The Minton (D19, 99 years leasehold, Kheng Leong)

[sleek]

Actually, not right too, cos it was supposed to be 2nd property. And HDB rules states that you can't get concessionary prices, if you own private property and have to buy resale, so what MOP.

I thought the crucial part is 5 year MOP? If your fren hasn't met that requirement, how to buy pte in the first place? Probably it wasn't about min sum rule bah ...

[cheerful]

Actually, not right too, cos it was supposed to be 2nd property. And HDB rules states that you can't get concessionary prices, if you own private property and have to buy resale, so what MOP.

Hi sleek, I thot new2mondrian was talking about a fren not being able to sell HDB & said something abt not meeting 5 yr limit. Then, should it be in the first place, the question be that why that fren shopping for a pte when hdb still fall short of 5 yr MOP? MOP is really the period when people wait & wait ... before progressing to the stage of committment in pte? It's not the other way round, where the fren bout pte first then wanna buy hdb, correct?

[amk]

I also visited this place...

compared to the other 1000 unit project Interlace, Minton's facilities dun really stand out... feels very normal.

[2824]

Most of the agents i encountered are like sign posts, very difficult to give wrong info.

You need info on min sum, pls consult CPF board. You need info on HDB resale, pls consult HDB, you need infp on loan approval, can i refer u (becos got a cut) to the bank agent?

Can someone enlighten me? I thought the CPF minimum sum is $58,500 in Special+ordinary? Din the agent do any cross check with your friend before she sign the option? From what i know, if u buy direct from HDB or take any grant, you cannot buy any private property for 5 yrs. The agent should know and advise your friend accordingly.
She may have a case to fight and developer might return her option money due to such misinformation by the agent.

[sleek]

Guess the confusion now is "2nd property", with HDB being the other property?

Then of cos its due to MOP. Also, N2M is right about the higher Min Sum requirement for 2nd pte property.

Hi sleek, I thot new2mondrian was talking about a fren not being able to sell HDB & said something abt not meeting 5 yr limit. Then, should it be in the first place, the question be that why that fren shopping for a pte when hdb still fall short of 5 yr MOP? MOP is really the period when people wait & wait ... before progressing to the stage of committment in pte? It's not the other way round, where the fren bout pte first then wanna buy hdb, correct?

[cheerful]

Oh yesh, cpf min sum definitely applies, just wat is the exact amount someone is asking ($100k meh?). Anyway, n2mondrain can clarify on that part coz the post appears to suggest hdb owner hopping into the pte property mkt

[scsc]

Mine is a studio... 700sqft for $590k. Not too cheap, but I think it is fair pricing given the quantum and the location. I will partition it up into a MBR (for my mom and dad) and a small study for my kid to do his homework during the daytime.

Sleek, you are absolutely right! NE/CCL interchange at Serangoon station is already operational. What I meant was that the full circle line will be operational by the time Minton is up. Which is good cos the Minton shuttle bus will take my folks to the Serangoon station, and they just have to hop onto the MRT to bring them to Dhoby Ghaut (NEL) or the Holland Village (CCL) to pop by my place. Very convenient. Easy for my maid to bring them lunch too.

hiya, I have some newbie qns...

Does the shuttle bus run on every single day? How many yrs will the service runs?

I presume the cost of such service is deducted from the maintenance budget...

[bargain hunter]

although i have never been to minton showflat, i can assure u that the shuttle bus will run a few trips every single day for sure. you are right as the cost of the service will be deducted from the maintenance pool. u may have to ask n2m about how many years though. normally is 1 or 2 years then after that residents vote to see if they want to continue.

hiya, I have some newbie qns...

Does the shuttle bus run on every single day? How many yrs will the service runs?

I presume the cost of such service is deducted from the maintenance budget...

[jchong]

I remember reading it shuttle bus is for two years.

[devilplate]

1st 2 yrs free shuttle service

usually every 30mins until 9pm

yes, not many ppl noe the cpf min sum for 2nd ppty...each individual OA 58500k..gona increase soon to 61k i tink.

[new2mondrian]

I thought the crucial part is 5 year MOP? If your fren hasn't met that requirement, how to buy pte in the first place? Probably it wasn't about min sum rule bah ...

actually I wasn't exactly sure what was the whole problem. when I heard the whole story, the whole saga was over and it was a sore spot with her. What I understood from her was that they weren't aware of the minimum sum reqt (being $58,500 per pax), and hence the 2nd property cannot be serviced using CPF. They did not have sufficient cash in their banks then to service the remaining 15% (after the 5% deposit) in cash, after the change in financing rules early this year from 90% loan to maximum 80% loan from banks.

