View Full Version : Will you buy Neptune Court?
What are the pros and cons for this development?
It will be 40 years in another 2-3 years. So in future buyers cannot use cpf when buying?
Value dropping fast after 40 years?
Currently, there are still demand.
http://forums.condosingapore.com/showthread.php?t=12468&highlight=Neptune+court
Another wait long long for enbloc dev. :2cents:
it's rather overprice for the moment.
wait for the crisis - it will drop like a egg. those buying now will be deep fried.
Ya. A 1200sqft 3bedroom asking 1.2mil. original state but high floor sea view.
Ya. A 1200sqft 3bedroom asking 1.2mil. original state but high floor sea view.
You can list a very high price but whether that is transacted is a different issue altogether.
AFAIK, the most recent issue to privatise failed due to the astronomical privatisation price that was quoted. Also the original residents are not willing to sell due to much higher replacement costs.
Of late, there have been many transactions, averaging $800 psf thereabouts.
Pros...2 unit sizes of 1636 and 1250 sq ft. Rectangular layouts and certain stacks enjoy fantastic seaviews. Near good schools VS, VJC, Tao Nan, St Pats, Katong Convent, Ngee Ann Primary. Very breezy and windy. Marine Parade Road, just walk underpass to East Coast Park
Cons...Ageing but a still well-maintained estate. Nothing else really..
minus the surrounding fencing...looks like another "Highly Developed Board"(HDB) estate...
minus the surrounding fencing...looks like another "Highly Developed Board"(HDB) estate...
:cheers1: :cheers1: :cheers1:
What are the pros and cons for this development?
It will be 40 years in another 2-3 years. So in future buyers cannot use cpf when buying?
Value dropping fast after 40 years?
Currently, there are still demand.
the general population there bought when they were 20 or 30 years old now 40 years later they are 60 to 70 years old...so kinda like OLD folks home if u ask me....:D
Yes, just got to know need to pay MOF $75k to fully privatise.
bakasa2002
20-06-12, 21:59
Got a noobie question cos most of site that are enbloc are FH site, r there any precedence for 99LH site enbloc? Pardon the noobie. Hehehehe
Biggest to date is farrer court. Also the one at amber circle which is also former HUDC. Can't remember the name
Biggest to date is farrer court. Also the one at amber circle which is also former HUDC. Can't remember the name
That would be AmberVille...
Eng Cheong Towers was the very 1st 99 years leasehold that went en bloc, previously developers were all gunning for FH if not 999 years LH.
Once Eng Cheong Towers went en bloc, the chase by developers for 99 yrs LH properties that are of premium locations began in earnest. The biggest was of course Farrer Court.
minus the surrounding fencing...looks like another "Highly Developed Board"(HDB) estate...
Put up the fence, a dedicated exit (Marine Vista), reserved car park lot for residents, 24 hours security, on site 7-11 and good sea views and near to many good schools...make NC more than another "Highly Developed Board"(HDB) estate...
Mind you, even the Ministry of Finance supports the claim. Lest you are not aware, Lagoon View's privatisation costs per unit is on the average 1/3 less than that of NC's...
Dont you think so, radha08.???
the general population there bought when they were 20 or 30 years old now 40 years later they are 60 to 70 years old...so kinda like OLD folks home if u ask me....:D
I agree with you initially the residents are elderly, but a lot of transactions
have since taken place and younger residents and tenants have moved in.
Its no longer "so kinda like OLD folks home", let me tell you.
I agree with you initially the residents are elderly, but a lot of transactions
have since taken place and younger residents and tenants have moved in.
Its no longer "so kinda like OLD folks home", let me tell you.
old folks stay there as retirement home...
young folks waiting for enbloc...
and so the war rages on...and on...well at least in some other OLD condos:cool:
Put up the fence, a dedicated exit (Marine Vista), reserved car park lot for residents, 24 hours security, on site 7-11 and good sea views and near to many good schools...make NC more than another "Highly Developed Board"(HDB) estate...
Mind you, even the Ministry of Finance supports the claim. Lest you are not aware, Lagoon View's privatisation costs per unit is on the average 1/3 less than that of NC's...
