One Devonshire (D9, Freehold, Allgreen)

[bargain hunter]

wonder what those people are there for. when i left at 6pm the guard was already not letting people come in. anyway, now the units are released as and when the developer feels like it and in batches. those units >#30 and not released yet, prob also people also already left the cheques with agents and once released they just have to drop their cheques to secure so i guess really no need for agents to queue tonight anymore. you missed the show last night.

took a stroll to the site round 10 pm.. anti climax.. only 4 - 5 people mingling round the door..all look like agents.. one lady was holding a stryfoam box (packed chicken rice)..

15 mins later, they seem to be leaving but show suite was all bright and i could see the model of the condo thr the windows.. there were some people in there..

walked backed home after that..

[dtrax]

The interior I would say so-so only comparable to martin place... only have 4rms showrm available.. wanting to take a few more but was stopped by the guard lol

nothing spectacular...

[bargain hunter]

i agree. interior is so-so. originally i thought it was a very efficient design, able to fit in queen sized beds for all 4 bedrooms. on second thoughts, 1496 to 1603 sq ft for a luxurious 4 bedroom is a little small.

[denverusa]

I was there when they balloted for 18-03, a 3 bedder for 2.455 mio. they had a shoebox and interested parties threw in their cheques and they drew the "LUCKY" one and everyone clapped. It was really hilarous . a small 1200+ or 1300 + sqft 3 bedder for 2.455m, i really dont know.....

[august]

I was there when they balloted for 18-03, a 3 bedder for 2.455 mio. they had a shoebox and interested parties threw in their cheques and they drew the "LUCKY" one and everyone clapped. It was really hilarous . a small 1200+ or 1300 + sqft 3 bedder for 2.455m, i really dont know.....

1291 sq ft, dat works out to 1901psf ~

[bargain hunter]

special number mah, 18-03. tall enough to clear the developments east of it to get a good view. i wonder how much they will price the > #30, 03 stack units released today then?! won't be passing by today though so won't be able to give updates

1291 sq ft, dat works out to 1901psf ~

[爱屋及乌]

Droved pass there ard 1 pm, no crowd in the show room. I would say a bit quiet, 2 or 3 couples inside. Most of the agents was outside across the road waiting for clients.

Fully sold...?

[bargain hunter]

maybe they decided to launch the remaining units in batches? wait for sat throw in one advert then sell all? the agents outside across the road are probably hutton agents, standing outside their Residences @ Kiliney project, all ready to prey on pple who visited and left one devonshire empty handed hehehe. then tell them, i give you priority, first day launch this fri, u won't leave empty handed.

Droved pass there ard 1 pm, no crowd in the show room. I would say a bit quiet, 2 or 3 couples inside. Most of the agents was outside across the road waiting for clients.

Fully sold...?

[dtrax]

I was there when they balloted for 18-03, a 3 bedder for 2.455 mio. they had a shoebox and interested parties threw in their cheques and they drew the "LUCKY" one and everyone clapped. It was really hilarous . a small 1200+ or 1300 + sqft 3 bedder for 2.455m, i really dont know.....

clapping for being carrothead

[bargain hunter]

Residences @ Kiliney launch delayed to 25th June, next Thurs, i wonder why...hmm...

clapping for being carrothead

[爱屋及乌]

Wait till One Devonshire sold out... so that they can increase price by 10-20%...

Residences @ Kiliney launch delayed to 25th June, next Thurs, i wonder why...hmm...

[eng00701]

Wait till One Devonshire sold out... so that they can increase price by 10-20%...

today i chiong two showrooms. went down devonshire at about 1pm today. it is selling extremely well. the 3 bedders were almost all gone. except for about 10 un-released units plus the 30+ floors un-released ones.
developer freezed price of the few remaining released but unsold units. then they revealed new pricing and released more units at about 1 plus. i was quoted close to $1900 psf for 16th floor and $1948 for 19th floor. cheap cheap le.
i saw last night's pricing from the agent. people who bought at preview last night got like approx $50-$100 psf cheaper for comparable floors.

at 1pm plus they did not release the 30+ floors ones. not sure if its released already.
based on current pricing, every floor increase like $16 psf. .
i wouldnt be surprised if 30+ high floor units hit $2100 psf upwards.

then i headed off to Miro.

