Centro

[mr funny]

http://www.businesstimes.com.sg/sub/...47847,00.html?

Published August 28, 2009

Initial phase of Trevista condo going at $898 psf on average

By KALPANA RASHIWALA


NTUC Choice Homes Co-operative is pricing the initial phase of its Trevista condo at Toa Payoh, which previews today, at an average price of $898 per square foot. This is about 20 per cent lower than Far East Organization's Centro Residences next to Ang Mo Kio Hub, priced at $1,150 psf on average and released last month.

However, as Trevista's units are generally larger than Centro's, the price differential in absolute terms may be less.

Far East has sold only about 100 units - an outcome some market watchers see as due to price resistance.

Both projects are on 99-year leasehold.

Trevista is near Braddell MRT Station and within walking distance of shopping and other amenities at HDB Hub and Toa Payoh Central. Centro, a 34-storey project with 329 units, is right next to Ang Mo Kio Hub and opposite Ang Mo Kio MRT Station.

The $898 psf and $1,150 psf average prices for the two projects are for normal progress payment schemes. Buyers who opt for the interest absorption scheme will pay 2 per cent more at Trevista and 4 per cent more at Centro. So far, none of Centro's buyers has opted for interest absorption.

NTUC Choice Homes said yesterday that the absolute price quantums at Trevista on average are about $830,000 for a two-bedroom unit, $1.065 million for a three-bedder, and $1.43 million for a four-bedroom apartment, on a normal progress payment scheme.

The developer is releasing 210 units this weekend, comprising mostly two, three and four-bedroom apartments. The project has a total of 590 units in three 39-storey towers.

Choice Homes has invited business associates, NTUC union members and members of the public who have registered interest in the project for today's preview. The co-op is extending special benefits to union members for a 'limited period during the preview'.

Each member who buys a Trevista unit will be given 55,000 LinkPoints as well as one of three other benefits, each worth up to $6,000 - a free NTUC Income Mortgage Protection Plan; an integrated fridge; or a family cash rebate for union members living near their parents or children residing in Toa Payoh or for multiple family-purchases of units.

Trevista is being marketed by CB Richard Ellis and ERA.

Over in the Mount Sinai area, Singapore Land is previewing its freehold Trizon condo this weekend at between $1,300 and $1,500 psf. However, prices are likely to be lower for ground-floor units with private enclosed space.

SingLand is offering only a normal progress payment scheme. It is developing the 24-storey condo, which will have 289 units, on the former Himiko Court site that it bought in May 2007 for $336 million. This works out to $821 psf of potential gross floor area, including an estimated $1.07 million development charge.

[azeoprop]

So still no price reduction in face of competition from Trevista? Starbuys?

[Condorich]

can dream about it from F.E.O...

Perhaps fire sales later on but don't expect much from developer. They can lease it out later and no need to sell hard.

[mezz72sg]

Y bother with FEO properties?

the high pricing, substandard quality and numerous unsold properties that are already donkey years old not enough to convince people?

[yowetan]

So those who bought centro are confirmed doom? I believe there will be a chance since the base cost of construction is always moving north. You cannot find any cheaper units other than those old resales unit.

[blueb]

So still no price reduction in face of competition from Trevista? Starbuys?

Don't hold out hope for starbuys. They can hold and hold and slowly sell. Look in the forums for past discussions on Bishan 8 and Rafflesia.

Best bet is subsale.

[Honesty]

So those who bought centro are confirmed doom? I believe there will be a chance since the base cost of construction is always moving north. You cannot find any cheaper units other than those old resales unit.

The construction is going north but is your wages also going north????

If not, nobody can afford to pay those prices.

Soon the developer will need to match what the maket can afford.

[azeoprop]

Looks like this project is the current pricing benchmark for bad sales...haa haa.

[moneyspinner]

Looks like this project is the current pricing benchmark for bad sales...haa haa.

No problem. Uncle Ng TF can afford!

[amk]

So those who bought centro are confirmed doom? I believe there will be a chance since the base cost of construction is always moving north. You cannot find any cheaper units other than those old resales unit.

being objective, I think Centro will be like Bishan 8, you need at least 10/15ys horizon to be even. Centro land price 600, estimate construction cost 270, the total cost is about 870. FEO could have sold it at 1000psf, at this price, although still high, will not be so atrocious, and for some there might have a value. But FEO did it 1150. At this price it fully prices in the future potential upside. So as a buyer, you straight away give back you potential capital gain to FEO, and that's already on the premise pty market is going up. This is the problem of FEO projects. Always 20% above the market. And they really can hold for 15 years no problem.

