Originally Posted by
teddybear
Frankly speaking, to buy or not, you have to make your own decision.
However, I can only tell you my opinion and my thinking:
1) For Paterson Collection, Bukit Sembawang not selling anymore. BS refused to sell at cheap price of about $2500 psf (when they can), and so they rather pay the QC charges and convert PC to become serviced apartment to collect rent (which to them is more decent and more worth it than selling PC at $2500 psf). That very much tells us what kind of value BS has attached to PC (in CCR prime district), which they rather own than sell at $2500 psf.
2) Cuscaden Residence at $2300 psf and being freehold is considered cheap! My impression (just off my head, pls check) is that this is like more than 25% off the historical peak price (for this estate) hit in 2007.
On the other hand, you look at OCR, those condos are now asking and selling at >=$1500 psf (and is just 99-years leasehold)! These are basically at their thousand years historical peak (much higher than the peak hit in 2007)!
Would you be willing to buy at thousand years historical peak price or at a discount of 25% from historical peak (hit in 2007)?
3) You look at Orchard Residences nearby, just 99-years leasehold and selling at >$3000 psf and even hitting $6000 psf!
You look at MarQ@Paterson nearby, this is freehold and most are transacted at $4000-8000 psf!
4) Cuscaden Residence is freehold, which itself I believe justify paying 15% ABSD stamp duties (if you are buying for the long term). The 15% ABSD would not be worth it if you are buying 99-years leasehold properties, since you have to start thinking about disposing it to the next greater fool once you owned it as its land lease runs down.
5) Singapore's property cooling measures are well-meaning, but yet it has shown its very serious side effects!
Whil the property cooling measures are supposed to cool all private properties, it seems to hit CCR prime district properties (like where Cascuden Residences is located) terribly hard that many drop >20-35% off the historical peak price hit in 2007.
However, these property cooling measures seem to have negligible effect on OCR private properties, particularly the new launch that they are now selling at thousand years historical peak (much higher than the peak price hit in 2007)!
6) Comparing Singapore CCR prime districts to other cities like HK, NY, London, etc, I believe Singapore is still much cheaper right?
And you have to add much better security (think about better safety for your wife and your children), air quality, cheap to eat out, fast transport, green and clean environment etc into your appraisal and comparison.
7) As I am writing now, CCR private properties prices are already recovering.
New Futura at Leonie Hill (a location which usually commands cheaper price than Cuscaden/Paterson/Ardmore/Claymore) are now selling at $3200 psf and higher!
8) I have no doubt that CCR property price recovery will supersede OCR going forward, just a matter of time, given the massive money printing and soon much higher cost of living and inflation with the increases of water charges (by 30%), petrol duties, electricity tariffs, car park charges, commercial rentals (by 100% or more in many cases), soon carbon taxes, car prices, public transport fares, escalating manpower and material costs to construct properties, many enbloc sales at historical peak prices, escalating land sale prices, escalating land DC charges, etc!
Remember the saying (which I believe and have benefitted tremendously): hard assets like properties are the best hedge against money printing and escalating inflation!