[bargain hunter]

so when the final units are sold above 2000psf, R@K can claim to be selling at a relative bargain at 1800psf next week even though their units are bigger.

today i chiong two showrooms. went down devonshire at about 1pm today. it is selling extremely well. the 3 bedders were almost all gone. except for about 10 un-released units plus the 30+ floors un-released ones.
developer freezed price of the few remaining released but unsold units. then they revealed new pricing and released more units at about 1 plus. i was quoted close to $1900 psf for 16th floor and $1948 for 19th floor. cheap cheap le.
i saw last night's pricing from the agent. people who bought at preview last night got like approx $50-$100 psf cheaper for comparable floors.

at 1pm plus they did not release the 30+ floors ones. not sure if its released already.
based on current pricing, every floor increase like $16 psf. .
i wouldnt be surprised if 30+ high floor units hit $2100 psf upwards.

then i headed off to Miro.

[august]

clapping for being carrothead

LOL ! hidden agenda

[mark744]

Could someone please explain to me what is driving the current rise in prices, fundamentals would appear to infer the opposite? As things stand I can't but help feel that there are two factors at play: 1) herd mentality, and 2) the local property market is treated as a giant casino. When I look at the properties on offer where is any sense of value? And what is going to underpin these high values other than the fact it will increase the costs of Singapore Inc? Thanks.

[bargain hunter]

i can't explain but both your points 1) and 2) are valid. I guess we can add a 3) There are many Singaporeans who are (were) cash rich. they have decided that interest earned at the bank is too low, financial products too risky and are of the view that there will be hyperinflation. they decided that property is something real, something they can touch and won't disappear (like lehman bonds) won't be worth nothing (like fraud at some companies) and say, hey, let's buy property, interest on loans are (still) low.

Could someone please explain to me what is driving the current rise in prices, fundamentals would appear to infer the opposite? As things stand I can't but help feel that there are two factors at play: 1) herd mentality, and 2) the local property market is treated as a giant casino. When I look at the properties on offer where is any sense of value? And what is going to underpin these high values other than the fact it will increase the costs of Singapore Inc? Thanks.

[eng00701]

i can't explain but both your points 1) and 2) are valid. I guess we can add a 3) There are many Singaporeans who are (were) cash rich. they have decided that interest earned at the bank is too low, financial products too risky and are of the view that there will be hyperinflation. they decided that property is something real, something they can touch and won't disappear (like lehman bonds) won't be worth nothing (like fraud at some companies) and say, hey, let's buy property, interest on loans are (still) low.

in all likelihood r@k will be another sell-out project. it seems as long as location is gd, singaporeans do not mind the prices, layout or size. practically all D9 new releases are snapped up within days / week. illuminaire, martinplace, 1 devonshire.

blind rat race for property has begun again. new developments will be snapped up. prices will edge up. pple will quickly buy before it goes up furthur. then developers on seeing good response, edge up prices further. pple will be pressured to purchase b4 prices go up. ... resale property owners will follow developer lead and increase their prices. ....here we go again.

is singapore property market the only one that is experiencing this sudden recovery? i think alot of voters the thread "Will Rivergate hit 1k psf and below?" may like to re-cast their vote.
wonder what will prompt the next crash. lets watch and see if with all these foreign buyers, the singapore buyer market would be able to absorb all these units that developers are throwing out.

[bargain hunter]

i don't think this cycle is half as strong as the 07 one. the rally will end when the buying demand is met. at this pace, i think there will be many units sold before late aug (ie chinese 7th month). after that, the momentum may be gone and may not pick up after the 7th month. U see ppty market recovery in china, HK, sg and possibly elsewhere in asia as well but i think momentum buying cannot sustain and while prices may not crash, we may see a gradual decline later this year if prices keep going up between now and august.

in all likelihood r@k will be another sell-out project. it seems as long as location is gd, singaporeans do not mind the prices, layout or size. practically all D9 new releases are snapped up within days / week. illuminaire, martinplace, 1 devonshire.

blind rat race for property has begun again. new developments will be snapped up. prices will edge up. pple will quickly buy before it goes up furthur. then developers on seeing good response, edge up prices further. pple will be pressured to purchase b4 prices go up. ... resale property owners will follow developer lead and increase their prices. ....here we go again.

is singapore property market the only one that is experiencing this sudden recovery? i think alot of voters the thread "Will Rivergate hit 1k psf and below?" may like to re-cast their vote.
wonder what will prompt the next crash. lets watch and see if with all these foreign buyers, the singapore buyer market would be able to absorb all these units that developers are throwing out.

