View Full Version : Record $1.33m for HUDC flat at Shunfu Road
phantom_opera
15-12-12, 18:19
顺福路一间双层楼中等入息公寓，上个月以133万元易手，再创新高。
这个单位是位于顺福雅苑（Shunfu Ville）大牌316的中高楼层，面积达1660平方英尺。顺福雅苑共有358个单位。
根据新加坡房地产交易网站SRX数据显示，这宗交易以133万元成交，刷新今年9月同样在顺福路创下的128万元纪录。
不寻常的是，屋主没有收取半分钱的现金溢价，还以低于银行的138万元估价的价格出售。
NO COV
soon will be 1.5m...:cheers1:
Madness....
buyer dont think so...:o
Kids education is priceless. :rolleyes:
Madness....
buyer dont think so...:o
They are mad
HUDC setting the pace for HDB.
HUDC setting the pace for HDB.
Or is it the other way round???? Hahahaha
The smart one can see the trend.... Hahahahahaha
Some will be in denial... Hahahahahaha
Some will act..... Hahahahahaha
Some will procrastinate ...... Hahahahahaha
The verdict will be known at the later time.... But the verdict is already out for those who took the following action 2 years ago :
- those who bot
- those who procrastinated
- those who rented
So 2 years from now, who will wind up on top???? I have no idea:confused: :confused: :confused:
Why???? Someone said to me, cannot predict the future.... So I ain't predicting the future.... Hahahahahaha
:cheers3: :cheers3: :cheers3:
chinese got a saying:
da tie chen re
increase more when the metal rod is hot
chinese got a saying:
da tie chen re
increase more when the metal rod is hot
Bro, u mean "strike while the iron is hot" ?
:cheers3:
Wa lau... I didn't strike leh... I only struck like 1-2 month ago... So am I suppose to strike some more???? Please advise leh????
:cheers3:
Bro, u mean "strike while the iron is hot" ?
:cheers3:
Wa lau... I didn't strike leh... I only struck like 1-2 month ago... So am I suppose to strike some more???? Please advise leh????
:cheers3:
maybe singapore send out alot of marketing agents in china to get new sales.. :p
just curious, when one purchase a HUDC that's still under the process of privatisation, are u subject to the hdb rulings? i.e. 5years mop, cannot own any private property etc.?
just curious, when one purchase a HUDC that's still under the process of privatisation, are u subject to the hdb rulings? i.e. 5years mop, cannot own any private property etc.?
no
checked before with HDB
no
checked before with HDBthanks Laguna. that means a seller can sell his HUDC to foreigners while waiting for it to be privatised
willing buyer willing seller.....
its all in the eye of he beholder....
EunosVille830 Sims Avenue #04-902 1,679
$1,300k $774 Aug 24, 2012
Tampines Court (collecting signature $1.5m)
132 Tampines Street 11 #01-232 1,722
$1,180k $685 Nov 5, 2012
buttercarp
16-12-12, 16:37
EunosVille830 Sims Avenue #04-902 1,679
$1,300k $774 Aug 24, 2012
Tampines Court (collecting signature $1.5m)
132 Tampines Street 11 #01-232 1,722
$1,180k $685 Nov 5, 2012
Both these are privatised HUDCs.
Are they still considered HUDC or condo?
Actually what is the difference between a privatised HUDC and a condo?
And this Shunfu HUDC - has it been privatised fully yet?
Both these are privatised HUDCs.
Are they still considered HUDC or condo?
Actually what is the difference between a privatised HUDC and a condo?
And this Shunfu HUDC - has it been privatised fully yet?
All these been privatised and it is now private and not truly condo as no facilities.
Once the HUDC estate collected 75% and applied to HDB for privatisation, it is considered as privatised. The process takes about 1.-2 years to complete.
All these been privatised and it is now private and not truly condo as no facilities.
Once the HUDC estate collected 75% and applied to HDB for privatisation, it is considered as privatised. The process takes about 1.-2 years to complete.
I understand the process takes a couple of years but what does that actually mean? so during the period what's the status?? private or??
I understand the process takes a couple of years but what does that actually mean? so during the period what's the status?? private or??
private.
u can sell to foreigner, and can rent out even without consent from HDB.
would foreigner pay $1.33M to stay in HDB?
thanks Laguna. that means a seller can sell his HUDC to foreigners while waiting for it to be privatised
would foreigner pay $1.33M to stay in HDB?
