Watertown : Punggol Waterfront Living

[howgozit]

I want to buy, but the price seems too much for me now.

Not a guru but this is my opinion.

If you believe in luck and in addition believe that you are lucky, it may be fated that you don't buy this now and therefore able to buy something better later for cheaper.

Must move away from the "missed the boat" mentality, very painful to think like this. If you cannot afford it for now then take it as its meant to be. Don't "ngay ngay lai" and put yourself and your family in an uncomfortable position.

What I gather from agents, loan officers ...etc is that many (unlike Xan) are on borderline financing.

Like what some guru has said before, the property market is like a big heavy ship. Implementation of the CMs is like shutting down the engines of the big ship. Even with its engines off, the momentum will carry it forward for some distance ahead.

All the best.

[DC33_2008]

It should be starting from 1100psf. Just pulling somebody's leg.

Dont think bartley is launching at 800psf.
Should be ard 1000 plus to 1200psf.
Anyone can verify?

[Xan]

this not only show the herd mentality, it also demonstrates the "expensive is good" mentality...good luck!

Actually I keep seeing you wishing people luck. Thats very kind of you.
Probably, you might need it more.
Like your nick suggest, dont everytime in test test mode lah , must put in action lah. Anyway just kidding.

[Arcachon]

Unfortunately, students spend on average about 10 hours in school.

Still remember when I was in school, real learning is less than one hour a day. If spending 10 hour than should ask the child what he learn. If the child can't tell you, it time to reduce his time in school.

[Xan]

It should be starting from 1100psf. Just pulling somebody's leg.

Alamak you, damn evil.
For a moment, I thought got good lobang.

[DC33_2008]

You are right. Must be travelling in a submarine as Property Tsunami may strike.

Not a guru but this is my opinion.

If you believe in luck and in addition believe that you are lucky, it may be fated that you don't buy this now and therefore able to buy something better later for cheaper.

Must move away from the "missed the boat" mentality, very painful to think like this. If you cannot afford it for now then take it as its meant to be. Don't "ngay ngay lai" and put yourself and your family in an uncomfortable position.

What I gather from agents, loan officers ...etc is that many (unlike Xan) are on borderline financing.

Like what some guru has said before, the property market is like a big heavy ship. Implementation of the CMs is like shutting down the engines of the big ship. Even with its engines off, the momentum will carry it forward for some distance ahead.

All the best.

[DC33_2008]

You should ask MOE.

Still remember when I was in school, real learning is less than one hour a day. If spending 10 hour than should ask the child what he learn. If the child can't tell you, it time to reduce his time in school.

[DC33_2008]

Some people are hoping for that. It is good to make people happy at times and reduce the stress.

Alamak you, damn evil.
For a moment, I thought got good lobang.

[Arcachon]

Please show Uncles and aunties the chart before they buy.

[chanel]

this not only show the herd mentality, it also demonstrates the "expensive is good" mentality...good luck!

Very true, therefore dont understand the rational behind good districts like 9 & 10 whereby condos are really beyond reach of Singaporeans. Ritz Carlton Residences are commanding at $4,000psf - looks like their units are designed with gold and diamonds. Their site area is small but because it's luxurious and in Orchard Rd, the developer is cashing in to make billions.
Whatever, properties are long term investments and Singapore being land-scarced - there is only one way of climbing upwards only with in-between ups and downs due to downturn in economy. If your holding power is good, your next generation will benefit by leaps & bounds. Stocks, shares and unit trusts can easily be wiped out but not properties in any part of the world. If people lose money over properties, it's because of wrong timing when they buy & sell due to cash flow problems.

[Arcachon]

You should ask MOE.

MOE need to keep your child in school so that the parents can continue working for the mortgage.

[Xan]

Very true, therefore dont understand the rational behind good districts like 9 & 10 whereby condos are really beyond reach of Singaporeans. Ritz Carlton Residences are commanding at $4,000psf - looks like their units are designed with gold and diamonds. Their site area is small but because it's luxurious and in Orchard Rd, the developer is cashing in to make billions.
Whatever, properties are long term investments and Singapore being land-scarced - there is only one way of climbing upwards only with in-between ups and downs due to downturn in economy. If your holding power is good, your next generation will benefit by leaps & bounds. Stocks, shares and unit trusts can easily be wiped out but not properties in any part of the world. If people lose money over properties, it's because of wrong timing when they buy & sell due to cash flow problems.

