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Thread: The Metropolitan Condominium (D3, 99 years LH, Capitaland-Lippo JV)

  1. #61
    be careful Guest

    Default

    Quote Originally Posted by chr
    I'm quite shocked with the kind of reply i got when I tried to express my opinion.

    I don't know if this is common in singapore, that people can be so rude when they're expressing their points.
    Singapore as first world country or not will be seen thru what we say and what we do. Graciousness seems a very rare commodity here in Singapore.

    My last comment is : Winning and losing is common in life and life goes on.
    Being able to gracefully accept the other point of view is telling how mature is the person or the country is.

    Thanks guys and good luck with your property in Singapore (I'm not an agent or property owner :-), so I'm not impacted hahaha.
    When you walk out of your home, watch out, if not you get knocked down and crashed by a lorry. Good luck.

  2. #62
    u're watched Guest

    Default

    Quote Originally Posted by be careful
    When you walk out of your home, watch out, if not you get knocked down and crashed by a lorry. Good luck.
    Wah. People here so violent. You got to be careful as well. Your god is watching your every move.

  3. #63
    get lost Guest

    Default

    Quote Originally Posted by u're watched
    Wah. People here so violent. You got to be careful as well. Your god is watching your every move.
    The next time you have dinner may you choke to death.

  4. #64
    orange tee Guest

    Default

    All property agents stop your nonsense postings please.

  5. #65
    UnregĄstered Guest

    Default

    Quote Originally Posted by orange tee
    All property agents stop your nonsense postings please.
    Then what do we do?

  6. #66
    UnregĄstered Guest

    Default

    Quote Originally Posted by Dazzled
    $1000psf for Metro units ? I agree this is crazy. Who will be willing to pay so much in the current property market which is softening ? Might as well pay slightly more to get a FH condo/ terrace house. No wonder the subsales transactions are getting lesser and lesser recently, sellers have yet to realise that buyers could only afford that much.
    This is a D3 condo you are talking about.
    Are you expecting it to be cheaper than DR in D14?
    No right?
    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of September 2008

    Project Name ....... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Dakota Residences . RCR ........ 5 ............................... 1,073 ............. 983 .............. 947
    Quote Originally Posted by dakota shines
    Hey! $1,07x psf again? Not bad what!

  7. #67
    Registered Guest

    Question Why DR?

    QUOTE: This is a D3 condo you are talking about.
    Are you expecting it to be cheaper than DR in D14?
    No right?

    Quote:
    Originally Posted by URA

    Project Name ....... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Dakota Residences . RCR ........ 5 ............................... 1,073 ............. 983 .............. 947


    Why was DR picked as a comparison? Why not any other district? Do u mean the lower the district, the higher the psf??
    District 9,10,11,12 cost a lot higher.
    District

  8. #68
    UnregĄstered Guest

    Default

    Quote Originally Posted by Registered
    Why was DR picked as a comparison? Why not any other district? Do u mean the lower the district, the higher the psf??
    District 9,10,11,12 cost a lot higher.
    District
    Err ... maybe compare with this 99-year-leasehold KR in D19?

    D3 vs D19!

    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of September 2008

    Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Kovan Residences . OCR ....... 4 ............................... 964 ................ 940 ............... 860
    Quote Originally Posted by UnregĄstered
    Wow!
    KR has just broken August record high of $954psf with this new record high of $964psf.
    Bravo!

  9. #69
    Registered Guest

    Question

    Quote Originally Posted by UnregĄstered
    Err ... maybe compare with this 99-year-leasehold KR in D19?

    D3 vs D19!
    I dun get your point! D3 Vs D14 and now D3 Vs D19? Are you saying the higher D the lower or higher PSF? I am totally confused...

  10. #70
    Pessimistic Guest

    Talking

    Quote Originally Posted by Registered
    I dun get your point! D3 Vs D14 and now D3 Vs D19? Are you saying the higher D the lower or higher PSF? I am totally confused...
    Ai ya, when the market crash, you will not have any fundamentals to talk about pricing. Even orchard condos will drop to 1000psf.