HDB?:beats-me-man: i think u are confused
I think what he meant that it is only private in name. In terms of the build quality and design, it is still very HDB albeit an "atas" HDB.
HDB?:beats-me-man: i think u are confused
Most people think of foreigners as ang mohs.
But there are also Malaysians (and increasingly Filipinos) that may be willing to pay that kind of price.
would foreigner pay $1.33M to stay in HDB?
At $801psf, do you think buyer can still make a profit if the estate goes enbloc?
At $801psf, do you think buyer can still make a profit if the estate goes enbloc?
Probably, if the condo nearby inflate till about $2000psf. Heh.
At $801psf, do you think buyer can still make a profit if the estate goes enbloc?
Doubt they buy with profit in mind. more for stay. need big size want location and dont want to pay 3M. So to the buyer this is not profit they are looking at. looking at saving.
Should say saving of 1.7M. For the same size and location. Some buyers dont need the added swimming pool or tennis court. 1.7M saving go join country club better.
That the other view.
Join safra best. Cheap cheap and plenty of facility.
Doubt they buy with profit in mind. more for stay. need big size want location and dont want to pay 3M. So to the buyer this is not profit they are looking at. looking at saving.
Should say saving of 1.7M. For the same size and location. Some buyers dont need the added swimming pool or tennis court. 1.7M saving go join country club better.
That the other view.
Yea agreed, not everyone buy into HUDCs for enbloc opportunities. There are plenty of privatised HUDCs around!
Yea agreed, not everyone buy into HUDCs for enbloc opportunities. There are plenty of privatised HUDCs around!
Beside gillman heights (interlace), any other hudc estates had successfully enbloc?
Beside gillman heights (interlace), any other hudc estates had successfully enbloc?
Amberville
Farrer Court
Gillman Heights
Minton Rise
Waterfront View
Beside gillman heights (interlace), any other hudc estates had successfully enbloc?
Amberville -> Silversea
Amberville
Farrer Court
Gillman Heights
Minton Rise
Waterfront View
I see, thanks. Hope the shunfu buyer doesn't kana enbloc + SSD.
phantom_opera
17-12-12, 10:42
The future DTL is creating a boom for HDB resale units near it
390 Tampines Ave 7 11 to 15 124.00
Improved 1994 $620,000.00
(close to future DTL3 Tampines East station)
I see, thanks. Hope the shunfu buyer doesn't kana enbloc + SSD.
not so easy ba? look at
Chancery Court Eunosville Ivory Heights Laguna Park Lakeview Estate Pine Grove Tampines Court.
So many plots that are not enbloc yet
No worries, enbloc no-loss ruling.
The most don't make only.... can't lose money.
I see, thanks. Hope the shunfu buyer doesn't kana enbloc + SSD.
No worries, enbloc no-loss ruling.
The most don't make only.... can't lose money.
I don't think so.
There was this case at Bedok Reservoir, the owners were losing money after taking into account the interest. But the court did not rule to their favour.
I think there is a compensation to those losing money of not more than $2,000 (cannot remember exactly, but small sum)
HUDC unit sale breaks record
Dec 17, 2012 - PropertyGuru.com.sg
By Romesh Navaratnarajah:
A spacious maisonette at Shunfu Road has broken the record for the most expensive HUDC unit. The house was sold to a young Singaporean couple for S$1.33 million beating the previous record of S$1.28 million set in September for a similar unit in the area, reported The Straits Times.
Located at Block 316 (pictured), the mid-level unit achieved a psf price of S$800, notably lower than that of condominium units in the vicinity, and offers views of the green lawn in front of the building.
Sited in the centre of the estate insulating it from traffic noise, the block is also within close proximity to various amenities including eateries, a market, good schools and Marymount MRT station.
The seller is reportedly an engineer who purchased the flat 16 years ago. Back then, such homes went for less than S$400,000.
According to Tejaswi Chunduri, Regional Analyst at PropertyGuru, this means that the unit has recorded a price appreciation of more than 200 percent. She added: “Some buyers are willing to pay any price for spacious and strategically located housing units.”
HUDC units were launched in the 1970s to cater to middle-income households. But they were phased out 10 years later due to a drop in demand. Of the 18 HUDC projects, 12 have been privatised while the remainder are pending privatisation.
