The Glades Next to Tanah Merah MRT (D16, 99 Years Leasehold, by Keppel Land)

[august]

I agree. I hope they do that before TOP. I also hope they still finish the development to a high standard - temptation might be to cut corners and shoddy workmanship on a loss making project.

If they sell cheaper obviously they will cut back on certain things. For e.g. Capitaland did it for Wharf Residence during the financial crisis.

[Village Idiot]

If they sell cheaper obviously they will cut back on certain things. For e.g. Capitaland did it for Wharf Residence during the financial crisis.

That was my point, and that is not fair/ ethical. Some buyers have already paid over the odds for their unit and the least they can expect is a quality product.

[august]

That was my point, and that is not fair/ ethical. Some buyers have already paid over the odds for their unit and the least they can expect is a quality product.

Two different products. Earlier buyers get the quality they paid for. It was made known to later buyers who bought at a discount they don't get the same marble fittings etc. That's what I was told.

[Village Idiot]

Two different products. Earlier buyers get the quality they paid for. It was made known to later buyers who bought at a discount they don't get the same marble fittings etc. That's what I was told.

I guess that's fair then. Glades isn't the height of luxury though. I saw the show flat and the finishing was nice; nice enough for me, but it hasn't got gold plated taps or anything like that It's only priced like it should have gold plated taps

[leftfield]

I think whether Keppel get caught by this rule will be the biggest factor in whether they drop prices. How can we find out

To Leftfield who said "Will never happen. Land cost was already close to 800 psf. Breakeven is easily 1200 psf" then Keppel need to make a loss on the project. I am sure even Warren Buffett makes a loss on some of his trades If the average person buying property right now is making a loss then why shouldn't a big developer also accept that can happen. Keppel bought the land at the peak price, even in a hot market some people were shocked at the price paid, now the market is falling for 6+ years, who knows, then Keppel need to accept a loss. They enjoyed the times when a project sold out on launch day, so now they have to endure these bad times also..... suck it up

Not vested in Glades at all and I also think Keppel paid too high a price for the land. This is a JV between Keppel and China Vanke btw, not entirely up to Keppel to make the call. Point I'm trying to make is that both developers are super strong, holding power gao gao so unlikely to drop prices just like that.

[invigorated]

Not vested in Glades at all and I also think Keppel paid too high a price for the land. This is a JV between Keppel and China Vanke btw, not entirely up to Keppel to make the call. Point I'm trying to make is that both developers are super strong, holding power gao gao so unlikely to drop prices just like that.

Conversely, it will be easy for them to absorb losses too. Look at what happened to panorama and the adjustment in balance sheets by the developers. Even after slashing prices and offering discounts, only abt 40% sold. It's back to a catch 22 situation and who blinks first for keppel.

There's another plot of land next to the Mrt right? There will be more competition if prices are lower than glades or it may also serve as a support for their prices.

[Village Idiot]

who blinks first.

I like that quote. Anyone want to predict who will blink first I guess buyers don't need to rush - why buy off plan in a falling market when there is plenty of remaining stock.

[Amber Woods]

I like that quote. Anyone want to predict who will blink first I guess buyers don't need to rush - why buy off plan in a falling market when there is plenty of remaining stock.

I do not think the market has reached a stage where it will take off anytime soon given that prices are still very high.

Given the price disparity between HDB flat and private property, current price level is not sustainable. The mass market segment depends very much on upgraders to support. If HDB flat prices continue to fall, prices for mass market property will eventually cave in.

[Village Idiot]

I do not think the market has reached a stage where it will take off anytime soon given that prices are still very high.

Given the price disparity between HDB flat and private property, current price level is not sustainable. The mass market segment depends very much on upgraders to support. If HDB flat prices continue to fall, prices for mass market property will eventually cave in.

It will be interesting to see what happens with this. I have a strong feeling it will be re-launched at a lower price. I have just passed the site on the MRT, it's quite a large site but it's an awkward shape and I am not sure how the build will look when finished as the land banking at the rear is very step and quite high.

I was also reading the Property Guru free magazine that was saying falling house prices are hurting Singapore's economic growth - not sure how impartial Property Guru is, but if that is true maybe the government will warm up the housing market soon?

