Wow! I didn't know they launched on Friday and it is this hot. I should have cancelled my Johor golf trip. I better go down later.
Wow! I didn't know they launched on Friday and it is this hot. I should have cancelled my Johor golf trip. I better go down later.
Re: Seafront @ Meyer (D15, Freehold, CapitaLand)
All these positive post are definately by property agents , hahaha , damn lame .
Re: Seafront @ Meyer (D15, Freehold, CapitaLand)
Yah they are lame. What do you expect from ERA, hahaha!Originally Posted by Unregistered
First thing I saw was the list of units pasted on the wall outside the showroom. Damn, this feels like a fish market. Oh wait, I know why... the people around me are all Aunties and Uncles talking so loudly! They are cheonging the showflats with their grandchildren in tow, like they are cheonging the vegetable section in the wet market. "Must quickly grab, otherwise will loogi," that's the look on their faces. These don't look like the rich Aunties and Uncles. They look, speak, behave and act like they are in the HDB. Indeed, one look at the "sign-in" book confirmed mostly HDB addresses. Loaded with the pension money, are we?
I got a shock when I saw the model and the brochure rendering. Looks like some average HK or China (Shenzhen, Guangzhou, Shanghai) condo! And the brown color... eeeeeks! This is 2007, and it will TOP in 2011. When it TOPs in 2011, this building is going to look very very outdated. I think Capitaland getting worse and worse. Must be all their exposure to the China market. Now our condos also look like China condos.
Went to view the different configurations of show units. Nothing special, doesn't feel very luxurious. Ceiling not that tall. My god, the taps are not even branded. Only the cooking unit, which is Bosch. Customer paying $1700 psf for apartment, Capitaland can do better than Bosch, right?
Also, why is there is a HS? Capitaland must have designed this place a long time ago.
As for the units released by developer, only stacks 7, 8, 9, 10 and the 2-bedrooms stack 1 and 2 are released. They are holding back the units with best views.
Looking at the people who were discussing terms and conditions with the agents shocked me a second time. These are not rich people. These are people who live in HDB, work as dunno what, some probably spending all their retirement money on the 20% downpayment alone, which is possibly all they can afford.
I went out to the car park for a smoke. Mostly low and mid-end Japanese cars. Very few high-end continental cars. Just what kind of people are buying Seafront @ Meyer? What worries me is, can they afford to pay up when it TOP or not?
I remembered viewing The Belvedere. Private lift, low price at that time, better finishing, damn it is a much better deal than this Capitaland crap. However if I am looking to sell The Belvedere, I will price it higher than Seafront. Cos it is a better development, IMO.
I can see a bubble building up in this Meyer Road area. Very scary. No location fundamentals (not like Orchard or Marina/Keppel Bay) to support Meyer Rd at these kind of prices.
Yup the people at this showroom are mostly HDB type.Not sure if they can sustain.
This is what I saw this afternoon just after the rain stopped.
Stacks 04 05 06 were not released then.
For the rest, mostly low-floor units left.
5 penthouses left.
1 sold for around $2,200 psf.
Stacks 11 12 13 are the best as they are unblocked.
The rest, including 04 05 06 , are partially or wholly blocked by The Belvedere and/or The Atria At Meyer.
Wonder why developer believes stacks 04 05 06 are the best.Stacks 01 02 03 faces Equatorial Apartments.
Re: Seafront @ Meyer (D15, Freehold, CapitaLand)
Confirm early death sentence for many of the HDB players . Deferred payment (DP) should be called Deferred Problem . The problem is deferred until you have to pay up , hahahaha .Yup the people at this showroom are mostly HDB type.
Got HDB address meh?
When I sign in on Saturday, I was the only one with Condo address, the rest are landed addresses.
The buyers I know so far have private property addresses.
Anyway, the percentage of private property buyers with HDB address have slipped further. If there are HDB buyers, the percentage should have increased.
Capitaland announced during lunch time today, that 120 units have been sold.