Dont you think so, radha08.???
ya definately better than hdb...nice estate...much better than other ex hudc apts like eunosville or tampines court...:cool:
Allthepies
23-06-12, 15:12
Got a noobie question cos most of site that are enbloc are FH site, r there any precedence for 99LH site enbloc? Pardon the noobie. Hehehehe
let me give u a feel: the chance of a residential enloc is like 1 is to 10000. the chance of a leasehold enbloc to freehold enbloc is another 1 is to 150.
let me give u a feel: the chance of a residential enloc is like 1 is to 10000. the chance of a leasehold enbloc to freehold enbloc is another 1 is to 150.
But with future MRT and limited seafronted lands will odds goes up to 1:2?
But with future MRT and limited seafronted lands will odds goes up to 1:2?
1) Not unless the future MRT station is RIGHT in front, within 1-3 mins walk.
2) if I am a developer, I would rather enbloc Bayshore Park or Mandarin Garden...bigger land, can build more even more $$$ SEA VIEW units.
1) Not unless the future MRT station is RIGHT in front, within 1-3 mins walk.
2) if I am a developer, I would rather enbloc Bayshore Park or Mandarin Garden...bigger land, can build more even more $$$ SEA VIEW units.
In regards to 1), rumours abound that one of the exits of the ERL may indeed be within 10 mins walk from NC.
2) Both BP and MG are over 1m sq ft in size, whereas NC sits on a 0.75m sq ft site. Developer will definitely needs to pay more to en bloc the larger sites. If I am a developer, I will enbloc Laguna Park 1st. LP has a very long sea frontage and it has attempted en bloc twice. I would recommend a rich developer to en bloc both LP and Lagoon View together. LV sits on a curve that can give you a very nice encompassing sea view and add the sea frontage of LP, a very enticing and mouth watering site to own indeed, a pity its not FH.
Just my :2cents: worth.
In regards to 1), rumours abound that one of the exits of the ERL may indeed be within 10 mins walk from NC.
2) Both BP and MG are over 1m sq ft in size, whereas NC sits on a 0.75m sq ft site. Developer will definitely needs to pay more to en bloc the larger sites. If I am a developer, I will enbloc Laguna Park 1st. LP has a very long sea frontage and it has attempted en bloc twice. I would recommend a rich developer to en bloc both LP and Lagoon View together. LV sits on a curve that can give you a very nice encompassing sea view and add the sea frontage of LP, a very enticing and mouth watering site to own indeed, a pity its not FH.
Just my :2cents: worth.
You are saying LP land is better? I do agree to a certain extent but I read the letter from MOF that the privatisation fee for NC is higher than LP cos NC land is better than LP. So how is NC land better than LP ?
You are saying LP land is better? I do agree to a certain extent but I read the letter from MOF that the privatisation fee for NC is higher than LP cos NC land is better than LP. So how is NC land better than LP ?
To me, LP land is better bcos of the long frontage facing the sea as compared to NC. When asked why NC's privatisation is much higher than LV, the main reason is NC's location is more premium. LP's privatisation was done much earlier than NC (before the en bloc fever caught on), whereas LV and NC asked to privatise almost at the same time. Needless to say, NC residents were totally shocked at the disparity in privatisation prices.
To me, LP land is better bcos of the long frontage facing the sea as compared to NC. When asked why NC's privatisation is much higher than LV, the main reason is NC's location is more premium. LP's privatisation was done much earlier than NC (before the en bloc fever caught on), whereas LV and NC asked to privatise almost at the same time. Needless to say, NC residents were totally shocked at the disparity in privatisation prices.
I see. Thanks.
Im quite tempted to buy a high floor unit w see view asking abv $1.1m for 1270sqft. :scared-5:
But been thinking how much will the value drop with its lease getting so short in future.
It would be good for me to clarify on these 3 projects:
1. For Laguan Park : the SP did not pay anything to the Govt other than the legal fee of a few hundred $. They are the fortunate one
2. For Lagoon View, they paid about $20,000 for the carpark, like Ph 3 of HUDC.
3. Now Neptune Court is tricky. It was sold by MOF and not HUDC to the teachers at that time at a so called discounted price. When NC went privatised, the title of the carpark still vested with MOF and not HDB. As such, MOF charges much higher based on the Chief valuers' recommendation.
