Hundred Trees (Former Hong Leong Garden @West Coast Drive)

[Condorich]

hv cash 2m buy pty of 10m? thats means the 2m cash kena wiped out liao...
to me is too risky liao

That's not his point. Obviously the bank would have done its checks.. It is likely to be the case that he has 2 million in cash and another 5 million or more in assets to secure that 10 million loan.

The point is, leverage on low interest rate to take advantage of it. Instead of putting all the money in at once.

[pmet]

hv cash 2m buy pty of 10m? thats means the 2m cash kena wiped out liao...
to me is too risky liao

That's why you know if the property market ever crashes, these "elites" will go hard on the govt

Elites are more impt to the govt than peasants. So you know why the govt die die also must keep the property market up and healthy.

[calvenng]

That's not his point. Obviously the bank would have done its checks.. It is likely to be the case that he has 2 million in cash and another 5 million or more in assets to secure that 10 million loan.

The point is, leverage on low interest rate to take advantage of it. Instead of putting all the money in at once.

Now a days the banks don't even checked as long as they stick to the govt rule of 80%.Using the purchased property as collateral is enough for them. Most banks even matched their valuation with whatever the transacted price. I have no income nor asset but still manage to get a 80% loan of the property just purchased recently.The loan officer just want to get the commission n the banks just want to increase their mkt share, they won't care whether the property mkt will crash or buyer can service the loan in future. I think the banks will be even more happy if the govt allow loans up to 99% of value.

[Condorich]

Now a days the banks don't even checked as long as they stick to the govt rule of 80%.Using the purchased property as collateral is enough for them. Most banks even matched their valuation with whatever the transacted price. I have no income nor asset but still manage to get a 80% loan of the property just purchased recently.The loan officer just want to get the commission n the banks just want to increase their mkt share, they won't care whether the property mkt will crash or buyer can service the loan in future. I think the banks will be even more happy if the govt allow loans up to 99% of value.

Not sure which bank would do just what you said. But well.. it can be true if they are desperate for deals or to increase their market share. 20% can be indeed sufficient for their risk. Some banks are more stringent than others.

Strange but no income nor asset will be able to get that 80% loan? Maybe you have a big bank balance. They are supposed to do their due diligence. But well....which bank may I ask?

[ocoloco79]

My brother went to a showflat at 813sanctuary to take a look. He was looking at a unit that cost 1.2mil. Bankers from UOB were stationed there hence the agent ask one of the banker over to do principal approval. Guess what? The bank did not require any info regarding my brother's financial status. She merely do some calculations and conclude that as long as my brother has a combine household income of 6K, he can afford the 1.2mil property!!! That is so unethical!!!!

[urban]

Most banks have an internal guideline on the ratio of mortgage payment vs monthly income where they use to approve loans.

However, i am not sure if they factor in the Interest Rate risk on mortgage payment when setting this ratio.

[teddybear]

Actually, your property is already the collateral!
The bank has a safety margin of 20% before it hits their pocket (though legally they can claim back any further loss from the owner). Banks now not so strict because property prices on uptrend and the uptrend looks intact at least for the next 2-3 years. Only when prices are falling and falling then they are scared. Property prices going up and up they not scared!

Now a days the banks don't even checked as long as they stick to the govt rule of 80%.Using the purchased property as collateral is enough for them. Most banks even matched their valuation with whatever the transacted price. I have no income nor asset but still manage to get a 80% loan of the property just purchased recently.The loan officer just want to get the commission n the banks just want to increase their mkt share, they won't care whether the property mkt will crash or buyer can service the loan in future. I think the banks will be even more happy if the govt allow loans up to 99% of value.

[Condorich]

My brother went to a showflat at 813sanctuary to take a look. He was looking at a unit that cost 1.2mil. Bankers from UOB were stationed there hence the agent ask one of the banker over to do principal approval. Guess what? The bank did not require any info regarding my brother's financial status. She merely do some calculations and conclude that as long as my brother has a combine household income of 6K, he can afford the 1.2mil property!!! That is so unethical!!!!

20%...is quite a lot of money right? Anyway bankers are friendly when you have the money, pretty nasty when you cannot pay. No heart and stone cold type... are you aware?

1 mil is $200k.... how long would be take an average folk to save $200k? Assuming $5k savings per month, it will take them 40 months. Slightly over 3 years... very painful. Buy 4D also need $100 big bet everytime if looking at 1st prize.

Back to loan, the loan officers there gives in principle approval. Don't take their word for it and exercise the option. The bank will follow up with you thereafter, asking you to submit IR8A, describe your current car/house loans and liabilities etc, look at CPF balances etc. They will issue you with a formal loan approval letter. You can negotiate for legal fee subsidy before they do that and only with the formal loan approval letter, you are then in a position to exercise the option granted. Otherwise, it could spell doom.

