You are really stupid! Your value is dropping while mine is not. That's why I am so happy to see your sour face. Ha ha! Loser!Originally Posted by UnregĄstered
You are really stupid! Your value is dropping while mine is not. That's why I am so happy to see your sour face. Ha ha! Loser!
hi forumers, ignore the few to-and-fro nonsensical posts above from me. i still can't get over the Novena dumbass that bonked my mother FOC. Please give me my medicine......
for heaven sake, get lost !!hi forumers, ignore the few to-and-fro nonsensical posts above from me. i still can't get over the Novena dumbass that bonked my mother FOC. Please give me my medicine......
Are we near the kind of economic difficulty faced during the Great Depression? The US economy today is much stronger than it was in 1929 and the fundamentals are still pretty strong regardless of the crisis we're in.
If you look at the numbers, they are so dramatically different. GDP growth in the US is about 1% and I'm sure it will fall but it is nothing like the -27% during the Great Depression. Unemployment is about 6.1%, but during the Great Depression it was 25%.
Today's world is very different from the Great Depression period - there is greater linkage between fiscal policies and the economy than before and all policymakers are working together. So we are not even close to the level of difficulties faced then.
Ha ha! He will be back!
Yah!
Don't be too happy!
Everyone is a loser here.
Only IRAS is the big winner who is smiling now!
Property sub-sales net $95m profits
Third-quarter showing still strong but market will soften soon: Experts
Fiona Chan
Property Reporter
Wednesday, 22 October 2008
Private home prices may have slid in the third quarter but the sub-sale market was still going strong.
Ninety-six per cent of owners who resold an uncompleted home between July and last month pocketed profits from the deals, according to new data by property consultancy Savills Singapore.
These transactions, officially known as sub-sales, occur when you buy a home and resell it before it is built. They are used as a proxy for property speculation because the owner resells the home without ever living in it.
Only 12 sub-sale transactions out of the 306 that Savills analysed in the quarter incurred a loss, amounting to just under $1 million of red ink. The rest made a total of $95.1 million in gains, Savills said.
This continues the trend in the first half of the year, when 97% of such deals turned in profits. But the profits seen in the third quarter were considerably narrower as home prices started softening more quickly.
Profitable sub-sellers made an average of $323,420 in the third quarter, but this was skewed upwards by a single large deal: a whopping $6.7 million profit from the sale of a 63rd-storey penthouse at The Sail @ Marina Bay.
Excluding this sale, the average gain was $301,784 - almost 40% lower than the average gain in the first half of the year. It works out to an average profit for each seller of about 30% over the purchase price.
Still, 'to be able to achieve such gains in a year when the property market has gone into a standstill is highly commendable', said Mr Ku Swee Yong, director of business development and marketing at Savills Singapore.
But in case would-be speculators become tempted by these gains, other consultants noted that the bulk of these deals probably occurred before the Sept 14 collapse of United States investment bank Lehman Brothers, which caused the financial crisis to take a sudden turn for the worse.
'The real estate market typically lags behind the stock market by six months or more, so we will probably start to see the real effect early next year,' said Mr Nicholas Mak, director of research and consultancy at Knight Frank.
'These profitable sub-sale transactions took place before the market hit the skids. It is extremely risky to go and speculate in the market right now.'
Most sellers who made a profit in the third quarter had originally bought their units in the last two years and benefited from the sharp run-up in prices in the period, said Mr Ku. While values have weakened somewhat this year, they are still generally higher than in 2006.
Sellers who held on to their units for a longer time before reselling them in the third quarter made more gains, Savills' data showed. Even those who had bought a unit as late as this year and offloaded it in the third quarter made an average gain of $98,600.
If they had sold the unit in the first half of the year, however, they would probably have doubled their gain.
The biggest profits of more than $1 million each were for units at The Sail @ Marina Bay, St Regis Residences and Cairnhill Residences.
On the flip side, sub-sale losses for the quarter averaged $76,820 for each loss-making deal. A unit at Watermark Robertson Quay chalked up the biggest loss of $207,552, while units at Soleil @ Sinaran, 8 @ Mt Sophia and One Amber were also sold at losses of more than $100,000 each.
All the losses were for units that had been bought last year or this year, according to Savills' data. Sub-sellers who had bought their units at the peak of property fever, between June and September last year, bled the most.
'In any case, there are always desperate sale cases even during good times,' Mr Ku noted.
The Sail @ Marina Bay had the largest number of sub-sales in the quarter - 19 - with each deal netting its seller an average profit of $1.1 million. There was one loss, of $62,890, for a second-floor unit.
