pacific mansion

[new2mondrian]

Pac Mansion for $700-800psf? Hey, u guys must be joking. That run-down place is not worth looking at unless it hits $500psf!

Honestly, 15 years ago, my relative purchased that place for $170k. Okies, 15 years is a long time and he has since sold it. BUT if you guys consider my friend who bought a FH 3-bedder on level 16 of Regalia (directly opposite Pac Mans) for $780k (which is approx $680psf) in Q1 2006, you will not pay $700psf for Pac Mans. Wait a while, prices may hit 2006 levels....

[East Lover]

There is a low floor unit in Pacific Mansion, willing to sell it with tenancy.

Guess what? Dear to ask for 1.35M for a 1350 sqft!!! Owner said because this is the price from the developer during the en-bloc.

OMG

No wonder it failed en-bloc last time, due to too many greedy owners. Nowadays market so bad liao, they still never wake up.

Not worthy to pay above 1mil for Pacific Mansion lah. too old, too many negative stories...

http://forums.hardwarezone.com.sg/sh...71&postcount=8

http://forums.hardwarezone.com.sg/sh...08&postcount=9
6 Jun 1998 Businessman Albert Lee Kim Kang slashes his wife on the neck and jumps out of his bedroom window on the sixth storey.

[propertyguru]

There is a low floor unit in Pacific Mansion, willing to sell it with tenancy.

Guess what? Dear to ask for 1.35M for a 1350 sqft!!! Owner said because this is the price from the developer during the en-bloc.

OMG

No wonder it failed en-bloc last time, due to too many greedy owners. Nowadays market so bad liao, they still never wake up.

Not worthy to pay above 1mil for Pacific Mansion lah. too old, too many negative stories...

http://forums.hardwarezone.com.sg/sh...71&postcount=8

http://forums.hardwarezone.com.sg/sh...08&postcount=9
6 Jun 1998 Businessman Albert Lee Kim Kang slashes his wife on the neck and jumps out of his bedroom window on the sixth storey.

Wow, thanks for the heads up. 1000 psf is retarded.

[blackswan]

One thing that interest me is what is the current built up plot ratio of this condo?

Is it already max out at 2.8 when its built 45 years ago? (as stated in the hardwarezone link)

Thanks for any feedback

[toaler]

"Pacific Mansions will escape a development charge because it is already built up to more than the official plot ratio. The 128,306 sq ft site now has a total floor area of 493,223 sq ft." The Straits Times 19 Jun 2007

In fact, the built up is already MORE than the official plot ratio.. this condo really has not much potential unless the price is pushed all the way down to 500psf..

[blackswan]

okie dokie.....off my watch list liao,

10 Q brother...

[East Lover]

One thing that interest me is what is the current built up plot ratio of this condo?

Is it already max out at 2.8 when its built 45 years ago? (as stated in the hardwarezone link)

Thanks for any feedback

1. if built up plot ratio >2.8, no hope to be en bloc in the near future?
2. if age is 45 years old (so old meh???), that means a lot of things need to redo, the total interior renovation is not sufficient. how about the water tank??? anyone maintain or replace it? can't imagine have to drink water from the 45-years-old water tank. don't know what inside already

[august]

1. if built up plot ratio >2.8, no hope to be en bloc in the near future?

still can, developer can build many many "mickey mouse" units and charge high psf like a certain ahem ahem project lor ~

[proud owner]

still can, developer can build many many "mickey mouse" units and charge high psf like a certain ahem ahem project lor ~

wrong



if its built up now is < 2.8 then still got potential but must pay DC

if its built up is exactly 2.8 then really no potential ...

precisely becos its existing built up is > 2.8 plot ratio ..if kena enbloc..they can still build to current built up and YET NO NEED to pay DC

[mezz72sg]

This pacman was already around when i was in primary school. Now that my son is in the primary school beside it, i go there to pick him up 5 days a week.

Around 6pm, you'll see taxis waiting outside near the entrance to pacman. Slowly but surely, ktv hostesses will come out one by one or in pairs. They all work at the ktv nearby.

Imagine coming home from work to such scenarios everyday....

$1000psf is really sen jing ping kind of price!! $600psf also i don't want. So run down, open air carpark, plus this kind of reputation and tenants. Maybe seller hoping ktv owner nearby will buy to keep the hostesses. HAHAHAHA...