[johnoon]

The Glade Price + Availability Elevation Chart 28th November 2014 update here :

http://newlaunch-sgcondo.com/the-glades/

Thanks

[Village Idiot]

Went past the site yesterday. It's an awkward plot; long, yet narrow.

I was wondering whether anyone knows what the final design is going to be like? What I mean is, the site is at road level at the front aspect, but at the back it's significantly below ground level. You can see at the back that there is a very steep bank. It seems that the full plot width can't be used and that makes the buildable plot even more narrowed. The other thing is, those PES and lower floor units at the back seem as though they will be below ground level. I'd guess those PES units would be facing the steep rear bank; it will be like living in a underground cave

The narrowed plot also means that the facilities such as the swimming pool is going to be a very narrowed design.

It looks like the awkward and uneven plot nature is going to test the developer's building and designs skills.

I'm interested to see what it will look like over time as the building progresses. Anyone got any thoughts.

Sales still seem slow, only 1 or 2 units per month are shifting as per URA iPhone app.

[icarus777]

Went past the site yesterday. It's an awkward plot; long, yet narrow.

I was wondering whether anyone knows what the final design is going to be like? What I mean is, the site is at road level at the front aspect, but at the back it's significantly below ground level. You can see at the back that there is a very steep bank. It seems that the full plot width can't be used and that makes the buildable plot even more narrowed. The other thing is, those PES and lower floor units at the back seem as though they will be below ground level. I'd guess those PES units would be facing the steep rear bank; it will be like living in a underground cave

The narrowed plot also means that the facilities such as the swimming pool is going to be a very narrowed design.

It looks like the awkward and uneven plot nature is going to test the developer's building and designs skills.

I'm interested to see what it will look like over time as the building progresses. Anyone got any thoughts.

Sales still seem slow, only 1 or 2 units per month are shifting as per URA iPhone app.

Hi VI,

From my understanding of the plan, model, and pictures, the plot is indeed on a slope. However, the development has been designed with the slope aspect taken care of.

You may wish to note that the development has 3 different elevations. Blocks 2 and 4 are located on the highest ground. Blocks 6, 16, and 18 are located on the mid ground, and lastly blocks 8, 10, 12 and 20 are located on the lower ground (ie. the Changi Road Level).

As such, I believe the first floor of 2 and 4 is equivalent to the 2nd floor of blocks 6/16/18 which is almost equivalent to the 3rd floor of blocks 8/10/12/20.

The first floor of blocks 2 and 4 could be on the same level as the peak of Bedok Rise, thus i believe all the other south facing ground units of the rest of the blocks, will be indeed be affected by the "slope" which is most likely decorated with plants.. =)

[Village Idiot]

Hi VI,

From my understanding of the plan, model, and pictures, the plot is indeed on a slope. However, the development has been designed with the slope aspect taken care of.

You may wish to note that the development has 3 different elevations. Blocks 2 and 4 are located on the highest ground. Blocks 6, 16, and 18 are located on the mid ground, and lastly blocks 8, 10, 12 and 20 are located on the lower ground (ie. the Changi Road Level).

As such, I believe the first floor of 2 and 4 is equivalent to the 2nd floor of blocks 6/16/18 which is almost equivalent to the 3rd floor of blocks 8/10/12/20.

The first floor of blocks 2 and 4 could be on the same level as the peak of Bedok Rise, thus i believe all the other south facing ground units of the rest of the blocks, will be indeed be affected by the "slope" which is most likely decorated with plants.. =)

What a great answer. Thank you very much icarus777. This was exactly the sort of insight I was hoping someone would have. I hadn't managed to work out from the model what the design was going to be like. It does leave a lot of land (the slope) that can't be used for anything though. I guess, as you say, they'll just cover it over with some plants

[icarus777]

What a great answer. Thank you very much icarus777. This was exactly the sort of insight I was hoping someone would have. I hadn't managed to work out from the model what the design was going to be like. It does leave a lot of land (the slope) that can't be used for anything though. I guess, as you say, they'll just cover it over with some plants

Hi, for accuracy's sake, the level 1 of blocks 2 and 4 are actually the level 3 (not 2) of the mid tier blocks.

Between the blocks and the "slope" there is a round estate jogging track. I believe even then, there will be plenty of greenery to make the slope a non-issue.

[New Balance]

Am amazed by the speed of construction. Hope it will T.O.P. before end 2017.