Other projects with more than 10 sub-sales included Parc Emily in Dhoby Ghaut, Park Infinia at Wee Nam, Riveredge in Tanjong Rhu and The Esta in Marine Parade.
But the profits were not just confined to developments in the prime districts.
At Casa Merah in Tanah Merah, 10 sub-sales yielded an average profit of $100,351, while Atrium Residences in Geylang saw four sub-sales with an average gain of $54,556.
Waiting for One-North to hit $500...!
Aiyah! Go queue up and buy a HDB flat at $500psf lah. More practical!
$500psf for One North not possible lah.....$700 - $750psf looks on track.
Wah!
A project in the midst of one-north and next to one-north MRT station selling at the same price as a lousy project in Pasir Ris?
If this is true, no need to wait.
I "on" liao lah!
dun talk big la !!
before u can do anything, i would have grabbed already !!
siow !!
one-north MRT project sells at 75% of D19 99leasehold project price, still wait for you ??
Exactly! Some cocks just like to talk cock!
Looks like the property prices will hold for a while due to interest rate cuts
Newbie
So simple also dunno, coz the lousy proj at PR that were sold for $650 psf were over-priced. A more reasonable px would be $400 psf for such projects. Thus $700-750 psf for One-North is possible.
Private condo sell at HDB's $400psf?
What happened to your peanut brain?
Stopped working?
Why not say private condo sell below HDB price?
Use your brain lah, idiot!
Talk cock here!
$400 psf ??
sure or not ??
that is hdb price you know ??
so many queuing for hdb flats now
if condo same price as hdb they would have bought condo .
don't joke lah !!
Relax! Just joking with you lah!
Anyway, all eyes are on the next Jurong condo selling at $1,000psf.
Wow!Relax! Just joking with you lah!
Anyway, all eyes are on the next Jurong condo selling at $1,000psf.
one-north MRT project selling at half the price of Jurong $1,000psf!
I want, I want!
Wow!
one-north MRT project selling at half the price of Jurong $1,000psf!
I want, I want!
Newbie
Getting nervous with hot potato or no property deals to close, now too free so go around scold people
Of coz the price of HDB will also drop lah. Guess u were too young to remember that people used to think with new EC px below Pte Condos back in the 90s, no way can Pte Condo px drop below EC. But it did happened and most EC owners still can't recover the capital plus interests costs if you were to buy at Peak.
The issue here is current asking px is still high but soon it will drop. I just viewed a 3 bedder unit at Park Infinia going for $1180 psf. Tell me, at this px, why would I want to buy all those West Coast (The Parc for eg) and One North Properties at above $1k psf? Another 2 bedder unit at Lincoln Modern going for $1,100 psf. There are just so many people trying to cash out AND at reduced asking price.
I'm rubbing my hands now, lets see who has the last laugh
So trying to tell the world you are very rich ah? By the time you have made enough to buy, we would have bought a few. People who can buy don't tell others they are buying. The one who uses his mouth never buy. Nowaday, people are getting more and more boastful. Sign!Getting nervous with hot potato or no property deals to close, now too free so go around scold people
Of coz the price of HDB will also drop lah. Guess u were too young to remember that people used to think with new EC px below Pte Condos back in the 90s, no way can Pte Condo px drop below EC. But it did happened and most EC owners still can't recover the capital plus interests costs if you were to buy at Peak.
The issue here is current asking px is still high but soon it will drop. I just viewed a 3 bedder unit at Park Infinia going for $1180 psf. Tell me, at this px, why would I want to buy all those West Coast (The Parc for eg) and One North Properties at above $1k psf? Another 2 bedder unit at Lincoln Modern going for $1,100 psf. There are just so many people trying to cash out AND at reduced asking price.
I'm rubbing my hands now, lets see who has the last laugh
Can lower HDB selling price?Getting nervous with hot potato or no property deals to close, now too free so go around scold people
Of coz the price of HDB will also drop lah. Guess u were too young to remember that people used to think with new EC px below Pte Condos back in the 90s, no way can Pte Condo px drop below EC. But it did happened and most EC owners still can't recover the capital plus interests costs if you were to buy at Peak.
The issue here is current asking px is still high but soon it will drop. I just viewed a 3 bedder unit at Park Infinia going for $1180 psf. Tell me, at this px, why would I want to buy all those West Coast (The Parc for eg) and One North Properties at above $1k psf? Another 2 bedder unit at Lincoln Modern going for $1,100 psf. There are just so many people trying to cash out AND at reduced asking price.