[Daniel_Yee]

that is why dun buy lor.. got so many more condos around, why must buy centro? not as if the location damn great like this nor it is having some spectacular view.

being objective, I think Centro will be like Bishan 8, you need at least 10/15ys horizon to be even. Centro land price 600, estimate construction cost 270, the total cost is about 870. FEO could have sold it at 1000psf, at this price, although still high, will not be so atrocious, and for some there might have a value. But FEO did it 1150. At this price it fully prices in the future potential upside. So as a buyer, you straight away give back you potential capital gain to FEO, and that's already on the premise pty market is going up. This is the problem of FEO projects. Always 20% above the market. And they really can hold for 15 years no problem.

[tokbooncheng]

that is why dun buy lor.. got so many more condos around, why must buy centro? not as if the location damn great like this nor it is having some spectacular view.

What i notice for FEO project is that they will price their homes
much higher than the market & sell slowly. If can't sell well... they
can hold (rent out the units when ready) until the next round when people go
crazy again. They have so much $$$ so no worries if slow sale there
is always the next cycle...

[Honesty]

What i notice for FEO project is that they will price their homes
much higher than the market & sell slowly. If can't sell well... they
can hold (rent out the units when ready) until the next round when people go
crazy again. They have so much $$$ so no worries if slow sale there
is always the next cycle...

Any idea how many units sold so far?

[tick]

I stay in G8 and everyday when i drive past the show room, it seems like the showroom is a deadtown...the agents are sitting there to "beat mosquitos"...

[Condorich]

Some recents deals at G8 are at a record high price. Time to cash out before the tides change?

[tokbooncheng]

Any idea how many units sold so far?

Base on URA records slightly more than half of units launch are being sold.
Launch is about 180+ units of what i remember. This imo quite good sale
already.

[tokbooncheng]

I stay in G8 and everyday when i drive past the show room, it seems like the showroom is a deadtown...the agents are sitting there to "beat mosquitos"...

No worries for FEO... as their Chairman is again name Singapore richest man with estimate US$8Billions of assets. Correct me if i am wrong.

[Honesty]

No worries for FEO... as their Chairman is again name Singapore richest man with estimate US$8Billions of assets. Correct me if i am wrong.

Good Luck man...anyway, so rich no hurry to sell....but poor agents....waste time everyday.

[tick]

Good Luck man...anyway, so rich no hurry to sell....but poor agents....waste time everyday.

Think of it....who's gonna pay for the agents to sit there, and the showflat......it's all factor into the cost price of the condo, correct? which means are the potential suckers....

[cheerful]

Think of it....who's gonna pay for the agents to sit there, and the showflat......it's all factor into the cost price of the condo, correct? which means are the potential suckers....

Maybe the core sales team do get abit of fees for being the main agent, else for some projects that have more than an agency to do the mkting, who wanna go in unless it's a sure-sell?

Think agents generally have their other biz outside the showflats, else can die rotting liao ... the core sales team can station at one showflat & then do up their own roster

[cheerful]

Base on URA records slightly more than half of units launch are being sold.
Launch is about 180+ units of what i remember. This imo quite good sale
already.

For the mth of July, 87/180 pretty good ... perhaps by now, slightly more?

[bargain hunter]

let's see tomorrow's monthly sales update. maybe some returned units?

For the mth of July, 87/180 pretty good ... perhaps by now, slightly more?

[cheerful]

let's see tomorrow's monthly sales update. maybe some returned units?

yup, maybe can get some 4D new idea .. but don't think can set another record lah

[bargain hunter]

the number sure smaller, but sure 4D, maybe we can attempt to guess, 1818? hee i feel no. should be below 2000.

yup, maybe can get some 4D new idea .. but don't think can set another record lah

[andy]

For the mth of July, 87/180 pretty good ... perhaps by now, slightly more?

Do you know what would be the rental one can get for these 800-900sqft units?

[cheerful]

Do you know what would be the rental one can get for these 800-900sqft units?

beats me ... is this abt Centro? Not exactly interested leh

[tick]

with Marlboro Tan's annoucement of the latest schemes to curb property speculations, think the showroom can close down already as there will be no more suckers who can speculate and buy Centro at $1,200 psf ridiculous pricing !!

[ksh]

I stay in G8 and everyday when i drive past the show room, it seems like the showroom is a deadtown...the agents are sitting there to "beat mosquitos"...

Its a fault their own now that this development received bad
impressions...

[bargain hunter]

new 4D no. 1699. i am slightly off the mark with my 1818 guess.

yup, maybe can get some 4D new idea .. but don't think can set another record lah

[cheerful]

new 4D no. 1699. i am slightly off the mark with my 1818 guess.

LOL ... bro, a bit off only lah ... but the number is stil somewat 'encouraging' mah; to think half of last mth actually lunar seventh mth leh, not bad liao lor