[Village Idiot]

Am amazed by the speed of construction. Hope it will T.O.P. before end 2017.

This is an interesting point, which made me think.

The developer here was caught by unfortunate timing. They paid a handsome price for the land in a strong(er) market. The market then started to decline and analysts are predicting the gradual decline might last for years. This means the end product will be launched (TOP) into a very different market. I guess the only thing that can flex is the developer's profit.

Do you think the developer will try to accelerate the development TOP? Reasons that spring to mind are: 1> Buyers are more likely to buy a finished product than buy off plan. 2> Since the market is declining quarter after quarter it might "stop the bleeding" were they able to get the product to market quicker and shift the units.

URA shows 246 units sold. That still leaves a big stock pile for the developer.

Am I over analysing this situation

[PropInvestor]

Still quite a few units of the Glades Still available. Quite a contrast to Urban Vista which is all sold out.

[westin]

Urban vista sold at a discount $1200 and below..
glades still holding with no discount..cant move units ...bidded too high for tanah merah.

[lilali]

Heard that Eco is going to be completed on Apr of next year, how about glades? thought both of them are expected to be T.O.P on Dec 2017..Hope all the units of glades can be sold out asap...then we can expect an earler T.O.P.

[New Balance]

Heard that Eco is going to be completed on Apr of next year, how about glades? thought both of them are expected to be T.O.P on Dec 2017..Hope all the units of glades can be sold out asap...then we can expect an earler T.O.P.

Unless the developer is willing to drop their price (which I doubt so), hard to move the unsold units at all...not to mention sold out.....

[westin]

Thats right, price is too high for tanah merah..developer can continue to hold if they still dont reduce price.

[icarus777]

The Glades is making good progress. Seems like developer wants to build fast. Hope it doesnt compromise the quality of the project and don't tarnish the reputation of Keppeland!

Some recent pics, Nov 2015. Taken from Bedok Rise, which has been widened from 2 lane to 4 lanes, and the original trees preserved are now at the center of the road, making it a nice boulevard drive.

Painting of external walls seems to have commenced. on the MRT facing side.

Pics have not been photo edited, so please bear with my camera quality.

[westin]

Dont think developer even sold half of all the units..

[New Balance]

Dont think developer even sold half of all the units..

How can we check the total number of units sold so far?

Yes, they are really speeding up the construction. May even over take the nearby eCO.

[propertycarrots]

How can we check the total number of units sold so far?

Yes, they are really speeding up the construction. May even over take the nearby eCO.

You can check number of units sold in http://propertycarrots.com/search/in...ame=THE+GLADES

[New Balance]

You can check number of units sold in http://propertycarrots.com/search/in...ame=THE+GLADES

Thanks for the link. So this project is about 46% sold.

[bronzy]

Thanks for the link. So this project is about 46% sold.

Surprising considering that the location isn't exactly bad. Price might be a little on the high side, most of the buyers should be buying for own stay? Have been driving past this project quite regularly, they sped up their development really quickly in the second half of 2015. I'm quite new to this but what is the rationale for speeding up? early completion to entice more buyers?

[New Balance]

Surprising considering that the location isn't exactly bad. Price might be a little on the high side, most of the buyers should be buying for own stay? Have been driving past this project quite regularly, they sped up their development really quickly in the second half of 2015. I'm quite new to this but what is the rationale for speeding up? early completion to entice more buyers?

Not sure why they are speeding up but just hope they won't compromise on safety and quality.
Urban Vista's construction is super fast...looks like it can TOP soon.

[westin]

Parcel B already triggered, wonder who is the developer. Keppel will have a hard time selling the gladest if the bid price is lower, gonna be interesting.
Or maybe keppel themselves triggered this plot...haha

[bronzy]

Parcel B already triggered, wonder who is the developer. Keppel will have a hard time selling the gladest if the bid price is lower, gonna be interesting.
Or maybe keppel themselves triggered this plot...haha

Since the plot ratios are the same @ 1.6, it should be simple to compare.

The Glades - 31,881.5 sq m (winning bid was $434.55 million) - $13,630 sq m
Plot B - 24,394 sq m (Minimum bid is at least $320 million - Could be more) - $13,117 sq m

By simple proportion, the per sq m price is should be about the same? About 3.8% cheaper for plot B. Does this make sense?