I'm rubbing my hands now, lets see who has the last laugh
Wah! You seems powerful leh!
Which department in HDB are you from?
He is the CEO of HDB. Don't play play with him!
When he feels like sabotaging the economy and 80% of the population, he will lower the HDB flat price.
Newbie
Honestly, I'm not trying to tell the world I'm rich. I'm just speaking facts and I seriously think the asking px of many people are still very high. Well, just becoz you have bought at $900 or above $1k psf in D5, doesn't mean that you have to sell above the purchase px.
Just becoz developer tried to sell Pasir Ris at $650 psf AND haven't finish selling the remaining units or revised the px, doesn't mean that D5 px can't drop.
There is really nothing to <sign> about and I also dun think I'm boasting at all. All I know is developer is starting to slash px already. If Leonie Hill (Luma) can drop to $1,450, tell me why should I pay $1200-1500 for Newton. Soon Newton, Novena and River Valley will tread down to $1k or below. Then you tell me, how can D5 be asking $1k psf? Which explains my $700 psf px estimation for D5. And if D5 is going for $700 psf, I can only imagine Woodlands, Pasir Ris properties px to be below $500 psf.
If you're one of those stuck with a hot potato, it would be nice of you to recognise you were greedy before instead of getting angry with others who try to warn others or you that px can still go down.
If you're an agent, you should even encourage your sellers and developers that px should be revised down. Otherwise, you will not be able to close any deals as buyers are in no hurry to part with their cash.
And if you're a developer who has bought enbloc sites at 06-07 high px, then you better start informing your CFO to make provision for asset write-downs quickly. Bite the bitter pill now while all news are bad anyway, investors will understand.
Ordinary
Public housing prices will not drop due to economic reasons. I am sure you know the reasons behind since you sound like one that can make a good government with good policy.
I don't believe condo prices can fall below public housing prices.
Will condo price fall? Yes.
Will public flat price fall? No.
Will condo price go below public flat price? No.
I am interested in the policy you would implement if you are the government.
Newbie
You really don't have to patronise me with the 1st para. But anyway, coming back to your 2 statements:-
1) Will public flat price fall? No.
2) Will condo price go below public flat price? No.
There is actually still a significant price gap in the plain vanillia public flats and mass condos px. Take executive flats in Pasis Ris as an eg. They are currently transacting at average $330 psf while Livia is asking $650 psf. Same for Woodlands. The Exec flats there are around $300 psf and Rose Suites are going for $600 psf.
While some people will point to the high asking px of DBSS flats like Natura Loft as support level, we all know these are just initial asking px set by the developer and not HDB. So give it some time, when there are no takers, px can only go down. And some people will argue that land px is X + the high construction costs will by Y so eventually property px will be a high Z. But we now know construction costs WILL go down. Even CDL is betting it will go down and thus deferring South Beach. As for land px bought from govt and enbloc people? Well, there is no guarantee clause in these contracts that provides for a min value. So if the developers cannot sell the properties, they will have to write down the land-values. This writing down of land banks happens all the time. It happened in 98, 2000, and 2003 to big and small developers.
The truth of the matter is plenty of people will lose their jobs and some of these stays in condos. They will have no choice but to downgrade to HDBs, either by selling their condo (if they have been keeping 2 properties) or just simply downgrade. While this may seem to point to increase demand for HDB flats, but the real situation is not so simple because some of the retrenched also stay in HDB and if they stay in 5rm or Exec flats, they can downgrade to 3-4rm or move further from town.
In addition, there will also be less demand from PR coming to Sg due to the global recession that is hitting us now and in the mid-term. Mind you, the real recession has not hit us actually. Its now mainly concentrated among the financial sectors. Once it hits main street, we will see the real recession when not just banks, but bricks and mortar companies also announce retrenchments.
At the end of the day, there is still room for condo px to go down closer to public px. It has happened before to EC flats px back in the late 90s-2000. And it will happen to DBSS flats.
Last edited by Farnie; 15-11-08 at 07:43.
F01 N54 Sheer Driving Pleasure
Government has learnt a lesson on HDB prices from last crisis.
Newbie
hi,
u can see the construction progress through this website.It is 720 degree virtual tour.
http://www.virtualhomes.sg/one-northresidences
F01 N54 Sheer Driving Pleasure
No way condo can go below HDB flat.
Newbie
Anyone have any idea when the expected TOP of OneNorth will be? Little concerned about getting financing for the property especially after reading today's article in Straits Times which mentions that Banks may not loan the amount you wish to take for the property due to them revising down property prices in the current market condition.
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