The announcement is available at Singapore Stock Exchange website.
CapitaLand launches The Seafront on Meyer
Newbie
120 units representing 65% of the 184 that were launched were sold. This is actually very poor response compared with some earlier launches which were sold out within 36 hours. What has happened?
Er ... maybe the price is too high?
Cos' they are calling up The Belvedere agents/owners.
The Belvedere has better and unblocked views.
But the pricing is cheaper by $100-300 psf.
Somemore, can get rental returns soon in Dec07/Jan08.
Newbie
CapitaLand sets new benchmark prices for condos in East Coast area
By Daryl Loo, Channel NewsAsia | Posted: 09 April 2007 1624 hrs
SINGAPORE : Developer CapitaLand has set a new benchmark price for private residential property the East Coast area.
The developer launched its condominium project - The Seafront on Meyer - over the weekend.
Over a third of the 327-unit project were sold at average prices of between $1,400 and $1,800 per square foot.
Back in January, GuocoLand had set new record prices of close to $1,700 per square foot for its neighbouring project The View @ Meyer.
CapitaLand has launched 184 units of the project for sale under its first phase.
The 24-storey freehold condominium is being marketed by estate agent ERA.
"Among the buyers, about 60% are local and 40% are foreigners. And among the local buyers, we found that about 60% of them are staying in the East Coast area, so it's likely they are buying for their own stay. Of the 40% that are foreigners, they consist of people from Malaysia, Indonesia and India, and we also have some buyers from Korea," said Jack Chua, president of ERA.
According to CapitaLand, the remainder of the project is likely to be launched in the next two weeks.
Analysts said the new benchmark prices being set outside the core central region was partly due to house hunters who had recently sold their homes en bloc.
"These are areas where there have been quite a few en bloc sales that have started or have already been transacted. And now, the deals are completed and demolition work is starting to take place, and people are being displaced from their homes," said Ku Swee Yong, director of Savills Singapore.
"For example in the Newton area, Grange Road, and in the Katong, Amber area, people are being displaced. They are looking for apartments still within their locality, but perhaps a little further away from the core central area. So price increases will start to spread out."
According to recent URA estimates, private home prices in the core central region jumped 5.6% in the first quarter, while those in the central region - which includes Meyer Road - went up by 2.9%. - CNA /ls
Any complaints please PM me
Published April 10, 2007
The Seafront 37% sold
By ARTHUR SIM
CAPITALAND'S The Seafront @ Meyer, launched last Friday, is already 37 per cent sold at an average price of $1,400-$1,800 psf. So far, 120 apartments in the 327-unit project have been sold - with one penthouse fetching just under $9 million.
Barely four months ago, the 121-unit Grand Duchess in St Patrick's Road sold out within two days at prices around $740 psf.
CapitaLand Residential Singapore CEO Patricia Chia said: 'District 15 has traditionally been a very popular residential area. In the old days, you had to be someone to live in Katong. I would say it will continue to be a prime district to locals and foreigners.'
The prices for The Seafront verge on those fetched in the traditional prime districts of Districts 9, 10 and 11. But as Ms Chia noted: 'If you compare the price to what is being transacted in the Orchard Road area today, (The Seafront) will appear cheap. Everything is relative.'
Of the 120 buyers so far, 40 per cent are foreigners - mostly investors from Indonesia and Malaysia.
Ms Chia said that of the local buyers, based on addresses registered, more than half appear to already live on the East Coast while about 20 per cent live in Districts 9, 10 or 11. She could not say whether any had been been displaced by recent collective sales.
The Seafront is being launched in phases, with 184 units released under phase one. Phase two, expected soon, is being marketed by ERA Singapore.
Commenting on the queues that formed before the launch on Friday, ERA president Jack Chua said most of those who queued ended up buying a unit.
On potential rental returns, Mr Chua said developments nearby are fetching between $4-$5 psf and rents in the area increased about 20 per cent last year.
