Now you can buy River Gate for 1300 psf , who would pay more then 700psf for lousy Ballestier area ?? , next to skin communitive desease centre ... Yaaak.. Just wait untill April and see ..
Newbie
Now you can buy River Gate for 1300 psf , who would pay more then 700psf for lousy Ballestier area ?? , next to skin communitive desease centre ... Yaaak.. Just wait untill April and see ..
http://www.tnp.sg/news/story/0,4136,180640,00.html?
FIRE SALE: OWNERS DUMP CONDOS
Agents: Some clients give as much as 20 per cent discount
By Elysa Chen
October 20, 2008
FOR sale: Luxurious multi-million-dollar apartments, not quite for a steal, but with a hefty discount.
Stock market losses have forced some property owners to resort to 'fire sales' for a quick return to liquidity.
And because the property market is almost flat, they have had to let go of their property at huge discounts.
Property agent Henry Neo receives one SMS a day from different clients asking him to sell their homes.
Mr Neo, who has been a property agent for close to 20 years, said: 'The Asian financial crisis of 1997 and this crisis are real challenges.
'It's a tsunami of the stock market.'
Two or three of the 50 clients he is servicing now are what he calls 'desperados' - people who had their fingers burnt so badly in the stock market they need to sell their houses.
The situation is worse for those who opted for deferred payment schemes, said Mr Neo, because some are no longer eligible for loans, and cannot meet payments once the developers issue the Temporary Occupation Permit (TOP).
'They have to get rid of their properties before TOP, so they would be giving even more discounts.'
Noting that the high-end property market seems to be hit the hardest, Mr Neo said: 'My colleagues who specialise in high-end properties are not doing well. They do not have any transactions at all.'
Mr David Cheang, senior vice-president of the Resale Division at HSR Property Group, noted that two out of every 10 clients are affected by the stock market crash, and are selling their property investments to 'get more liquidity'.
A property agent who declined to give his full name said one of his clients had made such losses on the stock market that he was selling his 27th floor freehold apartment at the Twin Regency for a mere $1.05 million, though its market price is $1.3 million.
Last year, he had sold another unit, on the 29th floor of the same condominium, for $1.4 million.
It is the same story for Mr Felix Young, 35, a property agent specialising in high-end condominiums. Some of his clients are prepared to go as low as 20 per cent below their offer price.
He had taken out an advertisement for five properties, all high-end condominium units in the city.
Apartments at The Sail at Marina Bay, which were going for $2,000 psf are now being offered for sale at $1,450 psf, said Mr Young.
But even such a huge discount is failing to entice buyers, who are asking for $1,100 psf. That is because even with such discounts, the two-room apartment costs about $1.3 million.
In the current climate, not many people would be able to shell out that kind of money because they could be sitting on huge paper losses in the stock market.
Mr Young said: 'Buyers have the sentiment that the property market will cool even more, and prices will drop further.'
And because of this, said Mr Young, there has been a significant drop in transactions - up to 70 per cent for high-end properties that people buy for investments.
Most buyers also know developers' launch price for the condominiums and are holding out until they can get a unit at that price.
He said: 'These days, when buyers call me, they ask me if I have any owners who are 'bleeding'.'
Bleeding is a term that is used to describe owners who over-committed themselves financially and need to sell their properties in a hurry.
Mr Young said: 'Many of my clients' bank loans are kicking in soon, so they need to release the properties quickly, before TOP.
'They are stuck because they can neither sell their property, nor rent it out to cover their mortgages, as the rental market has slowed down a lot.'
Newbie
****ing Hell , this is very depressing for some owners , missed their boats when the market was high and now screwed up having to sell at a huge loss .. See this is what I told you in a very early stage of all that , forget your Pavillion at even 750psf , peopl are not stupid , can buy Sail now for 1,100 psf !!! yOUR Pavillion is 600psf now
Wah! Freehold Pavillion same psf as HDB flats? Where to find? Can buy man! Can pass me the contact?Originally Posted by J-Dog
****ing Hell , this is very depressing for some owners , missed their boats when the market was high and now screwed up having to sell at a huge loss .. See this is what I told you in a very early stage of all that , forget your Pavillion at even 750psf , peopl are not stupid , can buy Sail now for 1,100 psf !!! yOUR Pavillion is 600psf now
Time for 80% to stay in condos and 20% to stay in HDB flats. Yes!