They weren't able to sell off their HDB and move in with parents as they have not fulfilled the 5-year MOP. So in the end they forfeited the deposit with the developer.

But sleek also mentioned a valid point. Since they took a concessionary loan, they should not be allowed to purchase a private property within 5 years. I think there is some HDB ruling on this, not very sure though. Anyway, the lesson here is to check properly before committing lah.

Quite sad for them. It took them a long time to save the money.... and it was gone in a flash.

[new2mondrian]

hiya, I have some newbie qns...

Does the shuttle bus run on every single day? How many yrs will the service runs?

I presume the cost of such service is deducted from the maintenance budget...

Shuttle bus runs on a daily basis for the first 2 years. And yes, the cost of the shuttle bus is borne by the condo's maintenance fund.

Thereafter, whether the shuttle bus service should be continued is up to the condo's management committee.

For Minton, there are 1145 residential units and 6 retail units. Maintenance for studio is $190 per month, 2-bedder is $220 per month, 3-bedder is $250 per month and so on... Assuming the average maintenance is $220 per month, for 1145 units the monthly maintenance collected (including sinking fund) is $250K, yearly sum will be slightly over $3M. With such a quantum, shouldn't have an issue with financing the shuttle bus service imho.

[scsc]

Shuttle bus runs on a daily basis for the first 2 years. And yes, the cost of the shuttle bus is borne by the condo's maintenance fund.

Thereafter, whether the shuttle bus service should be continued is up to the condo's management committee.

For Minton, there are 1145 residential units and 6 retail units. Maintenance for studio is $190 per month, 2-bedder is $220 per month, 3-bedder is $250 per month and so on... Assuming the average maintenance is $220 per month, for 1145 units the monthly maintenance collected (including sinking fund) is $250K, yearly sum will be slightly over $3M. With such a quantum, shouldn't have an issue with financing the shuttle bus service imho.

yup, i know that the fund shouldn't be an issue... (juz that i mistakenly heard that shuttle only available on either weekdays or weekends but should be other projects)... cos i feel shuttle bus is a necessity for old folks & kids..

[scsc]

actually I wasn't exactly sure what was the whole problem. when I heard the whole story, the whole saga was over and it was a sore spot with her. What I understood from her was that they weren't aware of the minimum sum reqt (being $58,500 per pax), and hence the 2nd property cannot be serviced using CPF. They did not have sufficient cash in their banks then to service the remaining 15% (after the 5% deposit) in cash, after the change in financing rules early this year from 90% loan to maximum 80% loan from banks.

They weren't able to sell off their HDB and move in with parents as they have not fulfilled the 5-year MOP. So in the end they forfeited the deposit with the developer.

But sleek also mentioned a valid point. Since they took a concessionary loan, they should not be allowed to purchase a private property within 5 years. I think there is some HDB ruling on this, not very sure though. Anyway, the lesson here is to check properly before committing lah.

Quite sad for them. It took them a long time to save the money.... and it was gone in a flash.

Sometimes in the flash of the property hype, many upgraders tend to forget or have no details of such CPF "fine" terms. Though it has been brought out for discussion a few times in the media.

Housing is indeed a very complicated issue in Singapore!

[new2mondrian]

yup, i know that the fund shouldn't be an issue... (juz that i mistakenly heard that shuttle only available on either weekdays or weekends but should be other projects)... cos i feel shuttle bus is a necessity for old folks & kids..

yup, shuttle bus is definitely a necessity for old folks and kids! and not to mention the domestic helper too! =)

we stay near holland village, and I have been forever telling my maid to take the SBS bus to Orchard of her day-off (instead of MRT which is one big loop). And she simply refused. She is terrified of getting lost on a bus.

[proud owner]

actually I wasn't exactly sure what was the whole problem. when I heard the whole story, the whole saga was over and it was a sore spot with her. What I understood from her was that they weren't aware of the minimum sum reqt (being $58,500 per pax), and hence the 2nd property cannot be serviced using CPF. They did not have sufficient cash in their banks then to service the remaining 15% (after the 5% deposit) in cash, after the change in financing rules early this year from 90% loan to maximum 80% loan from banks.

