I think you should just buy if you can live for another 30 years.Originally Posted by ecimbew
I think you should just buy if you can live for another 30 years.Originally Posted by ecimbew
Bed above the bath tub. WTF. What's next, bed on the ceiling maybe, strap yourself in at night to defy gravity.Originally Posted by ecimbew
Can I ask what are your reservations about this development - assuming you have a blank cheque.Originally Posted by ecimbew
I want to consider buying here but I have some uneducated reservations.
1. Did developer pay too much for the land, so owners will pay too much for the units?
2. There is no sense in the market. People will pay any amount for anything. If that attitude changes, negative equity is not a nice place to be.
3. Rental. There is no shortage of choice around the Tanah Merah area. I think from the MRT station there will be at least 6 developments in short walking distance - and rentals at the Glades are going to be the highest in that area.
4. Those facing the track and those SOHO units are out for me, so I'm left with paying an even higher premium.
5. Could just buy a resale unit at Casa Merah or Optima and it's cheaper PSF.
6. Bartley Ridge is tempting me and it's way cheaper PSF.
All genuine questions. Would anyone care to answer from their experience.
You dont really need to care how much developer paid as long as the price is right for you. As for competition, unfortunately there isnt much to differentiate this project from the others mentioned.... Unless you get the ones facing south with sea view.
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I guess you are saying, if you think it's worth it buy it, if you don't then don't. That's fair. Wouldn't want to pay for your advice though Just joking. Thanks for the reply. Appreciated.Originally Posted by mcmlxxvi
I guess my point was, holding the highest priced property in the area when there is nothing to differentiate it from the others makes it risky. I think you did answer my question. Thanks.
1. Did developer pay too much for the land, so owners will pay too much for the units?
That is the developer problem. If owners find it too expensive, then don't buy. I mean, if keppel land sell its 450 sqft studio at 1.5M, will anyone buy?
2. There is no sense in the market. People will pay any amount for anything. If that attitude changes, negative equity is not a nice place to be.
That is the owner's problem. If they like negative equity, so be it. Some like drugs, some like casino and we can't stop them.
3. Rental. There is no shortage of choice around the Tanah Merah area. I think from the MRT station there will be at least 6 developments in short walking distance - and rentals at the Glades are going to be the highest in that area.
Rental won't be the highest. It will be equivalent to optima or casa merah. And it is subjected to market forces. If Tg Pagar rental drops, I will expect the whole Singapore rental to drop. No such thing call Tg Pagar rental dropping but Redhill going up.
5. Could just buy a resale unit at Casa Merah or Optima and it's cheaper PSF.
Yes, that is an obvious choice if Glade is selling > 1.6k psf. You get 4 years of rental as well.
Originally Posted by Village Idiot
We should let the developers bear the wrath of negative equity. Greedy developers shall be punished.
Read from the UV thread that the tenant profile for this area are dominated by Indian Nationals. Is this really true?
Thank you, thomastansb; some good and frank answers there, which all make sense.
The answer on rental really made me see the light. Just because owners have paid the highest prices for the unit doesn't mean they can demand higher rentals. Tenants don't care what the unit cost the owner, they only care what the going rental PSF is for the area. I get it. Rental yields could be very small or nonexistent (unless demand outstrips supply).
For example, I am paying 3,500 per month for a 950 sqft 2-bed unit at Casa Merah (lease just renewed), that's 3.68 PSF. Consider a 721 sqft 2-bed at Glades at the same rental PSF, that's 2,656 rental per month. Assuming 1,600 PSF the sale price would be 1,153,600. Mortgage 922,880 over 25 years at 1.5% is 3,690 per month. Means the owner has to top up the mortgage by 1k each month. If interest rates go up and you add in some capital depreciation then it's jump of the bridge time.
Is my logic correct?
I have lived at Casa Merah for the last 2 years and by looking at the residents I would say it's not a bad mix. Certainly, yes, a lot of Indian Nationals. I'd say 1/3 Indians - of course, I am unsure who are owners and who are tenants, or whether those Indians are in fact Singapore Citizens (I believe a lot of Indians are).Originally Posted by Allthepies
I didn't mean the psf rental will be the same.
Let's say Casa Merah 2 bedder (947 sq ft) is rented out at 3.5k.
Optima 2 bedder (850 sq ft) will be rented out close to 3.5k as well.
Glade 2 bedder (750 sq ft) - I believe it will be rented out around 3.5k as well. So PSF wise, glade will be highest.
HOWEVER, if glade 2 bedder is 550 sq ft, then I don't think 3.5k is achievable. Maybe 2.8k because it is too small.
I discover that if studio drop below 400 sq ft, the rental will be only 2/3 of a normal sized studio. So I think a 2 bedder 550 sq ft is considered as a super MM unit so rental will be lower as well.
Originally Posted by Village Idiot
Will you pay 10% more if you are above a mrt stn?Originally Posted by Village Idiot
The residential price of the area has increased at least 60 % since the launch of Optima ( estimated about $900-1000psf ) in just a short few years. Before Optima, the average price was about 600-700psf. How much will the price goes up further? What are the catalyst and growth story? Changi Business Park has already fully developed and the current psf price may have already fully realised . Will the 4th university provides the magic touch? What esle? expansion of EXPO? Aerospace industries? On the other hand, rental yeild will be very poor and with very high competition; Optima owners can drop the rental value when market is bad and may still have +ve cash flow. Overall, It is a very risky investment. There may be better value eslewhere if one must invest in property now. My 2c opinions.