Asshole, be considerate!
Don't post the same message everywhere!
Do you want us to post our same message everywhere?
Do you think it will happen?
Imagine C&C starts selling their MB E350 at the price of Hyundai Genesis 3.8. Everyone will go for the E350 man! Will C&C sell E350 at Genesis 3.8 price?
hi forumers, ignore the few to-and-fro nonsensical posts above from me. i still can't get over the Novena dumbass that bonked my mother FOC. Please give me my medicine......
That's why I say all will stay in condos. Only a few will stay in HDB flats.
for heaven sake, get lost !!hi forumers, ignore the few to-and-fro nonsensical posts above from me. i still can't get over the Novena dumbass that bonked my mother FOC. Please give me my medicine......
OK. Why don't you sell your condo to me at HDB price? I will buy.
But why should I sell my condo to you at HDB price?
Don't argue over a TNP article lah.
Why not go for a holiday and enjoy yourself?
Recession? What recession?
The New Paper
Jazmin Kelly Six
Friday, 17 October 2008
It may be turbulent times for the economy, but Singaporeans are still taking to the skies.
The travel industry has registered an increase of 15 to 30 per cent annual growth.
For many Singaporeans, overseas holidays are no longer a luxury but have become a lifestyle habit.
Senior vice-president marketing and PR of CTC Holidays, Ms Alicia Seah, said: 'Travel is already part of our lifestyle, it is the fundamental fabric to freedom.'
In response to a successful National Association of Travel Agents Singapore (Natas) fair in August, Mr Robert Khoo, CEO of Natas, said: 'Despite Singapore's rising costs in food and transportation, Singaporeans are saving to travel.'
Record visitors
This enthusiasm was evident at the three-day fair where a record 65,583 visitors snapped up about $60million worth of travel packages, Natas said.
Regional business development manager Erik Hon, 29, has not let his wings be clipped by the financial meltdown.
He has already visited Hong Kong, Bangkok, Paris, Poland, Czech Republic and Slovakia this year alone. Come next January, he will be heading to Thailand for a short holiday and then to London, Amsterdam and eastern Europe next May.
Mr Hon said: 'I want to pamper myself every quarter... and feel the vibe of another city.'
As long as his bills are paid and has monthly savings set aside, travelling will be an essential he won't give up, he said.
On top of being avid travellers, Singaporeans like Mr Hon are also becoming more discerning. They do not mind paying a little more for comfort and a good time.
Miss Eileen Oh, vice-president leisure of UOB Travel Planners, said: 'We see more value-conscious consumers today than cost-conscious ones.'
As opposed to settling for a bare-bones of a holiday package, more consumers would gladly top up amounts ranging from '$50 to $500' to savour an enhanced holiday experience, Miss Oh added.
She also noted that Singaporeans are always on the lookout for good deals and 'tend to go where the currency favours'. This explains the spike in demand this year for destinations such as the US and, most recently, Australia.
Travel agencies we spoke to said they have been getting bookings for year-end travel from July.
Some tour operators even reported a sellout of over 70 per cent of their packages. Even after the stock markets started seeing red two weeks ago, most tour operators said they have not received cancellations.
Popular destinations
Taiwan, alongside popular winter destinations such as Japan and Korea, saw such great demand that airlines had to put in extra flights or switch to bigger carriers to accommodate travellers, Miss Seah said.
But, if you want to stretch your holiday dollar further, the best way would still be 'book your holidays early', suggested Hong Thai Travel's advertising and marketing manager, Miss Stella Chow.
She also advised the budget-conscious to take short-haul, holidays and opt for tourist-class hotels to save more.
When asked if he would be willing to put up at low-cost accommodations like hostels or budget hotels just so he could make that extra holiday trip, Mr Hon said he would definitely be raring to go 'as long as the room, location and amenities are decent'.