[ocoloco79]

20%...is quite a lot of money right? Anyway bankers are friendly when you have the money, pretty nasty when you cannot pay. No heart and stone cold type... are you aware?

1 mil is $200k.... how long would be take an average folk to save $200k? Assuming $5k savings per month, it will take them 40 months. Slightly over 3 years... very painful. Buy 4D also need $100 big bet everytime if looking at 1st prize.

The thing is, if any ignorant or naive folks who happen to inherit a sum of 200K from whatever souce and blur blur buy her statement by buying this 1.2mil property with an income of just $6K, then it will be suicide for the buyer! The banker should not paint the wrong picture..

[Condorich]

The thing is, if any ignorant or naive folks who happen to inherit a sum of 200K from whatever souce and blur blur buy her statement by buying this 1.2mil property with an income of just $6K, then it will be suicide for the buyer! The banker should not paint the wrong picture..

Haha, do you own research and make your own informed decisions. You can always depend on your trusted lawyer's advice (if he/she can be trusted). You know what I mean. But generally, they have your interest at heart.

That's the pitfall for any ignorant folk. As they say, you pay for the mistakes. Anyway forum talk is free... at least can get better informed.

[Douk]

Now a days the banks don't even checked as long as they stick to the govt rule of 80%.Using the purchased property as collateral is enough for them. Most banks even matched their valuation with whatever the transacted price. I have no income nor asset but still manage to get a 80% loan of the property just purchased recently.The loan officer just want to get the commission n the banks just want to increase their mkt share, they won't care whether the property mkt will crash or buyer can service the loan in future. I think the banks will be even more happy if the govt allow loans up to 99% of value.

Family connections ?

[azeoprop]

The thing is, if any ignorant or naive folks who happen to inherit a sum of 200K from whatever souce and blur blur buy her statement by buying this 1.2mil property with an income of just $6K, then it will be suicide for the buyer! The banker should not paint the wrong picture..

Sounds like another sub prime crisis in the making....this time in Asia.
2012 or 2013?

[stalingrad]

Sounds like another sub prime crisis in the making....this time in Asia.
2012 or 2013?

indeed. it is really scary, and getting scarier by the day. Just check how many condos are for sale on propertyguru.com across the island. the parc condo alone, in d5, has almost 1000 units for sale, for a project that has only 600 plus units.

Condos are selling only in developers' launches, not in resale market. people are buying to flip, not to own. What does that tell you? It is just people speculating. it is bigger than the real casino at Sentosa and marina bay.

[jonleelk]

back to Hundred Trees...

A friend just bought a 3+1 unit recently for ~1.2M. According to the agent that was serving him, only 3 balance units available.

Now it is 2.

[Condorich]

indeed. it is really scary, and getting scarier by the day. Just check how many condos are for sale on propertyguru.com across the island. the parc condo alone, in d5, has almost 1000 units for sale, for a project that has only 600 plus units.

Condos are selling only in developers' launches, not in resale market. people are buying to flip, not to own. What does that tell you? It is just people speculating. it is bigger than the real casino at Sentosa and marina bay.

Your posts have improved a lot, at least to me. Great work and good inputs.

Don't worry about the listings, they are likely to be duplicated, plus some fake listings. Some agents list even when they don't have any units there... what the #$%@$


You might want to ignore the extreme cheap or extreme expansive ones. The real ones are the ones in between them.

[teddybear]

The extremely cheap ones are fishing for buyers contacts lah! Experienced too many of these already. The really cheap ones usually don't appear on the internet. If so cheap then the agents, their family members, their relatives, their friends, and finally their close clients will have already knew and given a chance to decide whether they want to buy or not first (something in that order of priority) before broadcasting out to others.

Your posts have improved a lot, at least to me. Great work and good inputs.

Don't worry about the listings, they are likely to be duplicated, plus some fake listings. Some agents list even when they don't have any units there... what the #$%@$


You might want to ignore the extreme cheap or extreme expansive ones. The real ones are the ones in between them.

[jwong71]

The extremely cheap ones are fishing for buyers contacts lah! Experienced too many of these already. The really cheap ones usually don't appear on the internet. If so cheap then the agents, their family members, their relatives, their friends, and finally their close clients will have already knew and given a chance to decide whether they want to buy or not first (something in that order of priority) before broadcasting out to others.

that's right,smtimes i do get gd deal from agents. and is not even listed on the papers,or on the web.

recently i sold the infiniti,with 10+ agents adversting on the propertyguru. some at 970k-1mil. that makeup for the multiple ads for 1unit

[kane]

10+ agents for one property? No wonder we have 1000 for the parc. Every agent is probably feeding off other agents' sale.

[urban]

10+ agents for one property? No wonder we have 1000 for the parc. Every agent is probably feeding off other agents' sale.