Exactly what I was thinking. Thanks for sharing your opinion, it sounds very logical to me. With Eco, Urban Vista and Glades all coming up at roughly the same time it's going to be a tenant's market. Supply might even exceed demand. To share a story with you, my landlord wanted to increase my rental from 3,500 to 3,800 per month. I refused and said I would move out. Over 2 months there were only 4 viewings by tenants and it seems none were interested at the 3,800 asking price. In the end, the landlord agreed to let me extend at 3,500. My point is, it seems tenants had options. I must add this was at the time when Optima TOP and there were still rental properties available - I think it's full now. I was going to move to Optima.Originally Posted by jslee78
Hope we can keep this debate going, I feel the power in this forum is from having these debates.
This place is becoming like the condo forest in hillview area.Originally Posted by Village Idiot
Very very competitive on rentals in the future, I think the power is shifting from the landlords to the tenants.Originally Posted by DC33_2008
When I first took up my place 2 1/2 years ago there were few vacant units in this area. My landlord was so confident that he refused to lower the asking rental by even 1 cent and refused to even clean the floors in the unit that were really dirty since the previous tenant was keeping cats. 2 years later I had power to hold the rental at 3.5k by threatening to move out. Fast forward 4 years and I think tenants will have the power to force down rental costs, or at least stop them rising. Glades owners will have no room to maneuver, whereas Optima and Casa Merah owners will. I could see Glades owners being in -ve cash flow and negative equity. You might have noticed I'm talking myself out of buying now.
But, to share with you my agent said there is well over 300 people registered for the special/preview launch - all bringing blank cheques no doubt and eager to buy, buy, buy.
Heard that The Glades soft launch this Sat, prices starts from$1.5k psf
Hi VS, you are right.Originally Posted by VS
Our The Glades showflat is opened for viewing for our invites this weekend on 24 & 25 Aug 2013.
Expression of Interest (EOI) and Cheque Submission by 27 Aug 2013 (Tues).
Check out The Glades for more information. Hurry, register your interest with me now!
The Glades Developer Sales Team
just across at stratford court rental is at 2.50 to 2.70 psf
units are going at 900 plus psf
would just stay away from the Glades - as someone rightly mentioned here - let the developer carry the negative equity......
I never buy into a place whereby there are strong competition. It's sucide unless you are buying for own stay.Originally Posted by DC33_2008
Other examples apart from hillview areas are pasir ris monster 5. (Livia, NV etc.
Bedok reservoir (more than 7 in a stretch)
Flora drive (Palm isle, Edelwise etc)
Tampines Ave 10 (Waterview, Qbay and other GLS)
All my units has less than 1 condo in ~1km radius
where in SG there is a condo that is sooo far apart from another condo?
sg land is scarce...maybe not now, but sure new condo will pop up eventually.
I think many owners are suiciders since most condos are just beside each other.
It is not proven. Rental move up and down across island. No such thing call more private in an area = that area is lousy in rental.
Originally Posted by Adva181
None of my units in OCR. Rental $8psf.Originally Posted by thomastansb
No more than 1 condo within ~1km
Ya nearby building 1-2 new condo but TOP is still 1-2 years away.
At least I can still enjoy some premium now
I give u an example-Originally Posted by babyt
Clift, nearest condo is Emerald Garden.
All others like Icon, One shenton all 1km away.
Nearest BUC is Robinson Suits.
Need more examples?
Actually just need to do some homework and u can find some gems.
Those chasing after new launch which are surrounded by large development are
I thought near the clift at tanjong pagar got Altez and skysuites @ anson under construction?
Altez n Skysuites are 1km away from Clift.Originally Posted by azeoprop
Different catchment of tenants.
Clift is serving those working in Club streets Robinson Road Cecil street etc.
Those working in China street surely will not walk 2km to altez.
What about the amber road area?Originally Posted by Adva181
amber residences, seaview, cotz d azur, one amber, the esta, shore residences, the aristo, silversea, parc seabreeze, moda n coralis...
I have Clift studio as well. Rental around 4 to 4.5k. Almost same as Sail, one shenton and a bit higher than Icon as Icon is having massive constructions now.
PSF wise, it is higher because it is smaller. My unit is 495 sq ft. Easily $8 psf. Sail, same rental, only $6+ psf. Rental same but psf higher. But the 1km radius logic doesn't work here because the rental is almost similar. PSF is not accurate because Clift size is much smaller.
Originally Posted by Adva181
Actually his logic is flawed. The 1km radius thingy is total crap. Woodlands has fewer condos than D15 but I don't see higher rental at woodlands. Punggol and Sengkang also very little condo but why the rental there so low??
Rental go up and down in tandem with other properties islandwide. It is just shifting of tenants from one place to another place. If Pasir Ris has more condos, those staying at tampines will move over. Then simei will move over to tampines. And etc etc etc. So if over supply at Pasir Ris, tenants just move over from other locations. So overall, rental will be lower across Singapore. Those staying at Tg Pagar might contemplate moving to redhill because cheaper since some staying at redhill move to Jurong (just an example).
Originally Posted by fiat500
and with more supply, tenants will choose the one most cost effective. anw, the writing is on the wall since last 2 years. hope marginal and creative ones are capable to hold when theirs TOP in next few years.