Anyone know how is the sales in ONR? the knightfrank agents are always hanging around project.
Any advice should we buy? Agents, pls do not reply, thanks
Newbie
Anyone know how is the sales in ONR? the knightfrank agents are always hanging around project.
Any advice should we buy? Agents, pls do not reply, thanks
Senior
my friend rented a 4 bedroom unit there ... only 1700 -ish sqft ..very smallOriginally Posted by esurprise
the concept of One north is good ... if govt really develope the whole area ..it will be a very good location ..but until then .. its a neither here nor there condo
Junior
How much ur frend rented the 4 bedder for? 4 rm 1700 sq ft seems ok leh. Coz my sis told tat an agency contacted her for corporate lease for her studio @ $3k which seems to be a gd deal..she din follow up though coz buying for stay
F01 N54 Sheer Driving Pleasure
Pssst, want to buy ‘fraction’ of a condo?
The Business Times
Monday, 28 September 2009
A new way of selling condominium units here has emerged amid the recent resurgence in the property market.
Registered three months ago, Primespace Investments Pte Ltd is marketing ’shares’ in apartments to investors with at least $62,000 to spare.
It has two studio units available – one at One-North Residences in Buona Vista and the other at One Shenton near Raffles Place.
While Primespace says it is selling ‘fractional ownership’, investors will not own the properties directly. The apartments will be bought and held by other private limited companies, and what investors pay for are shares in those vehicles. BT understands investors will not lodge caveats on the properties.
Each of these companies’ share capital will be split into 15 lots. An investor has to pay $62,000 for one lot in the company which owns the One-North unit, or $110,000 for one lot in the company that owns the One Shenton unit.
After the share capital is allotted to investors, Primespace will continue to manage and rent out the properties. It says it will distribute rental income to investors every year, and it is offering a guaranteed yield of 5% for the first year of investment. If an apartment’s value increases by ‘a certain level (usually 40%)’, Primespace will sell it and share the profit among investors.
Investors who wish to cash out before the homes are sold can sell their shares to other people. Or they can turn to Primespace, which says on its website that it guarantees repurchase of the shares ‘after a minimum commitment period (two years for most projects)… at fair market value less a re-marketing fee.’
The idea of pooling funds to invest in property is not new here – many friends and relatives already do it. But Primespace’s business is uncommon in that it lets strangers invest jointly in condominium units. It works like an unlisted property trust, which is more familiar to investors in countries such as Australia.
Primespace says its model allows those who ‘could not otherwise afford or choose to purchase’ property to still invest in it. Property consultants BT spoke to agree this is an advantage, especially in light of the downturn. But they also point out the drawbacks of investing in such private vehicles. For instance, investors may not have much say over the management, leasing and maintenance of the apartments, and they may find it hard to trade their shares.
Market watchers also urge investors to do thorough research. ‘Reputation, years of related experience and the track record of the offering company is critical,’ said Cushman & Wakefield Singapore managing director Donald Han. ‘Investors are depending on its capability and experience to generate maximum returns,’ said Mr Han.
Primespace’s website offers no details about its management. The firm is registered with the Accounting and Corporate Regulatory Authority and records show its director is Trisha Suresh, who could be 24.
The Consumers Association of Singapore (Case) executive director Seah Seng Choon said the investment model is not regulated and investors need to be cautious. For example, they should ensure that companies offering ‘fractional ownership’ cannot sell more than the agreed number of shares.
Chesterton Suntec International research and consultancy director Colin Tan says there are more safeguards for investors in listed real estate investment trusts. Those invested in private vehicles ‘may have to resort to costly litigation if things don’t pan out the way they expected,’ he says.
BT contacted Primespace to find out more about its business, but the firm declined to comment.
Banned
Dear all,
My clients from overseas are coming to Singapore on Mid October to invest in private residential properties. One North Residences is one of their choice condo.
Their requirements are as follows:
1) 2 bedrooms or smaller;
2) Regular shaped interior;
3) Attractive pricing;
4) Floor Plan required;
5) Interior photos provided will be wonderful
Call me at +65-92993342 or email property details including floor plan & interior pictures to [email protected] before Thursday, 8 Oct 2009 3pm.
Newbie
richard, u should go and f*** your m*****. Spoilt all the thread with you stupid f*** advertisement
Junior
Looks like ONR just broke the $1300psf barrier today, amazing price level at this location
Senior
Looks like ONR just broke the $1300psf barrier today, amazing price level at this location
hhhmmm i am not sure about the fair value ...
but when i was back in spore last 2 weekls ..i actually stayed there at One North ..
i must say the environment is nice .. so near the main road and yet absolutely serene ...
on the other hand Rochestor will be super noisy
Newbie
Oh, broke $1300 barrier? for a 3+1 rm?? Greater upside when One-Rochester and Rock-Capitaland shopping centres + Mediapolis hub complete. Definitely a better investment buy than The Vision.
