A few CCR transactions sold at a loss (reported in The Edge)

[devilplate]

so the myth tat say CCR owner got deep pocket and strong holding power doesnt really hold water isnt it.....now we dun even hf a recession yet and int rate still LOW LOW

not any tom dick harry can afford to buy 15M ppty wor.....y nid to cut loss???

[price]

Yes,brother price. That is the correct way to do it. You are a clever brother. Unfortunately, only 1 out of every 50 property investors I encountered do this homework. They are dreaming in their own dreamland. Only after many years later, when their fixed income stopped will they realise they have been running up on their expenses. This is also true for some very rich relatives I have.

Thanks! haha i keep an excel sheet as well, factor in SD, lawyer fees,even the $150 CV fees or watever the call it to calculate my nett purchase price. OH! and i minus off agent and bankers' rebates for me which i bargained for hahahaa.

Dont forget when it TOPs gotta pay 6 mths of maintenance fee, a few hundred dollars of surveyor fees (shared with developer) Pty tax, blah blah blah blah fees

[bargain hunter]

we shall see in the months to come. for now, seems like some who were thinking of selling quickly sell first in case the CCR market turns illiquid in the absence of foreign buyers. $3m and above APT/CONDO will be hard to find local buyers, many would still go for landed elsewhere?

so the myth tat say CCR owner got deep pocket and strong holding power doesnt really hold water isnt it.....now we dun even hf a recession yet and int rate still LOW LOW

not any tom dick harry can afford to buy 15M ppty wor.....y nid to cut loss???

[blackjack21trader]

so the myth tat say CCR owner got deep pocket and strong holding power doesnt really hold water isnt it.....now we dun even hf a recession yet and int rate still LOW LOW

not any tom dick harry can afford to buy 15M ppty wor.....y nid to cut loss???

exactly ! If I have even $100K loss on my property, I will not let go one. What for ? Just keep long long lor and life continues on mah...unless I kena some holding power problem like last time in 1997 I kena once before hor..have to take a BIG loss.

[blackjack21trader]

we shall see in the months to come. for now, seems like some who were thinking of selling quickly sell first in case the CCR market turns illiquid in the absence of foreign buyers. $3m and above APT/CONDO will be hard to find local buyers, many would still go for landed elsewhere?

yes...these in/out investors with huge fund is like that one...they not worry about their loss..only worry about liquidity rate of their assets ( how fast they can convert their cash into assets and vice versa) . That is why I started the above cost breakdown for you guys, because we are not big whales hor..only small ikan billis mah..well, maybe I eat a little fatter than some of you guys! WOAHAHAHAAHAHA

[Jadey]

the st regis resale buyer looks like he got a pretty decent deal.

the report mention that the 5800+ sqft unit was in need of renovation so the seller is letting it go at a discount.

perhaps someone threw a wild party and the entire place was destroyed.

[amk]

so the myth tat say CCR owner got deep pocket and strong holding power doesnt really hold water isnt it.....now we dun even hf a recession yet and int rate still LOW LOW

not any tom dick harry can afford to buy 15M ppty wor.....y nid to cut loss???

what make you think it's a "cut loss" ? it could simply be someone's business failed. Or some one lost it out in RWS and has to run road (there are a few real cases, listed companies directors run road). Or ppl like Susan Lim. Or some fund forced to sell to cover other positions for accounting purpose. Or even a money laundering case !

This kind of 10m transactions have lots of stories behind one lah.

Look at these 2 Ardmore Park transactions. Why would anyone pay almost 900psf more , especially after CM5 ?

ARDMORE PARK ARDMORE PARK Condominium 1 10,500,000 2,885 Strata 3,640 Feb-12
ARDMORE PARK ARDMORE PARK Condominium 1 8,000,000 2,885 Strata 2,773 Nov-11

[Jadey]

what make you think it's a "cut loss" ? it could simply be someone's business failed. Or some one lost it out in RWS and has to run road (there are a few real cases, listed companies directors run road). Or ppl like Susan Lim. Or some fund forced to sell to cover other positions for accounting purpose. Or even a money laundering case !