The privatisation of the Shunfu estate is already underway. A guardhouse and car park entrance barrier are being built, and the estate is being fenced up.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email
[email protected]
buttercarp
17-12-12, 17:33
No worries, enbloc no-loss ruling.
The most don't make only.... can't lose money.
Apparently not so for the couple who opposed the sale of the Waterfront View HUDC.
http://forums.condosingapore.com/showthread.php?t=1238
Btw, I just happen to notice that leesg's avatar is exactly the same as mr funny's avatar. But reporter2 already certified that they are 2 different people.
buttercarp
17-12-12, 17:50
Thanks for posting the English article.
There is a similar thread here :
http://forums.condosingapore.com/showthread.php?t=16083
For your reading pleasure.
points 30-33 on enbloc financial loss ruling and changes
http://app2.mlaw.gov.sg/LinkClick.aspx?fileticket=P-sTkXoX5DU%3D&tabid=204
STB (Strata Titles Board) stand .... read the The 2007 Amendments to Land Titles (Strata) Act point (vii)
http://app.mnd.gov.sg/stb/Applications/GeneralInformation/ApplicationforCollectiveSaleofProperty.aspx
Some previous cases on no loss ruling
http://3.bp.blogspot.com/_-vq5BiDqSCQ/SKtko9H2MxI/AAAAAAAAAUU/Zg2vlf3NAK0/s1600-h/scan0004.jpg
http://3.bp.blogspot.com/_-vq5BiDqSCQ/SKtko9H2MxI/AAAAAAAAAUU/Zg2vlf3NAK0/s1600-h/scan0004.jpg
http://3.bp.blogspot.com/_-vq5BiDqSCQ/Sbejc68SviI/AAAAAAAAArs/1Ttdlm3L-bw/s1600-h/scan0006.jpg
I don't think so.
There was this case at Bedok Reservoir, the owners were losing money after taking into account the interest. But the court did not rule to their favour.
I think there is a compensation to those losing money of not more than $2,000 (cannot remember exactly, but small sum)
A flashback of what I have mentined before.
For the determination of financial loss, stamp duties and legal fees are allowed deductions whereas renovation and interests costs are not.
Amberville -> Silversea
just passed it earlier. seems like all the blocks topped out liao. wow!!!
I don't think so.
There was this case at Bedok Reservoir, the owners were losing money after taking into account the interest. But the court did not rule to their favour.
I think there is a compensation to those losing money of not more than $2,000 (cannot remember exactly, but small sum)
More for your reading pleasure
The Bedok reservoir case you mentioned is highlighted in red
after going through a tumultous and contested privatisation from HUDC in 2002 it was renamed Waterfront View.
Fiona Chan and Joyce TeoSat, Jun 16, 2007
The Straits Times
En bloc blues http://business.asiaone.com/a1media/site/common/blank.gifOVERNIGHT millionaires. That is what the owners of Leedon Heights became when they sold their estate en bloc in April for at least $2.4 million each.
But while most of their neighbours are celebrating their windfalls, some 30 owners of the 341-unit estate in Farrer Road are pocketing their bumper payouts with mixed feelings.
Among the discontented is Mrs Margaret Ng, a former teacher in her fifties, who bought her apartment more than 20 years ago.
'When you look at it, we made a lot of money,' she said. 'But it's a roof over your head. You can't just look at it in terms of profit.'
Her words are being echoed by a small but growing group of home owners whose estates have gone en bloc against their wishes.
And even as Singapore goes through the strongest wave of collective sales in history, an unprecedented groundswell of dissatisfaction is rising up around these deals.
The Strata Titles Board (STB), which governs collective sales, received 68 objections for 60 collective sale applications in the whole of last year.
This number has nearly doubled for this year even though it is only June. It has already jumped to 122 for only 47 approved sales so far this year.
For many of these unhappy en bloc sellers, property experts say, it is all about the money.
Even a million-dollar payout may not be enough at the rate property prices are rising in some areas.
A comparable replacement home costs more. And $1.5 million doesn't seem right when the guy next door is getting $2 million just a couple of months later.
Then there are the cases where sellers do not even recover their original investment on the home, much less become instant millionaires.
Mr Bobby Ng and his parents, for instance, reaped $685,000 from their unit at Hong Leong Garden when the estate was sold in March.