Newbie
Why better than Vision???? No amenities, far walk from bus stop and MRT, further from NUS, Sentosa, IR, no seaview?? Need i say more?
Newbie
Oh, visited my friend at One-North Res. It's just set back from main road facing One-Rochester. Accessible to Rochester area and Buona Vista MRT via a walk-thru road. We took about 8 mins to BV MRT and another 5 mins to Holland Village for makan. It is only opposite and closer to One-North MRT under construction (Stage 4). Saw quite a fair bit of expat in the residence which is surrounded by One-North Park and Nepal Hill, hence the serenity.
To each its own, differing views.Cheers
Junior
Studio unit
Senior
correct there are still 2/3 bedder selling at 1100 psf .
i believe ONR has potential ..especially when One rochestor is up ..
people will start to compare the surrounding ...
rochestor maybe naerer to MRT ..but its also near main road, noisy n dusty .. while One north , across the main road ..is quiet ..
i personal prefer One north ... in fact .. i am cosidering buying a unit there, as investment ..
and this is the first and only 99 LH project that i considering buying .. my investments so far are all FH ...
Newbie
A few agents confirmed a 3+1 rm (abt 1,300 sqft) done at $1250 psf just 3 days ago. So I thought another done at $1,300 psf as earlier posted.
Proud Owner - if you have lobang to look at a good unit at $1100 psf+, better act fast before this transaction get caveated! Good luck...
Junior
I know the studio is transacted above 1300psf becoz it was my sis's unit which was recently sold
F01 N54 Sheer Driving Pleasure
Singapore plans Greenwich-style hedge-fund area at Nepal Hill
The Edge
Friday, 5 March 2010, 10:05
Bloomberg says Singapore is planning to create its own hedge-fund capital modelled after Greenwich, Connecticut, in a cluster of ex-British army homes called Nepal Hill, a 15-minute cab-ride from the city-state’s main banking district.
The Monetary Authority of Singapore (MAS) and JTC Corp. — the government agency developing and marketing the project in Nepal Hill — has quietly asked hedge fund managers in January to visit the district’s so-called black-and-white bungalows, named for their white-washed walls and dark timber frames, according to a copy of the invitation obtained by Bloomberg News.
The proposed cluster follows tax and regulatory incentives that have made it easier for funds to set up shop on the island than in Asian cities such as Hong Kong and Tokyo, helping the industry grow from near zero in 1997 to almost 140 firms today.
F01 N54 Sheer Driving Pleasure
One North Residences has a nëw hïgh of $1,301 psf!I know the studio is transacted above 1300psf becoz it was my sis's unit which was recently sold
One North Residences
Address ................................ psf ............... Area ........ Price ......... Contract Date
7 One-North Gateway #09-05 .... $1,301 psf .... 592 sqft .... $770,000 .... 27 Apr 10
Newbie
Some birds chirping last done at $1367psf.... cheers
Newbie
Wow, last done at $1,417 psf already...Amazing.
Newbie
Are there any plans by government to build other developments near Bueno Vista? Seems like there are only One North Residences and The Rochester. I really like the serenity and beauty of that area.
Looks like have to be one of these. But the new measures are hurting genuine home buyers from getting a unit
Exalted
this area getting hot? mediapolis...hehe
wats the profile of the tenants at 1 north res currently?
Junior
Local families, ang moh expats, asian expats
Junior
WhAt is the latest development on one north? Will prices go up after capitaland culural centre opens?
Any complaints please PM me
http://www.straitstimes.com/Money/St...ry_678253.html
Jun 10, 2011
Owners' loft plans for units derailed
They bought thinking they could build extra level but find permission denied
By Esther Teo, Property Reporter
Twelve home owners of One North Residences in Buona Vista say sales agents had told them they could build a loft in their homes but they were later denied permission to do so. -- PHOTO: UOL
A GROUP of 12 home owners of One North Residences in Buona Vista have banded together to seek compensation from the property developer.
The dispute, over whether they are allowed to build another level within their units, has thrown the spotlight on a grey area of what constitutes a 'loft'.
All 12 bought one-bedroom simplexes - single-level units with high ceilings - when the project was launched in 2007 by Vista Development, a joint venture between property-related companies UOL Group, Low Keng Huat and Kheng Leong.
Collectively, they own 13 of the 27 simplex units in the 405-unit development.
The owners claim that sales agents had told them during the marketing phase that they could build a mezzanine floor in their simplex unit but that they were later denied permission to do so when the project was completed.
They also say that the floor-to-ceiling height of their completed units is only 4.7m, a shade lower than the 5m they were promised when they bought their units. One of the owners said marketing materials used by sales agents stated the height as 5m, although these materials were not distributed to buyers.