  11. #71
    UnregĄstered Guest

    Default

    Quote Originally Posted by Pessimistic
    Ai ya, when the market crash, you will not have any fundamentals to talk about pricing. Even orchard condos will drop to 1000psf.
    Your "if" is not answering his question.

  12. #72
    Concern Guest

    Unhappy Property Market Definitely Heading South

    Have been observing the average selling price for Metropolitan for last 9 mths and seems that currently the average asking price has been dropping gradually to around $850 - $900 psf from $1000 psf. Looks like folks holding on to these units are getting the jitters with TOP drawing nearer. Seeing similar trend with Regency Suites, Beacon etc.

    Looking at gloomy economic situation right now, which many think would worsened in the next 6 - 9 mths and likely to last 2 - 3 years or more, the prices would definitely fall much more steeply than the last couple of months. Even SM Lee said that it would take at least 3 to 5 years to recover.

    Unless the current owners are able to rent at the current monthly rental rates, they would have to start digging into their pockets to top up the monthly mortgage. Example, taking from URA site, Q3 08 25th and median percentile $ rental psf pm for Tanglin Regency is $3.61 and $4.22 psf respectively, a Metropolitan 1076 sqft unit rental is likely to yield around $4K rental per mth, which is barely enough to cover the mortgage. If the economy is to continue heading south in the next couple of months, the buyer would be considered fortunate if he/she is able to fetch similar Q2 07 price which is $3.11 psf pm to $3.30 psf pm for 25th and median percentile rental pm. With the additional surpluses of condominium available in 2009 onwards plus gloomy economy, likely the rental $ psf pm would be lower than that. With all that taken into consideration, it would be very high chance that the buyer would need to top up from his own pocket to finance the mortgage.

    To make things worst, banks would definitely ask the buyer to top up the difference if the current property valuation is lower that the price he/she paid for at the pt of purchase.

    To sum up, it looks like a ticking time bomb waiting to explode in a matter of time.

  13. #73
    DaZZled Guest

    Cool Property Market Definitely Heading South

    I can't help but agree with your observation. The market is definitely going south. Hopefully it will not crash...Ouch...Those who bought during the launch can still breakeven at this point of time. But if they choose to wait for market to improve, it may take 2 years or more. With the TOP coming up very soon, well...anyone can guess what will happen.Those good old days of $900 to $1000 psf are gone. The most recent transaction of a 1033 sqft unit was at $682 psf!!! Still I think the seller was smart. If he was to hold on to the unit, he would definitely have lost more $$$. I think the current support level is $800. By next year, it may drop to $700.

    Many people have lost a lot of money in the stock market. Big ticket items like cars and condo will have to wait indefinitely. They are of very low priority now.

    The recession has yet to hit the man in the street, so the worst effect has yet to be seen. I predict the market will slow to a crawl if not a standstill next year. Jobs will be lost, expect salary freeze if not cut. Living day to day will be a struggle. Even after the recession ends, people will have to earn and save for a long long time before they are ready to consider buying cars and condo...Alas...the worst is yet to be...:-(

  14. #74
    Correction Guest

    Default

    Quote Originally Posted by DaZZled
    I can't help but agree with your observation. The market is definitely going south. Hopefully it will not crash...Ouch...Those who bought during the launch can still breakeven at this point of time. But if they choose to wait for market to improve, it may take 2 years or more. With the TOP coming up very soon, well...anyone can guess what will happen.Those good old days of $900 to $1000 psf are gone. The most recent transaction of a 1033 sqft unit was at $682 psf!!! Still I think the seller was smart. If he was to hold on to the unit, he would definitely have lost more $$$. I think the current support level is $800. By next year, it may drop to $700.

    Many people have lost a lot of money in the stock market. Big ticket items like cars and condo will have to wait indefinitely. They are of very low priority now.

    The recession has yet to hit the man in the street, so the worst effect has yet to be seen. I predict the market will slow to a crawl if not a standstill next year. Jobs will be lost, expect salary freeze if not cut. Living day to day will be a struggle. Even after the recession ends, people will have to earn and save for a long long time before they are ready to consider buying cars and condo...Alas...the worst is yet to be...:-(
    The $682psf transaction was the original purchase from the developer.