Keppel Land, which launched its 1,129-unit Reflections at Keppel Bay recently, says more than 80 per cent of the 350 units launched have been sold at an average price of $1,900 psf. The highest price achieved was $2,520 psf.
Foreigners account for 40 per cent of the buyers, Keppel Land said. Its director (Singapore Residential) Augustine Tan added: 'Our initial plan was to only launch one pair of the tower blocks. However, we have released another high-rise block because of the demand. This is the final tower block that we will be releasing for sale to the public as of now.'
Foreign investors are interested in buying entire blocks, Mr Tan said.
Reflections comprises three pairs of tower blocks and 11 villa blocks.
Yup the people at this showroom are mostly HDB type.
HDB addresses? My foot lah!
60% from East Coast private addresses.
20% from Districts 9, 10 and 11.
$9 millions penthouse?
Wah!
Around $2,200 psf man!
This is the new benchmark for Meyer Road.
This is good!
$2,157 psf.
$2,200 psf one still available.
Those attending the City Scape Asia 2007 conference may grab the $2,201 psf penthouse. These people/fund have tons of cash. Better watch out!
www.cityscapeasia.com
Thank you, Mr Mah.
This is good! A Green Light finally.
Let's generate some profit out of the market.
AsiaOne
10 April 2007
Singapore is now the centre of attention among regional and global investment industries as it hosts its first Cityscape Asia 2007 - an international convention and exhibition in the property, investment and development sectors.
This global networking event, which opened at Suntec City this morning, is similar to last year's Cityscape Dubai, which drew thousands of participants.
Cityscape Asia, opened by Minister for National Development Mah Bow Tan, will highlight regional investment opportunities, iconic architecture and best practices in development to an international investment industry. The event will end on April 12.
In his welcoming speech this morning, Mr Mah listed major Singapore achievements to show why this is "a global city of opportunities."
He also said the event is an excellent opportunity for major investors, developers and governmental authorities involved in major property developments to share their plans and network with other key movers and shakers.
It was timely to have the event in Asia as this region has been thriving, led by strong and sustained growth in China and India and the much-anticipated revival in Japan, Mr Mah added.
"General sentiments are positive and upbeat, and these have in turn led to positive spin-offs in other sectors of the regional economies, including the real estate sector," he added.
On Singapore as a strategic link and important gateway for global investors, he said: "With our central location, political stability and cosmopolitan character, we are well positioned to provide social and economic links between the East and the West.
"Financial institutions based in Singapore trade around the clock, with Asia-Pacific centres, European and American markets, thus making Singapore a significant hub for 24-hour trading in foreign exchange and securities."
Participants also heard Mr Mah list Singapore's new areas for growth.
Said Mr Mah: "We have restructured our economy to ride the wave of globalisation. In the manufacturing sector, we are focusing on developing key industries such as petrochemicals and wafer fabrication. We are also investing heavily in R&D, especially in the areas of biomedical, water technology, and interactive and digital media.
"We have built up a strong base in biotechnology and biomedicine, with a healthy international reputation and a good concentration of scientists based here. Going forward, more investment will be put into clinical research.
"Singapore is already one of the leading global players in water technology. Two of the largest water companies in the world, General Electric Water and Siemens Water Technologies, have established R&D centres here. Led by home grown firms like Keppel, Sembawang and Hyflux, Singapore will remain focused on exporting our water technology to countries that have increasing demand for water, such as those in the Middle East and China.
"In interactive and digital media, our technological university has already tied up with a Japanese company to produce Japanese anime, and going forward, there will be many other areas in this industry that we can develop.
"Being a major global air hub, Singapore will also focus on growing the aerospace industry. We have plans for a big aerospace park to be built in Seletar.
"With the Marina Bay Financial Centre (MBFC) in place, we aim to attract even more financial institutions and business services, to further strengthen our position as an international financial centre.