A lot of them have different agents working under the same agency advertise for the unit on a rotational basis so that the ads 'appear' fresh.

[Condorich]

A lot of them have different agents working under the same agency advertise for the unit on a rotational basis so that the ads 'appear' fresh.

The same 1 property could be advertised for months and years in this manner

Agent A - 3 Months at 850k
Agent B - 3 Months at 900k
Agent C - 3 months at 950k
Agent D - 3 month sat 1000k
Agent E ...

Like that even if no deals... you would think that price is rising.. the reverse is true if they want the owners to lower their price... no buyer cut asking.... Then you have a combo.. sometimes high, sometimes low and sometimes withdrawn (chaos pricing). That one is to cause confusion to the novice buyers lah. It's all a big GAME of flywheel pricing, just like those shopping center lucky draw... give it a spin and see where it lands.. Win big if landed at the higher price... walk away with cheaper prices if deal closed at less than desired pricing.

Beware the other more advanced methods..

[smallant]

The usual marketing gimmicks tat the mkt is trending up.... better grab now or ...... you make yr own judegment..

[jonleelk]

2 more units were sold in Apr...left with the last 3+1.

[Avatar]

2 more units were sold in Apr...left with the last 3+1.

Ahhh..so our fellow forummer below going to eat back his words?

In fact, I did a study on the four condos (Botannia, Infiniti, Hundred Trees and Carabelle) located at that location.

1) In terms of price, Infiniti offers the best price among the four. (Note: Infiniti, Carabelle and Hundred Trees are all located just parallel to AYE.)

2) In terms of proximity, Hundred Trees is the nearest to the clementi town centre.

3) In terms of exclusivity, quiet environment (away from AYE) and away from air & noise pollution, Botannia is the choice.

4) In terms of good developer, only Carabelle is built by a HDB contractor whilst the developers for the three condos are really private developers.

Basically, Carabelle is 'edged' out by these three condos and neither here nor there.

Passed by the showflat every weekend. there are at most two or three pairs of slippers and flip flops at the entrance. this project will never be sold out.

[apple3]

Ahhh..so our fellow forummer below going to eat back his words?

In fact, I did a study on the four condos (Botannia, Infiniti, Hundred Trees and Carabelle) located at that location.

1) In terms of price, Infiniti offers the best price among the four. (Note: Infiniti, Carabelle and Hundred Trees are all located just parallel to AYE.)

2) In terms of proximity, Hundred Trees is the nearest to the clementi town centre.

3) In terms of exclusivity, quiet environment (away from AYE) and away from air & noise pollution, Botannia is the choice.

4) In terms of good developer, only Carabelle is built by a HDB contractor whilst the developers for the three condos are really private developers.

Basically, Carabelle is 'edged' out by these three condos and neither here nor there.

I don't quite understand. The way you phase it like Sim Lian is a.. how to put it.. "Contractor"? Come on, Sim Lian is a grade 5 builder which could undertake almost all local building construction.

And what is this call "private developers"? Lets not confuse builder and developer. Sim Lian is just another builder turn developer, thats all. Just like lian beng, soilbuild, sim soon lee, etc. 3rd, if you are talking about, HDB panel builder, then capitalland, FCL, etc are all in the panel.

[xebay11]

I don't quite understand. The way you phase it like Sim Lian is a.. how to put it.. "Contractor"? Come on, Sim Lian is a grade 5 builder which could undertake almost all local building construction.

And what is this call "private developers"? Lets not confuse builder and developer. Sim Lian is just another builder turn developer, thats all. Just like lian beng, soilbuild, sim soon lee, etc. 3rd, if you are talking about, HDB panel builder, then capitalland, FCL, etc are all in the panel.

Err what is grade 5 builder? I only know of G8 grading for construction companies.

[xebay11]

Construction companies are graded by workhead, civil, mechanical, electrical and so on, eg for general construction companies registered with the BCA, a grading of A1 under the category CW01 for general building, is currently the highest grade for contractors’ registration, in such category, the company can tender for public sector construction projects of unlimited project value under that workhead category.

Other workheads G8 is the highest grading.

[Avatar]

I don't quite understand. The way you phase it like Sim Lian is a.. how to put it.. "Contractor"? Come on, Sim Lian is a grade 5 builder which could undertake almost all local building construction.

And what is this call "private developers"? Lets not confuse builder and developer. Sim Lian is just another builder turn developer, thats all. Just like lian beng, soilbuild, sim soon lee, etc. 3rd, if you are talking about, HDB panel builder, then capitalland, FCL, etc are all in the panel.

HDB awards contracts to contractors and the fact remains that Sim Lian is one of the these contractors who are licensed to bid for the contract.
Whilst CDL and Centrepoint Frasers are non-HDB contractors.