  15. #75
    UnregĄstered Guest

    Default

    Quote Originally Posted by Concern
    Have been observing the average selling price for Metropolitan for last 9 mths and seems that currently the average asking price has been dropping gradually to around $850 - $900 psf from $1000 psf. Looks like folks holding on to these units are getting the jitters with TOP drawing nearer. Seeing similar trend with Regency Suites, Beacon etc.

    Looking at gloomy economic situation right now, which many think would worsened in the next 6 - 9 mths and likely to last 2 - 3 years or more, the prices would definitely fall much more steeply than the last couple of months. Even SM Lee said that it would take at least 3 to 5 years to recover.

    Unless the current owners are able to rent at the current monthly rental rates, they would have to start digging into their pockets to top up the monthly mortgage. Example, taking from URA site, Q3 08 25th and median percentile $ rental psf pm for Tanglin Regency is $3.61 and $4.22 psf respectively, a Metropolitan 1076 sqft unit rental is likely to yield around $4K rental per mth, which is barely enough to cover the mortgage. If the economy is to continue heading south in the next couple of months, the buyer would be considered fortunate if he/she is able to fetch similar Q2 07 price which is $3.11 psf pm to $3.30 psf pm for 25th and median percentile rental pm. With the additional surpluses of condominium available in 2009 onwards plus gloomy economy, likely the rental $ psf pm would be lower than that. With all that taken into consideration, it would be very high chance that the buyer would need to top up from his own pocket to finance the mortgage.

    To make things worst, banks would definitely ask the buyer to top up the difference if the current property valuation is lower that the price he/she paid for at the pt of purchase.

    To sum up, it looks like a ticking time bomb waiting to explode in a matter of time.
    Bank will not aks you to top up lah.

  16. #76
    Prof Lilian Ng (NBS, NTU) Guest

    Default

    Quote Originally Posted by Pessimistic
    Ai ya, when the market crash, you will not have any fundamentals to talk about pricing. Even orchard condos will drop to 1000psf.
    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.

  17. #77
    UnregĄstered Guest

    Default

    Quote Originally Posted by Prof Lilian Ng (NBS, NTU)
    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.
    So?
    Don't be too happy lah!
    Everyone is a loser here!
    Only IRAS is the big winner who is smiling now!

    Quote Originally Posted by The Straits Times

    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.

  18. #78
    DaZZled Guest

    Exclamation Denial?

    The $682psf transaction was the original purchase from the developer.


    I am not too sure abt that! $682 from developer??

    1)Why would the caveat be filed 2 years after it was bought? Very strange...
    Very fishy...

    2)Unless the website listing the transaction was wrong, it was clearly
    stated "RESALE"! Contract Date: Oct 2008!

    I could only sensed Denial...

  19. #79
    Dazzled Guest

    Red face Both correct and incorrect...

    Quote Originally Posted by UnregĄstered
    Bank will not aks you to top up lah.
    His point is THIS:

    Unless the current owners are able to RENT at the current monthly rental rates, they would have to start digging into their pockets to top up the monthly mortgage... A Metropolitan 1076 sqft unit rental is likely to yield around $4K rental per mth, which is barely enough to cover the mortgage... With the additional surpluses of condominium available in 2009 onwards plus gloomy economy, likely the rental $ psf pm would be lower than that. With all that taken into consideration, it would be very high chance that the buyer would need to top up from his own pocket to finance the mortgage.

    I totally agree on the above point.

    But:
    To make things worst, banks would definitely ask the buyer to top up the difference if the current property valuation is lower that the price he/she paid for at the pt of purchase.

    I am not so sure about this. But I doubt the bank will ask owner to top up the difference...(speaking with caution).


    To sum up, it looks like a ticking time bomb waiting to explode in a matter of time.

    This, I agree too...

  20. #80
    DaZZled Guest

    Lightbulb Crystal Ball Gazing?

    [QUOTE=Prof Lilian Ng (NBS, NTU)]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.

    US economy today is indeed stronger, but so are the fear factor. The psychological effect is something you can't control. Numbers and figures dont have much effect over fears...

    "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%."