This kind of 10m transactions have lots of stories behind one lah.

Look at these 2 Ardmore Park transactions. Why would anyone pay almost 900psf more , especially after CM5 ?

ARDMORE PARK ARDMORE PARK Condominium 1 10,500,000 2,885 Strata 3,640 Feb-12
ARDMORE PARK ARDMORE PARK Condominium 1 8,000,000 2,885 Strata 2,773 Nov-11

the report mentioned that the Feb-12 unit is on the 27th floor and with the best view "That unit has the best view,". whereas the Nov11 unit is on the lower floor.

http://sgproptalk.blogspot.com/

[bargain hunter]

yah, when i read it i found it weird too. St Regis TOP in 07 or 08 rite? to me, that's relatively new. high end somemore, i thought high class pple should know how to take care. prob ah sia gia had wild parties, red wine/ice cubes all over the floor until it started to rot.

the report mention that the 5800+ sqft unit was in need of renovation so the seller is letting it go at a discount.

perhaps someone threw a wild party and the entire place was destroyed.

[masterkey]

real estate & casino can be good detergent.

[stalingrad]

the report mentioned that the Feb-12 unit is on the 27th floor and with the best view "That unit has the best view,". whereas the Nov11 unit is on the lower floor.

http://sgproptalk.blogspot.com/

that is right. when you read AMK's posts, you need to take them with a grain of salt. His posts have hidden messages, and that is CCR properties will always go up, which is a lie.

AMK is a devil's advocate. he doesn't believe what he is saying, but keeps saying it until the cows come home.

[stalingrad]

This guy who lost a cool $5 mil is probably going to prove to be lucky. he sold when he still could. some of you will never be able to sell unless you are willing to incur bigger losses than he.

I have always said CCR properties are dead, and many of you are still in denial. Go ahead, and lose more and more money by waiting and hoping, or dreaming.

[fafalulu]

yes, brother price and sister chia are both correct. Now with the CM5, the losses is even more greatly amplified many times.

2 times as your photo suggests..

[amk]

AMK is a devil's advocate. he doesn't believe what he is saying, but keeps saying it until the cows come home.

haiz... is that how you repay me when I told you CAPL was a screaming buy ?

[stalingrad]

haiz... is that how you repay me when I told you CAPL was a screaming buy ?

I have repaid you enough. I kept telling to cut your CCR holdings. I wouldn't do that to just anybody.

[teddybear]

Why must sell hah? Funny. That is just 1 of possibly a few transactions and they don't make the winter just like a few swallow?

Ok, I give you my best advice: Better sell your OCR properties because tons of them are going to TOP 3-5 years down the road, not to mention tons of HDB flats coming on stream to compete with those OCR properties (since they are just a few steps away from those OCR private properties)! They will be over-flooded, many owned by those who have little CASH on hand, who can't afford $1000+ psf resale properties (because need to pay 40% cash upfront + need $100k or more to renovate) so they have no choice but to pay 40-50% premium to buy $1400+ psf new launch because can loan more and hence don't need so much CASH to buy that private property!
You think these people with little CASH got holding power?

This guy who lost a cool $5 mil is probably going to prove to be lucky. he sold when he still could. some of you will never be able to sell unless you are willing to incur bigger losses than he.

I have always said CCR properties are dead, and many of you are still in denial. Go ahead, and lose more and more money by waiting and hoping, or dreaming.

[CCR]

Why must sell hah? Funny. That is just 1 of possibly a few transactions and they don't make the winter just like a few swallow?