[East Lover]

current mkt situation ...you dont have to fret ..

just look out on papers ...for any advert on pacific mansion ...

if they ask for 800 psf ... just place your interest with the agent at 700 psf ... give it a couple of months .. i believe you can get it ... maybe by then ..you can have a few units to choose from ...

Hi,

What do you view of this Horizon Towers?

Worthy to consider if drop to <800 psf? it's 99 LH, already 25 years after completion, and each unit super big? seems all bigger than 2500 sqft?

But much better location than Pacific Mansion?

--------
April 2, 2009
HORIZON TOWERS COLLECTIVE SALE SAGA
No go for en bloc sale

Horizon Towers at Leonie Hill. -- ST PHOTO: CAROLINE CHIA
THE minority owners of Horizon Towers have won the fight to block the $500 million collective sale of their Leonie Hill estate.

Singapore's highest court handed out its judgement on Thursday morning, allowing their appeal.

This puts an end to arguably the most protracted en-bloc sale dispute in years. The saga began in January 2007 when the majority owners accepted a price of just under $850 per sq ft (psf) of gross floor area for the 99-year leasehold estate in Leonie Hill. The 199 apartment owners would each have pocketed about $2.3 million while the 11 penthouse owners would have received at least $4 million each.

The buyers are Hotel Properties (HPL) and its partners, Morgan Stanley Real Estate and Qatar Investment Authority.

[proud owner]

Hi,

What do you view of this Horizon Towers?

Worthy to consider if drop to <800 psf? it's 99 LH, already 25 years after completion, and each unit super big? seems all bigger than 2500 sqft?

But much better location than Pacific Mansion?

--------
April 2, 2009
HORIZON TOWERS COLLECTIVE SALE SAGA
No go for en bloc sale

Horizon Towers at Leonie Hill. -- ST PHOTO: CAROLINE CHIA
THE minority owners of Horizon Towers have won the fight to block the $500 million collective sale of their Leonie Hill estate.

Singapore's highest court handed out its judgement on Thursday morning, allowing their appeal.

This puts an end to arguably the most protracted en-bloc sale dispute in years. The saga began in January 2007 when the majority owners accepted a price of just under $850 per sq ft (psf) of gross floor area for the 99-year leasehold estate in Leonie Hill. The 199 apartment owners would each have pocketed about $2.3 million while the 11 penthouse owners would have received at least $4 million each.

The buyers are Hotel Properties (HPL) and its partners, Morgan Stanley Real Estate and Qatar Investment Authority.

well these people for 'sentimental ' reasons ...fought off the enbloc .. the remaining owners will be so so upset ..

to them all, especially the 4 fighters .. money is not an issue ..

i doubt anyone will sell at 800 psf ... but if there is any ...yes good buy ..

[East Lover]

well these people for 'sentimental ' reasons ...fought off the enbloc .. the remaining owners will be so so upset ..

to them all, especially the 4 fighters .. money is not an issue ..

i doubt anyone will sell at 800 psf ... but if there is any ...yes good buy ..

you are right!
also, 800 * 2500 = 2 mil. rather buy two 1 mil unit in other place, one for own stay, one for rental?

[august]

the mkt has turned, such a ruling works to the developer's advantage.. somehow i feel the court is always helping the big boys and corporations ~

[proud owner]

the mkt has turned, such a ruling works to the developer's advantage.. somehow i feel the court is always helping the big boys and corporations ~

i dont disagree ... afterall ...if you think deeper .. Developers are the real builders of the nation ...

you think our garment will spend money to enbloc prime locations ???

if they side in they will exercise their rights as GOVT and buy from you at 1965 price ...

[yoonheng]

In this case , can developer sue the broker , owner or lawyer for any losses...?

i dont disagree ... afterall ...if you think deeper .. Developers are the real builders of the nation ...

you think our garment will spend money to enbloc prime locations ???

if they side in they will exercise their rights as GOVT and buy from you at 1965 price ...

[proud owner]

In this case , can developer sue the broker , owner or lawyer for any losses...?

i believe they can ...

but in this case .. at this point of the property market .. they shouldnt/wouldnt ... the decision now is in their favor ...

i see now the losers are the Horizoners ...

[爱屋及乌]

Developer may not want the land now. But could developer sue any parties involed for lost of revenue they might entitled if they manage to launch the project during property peak.

i believe they can ...

but in this case .. at this point of the property market .. they shouldnt/wouldnt ... the decision now is in their favor ...

i see now the losers are the Horizoners ...