But the 35-year-old sales manager says the unit cost them $690,000 to begin with.
'If I can get at least $900,000 for my place, then it can be called en bloc,' he said. 'Now, it's not en bloc at all.'
Mr Ng also worries that by the time he actually gets the cash in hand - a process that could take up to a year - home prices in this quickly rising market would have soared beyond his reach.
Overshadowing all this is his unhappiness about the way in which his parents were badgered into signing up for the collective sale.
'Both my parents are hawkers and don't have much education. The sales committee came down to talk to them when they were working at the busiest time and chased them to sign,' he said.
'We were not even given the full details until after we signed.'
Money no enough
ONLY 80 per cent of owners need to agree to an estate's sale if it is aged 10 years or older - down from unanimous consent before 1999, when new rules were put in place to make it easier to go en bloc.
This means that, just in terms of numbers, more owners who do not want to sell their homes find they have no choice in the matter.
But why don't they want to sell in the first place?
Property experts say that in the past, almost all owners were happy to go along with a collective sale.
But now, the main reason why they are objecting is because the property market is rising like there is no tomorrow - for the first time in a decade.
'This time round, the market is taking a really steep uptrend, something that's unprecedented in the history of the local property market,' said Mr Steven Ming, director of investment sales at Savills Singapore.
Ironically, it is this very same property boom that is driving the current en bloc frenzy in the first place.
Since January, developers riding on the property upswing have forked out $7.59 billion for 57 estates, according to the latest figures by CB Richard Ellis.
This is only 5 per cent shy of the record $8 billion done in the whole of last year.
There are two key reasons why fast-rising prices are becoming a problem for sellers.
First, as more estates are snapped up at ever-rising prices, selling your home too early may mean a lower payout, as the owners of Horizon Tower discovered to their chagrin.
When they sold their development in January for $500 million, it was the biggest en bloc deal ever, netting most owners $2.3 million each.
But barely three months later, Grangeford Apartments next door - with mainly smaller units - went on the market at a price that would yield each unit owner at least $3 million.
Feeling shortchanged, a group of Horizon Towers owners tried to back out of their sale agreement, making headlines in the process.
'Deep down, we... believe many owners may now be regretting this en bloc,' they said in a letter to fellow residents.
'We strongly feel that if we sell our units individually, we would achieve prices far better than what this en bloc has fetched us.'
The second problem with the property price hikes is that they have made it almost impossible for en bloc sellers to get a replacement home of the same size, in the same location, at the same price.
In fact, by the time a new development has replaced their old estate, almost none of the original sellers can afford to buy a unit in it.
Owners of Paterson Tower, for instance, received a cool $3.7 million each when the estate was sold last March.
But the new project that will replace it, The Marq, is likely to be priced so high that the smallest unit will reportedly cost at least $8.4 million.
And recent launches in the Paterson area, such as Paterson Residences, cost at least $3.2 million for apartments that are smaller.
This has forced some Paterson Tower owners to move to 'more affordable' areas like Thomson and the East Coast, said Dr Phang Sin Kat of law firm Phang & Co, which brokered the estate's sale.
Home owners most likely to be affected by this problem live in developments that are fairly new, say under 15 years old, or with large units that are increasingly harder to find as old projects get torn down, added Mr Karamjit Singh, managing director of Credo Real Estate.
Sense of urgency
IN THIS type of market, speed is everything and at a year to completion, the typical en bloc sale seems to plod along at snail's pace.
At the ex-HUDC estate Gillman Heights in Alexandra Road, a reserve price for the project was fixed last February. But it took a whole year for the estate to be sold, at some 3 per cent above the reserve price.
In that time, home prices in the area had risen by up to 13 per cent for some properties, according to a group of unhappy minority owners who are now objecting to the sale.
Even after an estate is sold, it takes eight to 12 months before owners receive the payouts, said Mr Ming. In this time, the market 'can leap by 15 to 20 per cent'.
'The extra dollars they are getting are looking smaller and smaller by the day,' he said. 'That's the main stinging reason owners are unhappy.'
Worsening the situation is a sense of urgency among home owners who suspect that the en bloc fever could be cooling.
This means that more estates are putting themselves up for sale ad being torn down.
With hundreds of units being pulled from the market each month, homes are in short supply in prime areas.
This leads to even higher rentals and home prices and further desperation among home owners to sell, sending the market into a upward spiral of sorts.