Ok, I give you my best advice: Better sell your OCR properties because tons of them are going to TOP 3-5 years down the road, not to mention tons of HDB flats coming on stream to compete with those OCR properties (since they are just a few steps away from those OCR private properties)! They will be over-flooded, many owned by those who have little CASH on hand, who can't afford $1000+ psf resale properties (because need to pay 40% cash upfront + need $100k or more to renovate) so they have no choice but to pay 40-50% premium to buy $1400+ psf new launch because can loan more and hence don't need so much CASH to buy that private property!
You think these people with little CASH got holding power?

Leave him alone.... lets see what happens in a few years time...

Anyway you lose money he will also not lend you any lol...
And if you gain he has nothing to gain too...

If he is honest he will admit that he is looking to cash out from his OCR condo and upgrade to a nicer area closer to town...

Anyway doesnt matter lah Teddy, let him go and boast lah.... i make money its my gain, lose money is my problem....

If CCR prices drop, OCR prices can hold meh? talk nonsense, obviously trying to upgrade... if he so smart and so sure, sell his carabelle and be like Mr B go rent loh...

[dtrax]

Please take these with a pinch of salt. Outliner transactions, much as there are many large sqft large psf making loses. I can also quote many CCR making huge profits. So how? Can we conclude that these pple are huating like no 2moro?

THE SIXTH AVENUE RESIDENCES 168 Sixth Avenue #04-23 1 126 Strata 2,168,000 17206 1599 23-AUG-2010 Condominium Freehold 2009 Sub Sale Private 10 27 276543 Central Region Bukit Timah

THE SIXTH AVENUE RESIDENCES 168 Sixth Avenue #04-23 1 126 Strata 1,395,204 11073 1029 17-NOV-2009 Condominium Freehold 2009 New Sale Private 10 27 276543 Central Region Bukit Timah

SOPHIA RESIDENCE 11 Sophia Road #09-26 1 187 Strata 3,016,640 16132 1499 17-AUG-2009 Condominium Freehold Uncompleted New Sale Private 09 22 228194 Central Region Rochor

SOPHIA RESIDENCE 11 Sophia Road #09-26 1 187 Strata 4,327,950 23144 2150 20-OCT-2011 Condominium Freehold Uncompleted Sub Sale HDB 09 22 228194 Central Region Rochor

SOPHIA RESIDENCE 9 Sophia Road #04-21 1 98 Strata 1,738,000 17735 1648 07-SEP-2009 Condominium Freehold Uncompleted New Sale Private 09 22 228193 Central Region Rochor

SOPHIA RESIDENCE 9 Sophia Road #04-21 1 98 Strata 2,110,000 21531 2000 09-JAN-2012 Condominium Freehold Uncompleted Sub Sale Private 09 22 228193 Central Region Rochor

[dtrax]

ONE DEVONSHIRE 1 Devonshire Road #10-06 1 126 Strata 2,847,600 22600 2100 21-FEB-2012 Condominium Freehold 2011 Sub Sale Private 09 23 239896 Central Region River Valley

ONE DEVONSHIRE 1 Devonshire Road #10-06 1 126 Strata 2,268,000 18000 1672 17-JUL-2009 Condominium Freehold Uncompleted New Sale Private 09 23 239896 Central Region River Valley

[DC33_2008]

With more ECs in close proximity to mrt launches in the next few years, the hdb upgrader or 2nd time EC owners may be diverted to these ECs projects instead of OCR projects with a difference of $200-$400psf for a larger units.

Why must sell hah? Funny. That is just 1 of possibly a few transactions and they don't make the winter just like a few swallow?

Ok, I give you my best advice: Better sell your OCR properties because tons of them are going to TOP 3-5 years down the road, not to mention tons of HDB flats coming on stream to compete with those OCR properties (since they are just a few steps away from those OCR private properties)! They will be over-flooded, many owned by those who have little CASH on hand, who can't afford $1000+ psf resale properties (because need to pay 40% cash upfront + need $100k or more to renovate) so they have no choice but to pay 40-50% premium to buy $1400+ psf new launch because can loan more and hence don't need so much CASH to buy that private property!
You think these people with little CASH got holding power?