[Gordon Yuen]

Developer may not want the land now. But could developer sue any parties involed for lost of revenue they might entitled if they manage to launch the project during property peak.

Wau.....you are now talking about indirect losses and consequential damages..........

[propertyguru]

The only losers are those in the sales committee who bought extra units to sell in the en bloc. Serve them right for being greedy and for acting despite the conflict of interests.

For the developer, it's hard to say. 800+ psf is quite cheap even in today's economic climate, and by the time the market recovers, I am doubtful any developer will be able to achieve the same pricing. Maybe when the lease runs down to its last five years, but otherwise, it will be difficult. Though from another point of view, they may not wish to sit on the land during the current recession as well. So I think the developer has reason to be happy either way.

The minority owners obviously are winners. And so are the lawyers. Whoever wins, the lawyers always win as well ;-)

[proud owner]

The only losers are those in the sales committee who bought extra units to sell in the en bloc. Serve them right for being greedy and for acting despite the conflict of interests.

For the developer, it's hard to say. 800+ psf is quite cheap even in today's economic climate, and by the time the market recovers, I am doubtful any developer will be able to achieve the same pricing. Maybe when the lease runs down to its last five years, but otherwise, it will be difficult. Though from another point of view, they may not wish to sit on the land during the current recession as well. So I think the developer has reason to be happy either way.

The minority owners obviously are winners. And so are the lawyers. Whoever wins, the lawyers always win as well ;-)

I think the entire project owners are LOSERS..

now that its off ..probably drop back to 850 psf .. its a damn old project ..99 yr (probably 30 yr old) .. whats its potential other then a good location ?

soon they will have to cough out more money to 'renovate ' the old building ... sunking fund falls .. owners have to top up ? ahhaa

true losers ...

due to our weather ..most buildings dont last like those in europe ..
cracks lah ..leakages lah .. got people want to buy should over and pay a premium should just let go .. otherwise the long term maintenace cost is just not worth it ...

LOSERS .... ahhahha

[august]

I think the entire project owners are LOSERS..

now that its off ..probably drop back to 850 psf .. its a damn old project ..99 yr (probably 30 yr old) .. whats its potential other then a good location ?

soon they will have to cough out more money to 'renovate ' the old building ... sunking fund falls .. owners have to top up ? ahhaa

true losers ...

due to our weather ..most buildings dont last like those in europe ..
cracks lah ..leakages lah .. got people want to buy should over and pay a premium should just let go .. otherwise the long term maintenace cost is just not worth it ...

LOSERS .... ahhahha

aiya the owners there got money one, renovation costs will be chum change to them.

location is good, in 10 yrs it will surely go thru enbloc again.

[proud owner]

aiya the owners there got money one, renovation costs will be chum change to them.

location is good, in 10 yrs it will surely go thru enbloc again.

i dun deny the location is good ... at currently mkt i rather buy a newer project in river valley ... at 900 psf then 850 psf for horizon ..unless it goes back to 550-600 psf .. i believe that was where it was in 2005/6

[Geylang OKT]

Sexy china mei mei mistresses Cheong Ahhhhh!

[East Lover]

i dun deny the location is good ... at currently mkt i rather buy a newer project in river valley ... at 900 psf then 850 psf for horizon ..unless it goes back to 550-600 psf .. i believe that was where it was in 2005/6

I saw one adv on Sunday's classfied - The Horizon Tower is asking 8xx psf now...

[EBD]

I saw one adv on Sunday's classfied - The Horizon Tower is asking 8xx psf now...

Yeah, I saw that one too. What a dreamer. Wants to get the same price from some sucker in the market as was the enbloc price for the unit.

[august]

I saw one adv on Sunday's classfied - The Horizon Tower is asking 8xx psf now...

could it be one of the management committee fella who bought additional units ?

[East Lover]

could it be one of the management committee fella who bought additional units ?

Haha, that's my guess also!

[SL]

If this Horizon gets en-bloc in the future, can the developer pay some money to have the plot changed to free-hold from the current lease-hold status?

[isaaclim]

If this Horizon gets en-bloc in the future, can the developer pay some money to have the plot changed to free-hold from the current lease-hold status?

Not possible.. FH is due to historical reason. Mainly because of those bloody British.