I think it was close to $190,000 years back and now been reduced.
I analysed these 3 projects, NC is the worst in term of sea frontage and premium for enbloc due to the number of units there.
LV has the smallest land and better sea frontage.
LP has the best premium as number of units to land area is the lowest.
Anyway, no hope high for enbloc with the new ruling the developers have to sell everything within 5 years else ABSD. The risk to the developers is high.
Among the 3, I think LP has better potential to gain more from the ERL
Wild Falcon
28-06-12, 22:17
Can plot ratio be intensified? Or else might make more sense to sell in the market than wait for enbloc. The lease is 40 years down. So developers will only pay you 60 years and pay the government 40 years to top up. Your 60 years of value may not be worth less than what you can sell to carrot head buyers who may still think the property is "99 year leasehold" (as advertised) and still pay full value like a 99LH property. Developers are not stupid and will only pay you based on your remaining lease term. I think the chance of enbloc for 99LH properties are getting slimmer by the day as the lease term run down. A property with 50 year lease term left is unlikely to last a lifetime since most live until 85 years old. So a 30 year old person must "get out" of the property before he dies and will be passing nothing to his children. Food for thought.
Whats the implications for NC with this??
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1212527/1/.html
Whats the implications for NC with this??
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1212527/1/.html
not applicable to NC
not applicable to NC
Well, nobody expected this option in the first place.
At least, there is some light at the end of the tunnel for NC residents.
Just dont be too fast to draw the gun..
Well, nobody expected this option in the first place.
At least, there is some light at the end of the tunnel for NC residents.
Just dont be too fast to draw the gun..
NC already privatised. But hv not bought over the common areas. So its not the same as BV.
Ive made a few offers for NC. But owners very firm. One even shifted price higher when saw we interested in his unit.
Till now, Im still not sure a right move to buy NC since many relatives and friends discouraged me cos old estate w L99.
NC already privatised. But hv not bought over the common areas. So its not the same as BV.
Ive made a few offers for NC. But owners very firm. One even shifted price higher when saw we interested in his unit.
Till now, Im still not sure a right move to buy NC since many relatives and friends discouraged me cos old estate w L99.
Whatever it is, NC residents are still trying very hard to
'buy' over the common areas from the relevant authority, whether the term is known as privatisation or not.
The sum to privatise is indeed very staggering, nobody in the right frame of mind will want to pay such a large sum to privatise the estate with no guarantee of NC going on the/ successful en bloc route. Now that the option of maybe being able to use CPF funds to pay for the privatisation costs, just like in BV, may swing some of the less willing to sign.
If you were to look at the transactions of NC recently, there are more transactions now than before, and higher prices to boot.
Wont buy at the current price. not worth it. at $1000psf. I must well go for bayshore with facility? and its younger?
Wont buy at the current price. not worth it. at $1000psf. I must well go for bayshore with facility? and its younger?
owners are learning to price like Far East - peg to future price, which probably means factored in en-bloc potential, MRT, etc etc
i second that - it's not worth buying at $1000psf.
Wont buy at the current price. not worth it. at $1000psf. I must well go for bayshore with facility? and its younger?
owners are learning to price like Far East - peg to future price, which probably means factored in en-bloc potential, MRT, etc etc
i second that - it's not worth buying at $1000psf.
Since when did NC transact at $1k psf..??
Dont think it was even transacted at $900 psf in the 1st place??
Yes, over at BP and MG, prices did hit S$1k psf, like what you both mentioned; younger and with full facilities but also priced in with en bloc element already...
Even LP also not yet hit $1000psf.
If buy now hv to wait for enbloc which i think will happen soon.
Even LP also not yet hit $1000psf.
If buy now hv to wait for enbloc which i think will happen soon.
ebloc u got to pay ssd..not worth to buy
Should be OK due no loss ruling.
So worst case is break even, there may even be an upside
ebloc u got to pay ssd..not worth to buy
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