[hyenergix]

For 99LH condo, EC is the way to go now.

[price]

For 99LH condo, EC is the way to go now.

But bro not everyone eligible to buy ECs leh. Can't compare with condos like that.

[DaytonaSS]

haiz... is that how you repay me when I told you CAPL was a screaming buy ?

some pple always "ma huo pao" u dont know? Few years later, CCR chong he will say he bought a few undervalued units and sold for profit. Whats new?

he make 1 trade u need to work few lifetime leh.

[bargain hunter]

bro dtrax, thanks for your data over the past few years, always useful.

i think after dec measures, can look out for 2012 caveats in CCR of around $3m to $5m to see if there are signs that high quantum is indeed starting to crack.

my own feel is that this category may be an unintended victim of the 10% ABSD levied on foreigners + the SSD measures in Jan last year.

ONE DEVONSHIRE 1 Devonshire Road #10-06 1 126 Strata 2,847,600 22600 2100 21-FEB-2012 Condominium Freehold 2011 Sub Sale Private 09 23 239896 Central Region River Valley

ONE DEVONSHIRE 1 Devonshire Road #10-06 1 126 Strata 2,268,000 18000 1672 17-JUL-2009 Condominium Freehold Uncompleted New Sale Private 09 23 239896 Central Region River Valley

[minority]

The fact that CCR price is narrowing compared to OCR signifies that Singapore has failed to catch up to HK as a Cosmopolitan and international city where the rich, power, famous, influential and successful businessmen & women will come to setup business and build their nest and create more jobs in Singapore?
Oh my god! That is really bad for Singapore for the long-term!

On the other hand, I also observe that the high $PSF in OCR doesn't mean the people living in OCR are getting richer, as we know that developers are all building mostly Mickey-mouse units of <700 sqft and even 3BRs units so small at <1000 sqft so that absolute quantum is <$1.5m when OCR are supposed to cater for general families and hence should instead be large (as people want to sacrifice convenient for the sake of larger size but this is not happening). Oh my god! The middle-income are not getting richer! That is really bad for Singapore for the long-term!

I think the govt should:
1) Get ride of 10% ABSD from discriminating against foreigners who want setup up nest here and bring money here to create jobs and make middle income become richer! May be foreigners buying properties >$3m and $2500 psf should be exempted from 10% ABSD since they are not competing with housing for the middle-income?
2) The govt should first and foremost stopped developers from building all these MM units and 3BRs less than 1000 sqft chicken coops!
3) 4-years SSD should start from TOP date to prevent more stupid people from paying $1500 psf for new launch when they can buy a nearby resale private condo for $1200 psf!

Agree with 2. Totally ban unit size less than 600sqf. Or 2 bedder smaller than that!

[kane]

bro dtrax, thanks for your data over the past few years, always useful.

i think after dec measures, can look out for 2012 caveats in CCR of around $3m to $5m to see if there are signs that high quantum is indeed starting to crack.

my own feel is that this category may be an unintended victim of the 10% ABSD levied on foreigners + the SSD measures in Jan last year.

This seller made quite a nice profit for himself. Foreigners tend to look at ccr so its probably inevitable that the 10% absd has affected some of the demand in that space.

[wind30]

This seller made quite a nice profit for himself. Foreigners tend to look at ccr so its probably inevitable that the 10% absd has affected some of the demand in that space.

Considering he bought at july 2009, i think is profit of 25 percent is very little, where got nice

[kane]

Considering he bought at july 2009, i think is profit of 25 percent is very little, where got nice

On a risk adjusted basis, not too bad already lah. Must learn to be contented also mah. No profit is bad profit.

[kane]

Considering he bought at july 2009, i think is profit of 25 percent is very little, where got nice

On a risk adjusted basis, not too bad already lah. Must learn to be contented also mah. No profit is bad profit.

[price]

Considering he bought at july 2009, i think is profit of 25 percent is very little, where got nice

Quantum wise quite good wat