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

[DC33_2008]

This project is good for own-stay not so much for investment for rental yield.

Yes, that is one drawback for this project. I guess we can't have our cake and eat it too. It's a trade-off. Lesser residents in a project means lesser facilities available since no economy of scale or maintenance fees will be high. Just have to wait and see how it turns out. My feel is that the swimming pool and spa are novelties that will wear out after some time. The library, shops and badminton dome will be utilised most of the time. Most importantly, the units are all quite good facing with ample space between the blocks. Hardly can find such projects nowadays if privacy is an important consideration.

[fclim]

Agree, more for own stay now. But, things may change in the future. The HDB lease for the whole of Defu industrial estate will be up in 2 to 3 years time. Not sure what the authorities have in mind. If they convert to business park to complement the Paya Lebar Industrial development, then maybe got potential for rental yield.

[DC33_2008]

It has to compete with other developments that are close to mrt stn and yield may not be attractive.

Agree, more for own stay now. But, things may change in the future. The HDB lease for the whole of Defu industrial estate will be up in 2 to 3 years time. Not sure what the authorities have in mind. If they convert to business park to complement the Paya Lebar Industrial development, then maybe got potential for rental yield.

[Petertan123]

Just bought a 3 bedder + study at near 900psf. Now kinda worry am i overpaying liaoo, given the bland location with little investment upside..

Anyone can kindly advise ?? Thanks..

[land118]

Just bought a 3 bedder + study at near 900psf. Now kinda worry am i overpaying liaoo, given the bland location with little investment upside..

Anyone can kindly advise ?? Thanks..

If buy to stay, no worries la. For investment, I personally think the are a few condos closer to MRT than this development there will be competition for rental from project itself and from surrounding development. Take heart, nearby Urban Residence is already launching at about $900++. Since committed already, no point worrying.

[azeoprop]

Just bought a 3 bedder + study at near 900psf. Now kinda worry am i overpaying liaoo, given the bland location with little investment upside..

Anyone can kindly advise ?? Thanks..

Good for own stay and eventually there will be demand for people looking for own stay if u want to sell next time. The so called investment properties these days all are downsized, cramped and overpriced units.

[mantrix]

Good for own stay and eventually there will be demand for people looking for own stay if u want to sell next time. The so called investment properties these days all are downsized, cramped and overpriced units.

agree - no regrets if buying to stay...

[bargain hunter]

14 sold in mar at 885psf median.

[Ultroman]

Hi all Minton buyers, jus check if anyone has started their loan for 1st 10% of progress payment

[fclim]

Just bought a 3 bedder + study at near 900psf. Now kinda worry am i overpaying liaoo, given the bland location with little investment upside..

Anyone can kindly advise ?? Thanks..

I don't think the location is bland at all. Although it is not next to MRT like Kovan Melody or Kovan Residences, the MRT is still reasonably close by and there is a free shuttle service for the first 2 years. If it is next to MRT with amenities, you wouldn't be paying <$900psf.

It is in quite a mature area, served by bus services and schools. Better than some other location where you are the pioneer in the estate.

For own stay and can safely afford the mortgage, there should be no worries. Any investment upside will be a bonus.

The question I ask myself is this. Are there any other new developments in the same area with this kind of price? If the answer is no, then you are not overpaying. Even H2O in Sengkang is selling above $900 psf. When the developer increase price which I think they will, then you will say, "Heng ah".

[Petertan123]

Thanks all for your feedback.

Now the next question is that which bank is better for loaning ? I have two main consideration in mind when choosing banks :
- competitive rate
- less likely to ask for property value topup when in crisis time

Any recommendations ? heard that "O" and "U" local bank are quite good lehh... not sure true or not...

[dtrax]

Thanks all for your feedback.

Now the next question is that which bank is better for loaning ? I have two main consideration in mind when choosing banks :
- competitive rate
- less likely to ask for property value topup when in crisis time

Any recommendations ? heard that "O" and "U" local bank are quite good lehh... not sure true or not...

HSBC / DBS not bad.. juz redid mine at 0.7% + 3mths sibor no lockin for entire loan tenure.

[Petertan123]

How about the top up part ? did they ask for top up during the previous two crisis ?

What I really fear is where got few hundred thousands to cough out when the property value drops ?

I heard local banks are safer bet than foreign...

[vinlow]

Thanks all for your feedback.

Now the next question is that which bank is better for loaning ? I have two main consideration in mind when choosing banks :
- competitive rate
- less likely to ask for property value topup when in crisis time

Any recommendations ? heard that "O" and "U" local bank are quite good lehh... not sure true or not...

I'm looking at a 3 rm unit but yet to sign on the dotted line. Thinking whether should I wait after GE. Any advise on this?

About the rates, below is what I gather:

CIMB - 2yrs locked in no free conversion
1st yr - 0.65% +3m SOR
2nd yr - 0.85 + 3m SOR

UOB - 2 yrs locked in with one time free conversion within 3m after TOP
1st yr - 0.68%
2nd yr - 1.37%
3rd yr - 1.98%

or

1st yr - 0.65% + 3m SOR
2nd yr - 0.75% + 3m SOR
3rd yr - 1% + 3m SOR

OCBC

1st - 4th yr - 0.75% + 3m SIBOR

current SOR rate = 0.25%, SIBOR = 0.44%

[dtrax]

How about the top up part ? did they ask for top up during the previous two crisis ?

What I really fear is where got few hundred thousands to cough out when the property value drops ?

I heard local banks are safer bet than foreign...