The worse is it gave so much problems to Punggol HDB owners as one of my friends is a victim. Below is the forum link and extract of what had happened. And it remains a fact.

http://forum.punggol.org/index.php/topic,6210.60.html

Extracts:
1) a lot of the popped tiles shattered under our weight with a loud crackling sound... it's so damn scary just to walk in and out of the rooms and kitchen lah! luckily those that shattered are covered by cardboard already cos they popped too badly... so won't hurt us... but now the popped tiles have spread way beyond the area covered by the cardboard...

2) the popping has spread from underneath the cardboard to all the tiles from my main door come in to kitchen, washroom and all 3 bedrooms... all popped and several cracked. =( but it's an area that's unavoidable...

3) see that my neighbour currently having their tiles replaced...seems to be by HDB and the contractor is Sim Lian.

4) they've sent one uncle up to removed the tiles that have shattered or are threatening to shatter... and they can just be easily pried up with bare hands lor... can you imagine how hollow it was?! the inside... the cement has a lot of hollow holes... sigh~ bad workmanship, now they gotta pay back with the long long queue of claims... the long stretch of tiles that were removed, that area's once again covered with cardboard... and yes, we gotta live on cardboard like this until early jan... sigh~

[sleek]

Yup, and Bishan Heights since TOP in 1997 still undergoing rectification works till today to external facade.

HDB awards contracts to contractors and the fact remains that Sim Lian is one of the these contractors who are licensed to bid for the contract.
Whilst CDL and Centrepoint Frasers are non-HDB contractors.

The worse is it gave so much problems to Punggol HDB owners as one of my friends is a victim. Below is the forum link and extract of what had happened. And it remains a fact.

http://forum.punggol.org/index.php/topic,6210.60.html

Extracts:
1) a lot of the popped tiles shattered under our weight with a loud crackling sound... it's so damn scary just to walk in and out of the rooms and kitchen lah! luckily those that shattered are covered by cardboard already cos they popped too badly... so won't hurt us... but now the popped tiles have spread way beyond the area covered by the cardboard...

2) the popping has spread from underneath the cardboard to all the tiles from my main door come in to kitchen, washroom and all 3 bedrooms... all popped and several cracked. =( but it's an area that's unavoidable...

3) see that my neighbour currently having their tiles replaced...seems to be by HDB and the contractor is Sim Lian.

4) they've sent one uncle up to removed the tiles that have shattered or are threatening to shatter... and they can just be easily pried up with bare hands lor... can you imagine how hollow it was?! the inside... the cement has a lot of hollow holes... sigh~ bad workmanship, now they gotta pay back with the long long queue of claims... the long stretch of tiles that were removed, that area's once again covered with cardboard... and yes, we gotta live on cardboard like this until early jan... sigh~

[stalingrad]

HDB awards contracts to contractors and the fact remains that Sim Lian is one of the these contractors who are licensed to bid for the contract.
Whilst CDL and Centrepoint Frasers are non-HDB contractors.

The worse is it gave so much problems to Punggol HDB owners as one of my friends is a victim. Below is the forum link and extract of what had happened. And it remains a fact.

http://forum.punggol.org/index.php/topic,6210.60.html

Extracts:
1) a lot of the popped tiles shattered under our weight with a loud crackling sound... it's so damn scary just to walk in and out of the rooms and kitchen lah! luckily those that shattered are covered by cardboard already cos they popped too badly... so won't hurt us... but now the popped tiles have spread way beyond the area covered by the cardboard...

2) the popping has spread from underneath the cardboard to all the tiles from my main door come in to kitchen, washroom and all 3 bedrooms... all popped and several cracked. =( but it's an area that's unavoidable...

3) see that my neighbour currently having their tiles replaced...seems to be by HDB and the contractor is Sim Lian.

4) they've sent one uncle up to removed the tiles that have shattered or are threatening to shatter... and they can just be easily pried up with bare hands lor... can you imagine how hollow it was?! the inside... the cement has a lot of hollow holes... sigh~ bad workmanship, now they gotta pay back with the long long queue of claims... the long stretch of tiles that were removed, that area's once again covered with cardboard... and yes, we gotta live on cardboard like this until early jan... sigh~

so, what is the problem. We have lived in Carabelle for one year, and nothing bad has happened. Everything has worked perfectly.

Much ado about nothing. I guess you agents should just shut your mouth until something bad happens.

[sleek]

Not an agent but an owner of their D&B HDB flats.

Maybe I'm not too fussy either, but the entire Bathroom wall tiles and balcony sliding door frame were replaced and cracks appeared within a year which need HDB's engineer to verify that its non-structural.

And as mentioned earlier, rectifications to the external facade is still ongoing, but no longer by them I believe.

so, what is the problem. We have lived in Carabelle for one year, and nothing bad has happened. Everything has worked perfectly.

Much ado about nothing. I guess you agents should just shut your mouth until something bad happens.