Are we near the kind of economic difficulty faced during the Great Depression? The US economy today is much stronger than it was in 1929 and the fundamentals are still pretty strong regardless of the crisis we're in.
If you look at the numbers, they are so dramatically different. GDP growth in the US is about 1% and I'm sure it will fall but it is nothing like the -27% during the Great Depression. Unemployment is about 6.1%, but during the Great Depression it was 25%.
Today's world is very different from the Great Depression period - there is greater linkage between fiscal policies and the economy than before and all policymakers are working together. So we are not even close to the level of difficulties faced then.
Fedup!!!!!!!!!
Newbie
even if C&C will sell their ML350 at the price of Hyunday , that does not mean everyone go to buy ML350 , ppl just do not have money to buy even at Hyundai price !! Same goes to Condos now ppl do not have money to buy and banks are not landing , and deferring schemes come to a pay day and no money t0 pay !! What to do ?? either have the condo repossesed by the bank which is more then happy for you to default , so they can snach cheap .. ot sell at huge loss and lose your 15-20% .. This is a dilemma ppl are facing right now .. so most of them go and sell at the developer's price as if you don't sell before top you are screwed !! and lose even more ... I think only less then 20% can hold and maintain repayments at loss and pay off when top issued .
Even Hyundai price also nobody buying?even if C&C will sell their ML350 at the price of Hyunday , that does not mean everyone go to buy ML350 , ppl just do not have money to buy even at Hyundai price !! Same goes to Condos now ppl do not have money to buy and banks are not landing , and deferring schemes come to a pay day and no money t0 pay !! What to do ?? either have the condo repossesed by the bank which is more then happy for you to default , so they can snach cheap .. ot sell at huge loss and lose your 15-20% .. This is a dilemma ppl are facing right now .. so most of them go and sell at the developer's price as if you don't sell before top you are screwed !! and lose even more ... I think only less then 20% can hold and maintain repayments at loss and pay off when top issued .
So even HDB flat also nobody buying?
So I together with the rest of the 80% staying in HDB flats should dump our flats now?
Wah biang! Silly Seng!
You believe that Con Dog?
Nobody buying HDB flats?
You believe that jerk's lies?
Demands for HDB flats and resale flats are so high that HDB prices continue to move up.
This is like saying demand for Hyundai cars is very high.
Don't get conned by that Con Dog! Fųcking liar!
In fact, demand for HDB flats have spilled over to mass-market condos. That's why a few OCR condos have just broken their high records.
Yah!
Don't be too happy!
Everyone is a loser
Only IRAS is the big winner who is smiling now!
Property sub-sales net $95m profits
Third-quarter showing still strong but market will soften soon: Experts
Fiona Chan
Property Reporter
Wednesday, 22 October 2008
Private home prices may have slid in the third quarter but the sub-sale market was still going strong.
Ninety-six per cent of owners who resold an uncompleted home between July and last month pocketed profits from the deals, according to new data by property consultancy Savills Singapore.
These transactions, officially known as sub-sales, occur when you buy a home and resell it before it is built. They are used as a proxy for property speculation because the owner resells the home without ever living in it.
Only 12 sub-sale transactions out of the 306 that Savills analysed in the quarter incurred a loss, amounting to just under $1 million of red ink. The rest made a total of $95.1 million in gains, Savills said.
This continues the trend in the first half of the year, when 97% of such deals turned in profits. But the profits seen in the third quarter were considerably narrower as home prices started softening more quickly.
Profitable sub-sellers made an average of $323,420 in the third quarter, but this was skewed upwards by a single large deal: a whopping $6.7 million profit from the sale of a 63rd-storey penthouse at The Sail @ Marina Bay.
Excluding this sale, the average gain was $301,784 - almost 40% lower than the average gain in the first half of the year. It works out to an average profit for each seller of about 30% over the purchase price.
Still, 'to be able to achieve such gains in a year when the property market has gone into a standstill is highly commendable', said Mr Ku Swee Yong, director of business development and marketing at Savills Singapore.