Usually local banks more "compassionate", how true is that I am not sure, have not encounter that before. But at 60% LTV, the banks are actually in a very safe position even if prices do drop so I would say top up unlikely

[dtrax]

I'm looking at a 3 rm unit but yet to sign on the dotted line. Thinking whether should I wait after GE. Any advise on this?

About the rates, below is what I gather:

CIMB - 2yrs locked in no free conversion
1st yr - 0.65% +3m SOR
2nd yr - 0.85 + 3m SOR

UOB - 2 yrs locked in with one time free conversion within 3m after TOP
1st yr - 0.68%
2nd yr - 1.37%
3rd yr - 1.98%

or

1st yr - 0.65% + 3m SOR
2nd yr - 0.75% + 3m SOR
3rd yr - 1% + 3m SOR

OCBC

1st - 4th yr - 0.75% + 3m SIBOR

current SOR rate = 0.25%, SIBOR = 0.44%

What are the rates there after?

[wacko]

Usually local banks more "compassionate", how true is that I am not sure, have not encounter that before. But at 60% LTV, the banks are actually in a very safe position even if prices do drop so I would say top up unlikely

60%? are you assuming everyone has a 2nd property?

[DaytonaSS]

How about the top up part ? did they ask for top up during the previous two crisis ?

What I really fear is where got few hundred thousands to cough out when the property value drops ?

I heard local banks are safer bet than foreign...

u can start worrying when price drop more than 20%

[fclim]

Try not to stretch to max 80%. Initial mortgage payment quite low for uncompeted projects and gets progressively more as the units are being built. So, take 80% first is ok. Upon TOP take advantage of free conversion and reduce loan to 70% or 60%.

[DC33_2008]

ANZ 0.75% + 3 mth SOR throughout no lock in.

I'm looking at a 3 rm unit but yet to sign on the dotted line. Thinking whether should I wait after GE. Any advise on this?

About the rates, below is what I gather:

CIMB - 2yrs locked in no free conversion
1st yr - 0.65% +3m SOR
2nd yr - 0.85 + 3m SOR

UOB - 2 yrs locked in with one time free conversion within 3m after TOP
1st yr - 0.68%
2nd yr - 1.37%
3rd yr - 1.98%

or

1st yr - 0.65% + 3m SOR
2nd yr - 0.75% + 3m SOR
3rd yr - 1% + 3m SOR

OCBC

1st - 4th yr - 0.75% + 3m SIBOR

current SOR rate = 0.25%, SIBOR = 0.44%

[Petertan123]

HSBC / DBS not bad.. juz redid mine at 0.7% + 3mths sibor no lockin for entire loan tenure.

Yup... DBS is higher at 0.75%+SIBOR... but the concern on top up part lehhh for foreign bank like HSBC.. hmmmm

[fclim]

I thought DBS has a lock in period? If you sell prematurely, there is a penalty on the portion of the loan that is not disbursed. No penalty on the portion of the loan that has been disbursed though.

[azeoprop]

Hi all Minton buyers, jus check if anyone has started their loan for 1st 10% of progress payment

I think our stack 52 block not so soon, still pilling I think. Those 4 bedders ones may have started paying liaoz as they are doing level 1 now.

[fclim]

I think our stack 52 block not so soon, still pilling I think. Those 4 bedders ones may have started paying liaoz as they are doing level 1 now.

Seems to be progressing quite fast. One floor every 2 to 3 weeks? At this rate, maybe TOP end 2012 or early 2013? Still have not launched the other 50% yet. The first 600 units I think about 87% sold.

[Petertan123]

I thought DBS has a lock in period? If you sell prematurely, there is a penalty on the portion of the loan that is not disbursed. No penalty on the portion of the loan that has been disbursed though.

From what I heard is that DBS has two packages,ie, one for BUC and one for completed.

For BUC, there is no lock in except 3 yrs clawback for legal subsidy..

hmm..have to check with DBS again on this...

[fclim]

There are 6 shops in The Minton, one of which is a child care centre. What should the other 5 be?
1. Convenience store like 7/11.
2. Small cafe/McDonalds?
3. Hair salon.
4. Bookshop selling stationeries like Popular?
5. Laundromat/Tuition centre/4D betting outlet(ha ha)?

[yeosp]

There are 6 shops in The Minton, one of which is a child care centre. What should the other 5 be?
1. Convenience store like 7/11.
2. Small cafe/McDonalds?
3. Hair salon.
4. Bookshop selling stationeries like Popular?
5. Laundromat/Tuition centre/4D betting outlet(ha ha)?

My guess is that there shuld be a mini mart, video rental shop, laundry svcs, childcare centre... Heehe.. To me.. Mini mart more impt.

[new2mondrian]

There are 6 shops in The Minton, one of which is a child care centre. What should the other 5 be?
1. Convenience store like 7/11.
2. Small cafe/McDonalds?
3. Hair salon.
4. Bookshop selling stationeries like Popular?
5. Laundromat/Tuition centre/4D betting outlet(ha ha)?

The commercial use of the retail shops are as stated in the specs package from the developer received shortly after we exercised the option. Go and take a look. The retail shops comes with very specific specs. One laundromat, one childcare, one minimart and so on. No 4d shop sighted.

I haven't got billed for my 10% as well.

Azeoprop, thanks for the pics! Very helpful.

[fclim]

I see, thanks.

[ysyap]

Seems to be progressing quite fast. One floor every 2 to 3 weeks? At this rate, maybe TOP end 2012 or early 2013? Still have not launched the other 50% yet. The first 600 units I think about 87% sold.

Waiting for the best time to launch the remaining units.. Maybe soon coz data released have been suggesting that market is holding on the escalating prices, though slow but steady.