"As the range of financial products and services grows, Singapore will leverage on its sound economic and financial fundamentals, conducive regulatory and business environment, as well as skilled and educated workforce to play an even larger role in global finance and business. Many multinational companies have already chosen to base their regional headquarters in Singapore, and today we are Asia's leading hub for finance, bioscience, aviation, transport and logistics.
"Tourism is another priority sector for growth. We have embarked on a number of high impact tourism projects such as the two Integrated Resorts - one at Marina Bay, another at Sentosa; the Singapore Flyer - a 165m giant observation wheel at Marina Bay; and the Gardens by the Bay - three waterfront gardens with a combined area of 100Ha right in the heart of the city. Our target is to double annual visitor numbers to 17 million and triple tourism receipt to $30 billion by 2015."
Mr Mah added that another key strategy to boost economic growth in Singapore is to strengthen economic ties with key trading partners to achieve greater market access for exports.
"For example, in March 2006, we established the Korea-Singapore FTA (KSFTA), which is a milestone in Singapore's free trade efforts as it is the first comprehensive economic pact between Korea and an Asian partner. We also started negotiations for the China-Singapore FTA in October last year. We have previously concluded major bilateral trade agreements with other key economies throughout the world, including the US, Japan, India, New Zealand and Chile.
"Singapore's extensive network of Free Trade Agreements, Avoidance of Double Taxation Agreements and Investment Guarantee Agreements, as well as its comprehensive air, sea and IT infrastructures, provides for the seamless flow of goods and services to markets around the world."
He said the continued expansion of the Singapore economy will underpin and drive the growth of the property market. Our property market has been performing well over the last two to three years over a broad front across all sectors. Demand for all property sectors have been rising. Annual increase in demand for office space rose to a six year high of 290,000 sq m in 2006. Demand for shop space also grew strongly by 127,000 sq m in 2006, the highest annual increase since 1993.
"The hotel Average Room Rate (ARR) for 2006 was estimated to reach $164, an increase of 19.6 per cent over 2005. The Average Occupancy Rate (AOR) for hotels in 2006 was estimated at 85 per cent, registering a growth of 1.4% point over that in 2005.
"Private housing also saw good take-up, with a total of 10,360 uncompleted private residential units sold by developers in 2006, a historical high annual take-up that surpassed the previous record of 9,860 units in 1994. Of these, 24.5% were bought by foreigners, including permanent residents."
Mr Mah said consultants have estimated that the total transaction value of investment by foreign companies in Singapore's real estate amounted to some S$5.4 billion in 2006, as compared to S$900 million in 2004.
"The investors in our real estate include companies based in the many countries, namely, the US, Hong Kong, Australia, Germany, Japan, Middle East and Indonesia," he added.
"Driven by positive sentiments the attractiveness of the Singapore Government's plans for key development areas, both local and foreign developers have been buying up development sites sold under the Government's sale of site programme over the past few years."
For example, development of the Marina Bay area has accelerated with the sale of sites for the Marina Bay Integrated Resort, the Marina Bay Financial Centre and the Collyer Quay lifestyle hotel and commercial development.
The announcement of the Government's plans to remake Orchard Road one of the world's premium shopping streets, has attracted investors to take up three prime sites in Orchard Road over the last two years.
"These developments will add vibrancy to the Orchard area and enhance its position as a premier shopping destination," he added.
REIT (Real Estate Investment Trust) is another growth area. Since the first REIT was launched in Singapore in 2002, it now has the largest REIT market outside Japan. Over the past four years, 15 REITs were listed on the Singapore stock exchange.
"Singapore has several key advantages for the continued development of REITs. Our pro-investor tax environment aside, Singapore's REITs are also well-diversified, offering investors exposure to income streams from the office, retail, industrial, hotel and logistics sectors. Several of the REITs listed in Singapore have also diversified offshore to Hong Kong, Australia and other Asia- Pacific countries. With these factors in place, Singapore has the potential to be the hub for REIT listings in the region."
Mr Mah also said that Singapore's pro-business environment is supported by a well-respected government with transparent and consistent policies that protect companies' physical and IP investments.
