Watermark
Sold 26 JAN 2017 3 RODYK STREET #XX-XX 1,733sq ft 1,460psf
Bought 17 AUG 2007 1,780psf
on paper a good buy.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
The Trillium
Sold 1 MAR 2017 118 KIM SENG ROAD #XX-XX 2,217sq ft 1,632psf
Bought 20 JUN 2011 1,901psf
Watermark
Sold 26 JAN 2017 3 RODYK STREET #XX-XX 1,733sq ft 1,460psf
Bought 17 AUG 2007 1,780psf
St Regis
Sold 13 MAR 2017 33 TANGLIN ROAD #XX-XX 2,142sq ft 2,000psf
Bought 20 MAR 2007 2,581psf
2nd lowest psf in the last 3 years (or more) since the project's all time low psf of 1923psf in Jan 2015
The Fernhill
Sold 13 MAR 2017 1 FERNHILL ROAD #XX-XX 1,604sq ft 1,609psf
Bought 4 JUN 2007 2,265psf
Scotts Square
Sold 20 MAR 2017 8 SCOTTS ROAD #XX-XX 624sq ft 2,899psf
Bought 12 NOV 2007 3,798psf
There are plenty of buyers who bought mass market condo in 1997 and holding on to their negative assets for the last 20 years. There are also many buyers who bought high-end condo in 2007 and too holding on to their negative assets.
Do you buy base on the saying that property will surely rise over 10-20 years? If you do, then there is a high chance that you will experience holding negative assets especially if you buy it during the wrong side of the property cycle.
Whether one rents out or stays in it, you have derived 10 or 20 years of value from it. Go and calculate that amount (utility or rent) first.
It is a bonus if it still can sell at the price one buys it, which maybe represents 8-9 out of 10 units bought in 1997 or 2007.
Then add on the utility or rent with the selling price. A more balanced picture then emerges.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Is the more balanced picture going to be looked at in isolation or is it going to be compared with other pictures?
for example
Picture 1: buy in 1997, derive utility for 20 years
Picture 2: rent for 5 years, buy in 2002, derive utility for 15 years.
Picture 3: buy in 2007, derive utility for 10 years
Picture 4: rent for 3 years, buy in 2010, derive utility for 7 years.
or is Picture 1 looks better only when only compare to Picture 5: rent for 20 year, do not derive utility for 20 years.
perhaps can look at other pictures as well.
To be precise, it's no ABSD.
Roughly, it is this. The parents had a property bought many years ago worth several times in today's prices but still asked their only son (married with kids) to buy HDB and stay through MOP. Sell upon MOP and buy over the old property from the parents at a huge (steep) discount, minimising BSD as well. The loan arranged is so that the son can loan max in one person's name, reserving his wife's name and income to buy another property.
The parents are freed from ownership and now can also buy and pay in cash and CPF if they wish to. Or use the funds for retirement. Not sure which they opted for though.
Do check with lawyers if you want to do any stunt. Caveat emptor.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
disappointed upon knowing further details about the "no tax" stuff
anyway, it is interesting to find out their thought process.
1) banks unlikely to lend to parents if they want to buy another property (age factor?).
2) to raise funds, if parents' don't sell, parents have to take out home equity loan, (age factor?).
picture A
parents gifted to the son.
to raise funds, son have to home equity loan which cannot be used to be buy another property.
picture B
parents sell to the son.
son take mortgage to pay to his parents. parents now have funds, which can be used to buy another property.
so based on the maximum loan the son can take on his single income, they calculate the sales price.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
mrt construction has taken its toll:
the trillium
3 fresh 3 year (or more) lows in March 2017:
THE TRILLIUM KIM SENG ROAD Condominium 09 CCR Freehold Resale 1 3,618,000 - 2,217 Strata 01 to 05 1,632 Mar-17
THE TRILLIUM KIM SENG ROAD Condominium 09 CCR Freehold Resale 1 3,000,000 - 1,798 Strata 01 to 05 1,669 Mar-17
THE TRILLIUM KIM SENG ROAD Condominium 09 CCR Freehold Resale 1 3,770,000 - 2,217 Strata 01 to 05 1,700 Mar-17
Sold 1 MAR 2017 118 KIM SENG ROAD #XX-XX 2,217sq ft 1,632psf
Bought 20 JUN 2011 1,901psf
Sold 17 MAR 2017 116 KIM SENG ROAD #XX-XX 1,798sq ft 1,669psf
Bought 10 MAY 2010 1,705psf
last one barely made a gain (but a gain nonetheless and also the rental/utility collection theory)
Sold 20 MAR 2017 116 KIM SENG ROAD #XX-XX 2,217sq ft 1,700psf
Bought 4 SEP 2009 1,620psf
mrt construction has taken its toll:
the cosmopolitan
A fresh 3 year (or more) low and another pretty close in March 2017:
THE COSMOPOLITAN KIM SENG ROAD Condominium 09 CCR Freehold Resale 1 2,900,000 - 1,679 Strata 11 to 15 1,727 Mar-17
THE COSMOPOLITAN KIM SENG ROAD Condominium 09 CCR Freehold Resale 1 2,450,000 - 1,399 Strata 16 to 20 1,751 Mar-17
sellers made huge gains though as they were bought post lehman and at launch respectively:
Sold 6 MAR 2017 202 KIM SENG ROAD #XX-XX 1,679sq ft 1,727psf
Bought 19 OCT 2008 1,420psf
Sold 15 MAR 2017 200 KIM SENG ROAD #XX-XX 1,399sq ft 1,751psf
Bought 21 APR 2005 1,030psf
mrt construction has taken its toll:
tribeca
2 fresh 3 year (or more) lows (for standard sized units) in March 2017:
TRIBECA KIM SENG ROAD Condominium 09 CCR Freehold Resale 1 3,100,000 - 1,905 Strata 16 to 20 1,627 Mar-17
TRIBECA KIM SENG ROAD Condominium 09 CCR Freehold Resale 1 2,230,000 - 1,367 Strata 01 to 05 1,631 Mar-17
didn't lose much though:
Sold 15 MAR 2017 60 KIM SENG ROAD #XX-XX 1,905sq ft 1,627psf
Bought 29 NOV 2010 1,669psf
Sold 3 MAR 2017 60 KIM SENG ROAD #XX-XX 1,367sq ft 1,631psf
Bought 9 SEP 2010 1,693psf
in all 3 projects, transactions took place at 16xx to 17xxpsf.
pretty similar to the PLQ launch in psf but much larger quantum.
Thanks for the effort and my favourite thread. Do you see more weakness ahead in CCR?
Any bargain hunting lately?
its more of the same actually. occasionally, there will be some interesting fire sales but as a whole, there is not "more weakness" to speak of.
Yesterday, I saw an advert for a 3 bedder unit at Cube 8 (not the most desirable of CCR of course) that was asking for <1100psf. I think the ad was posted at 12am+ tues morning. I called at 12pm and he told me sold already. while i am not sure if its a real transaction, i think it may be real. the ad has since been taken down. we may also not see the caveat if the unit was paid for by some cash rich buyer in full cash.
Suddenly SG properties looks real cheap...
http://www.thestar.com.my/news/regio...ter-discounts/