The dispute has now reached a stalemate, with Vista Development denying all claims. But it throws the spotlight on an area of ambiguity - lofts - where home buyers are unsure what exactly is permissible under the law.
In an interview with The Straits Times, three of the simplex owners said the project's showflat had featured a loft-styled duplex unit and not a simplex unit when the project was launched in March 2007.
However, they claim the sales agents told them that if they bought a simplex unit, they could similarly build a mezzanine floor after the unit was completed to have it look like the duplex.
This would increase the unit's size by at least 50 per cent and was a much cheaper alternative as it meant that the unit per sq ft (psf) price would be brought down.
For example, one of the owners, who declined to be named, had paid $598,000 - or $1,157 psf - for a 517 sq ft simplex unit. He said that he was told by an agent that a mezzanine floor could be built for about $40,000, enlarging the apartment size to about 800 sq ft and bringing down the unit price to about $798 psf.
This was lower than the $800 to $900 psf being charged for the other units and seemed like a good deal at the time.
However, when the owners collected their keys in mid-2009 and tried to obtain approval from the management office to commence construction, they were told that the developer had already built to the maximum gross floor area (GFA) and that it would be illegal for them to build a mezzanine level.
While a second mezzanine level is not possible, it appears that a smaller platform-like structure is allowed as long as it can be dismantled. This is because it is seen as part of the interior design of the unit. However, the owners are not keen on this alternative.
Some of the simplex unit owners contacted one another and lodged a complaint to Vista in January last year. They found that similar promises had been made to all of them.
They claim that Vista said the simplexes' dearer prices were due to their higher ceiling height, which made the apartment more spacious, and the better views.
The 12 owners decided to band together to seek legal advice.
In July last year, all 12 owners put their names down on a notice listing their grievances and sent it to Vista through their lawyers.
Vista replied a month later denying all claims.
The group recently filed a complaint with the Council for Estate Agencies (CEA) and the Urban Redevelopment Authority (URA). They also approached the Consumers Association of Singapore (Case) but were told that Case was not an appropriate avenue to turn to for such a big issue.
'There's no clear line of authority or government body for buyers like us to take our grievances to,' one of the owners added. They are now undecided whether to proceed with legal action due to the costs that might be incurred.
When contacted by The Straits Times, Vista said that it had conducted detailed investigations with its marketing agents, Knight Frank and Savills, who said that they did not make the representations as alleged by the owners.
'We have no reason to believe that the sales agents would have represented that a mezzanine floor can be constructed in a simplex unit, as such construction would involve an increase of gross floor area, and requires prior planning permission from the URA,' the consortium said.
'Any developer would have planned to maximise the GFA of the development and planning permission would have been obtained from the URA prior to marketing the development. We are no exception.'
Vista added: 'As part of our efforts to reach out to customers, we had also actively engaged these few buyers on the issue but have not received a response from them since August last year.'
On the issue of ceiling height, it said that the units were constructed according to the building plans approved by the authorities and that the units were sold according to specifications shown in the sales brochure.
On its part, the URA said that it evaluates proposals to build lofts in apartments on a case-by- case basis.
The URA confirmed that it had received a complaint but declined to comment further as investigations were ongoing.
Owners, developers and architects have to provide details of the proposed loft structures for URA's evaluation to determine whether planning permission is required.
'As a principle, large loft structures that form part of the structural element of the building, such as mezzanine floors, are considered part of the GFA of the development and will require planning permission from the URA,' it said.
If the site has already fully maximised its allowable gross plot ratio (GPR) as stipulated in the 2008 masterplan, however, the additional loft structure will not be allowed.
On the other hand, furniture or fixtures - they do not form part of the structural element of the building - which are about the size of a normal bed will not constitute GFA nor require planning permission, URA said.
Any such structure, however, will also have to comply with the requirements of other relevant technical agencies.
Vista is 50 per cent owned by Kheng Leong, which marketed the project. UOL holds 30 per cent and the remainder is owned by Low Keng Huat.
[email protected]
Newbie
Hi,
Anyone knows how long it takes to walk to Buona Vista MRT, do we cut across NTU-Alumni? Any shuttle bus service?
Thanks alot!
Go for Smallest Unit
Hot area... Can enter if price is right.
Junior
no settle service, walking distance definitely walkable about 7mins
Junior
Do you think it will live up to it's hype? Still looks quit dead at night and werkends
Global recession is coming....
One North very jia liat! Many of the units just border along roads, people walking past can look into the units clearly. Also, I heard people say toilets have no windows to open to outside for ventilation (is this true?). ON seems like HDB flats to me!
Go for Smallest Unit
Ok, buy CCR only..
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