[proud owner]

i can't explain but both your points 1) and 2) are valid. I guess we can add a 3) There are many Singaporeans who are (were) cash rich. they have decided that interest earned at the bank is too low, financial products too risky and are of the view that there will be hyperinflation. they decided that property is something real, something they can touch and won't disappear (like lehman bonds) won't be worth nothing (like fraud at some companies) and say, hey, let's buy property, interest on loans are (still) low.

your point on low interest income from bank deposits is not valid at this point ..

SGD interest rate has Not been high for a long time ... so it cannot be used as a reason

[bargain hunter]

its just a wild guess. i am not sure about the very very high end but i have friends who have held cash in banks for a long time and because of the long wait itself, they think they have waited enough and wants to buy properties now. its not a rational thing but psychology is funny sometimes.

your point on low interest income from bank deposits is not valid at this point ..

SGD interest rate has Not been high for a long time ... so it cannot be used as a reason

[cheerful]

its just a wild guess. i am not sure about the very very high end but i have friends who have held cash in banks for a long time and because of the long wait itself, they think they have waited enough and wants to buy properties now. its not a rational thing but psychology is funny sometimes.

Well if you look at it another way ... the looong wait is not for nothing ... spare cash is always ready as bullets to shoot during down time .. perhaps, it's the rite time for your frens to get in & make the purchase that they may have all along been wanting to do ....

The same applies for stock; keep spare cash for the rite moment ...

[teddybear]

The draw factor seems to be the low interest rates (at about 1.6%) and extended period of mortgage loans! I heard that some banks are even allowing mortgage loans tenure to be as long as up to 82 years old! However, many buyers should be fore-warned that when they buy properties, they better factor in long-term average interest rate of 5.5% and a loan tenure of only up to 62 years old! (vs 1.6% up to 82 years old is a hell lot of difference in monthly instalments!). Interest rates will definitely go up, not will or not, but when! I still remember there was a time when bank loan rate was more than 10%!

i can't explain but both your points 1) and 2) are valid. I guess we can add a 3) There are many Singaporeans who are (were) cash rich. they have decided that interest earned at the bank is too low, financial products too risky and are of the view that there will be hyperinflation. they decided that property is something real, something they can touch and won't disappear (like lehman bonds) won't be worth nothing (like fraud at some companies) and say, hey, let's buy property, interest on loans are (still) low.

[jitkiat]

your point on low interest income from bank deposits is not valid at this point ..

SGD interest rate has Not been high for a long time ... so it cannot be used as a reason

It may be something to do with the sudden surge of inflation rate at 2007/2008. Singapore has not experienced this kind of inflation for a very long time. I don't want to get flame again for giving "misleading" comment but I can't help to point out that CPI (consumer price index) is up almost 15% since year 1999. Since oil price has recovered to above 70USD, this may lead to many people's belief that inflation is again coming back. Coupled with super low FD rate, distrust in bank's financial products/mutual fund/investment-linked insurance & scary stock market volatility, many have decided to shift their asset allocation to properties. Also, last year our population increased to 4.84 million, we have 20,513 new citizens and 79,167 new PRs. Population is only 3.8million 12 years ago.

[thomastansb]

10%? Which country are you in? I have been in the banking sector for the past 12 years. The highest I have seen is 6%. And it is a one off case because that cock did not refinance for dunno how long. The highest I have seen in normal cases is 3.8%.

Think of this logically. If 10% home loan, how much do you think the expected rental yield will be? 15%? So if 2 bedders in Icon cost 1 million, 15% will be 150000 per year. That work to be about 12000 per month. Just to rent a 2 bedders. You think anyone will bite? And do you think the property market can sustain anymore? Even at US, those super high risk sub-prime loan, the loan is only about 7-8%. We are talking about those people without income, 100% loan kind.

The draw factor seems to be the low interest rates (at about 1.6%) and extended period of mortgage loans! I heard that some banks are even allowing mortgage loans tenure to be as long as up to 82 years old! However, many buyers should be fore-warned that when they buy properties, they better factor in long-term average interest rate of 5.5% and a loan tenure of only up to 62 years old! (vs 1.6% up to 82 years old is a hell lot of difference in monthly instalments!). Interest rates will definitely go up, not will or not, but when! I still remember there was a time when bank loan rate was more than 10%!

