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Thread: 1st retirement housing project prices 'on high side'

  1. #1
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    Default 1st retirement housing project prices 'on high side'

    http://www.straitstimes.com/archive/...-side-20131211

    1st retirement housing project prices 'on high side'

    Prices within forecasts but experts tell buyers to note short 60yr lease

    Published on Dec 11, 2013

    By Cheryl Ong


    PROPERTY agents have started marketing units at Singapore's first retirement housing development.

    But preliminary prices suggest that units at the privately developed project are on the high side, experts say.

    Developer World Class Land, a unit of jewellery group Aspial Corp, submitted the top bid of $73.8 million - or $482 per sq ft per plot ratio (psf ppr) - for the Jalan Jurong Kechil plot in November last year.

    The 1.02ha 60-year leasehold site is earmarked for residential use and the Urban Redevelopment Authority said private flats, a condo or retirement housing may be built.

    Marketing material describes the project, The Hillford, as a "retirement resort". It is expected to launch on Jan 10. The 281-unit project will boast 24-hour concierge service and 18 commercial units, such as food outlets, a convenience store, clinics and medical-related facilities.

    Early price indications show a one-bedder of 398 to 431 sq ft could cost at least $400,000, or about $1,005 psf. A two-bedder of 506 to 560 sq ft could be at least $500,000, or about $988 psf. Prices of a 657 sq ft two-bedroom dual-key unit will start from $700,000, or at least $1,065 psf.

    Analysts had expected units to go for $900 to $1,100 psf.

    Although the prices fall within forecasts, industry experts say buyers should be mindful of the property's short lease.

    Mr Ku Swee Yong, chief executive of property firm Century21, noted that 99-year leasehold one-bedders at The Inflora range from 462 to 495 sq ft and were sold for just over $400,000 in late October.

    Units at nearby Sherwood Towers, with 62 years left on the lease, were selling at a lower psf price, he added.

    The Jalan Jurong Kechil project's shorter lease could mean banks may offer buyers a smaller loan for properties with shorter leases.

    PropNex chief executive Mohamed Ismail said the developer could have priced rising construction costs and the cost of providing concierge services to residents into the selling price.

    A World Class Land spokesman said that people may not be familiar with the offering, adding that retirement villages cannot be compared with condos as they provide different amenities.

    Semi-retired doctor Ambika Dharan, 64, had been interested in the project, but is considering a retirement home in Iskandar instead. She said she would have to live on her savings if she sold her current flat to buy a one-bedder.

    "It's a little pricey considering it's for retirees, not just a typical condo. I don't think you can peg it to the condo market," she added.

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  2. #2
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    even if it is very cheap, say range fm $500 - $800psf, it will still be a white elephant if in the end u r unable to sell it in the resale mkt.

    juz imagine, as a buyer, will u wan to buy a resale condo wif 40yrs lease left at $500 - $800psf bo?

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    How depressing if every other week or month you see one of your neighbor


    Tok Tok Chiang

    Make it easy for those retirees

    Allow them to buy resales HDB even if they own Private Properties

    They can keep their private properties for passive income

    Why want to burden them further ?

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    Quote Originally Posted by 玉格格 View Post
    even if it is very cheap, say range fm $500 - $800psf, it will still be a white elephant if in the end u r unable to sell it in the resale mkt.

    juz imagine, as a buyer, will u wan to buy a resale condo wif 40yrs lease left at $500 - $800psf bo?
    If it is $500psf to $600psf i will buy one.

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    Quote Originally Posted by star View Post
    If it is $500psf to $600psf i will buy one.
    eh, u pm me yr contact number. next time my condo 30 yrs old liao I chip chip sell it to u at 600psf

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    Quote Originally Posted by 玉格格 View Post
    eh, u pm me yr contact number. next time my condo 30 yrs old liao I chip chip sell it to u at 600psf
    If your bartley ridge is at $600psf after 30yrs:

    $600psf x 500sqft (lets just assume mm is 500sqft)
    =$300k

    Wah do pm me if i not died yet. Very cheap. Consider inflation after 30yrs.

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    Quote Originally Posted by star View Post
    If your bartley ridge is at $600psf after 30yrs:

    $600psf x 500sqft (lets just assume mm is 500sqft)
    =$300k

    Wah do pm me if i not died yet. Very cheap. Consider inflation after 30yrs.
    since when did I ever tell u tat mine is bartley ridge?
    dee dee luan luan guess

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    Developer says cannot compare to condo. Just wonder how much is the monthly maintenance to have all these personal services. Will it be a big burden to retires?

    If demand no good, these conceige service or shops also can close shop. So end up, same same like condo except buyers paid high price for a shorter lease.

    After sometime I always very wary about all the bells and whistles and most likely turns into white elephants as the maintenance of some good to have facilities come at a price.

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    Quote Originally Posted by flxcat View Post
    Developer says cannot compare to condo.
    cannot compare to condo ar? aiya, shd say earlier mah. k, I revised my expectation. $300-$500psf den

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    this area is near the few condos , one of them is the parc natura

    Only plus point is there is a nature park nearby where you can go for a walk and workout.

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    Quote Originally Posted by Simi View Post

    Tok Tok Chiang

    like...that phrase
    In the final analysis.....its NOT whether you have a diploma,degree,masters OR PHD....its whether you have a HDB/PC/EC or LANDED...

  12. #12
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    I am guessing developer will pull a significant discount stunt on vvip day.
    click: 🏢shoeboxmickeymousehouse 🏢

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    60 years lease is a big deterrent in this market condition. Unless they include some free life-time insurance packages.

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