Very well said. Enlightening speech. Property will not die, its you who make yourself die due to poor financial holdings.
Though you got only 8 posts, u sure have great insights.
Everyone eventually needs a roof on top of their head afterall.

[DC33_2008]

They are focusing on the wrong thing: Low Interest rate from their saving in the bank and low mortgage interest rate.

Please show Uncles and aunties the chart before they buy.

[howgozit]

Very true, therefore dont understand the rational behind good districts like 9 & 10 whereby condos are really beyond reach of Singaporeans. Ritz Carlton Residences are commanding at $4,000psf - looks like their units are designed with gold and diamonds. Their site area is small but because it's luxurious and in Orchard Rd, the developer is cashing in to make billions.
Whatever, properties are long term investments and Singapore being land-scarced - there is only one way of climbing upwards only with in-between ups and downs due to downturn in economy. If your holding power is good, your next generation will benefit by leaps & bounds. Stocks, shares and unit trusts can easily be wiped out but not properties in any part of the world. If people lose money over properties, it's because of wrong timing when they buy & sell due to cash flow problems.

Well said.

So in the scheme of things, what do you think is timing like right now? Don't forget that property is a very illiquid asset. The 4yrs SSD makes it even more illiquid.

[DC33_2008]

People early in the property game have already stopped and taking a break since the implementation of the CMs coupled with US and EU crisis.

Well said.

So in the scheme of things, what do you think is timing like right now? Don't forget that property is a very illiquid asset. The 4yrs SSD makes it even more illiquid.

[jwong71]

People early in the property game have already stopped and taking a break since the implementation of the CMs coupled with US and EU crisis.

and coupled with more EC, bto and GLS..

that's end for enbloc, and enbloc owners wont go all out to chase the prices up

[chanel]

Well said.

So in the scheme of things, what do you think is timing like right now? Don't forget that property is a very illiquid asset. The 4yrs SSD makes it even more illiquid.

Timing is not really right now cos real estate experts are predicting a slow down in property market by 2nd half of 2012, so expect prices to drop but it will pick up again.
Let's face it, nobody can really predict the future, there are always risks in any investments except that property will not diminished into thin air, it's still an asset - it boils down to holding power. Hopefully, those who bought WT now, can sell upon TOP at a decent profit depending on luck & timing.
Quoting a friend who bought WW 2 yrs ago from FEO at $950K for 4bedrm (size 1,500sf) and now the same unit size above him is transacting at $1.6M - TOP 6 months ago.
The irony is : if he sells at $1.6M to make $650K profit, he can only buy WT 4-bedrm (size 1,356sf) right now resulting in paying more for a new but smaller unit.
Looking at this trend, which way is the property market heading?

[howgozit]

Totally agree.

But since we cannot predict future, then we have to manage the risks.

The risks your friend faced from more than 2 years ago compared to the risks now are a bit different. So yes, it is a gamble and I definitely don't know which way the market will turn.

Being the "kiasi" type I have trimmed my holdings since CM4 and just holding 2 properties now, so either way it goes I am still happy. Since I so "kiasi", I acknowledge that I won't become very rich but I sleep very well at night.

Btw, there is a price to pay for "holding power" (those who were caught in 1996/7 would tell you), and that is opportunity costs. When (or rather if) things plunge, many would be waiting in the sidelines wishing they had some spare cash to participate.

Cheers!

Timing is not really right now cos real estate experts are predicting a slow down in property market by 2nd half of 2012, so expect prices to drop but it will pick up again.
Let's face it, nobody can really predict the future, there are always risks in any investments except that property will not diminished into thin air, it's still an asset - it boils down to holding power. Hopefully, those who bought WT now, can sell upon TOP at a decent profit depending on luck & timing.
Quoting a friend who bought WW 2 yrs ago from FEO at $950K for 4bedrm (size 1,500sf) and now the same unit size above him is transacting at $1.6M - TOP 6 months ago.
The irony is : if he sells at $1.6M to make $650K profit, he can only buy WT 4-bedrm (size 1,356sf) right now resulting in paying more for a new but smaller unit.
Looking at this trend, which way is the property market heading?