"These efforts have not gone unnoticed. Singapore, said Merrill Lynch in a recent report dated 30 Mar 2007, is 'becoming the Zurich and Monaco - not just of Southeast Asia - but of all Asia' as it develops into a premier private banking centre and a tourist destination with its casino resorts.
"More than just a good place to do business, Singapore is also a great city to live in. We welcome people from different cultures and offer a good quality living environment. We are ranked the best city to live in Asia by Mercer HR Consultants."
He pledged that Singapore will continue to step up its efforts to enhance the city as a great place to live, work and play.
"Our vision is to make Singapore a vibrant, global economy - a City in a Garden, with exciting developments, distinctive architecture, and enhanced greenery and waterfront access. Singapore will be an important destination, not only for business and travel, but also for international events and celebrations. With the development of many strategic areas, we believe that there are many opportunities for developers to invest in Singapore.
"This is also a good time to invest in Singapore. Our economy is structurally and fundamentally strong, which in turn supports a healthy recovery in all sectors of the property market. With prime and strategic sites being made available now and in the near future, we look forward to increased participation from local and foreign investors," he added.
Re: Seafront @ Meyer (D15, Freehold, CapitaLand)
People who live in HDB are also Singaporean, not some aliens or refugees from 3rd World. Not all people staying in condo and landed property are super rich too.
Open your eyes and ears to see and hear the real world. You sound like the kind of singaporean, most like to export to other countries, preferrably very far away.
If you cannot afford to buy, at least be a gentleman, and not be a sour grape.
You can always stay one nice corner, and watch the property prices go up, and hope for the "Bubble" to bust, and maybe after 10 to 15 years from now, your prediction may come true due to natural property price cycle.
Or be one of those brave souls believe and want our Singapore to do well, so that all can prosper together.
You seriously sound like those people who keep saying that there great grandparent shall have brought all the land in Orchard road when it is still a plantation over a century ago. And lucky for all of us, your GGP did not do so, or else they might have prevent the progress of our national development.
Do your homework.
Grab something quick.
Ride the wave.
Make yourself some decent profit.
Now!
Not after these foreigners (e.g. Indonesian, HongKonger, Malaysia, Thai, Middle East folks, Australian, etc.) have bought.
Now!
Don't repeat the msitake of queuing behind them.
Any suggestions?
Re: Seafront @ Meyer (D15, Freehold, CapitaLand)
Published April 12, 2007
Homes: concern over deferred payment plans
Fears that such schemes are shifting financing burden from households to developers and builders
By SIOW LI SEN
(SINGAPORE) Deferred payment schemes - said to be one of the factors fuelling the local property market - are drawing the attention of the Monetary Authority of Singapore (MAS).
Such schemes are so popular with buyers that while the property market is red hot, it has not translated into healthy home loans growth.
Instead, deferred payment schemes have shifted the burden of financing to developers and construction companies, and away from households. The schemes also encourage speculators to buy property they have no intention of hanging on to.
And MAS is taking notice. Some bankers say it has been raising questions about banks' exposure to deferred payment schemes.
'MAS recognises that such deferred payment schemes may pose additional risks to the developer and its bank, and expects banks which finance such property developers to take this into account in their management of exposure to the developer,' an MAS spokeswoman said in response to BT queries.
According to MAS data on bank loans, building and construction loan growth rose a sizzling 18.1 per cent in February, following a 19 per cent gain in January. But home loans grew only 2.7 per cent in February and 2.1 per cent in January.
Among the local banks, OCBC and DBS grew their building and construction loans 27 per cent and 21 per cent respectively in 2006. UOB increased its building and construction loans 4 per cent.
OCBC spokeswoman Koh Ching Ching said the increase was due mainly to new drawdowns and loans to finance property development in Singapore, Malaysia and Greater China, with Singapore accounting for the bulk.