    It is hard to tell the future. Like I said, The Worst Is Yet To Be. It has not hit the man in the street hard enough yet. Only time can tell...(With respect)

  21. #81
    Top Up Guest

    Default

    Quote Originally Posted by Dazzled
    His point is THIS:
    But:
    To make things worst, banks would definitely ask the buyer to top up the difference if the current property valuation is lower that the price he/she paid for at the pt of purchase.

    I am not so sure about this. But I doubt the bank will ask owner to top up the difference...(speaking with caution).


    To sum up, it looks like a ticking time bomb waiting to explode in a matter of time.

    This, I agree too...
    You will be in for a surprise my friend. Banks are not your friend. They are money making business.

    If your current outstanding loan is higher than the valuation of the property, YOU NEED TO TOP IT UP WITH CASH.

    That is why those who bought high are at risk if the property price drops by a high %. You can get bankrupt bcause of this if you can't top it up.

  22. #82
    UnregĄstered Guest

    Default

    Quote Originally Posted by Top Up
    You will be in for a surprise my friend. Banks are not your friend. They are money making business.

    If your current outstanding loan is higher than the valuation of the property, YOU NEED TO TOP IT UP WITH CASH.

    That is why those who bought high are at risk if the property price drops by a high %. You can get bankrupt bcause of this if you can't top it up.
    By the way, valuations have just went up a little.

  23. #83
    Curious Guest

    Default

    Quote Originally Posted by DaZZled
    The $682psf transaction was the original purchase from the developer.


    I am not too sure abt that! $682 from developer??

    1)Why would the caveat be filed 2 years after it was bought? Very strange...
    Very fishy...

    2)Unless the website listing the transaction was wrong, it was clearly
    stated "RESALE"! Contract Date: Oct 2008!

    I could only sensed Denial...
    Why would these folks buy Livia when The Metro is selling at the same price?
    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of September 2008

    Project Name . Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Livia ................. OCR ....... 9 ............................... 702 ................ 677 ............... 646

  24. #84
    UnregĄstered Guest

    Default

    Quote Originally Posted by Curious
    Why would these folks buy Livia when The Metro is selling at the same price?
    Why?
    ... cos' DaZZled is a conman telling a lie here ...

  25. #85
    DaZZled Guest

    Smile

    If your current outstanding loan is higher than the valuation of the property, YOU NEED TO TOP IT UP WITH CASH.

    That is why those who bought high are at risk if the property price drops by a high %. You can get bankrupt bcause of this if you can't top it up.[/QUOTE]


    Thanks for info...

  26. #86
    DaZZled Guest

    Default

    Quote Originally Posted by Curious
    Why would these folks buy Livia when The Metro is selling at the same price?

    There are thousands and one reasons...Price is only one factor

  27. #87
    DaZZled Guest

    Thumbs down Uncalled for remark

    Quote Originally Posted by UnregĄstered
    Why?
    ... cos' DaZZled is a conman telling a lie here ...
    There is no need to resort to name calling. Just go and chk up www.nationproperty.sg

  28. #88
    mortgage rule Guest

    Default

    Quote Originally Posted by Top Up
    You will be in for a surprise my friend. Banks are not your friend. They are money making business.

    If your current outstanding loan is higher than the valuation of the property, YOU NEED TO TOP IT UP WITH CASH.

    That is why those who bought high are at risk if the property price drops by a high %. You can get bankrupt bcause of this if you can't top it up.
    This is something which Bank don't explain to you when you take up the mortgage. It is important for buyers to do research and ask around. Many people I spoke to who have bank mortgage do not know of this rule.

  29. #89
    UnregĄstered Guest

    Default

    Quote Originally Posted by DaZZled
    There is no need to resort to name calling. Just go and chk up www.nationproperty.sg
    "I could only sensed Denial..."
    What?

    There is no need to resort to name calling. Just look at the Livia URA transaction.

    If The Metro is selling at the same price as Livia, why are so many buying Livia?

    Your thousand reasons are these buyers are stupid.

    There is one more reason.
    There must be a conman here.

  30. #90
    Haha Guest

    Default

    Quote Originally Posted by Curious
    Why would these folks buy Livia when The Metro is selling at the same price?
    Because DaZZle conned them into buying. Ha ha ha!

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