[stalingrad]

in all likelihood r@k will be another sell-out project. it seems as long as location is gd, singaporeans do not mind the prices, layout or size. practically all D9 new releases are snapped up within days / week. illuminaire, martinplace, 1 devonshire.

blind rat race for property has begun again. new developments will be snapped up. prices will edge up. pple will quickly buy before it goes up furthur. then developers on seeing good response, edge up prices further. pple will be pressured to purchase b4 prices go up. ... resale property owners will follow developer lead and increase their prices. ....here we go again.

is singapore property market the only one that is experiencing this sudden recovery? i think alot of voters the thread "Will Rivergate hit 1k psf and below?" may like to re-cast their vote.
wonder what will prompt the next crash. lets watch and see if with all these foreign buyers, the singapore buyer market would be able to absorb all these units that developers are throwing out.

I am more convinced than ever that rivergate will fall below 1k psf by the end of 2010. retal yields are falling like a rock. expats are leaving in droves. where are the fundamentals that will support the current price levels for D9 properties?

People are stupid, and tend to judge the reasonableness of current prices based on past price levels. They are too stupid to understand that the credit crisis was a game changer, and the prices for condo in D9 in 2007 and 2006 are a thing of the past and will not return for 10 or 20 years.

Human minds are defective, and that explains why One devenshire is selling like that hot cakes. When more and more condos are launched and rental yields keep falling, I bet one denvenshire will fall to 1k psf level too.

No need to rush, guys. just sit back and watch the stupid speculators burn, and burn in hell.

[teddybear]

Young man, just because you are young and you have not seen it doesn't mean it has not happened. When it happened at that time, you are probably still sucking nipple?

And what on earn are you saying about rental yield? Does bank say that they must peg their loan interest rate to rental yield and will they ever do that? If they do, then current rental yield about 3% and they should be charging 3% loan interest instead of 1.6-2%.

10%? Which country are you in? I have been in the banking sector for the past 12 years. The highest I have seen is 6%. And it is a one off case because that cock did not refinance for dunno how long. The highest I have seen in normal cases is 3.8%.

Think of this logically. If 10% home loan, how much do you think the expected rental yield will be? 15%? So if 2 bedders in Icon cost 1 million, 15% will be 150000 per year. That work to be about 12000 per month. Just to rent a 2 bedders. You think anyone will bite? And do you think the property market can sustain anymore? Even at US, those super high risk sub-prime loan, the loan is only about 7-8%. We are talking about those people without income, 100% loan kind.

[stalingrad]

I bet that a large number of One devenshire units will be returned shortly.

[cheerful]

Young man, just because you are young and you have not seen it doesn't mean it has not happened. When it happened at that time, you are probably still sucking nipple?

And what on earn are you saying about rental yield? Does bank say that they must peg their loan interest rate to rental yield and will they ever do that? If they do, then current rental yield about 3% and they should be charging 3% loan interest instead of 1.6-2%.

Hi uncle teddybear, could you please share with us which period was that when int rate was that high ... would like to learn the history (yup, banks don't do charity work & won't peg according to rental yield). Thx.

[jitkiat]

Hi uncle teddybear, could you please share with us which period was that when int rate was that high ... would like to learn the history (yup, banks don't do charity work & won't peg according to rental yield). Thx.

Could it be during 1973/74, 1980/81 oil crisis ? Inflation rate was super-high then.

[EBD]

I have seen interest rates at 9-10% in Singapore. Just because you have never seen it doesn't mean it didn't happen. Is it likely to go back there? Who knows.

Also your assumption of rental yield being tied to loan interest makes me think your 12 years in the banking sector must have been in IT or something.

Rental is what you can get the market to cough up. If I am a renter, why do I care about the landlords problems. If you are loosing money every month to high interest, that is not my concern. My contract says X dollars per month. If it's renewal time and you ask me to service your mortgage by upping my rent 2x, I will probably be looking elsewhere at which point yield is zero.

Is this scenario likely. Could be. When I look at affordability of property I add risk analysis to my decision making. Currently interest rates can only go one way - up. With all the dollar printing going on inflation will eventually turn up & so will interest rates.
So when I look monthly repayments I look at 3%, 5%, 8% in the what if's.

Look to 1996 for the answers.

10%? Which country are you in? I have been in the banking sector for the past 12 years. The highest I have seen is 6%. And it is a one off case because that cock did not refinance for dunno how long. The highest I have seen in normal cases is 3.8%.

Think of this logically. If 10% home loan, how much do you think the expected rental yield will be? 15%? So if 2 bedders in Icon cost 1 million, 15% will be 150000 per year. That work to be about 12000 per month. Just to rent a 2 bedders. You think anyone will bite? And do you think the property market can sustain anymore? Even at US, those super high risk sub-prime loan, the loan is only about 7-8%. We are talking about those people without income, 100% loan kind.