They weren't able to sell off their HDB and move in with parents as they have not fulfilled the 5-year MOP. So in the end they forfeited the deposit with the developer.

But sleek also mentioned a valid point. Since they took a concessionary loan, they should not be allowed to purchase a private property within 5 years. I think there is some HDB ruling on this, not very sure though. Anyway, the lesson here is to check properly before committing lah.

Quite sad for them. It took them a long time to save the money.... and it was gone in a flash.

aiyo

she shud have read this forum first ...

i mentioned before ..at least last yr that the new rule was implemented in 2006 july .. that if buy 2nd prop .. both couple have to have min 60k in OA ...

[Komo]

although i have never been to minton showflat, i can assure u that the shuttle bus will run a few trips every single day for sure. you are right as the cost of the service will be deducted from the maintenance pool. u may have to ask n2m about how many years though. normally is 1 or 2 years then after that residents vote to see if they want to continue.

Due to the large population, I suspect waiting time may not be short unless they run 2 shuttle bus at the same time. Just thinking aloud!

[Komo]

actually I wasn't exactly sure what was the whole problem. when I heard the whole story, the whole saga was over and it was a sore spot with her. What I understood from her was that they weren't aware of the minimum sum reqt (being $58,500 per pax), and hence the 2nd property cannot be serviced using CPF. They did not have sufficient cash in their banks then to service the remaining 15% (after the 5% deposit) in cash, after the change in financing rules early this year from 90% loan to maximum 80% loan from banks.

They weren't able to sell off their HDB and move in with parents as they have not fulfilled the 5-year MOP. So in the end they forfeited the deposit with the developer.

But sleek also mentioned a valid point. Since they took a concessionary loan, they should not be allowed to purchase a private property within 5 years. I think there is some HDB ruling on this, not very sure though. Anyway, the lesson here is to check properly before committing lah.

Quite sad for them. It took them a long time to save the money.... and it was gone in a flash.

Fortunately forefeited of 25% of the 5% downpayment is not that large amount, though still a couple of thousands.
I wonder if it is the "duty" of the agent to explain that to the buyer if they need to use CPF.
Then, if the couple does not even have $60k (2 accounts add up somemore) and chiong to buy a condo, I think they are rather impulsive. I'm worried if the current market is driven up this way.

[bargain hunter]

shuttle bus should be able to adhere to its timing. maybe just need bigger bus.

Due to the large population, I suspect waiting time may not be short unless they run 2 shuttle bus at the same time. Just thinking aloud!

[gohsoonk]

Actually, MOP only restricts you from selling HDB. It does not prevent you from buying a second property.

Actually, not right too, cos it was supposed to be 2nd property. And HDB rules states that you can't get concessionary prices, if you own private property and have to buy resale, so what MOP.

[sleek]

Flat owners and occupiers are allowed to invest in private properties (both local and overseas). However, they must meet certain eligibility conditions before they do so.

Flats Bought Directly from HDB/ Open Market with CPF Housing Grant

The eligibility conditions are as follows:

• The flat owners must satisfy the required occupation period for their flats before acquiring private property
• The flat owners must continue to stay in their HDB flats after acquiring private properties
• However, exception is made for those who have obtained prior approval from HDB to sublet their flats under the Subletting of Flat policy

Flats Bought from the Open Market without CPF Housing Grant

There is no need to satisfy the required occupation period for the flat before acquiring private property. However, flat owners must continue to stay in their HDB flats after acquiring the private properties.

Exception is made for those who have obtained prior approval from HDB to sublet their flats under the Subletting of Flat policy.

Actually, MOP only restricts you from selling HDB. It does not prevent you from buying a second property.

[cheerful]

Fortunately forefeited of 25% of the 5% downpayment is not that large amount, though still a couple of thousands.
I wonder if it is the "duty" of the agent to explain that to the buyer if they need to use CPF.
Then, if the couple does not even have $60k (2 accounts add up somemore) and chiong to buy a condo, I think they are rather impulsive. I'm worried if the current market is driven up this way.

Yup, for a $1mil property likely to be around $12,500 (25% of the 5% downpayment). Btw, someone highlighted that the MOP is for selling hdb & not a rule to govern whether u can buy pte anot ... so does that mean that if a couple has the means to buy pte, can juz go ahead to buy then tenant out (but muz stay in the hdb lah) ..?