But in case would-be speculators become tempted by these gains, other consultants noted that the bulk of these deals probably occurred before the Sept 14 collapse of United States investment bank Lehman Brothers, which caused the financial crisis to take a sudden turn for the worse.
'The real estate market typically lags behind the stock market by six months or more, so we will probably start to see the real effect early next year,' said Mr Nicholas Mak, director of research and consultancy at Knight Frank.
'These profitable sub-sale transactions took place before the market hit the skids. It is extremely risky to go and speculate in the market right now.'
Most sellers who made a profit in the third quarter had originally bought their units in the last two years and benefited from the sharp run-up in prices in the period, said Mr Ku. While values have weakened somewhat this year, they are still generally higher than in 2006.
Sellers who held on to their units for a longer time before reselling them in the third quarter made more gains, Savills' data showed. Even those who had bought a unit as late as this year and offloaded it in the third quarter made an average gain of $98,600.
If they had sold the unit in the first half of the year, however, they would probably have doubled their gain.
The biggest profits of more than $1 million each were for units at The Sail @ Marina Bay, St Regis Residences and Cairnhill Residences.
On the flip side, sub-sale losses for the quarter averaged $76,820 for each loss-making deal. A unit at Watermark Robertson Quay chalked up the biggest loss of $207,552, while units at Soleil @ Sinaran, 8 @ Mt Sophia and One Amber were also sold at losses of more than $100,000 each.
All the losses were for units that had been bought last year or this year, according to Savills' data. Sub-sellers who had bought their units at the peak of property fever, between June and September last year, bled the most.
'In any case, there are always desperate sale cases even during good times,' Mr Ku noted.
The Sail @ Marina Bay had the largest number of sub-sales in the quarter - 19 - with each deal netting its seller an average profit of $1.1 million. There was one loss, of $62,890, for a second-floor unit.
Other projects with more than 10 sub-sales included Parc Emily in Dhoby Ghaut, Park Infinia at Wee Nam, Riveredge in Tanjong Rhu and The Esta in Marine Parade.
But the profits were not just confined to developments in the prime districts.
At Casa Merah in Tanah Merah, 10 sub-sales yielded an average profit of $100,351, while Atrium Residences in Geylang saw four sub-sales with an average gain of $54,556.
Don't say like that lah. Profit is always good mah!
Newbie
Learnt from agent, a 958sqft unit transaction in P11 mid floor stack 6 (pool facing) unit was sold at lower price. The Owner (2nd) bought the unit at $1050psf, but was sold at $1000psf. It on latest URA's listing. the Owner lost $50k (excluding stamp fee...).
I am that idiot that smoked you. Ha ha!
Newbie
Project Name-PAVILION 11
Developer-UOL Development (Novena) Pte Ltd(UOL Group Limited)
Property Type-Condominium
Tenure - Freehold
Total Units - 180
Completion Date - Est 1 Jun 2010
District - 11
source from:
http://www.virtualhomes.sg/pavilion11
Newbie
Hi! Any of you guys know whats the expected occupancy date (TOP) for pavilion 11? Thanks!
Newbie
I will buy higher floor at around $700 psf , quick cash deal if any one wants to sell quick
Newbie
when is expected TOP? price still at $1000+psf? will drop soon? thinking of getting a 2 bedder.
Newbie
Even the launch price is already 900psf - 1000psf, who wants to sell at a loss??????????
Newbie
I do not know who wants but I know that hundreds of owners around the island sell at huge loss for various reasons .. And if some premium projects in the city and River Value being transacted at 1000psf I do not see a reason why Pavillion with tiled floor in Ballestier would not go for 650-700 .. Who cares what was the launch price ? No one !! Take Soleil launch price 1,700 and what now ? everybody happy to sell at 1,100 psf !!
Newbie
Not all Soleil units are selling at 1.7psf. In average it was 1.5k psf. Soleil is a high rise project, you can't just simply compare the price without knowing the level.
In fact, the range from lowest to highest is 1.1k - 1.8k.
No doubt condo price is diving now, but it is still one of the leader for 99LH project. All 99LH project have to benchmark from it.
Junior
over the weekend i saw a soleil ad asking for $900psf, check it out.
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