the developer, this works out to be average selling psf of $1,550 psf.
High floors will be going for at least $1,750 psf !
If u bought P11 from developer or near developer's price, you are in for another windfall gain!
*DKSG has vested interest.
Newbie
Any know what's this new building structure behind the Pastoral View, right on top of the hill, beside Ren Ci hospital? Is there new project coming on stream there?
Senior
It may be a branch of the Communicable disease Centre
Newbie
[quote=Regulators]It may be a branch of the Communicable disease Centre
CDC will be moved out before long.
It has been showing as residential site with PR 2.8 in Masterplan2008.
Once medical school built and starts to get elite students, CDC in novena will be no longer operate.
(Look at the site with mark "E", just right above current CDC site, that will be future medical school in Novena.)
Senior
i think they should expand the CDC as more people are people are getting all kinds of funny diseases these days. Good to have Novena as a medical hub as it is very centralised.
[QUOTE=trump7]It may be a branch of the Communicable disease Centre
CDC will be moved out before long.
It has been showing as residential site with PR 2.8 in Masterplan2008.
Once medical school built and starts to get elite students, CDC in novena will be no longer operate.
(Look at the site with mark "E", just right above current CDC site, that will be future medical school in Novena.)
Newbie
[quote=Regulators]i think they should expand the CDC as more people are people are getting all kinds of funny diseases these days. Good to have Novena as a medical hub as it is very centralised.
Maybe government also think to expand CDC that is why planed to move CDC to other place.
Be careful that it may be moved to your OCR, ULU place!
Yep, Novena will be the center of medical hub that majorly handling those expensive aesthetic & wellness treatmentn and surgery for dental, skin laser and cosmetic for rich people in Singapore and its neighbor countries.
Last edited by trump7; 22-12-10 at 15:08.
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