'OCBC has a traditional strength in real estate financing,' said Ms Koh. 'We have dedicated real estate departments within our business banking division for both large and small and medium real estate companies.
'The property sector is an important part of the Singapore economy and there are regulatory as well as internal guidelines to ensure that our exposure to this sector does not exceed certain limits.'
Citigroup economist Chua Hak Bin said deferred payment schemes have become prevalent in the local property market, accounting for more than 90 per cent of transactions at recent new Marina and downtown projects.
And he feels there is growing concern that this may be fuelling speculation and eventually will have a material impact on system-wide banking loans.
'Price increases in new home sales which offer deferred payment hit much higher levels,' Dr Chua said. This is because buyers on such schemes have time to flip or resell the property for a profit.
'The returns on capital can be substantial because of the implicit leverage,' he said. 'A 20 per cent increase in property value, for example, generates a 100 per cent return on the initial capital outlay.'
Deferred payment schemes that allow buyers to fork out only a 10-20 per cent downpayment, with the balance due on completion usually three years later, are not new. They were introduced in the early 1990s and offered again in the early 2000s. 'But it wasn't prevalent then,' Dr Chua said.
Not all developers offer deferred payment schemes. And some banks say overall progressive payment schemes are still more popular. This could be due to the higher cost of a property of at least 2-3 per cent if deferred payment is offered.
UOB head of loans Kevin Lam said: 'Progressive payment borrowers, while more, are not significantly more, than deferred payment borrowers.'
But an HSBC spokeswoman said that among its customers who have bought properties under construction, 60 per cent have opted for deferred payment schemes while 40 per cent have chosen progressive payment schemes.
Citibank business director Tan Chia Seng said: 'For those properties where deferred payment schemes are made available, we have seen an increase in interest from home buyers. 'The nature of the deferred payment scheme generally makes new projects more attractive to investors. However, home buyers who intend to occupy the properties may be interested in deferred payment schemes as well if the property they purchase is priced at an imputed interest rate lower than the home loan rate.'
Dr Chua warns though that buyers may be biting off more than they can chew, especially if the market tanks or the economy falters. The prevalence of deferred payment schemes suggests a mortgage surge will come eventually, he said. 'The day of reckoning will likely occur in 2009 when completions are expected to soar to 18,447 - more than double the typical annual supply.'
Maybank's head of consumer banking Helen Neo said deferred payment loans are more risky.
'Yes, as repayment only starts from TOP (temporary occupation permit),' she said. 'There could be changes in the borrower's income prior to TOP.'
Teacher, you only got theory lah.
Anyway, too late already.
The Thais have just joined the attack.
They buy entire development or multiple floors withour asking for discount.
Progressive payment somemore.
Teacher can't help you.
Only Mah BowTan can help you.
He told you to buy, so you just go an buy.
Tharman says property not overheated, so you just go and buy.
It seems like all the recent media releases on property were carefully orchestrated. The impression they want to give us is: "Tycoons coming in and buying up property. Tycoons no need deferred payment. Therefore developers must scrap deferred payment scheme. To all Singaporeans, if you got no money, don't buy." Sounds good. At least it will prevent a bubble.
Likely to be burnt if u buy high end properties now. The rental yield cannot sustain the price. Ardmore Park renting at around $14 - 15 K now cannot sustain the price of $6 mil per unit.
The rich people who buy high end not to rent out, but as a holiday home.
In any case, Ardmore Park price won't drop very much. But Seafront maybe hard to finish selling at this price.
Caution when buying seafront: don't buy those without sea view. It is foolish to pay so much just for Meyer Road address if without sea view.
Re: Seafront @ Meyer (D15, Freehold, CapitaLand)
Dr Chua warns though that buyers may be biting off more than they can chew, especially if the market tanks or the economy falters. The prevalence of deferred payment schemes suggests a mortgage surge will come eventually, he said. 'The day of reckoning will likely occur in 2009 when completions are expected to soar to 18,447 - more than double the typical annual supply.'
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