[yjcai]

3 year capital gain tax not coming out?

[Panerex77]

For the bank loan, do we need to declare the stamp duty absorption and furniture voucher? By doing that, it will mean more cash need to be paid right?

[Allthepies]

Probably we need CM 6 to protect those with little capital yet want to cheong in mindlessly to invest. I.e. Those group buying at Watertown now ; )

[Arcachon]

Probably we need CM 6 to protect those with little capital yet want to cheong in mindlessly to invest. I.e. Those group buying at Watertown now ; )

How you know "Those group buying at Watertown now" have little capital. What I know is one of them have a fully paid EA and down 20% for a 3 Bedroom. Do you know anyone with " little capital yet want to cheong in mindlessly to invest"

[Xan]

For the bank loan, do we need to declare the stamp duty absorption and furniture voucher? By doing that, it will mean more cash need to be paid right?

When u meet your banker to sign the loan contract, your banker will declare the stamp duty rebate and FV for you in the contract. U need to set aside money to pay the stamp duty first before they rebate u later. FV no need to set aside.

[Xan]

How you know "Those group buying at Watertown now" have little capital. What I know is one of them have a fully paid EA and down 20% for a 3 Bedroom. Do you know anyone with " little capital yet want to cheong in mindlessly to invest"

It's his own assumption only.
He thought everyone would publicize their financial status here?
Some people got other sidelines or other investments might not want to reveal herel

[Panerex77]

When u meet your banker to sign the loan contract, your banker will declare the stamp duty rebate and FV for you in the contract. U need to set aside money to pay the stamp duty first before they rebate u later. FV no need to set aside.

Thanks xan.

What I am trying to say is, because of the stamp duty absorption and furniture voucher, my banker is saying that the loan amt will Be based on 60% of the price net of stamp duty absorption and furniture voucher, instead of 60% of the price stated on the OTP.

Is that correct?

[DC33_2008]

Property investment favours the rich in any market with holding and buying power.

Totally agree.

But since we cannot predict future, then we have to manage the risks.

The risks your friend faced from more than 2 years ago compared to the risks now are a bit different. So yes, it is a gamble and I definitely don't know which way the market will turn.

Being the "kiasi" type I have trimmed my holdings since CM4 and just holding 2 properties now, so either way it goes I am still happy. Since I so "kiasi", I acknowledge that I won't become very rich but I sleep very well at night.

Btw, there is a price to pay for "holding power" (those who were caught in 1996/7 would tell you), and that is opportunity costs. When (or rather if) things plunge, many would be waiting in the sidelines wishing they had some spare cash to participate.

Cheers!

[Xan]

Thanks xan.

What I am trying to say is, because of the stamp duty absorption and furniture voucher, my banker is saying that the loan amt will Be based on 60% of the price net of stamp duty absorption and furniture voucher, instead of 60% of the price stated on the OTP.

Is that correct?

That is absolutely right
Bank only loan you the net net amount after u hv minus off all rebates. (I.e stamp duty and FV)

[Panerex77]

That is absolutely right
Bank only loan you the net net amount after u hv minus off all rebates. (I.e stamp duty and FV)

Ok in that case, the actual cash that I need to fork out will be more than 40%.
Got it.

Need to be sure so that I can plan resources properly.

[Panerex77]

Example
If u bought on 25 jan, by 8 weeks, which is ard march, u gotta prepare the 15% plus stamp duty plus legal fee. The stamp duty will be rebate to u later and usually the legal fee is subsidized by bank.
Then after 9 to 12 mths, u need to get ready 10%, which is ard dec 2012.
Then in another 9 to 12 mths, u need to prepare the last part of 10%, which is ard sept 2013.

Wow xan, u r using 9 to 12 mths gauge for both the 30th and 40th percent payment.
For WT per se, is it abit too optimistic already?

Or is that the norm for condo projects?

Pardon me, noob here.

[Xan]

Wow xan, u r using 9 to 12 mths gauge for both the 30th and 40th percent payment.
For WT per se, is it abit too optimistic already?

Or is that the norm for condo projects?

Pardon me, noob here.

Its actually advice from banker. Anyway, i dont really care as i will deposite the lump sum of 40% payment into bank once my new bank account is ready and let them deduct accordingly. Save the hassle
Unless you got plans for money usage else u can use my method.