[cheerful]

Flats Bought Directly from HDB/ Open Market with CPF Housing Grant

The eligibility conditions are as follows:

• The flat owners must satisfy the required occupation period for their flats before acquiring private property
• The flat owners must continue to stay in their HDB flats after acquiring private properties
• However, exception is made for those who have obtained prior approval from HDB to sublet their flats under the Subletting of Flat policy

Oh this is clearer now .. thanks.

[bargain hunter]

you sure logged in early on D-day.

[gohsoonk]

Oh yes. Forgot those who buy with the grant...

Flat owners and occupiers are allowed to invest in private properties (both local and overseas). However, they must meet certain eligibility conditions before they do so.

Flats Bought Directly from HDB/ Open Market with CPF Housing Grant

The eligibility conditions are as follows:

• The flat owners must satisfy the required occupation period for their flats before acquiring private property
• The flat owners must continue to stay in their HDB flats after acquiring private properties
• However, exception is made for those who have obtained prior approval from HDB to sublet their flats under the Subletting of Flat policy

Flats Bought from the Open Market without CPF Housing Grant

There is no need to satisfy the required occupation period for the flat before acquiring private property. However, flat owners must continue to stay in their HDB flats after acquiring the private properties.

Exception is made for those who have obtained prior approval from HDB to sublet their flats under the Subletting of Flat policy.

[novel]

aiyo

she shud have read this forum first ...

i mentioned before ..at least last yr that the new rule was implemented in 2006 july .. that if buy 2nd prop .. both couple have to have min 60k in OA ...

is it a must for the couple to each have min 60k even if one of them is entrepreneur, not contributing CPF regularyly?

[teddybear]

How to narrow when there are big difference between:
(A) location, amenities, conveniency, good schools & life-style?
(B) quality of materials used (structural and interior)?

I have already dealt with with (A). Now I will dealt with (B). Just ignore the "Structural" part, although we know it is a big part. Just focus on what we can see in the "interior" - You expect a luxury condo equipped with following appliances and materials to sell same price as mass market condos?:
(1) Appliances:
luxury Miele/Gagganeu/... vs mass market Turbo/LG/Samsung???
Former use for >15 years still ok vs latter breakdown every 3-5 years and get frustrated with them for being cheapskate?
(2) Fittings:
luxury Hangrohe/Axio/Toto/Duravit/Ideal Standard/Newform/... vs mass market fittings (no brand or not branded quality type)/...???
Those mass market fittings after 1 year only will probably see water spots, rusts, not enough pressure & low water flow etc?
(3) Floorings and walls:
luxury marbles on floors and walls vs mass market homogenous tiles (those <$3 psf type - some even use cheap-skate ceramic tiles!)??? (some people can't even differentiate ceramic and homogeous tiles!).


To those who don't understand what is quality (including quality in location), yah sure, they can sing & dream for whatever they like but the world will still go on and they will still continue to dream.

(1) there will be a gap, yes. but the gap is going to narrow substantially, and it has.

(2) Jurong is a poor example. a good example is west coast. west coast is fast approaching D10 and 9 in pricing.

ignore the trends at your own risk. instead of fighting tooth and nail, think what you should do to adjust your portfolio.

[devilplate]

hey, can some1 enlighten me why the NUS PPI chart showing around 10% gap between CCR and OCR!!!

but mass market 1kpsf at most and CCR at least 2kpsf on average? how can 10% diff? Cork chart!

http://www.ires.nus.edu.sg/srpi/srpi_main.aspx

[scsc]

hey, can some1 enlighten me why the NUS PPI chart showing around 10% gap between CCR and OCR!!!

but mass market 1kpsf at most and CCR at least 2kpsf on average? how can 10% diff? Cork chart!

http://www.ires.nus.edu.sg/srpi/srpi_main.aspx

hmm, u mean the SPRI chart... that one they used a basket of properties transactions to derive w.r.t. 2001 index...

You can check the Index Methodology.... they will review the basket every 2years i think..

[devilplate]

hmm, u mean the SPRI chart... that one they used a basket of properties transactions to derive w.r.t. 2001 index...

You can check the Index Methodology.... they will review the basket every 2years i think..

i try to read and dun understand..10% gap too ridiculous ...meaning to say their methodology failed!

or mabe stalingrad saw this chart and dream about the parity story

by looking at the chart, parity is on the making wor....10% gap only! or rather his theory had actually come true oredi!