He could be one of those who don't like the number "4" in the unit number or someone else beat him to the unit.Originally Posted by new2mondrian
Newbie
He could be one of those who don't like the number "4" in the unit number or someone else beat him to the unit.
Newbie
he just vested $4million in this.... wow....Someone bought two 3 bedroom units - one on 33rd floor and one on 35th floor, and he intends to rent out both units. He can use this as a selling point
Junior
how much did they pay for thr designer? seems a good strategy to get branded designer to boost the project. afterall the designer fee is paid by buyer
Junior
news said he is a sales exec. didnt know a sales exec can earn so much
Music of the night
40% cash upfront = 1.6 million cash/cpf ... WOW!!!
Is he selling drugs??
Ride at your own risk !!!
Newbie
maybe in petrol chemical or private banking. these ppl makes tons of money, literally like printing $
Newbie
40% cash upfront = 1.6 million cash/cpf ... WOW!!!
Is he selling drugs??
Or he has access to funds (e.g. parents)!
Senior
I also say... at 32 yo with $1.6mil to splurge.... Stretching that further, if he applied for bank loan and it must be approved before he can buy the 2 units. Now that is a whopping $2.4mil loan approval. You have to be earning like $20+k/mth to qualify, don't you? I suspect he has spare cash from other sources (aka parents...)
Newbie
that would mean he may take $2.6m (60% of $4m) loan. At 1.5% interest and 30 years loan, monthly instalment about $9k... so his monthly salary should be about $23k for him to be eligible to max out 40% instalment loan of his gross monthly salary.40% cash upfront = 1.6 million cash/cpf ... WOW!!!
Is he selling drugs??
Newbie
Maybe he is from CAPL? anyone can verify that he 'really' bought the units? or he 'intends' to buy 33&35 floor and 'intends' to rent out?
Newbie
32 is not really young. $20k+ per month salary is not unthinkable for a good performer at this age.
Take the example of the Admin service, a good performer at 32 should reach the entry grade of superscale, i.e. 300k+ per annum. A person of this profile with the confidence of long term job stability, is totally capable of making the purchase.
Edit: Entry superscale grade was 398k in 2007. So it should be higher than 400k by now. (source: http://app.psd.gov.sg/data/Press%20r...20Dec%2007.pdf)
Last edited by Rosegarden; 16-04-12 at 17:41.
Senior
1) that will happen if prices crash.
2) as everyone has mentioned, want to die also cannot die.
Newbie
This guy was reported in the Straits Times today as having bought the units and his intention is to rent out the units.
Looks genuine enough!
Music of the night
32 and earning 20k+ is possible of course ... but to have 1.6million spare cash is no joke ...unless is Ah gong's money lo
Ride at your own risk !!!
Newbie
Yup possible. The other buyer that was quoted in the Straits Times article today says he is a public servant and aged 35. Bought a 2 Bedroom plus study pool facing unit and says he is COMFORTABLE with the prices given the incentives (discounts) given.
Newbie
Could be less. He may not have outstanding loans.
Newbie
They belong to the top 10 percentile of the households...
Senior
Agreed... and to keep all those cash and suddenly splurge into one project? If he's saved and saved to get that amount, he'd have been tempted to already use it to buy a property earlier at other good venues, etc? He must be awfully disciplined to keep them only to spend in a single project. There are other attractive projects around too... hmmm... maybe he recently offloaded his investment portfolios?
Senior
Impressive indeed... our ministers are all in the top 5%?
Newbie
Singapore households numbered 1,146,200 in 2011.
Easily 100k of households can afford the double-purchase at SH.
Newbie
SH isn't an investment property la... how much must the rental be to have decent returns? I don't think investors will buy this for investment. Thats why I am doubting whether really got people buy 2 units at one go for rent.Agreed... and to keep all those cash and suddenly splurge into one project? If he's saved and saved to get that amount, he'd have been tempted to already use it to buy a property earlier at other good venues, etc? He must be awfully disciplined to keep them only to spend in a single project. There are other attractive projects around too... hmmm... maybe he recently offloaded his investment portfolios?
The other 35 year old guy maybe is scholar earning 400k p.a.
Senior
Subtracting those who are only interested in GCB and those who already have housing commitments and those who are not intersted in OCR projects coz their salary allows them to look at CCR, plus those who prefer landed properties, then you are left with not many... but still I guess its enough to clear off this project.Singapore households numbered 1,146,200 in 2011.
Easily 100k of households can afford the double-purchase at SH.
Senior
I agree with your analysis. As I mentioned earlier, how much higher can the rental rise if nearby HDB are asking super low... also how much higher in price appreciation can this project rise if it is already deemed as the highest in suburban projects... need other stimulus... coupled with 4yr SSD, investment prospect in this project is pretty low...
Newbie
my guess are our ministers are top 2%...among the "average" CFOs and CEOs rankings... the top top CEOs, investment bankers, lawyers, docs etc are in the top 1%.Impressive indeed... our ministers are all in the top 5%?
Newbie
Actually, if they can afford SH at 1700psf, they can afford CCR.... just that they preferred Bishan SH to CCR unbranded condo.Subtracting those who are only interested in GCB and those who already have housing commitments and those who are not intersted in OCR projects coz their salary allows them to look at CCR, plus those who prefer landed properties, then you are left with not many... but still I guess its enough to clear off this project.
Global recession is coming....
Oh my! You made a mistake, pegged to top 100 earners out of 3,000,000 working population, should be at least top 0.003% earners?
Impressive indeed... our ministers are all in the top 5%?
Newbie
Pandan Valley has similar concept also right?Sloped balconies concept is not alien to Singapore. For inspiration as to how sky habitat will look like in 30 years' time, go look at golden mile complex. Come to think of it, golden mile complex has a waterfront view which SH is lacking too.
Global recession is coming....
Any o'how better than resale since can wait 4-years for SSD to expire, only 20% downpayment needed even with 60% LTV with another 20% deferred payment, can flip near the end of 4 years hoping that by then property prices would have gone up much more!
I agree with your analysis. As I mentioned earlier, how much higher can the rental rise if nearby HDB are asking super low... also how much higher in price appreciation can this project rise if it is already deemed as the highest in suburban projects... need other stimulus... coupled with 4yr SSD, investment prospect in this project is pretty low...
Senior
he probably has more money than the 40% required. Cos the rental to loan instalment is going to be crap!
Global recession is coming....
i beg your pardon. pegged to top 1000 earners. so, should be 0.0333% earners.
Oh my! You made a mistake, pegged to top 100 earners out of 3,000,000 working population, should be at least top 0.003% earners?
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