'It's a double whammy,' said Credo's Mr Singh. 'New projects are not coming onstream as fast as needed to replace the supply.'
On the ground, the rush to go en bloc has led to more aggression in bringing about a sale, said Mr Phang.
'In some cases, it has got to the point of harassment,' he said.
'Owners are getting a few calls a day and knocks on their doors even during Chinese New Year, asking them to sell. Of course this makes them unhappy.'
With two segments potentially objecting - those finding it hard to find replacement homes and greedy investors holding out for an even higher price - property experts say that more owners are likely to resist the entire collective sale proposition over the next one to two years.
'In view of the increasing sale prices in the primary and secondary market, the number of dissenters would invariably increase,' said Mr Ho Eng Joo, director of investment sales at property firm Colliers International.
More awareness
EN BLOC blues are not a new phenomenon, property players say. But they are being sung louder now simply because they are being played on more channels.
The discontented, more savvy than ever before, are taking their protests online, to the media, to property experts and even to their MPs.
Mr Jeremy Lake, executive director of investment properties at CB Richard Ellis, said: 'The dissenters are just more vocal now and they are getting more media coverage which makes it seem like there are more of them.'
More minority owners are also hiring lawyers to protect their interests - despite the sometimes steep legal fees.
Dr Phang said he now receives 'twice, three times more inquiries' from owners objecting to an en bloc sale.
'People are more aware of their rights now,' he said. 'They look up the procedures and statutes. Some even create blogs about en blocs.'
An extreme example is that of Mr Yeo Loo Keng and his wife, whose $660,000 proceeds from the sale of their Waterfront View home was not enough to top up their CPF accounts.
Although developer Frasers Centrepoint offered them a $200,000 settlement, they took their case to the High Court to 'test the legal system' and how it treated minority owners, said Mr Yeo's brother Loo San.
They lost the case and now have to foot the legal costs, which could come up to $100,000, he added. But he said there are 'no regrets about the decision' because they learnt valuable lessons.
Another way in which the public is making its unhappiness felt is through feedback to the Government.
More than 100 people responded to a public consultation on changes to en bloc legislation held by the Ministry of Law in April and last month.
A ministry spokesman said: 'The vast majority of the suggestions concerned matters on making the process more fair and transparent.'
The proposed changes include the addition of a second requirement for getting majority consent.
This means that approval has to come from owners controlling at least 80 per cent of the share values as well as the number of units in their estates.
Another change requires the collective sale committee to be formed only at an extraordinary general meeting arranged by the estate's management corporation.
Now, such a committee can be formed ad hoc, something that unwilling sellers have complained about.
Some of them also want other issues addressed such as the conflict of interests between the management council and the sales committee.
Often, the members in both groupings are the same. When that happens, the possibility of intentionally allowing an estate to rot is very high as the sales committee's priority is to sell it rather than to maintain it, said some home owners.
It is not known if this issue will be addressed, though the the ministry spokesman said: 'We expect that many useful points will be incorporated into the final amendment Bill. We hope to finalise the changes by August or September.'
But what is clear is that the public debate over en bloc issues will continue to rage for a while.
And the time it takes the controversy to settle is starting to frustrate once-happy en bloc sellers.
Mr Ajay Kumar, 40, got a $2.3 million payout from the sale of his Horizon Towers home. Even though he is not happy that residents of the Grangeford Apartments next door got more for their collective sale, he is hoping the objecting home owners in his estate will come to an agreement soon.
'There's nothing more they can do at this point since the majority of owners have signed the sale agreement,' he said.
'Property prices are rising drastically, and we should just expedite the payments so at least residents don't lose any further.'
Fast winding down
HOW, and when, will this madness all end?
Property experts say that en bloc fever may actually take a breather soon, within the next year.
'I don't see it as a continuous buying spree,' said Mr Ming of Savills.
He explained that developers have already filled up their land banks and may want to launch some of these new projects first before acquiring more sites.
This means they may become more choosy about which sites to buy.
Another factor that may kick off the cooling-off process are the upcoming changes in enbloc legislation, which will tighten some of the rules in a sale.
Marketing agents also say it has become harder to push through a collective sale because owners' expectations have gone up.
Mr Ming said: 'The fact that we're on the longest run in history means we may be already close to the end.'
If you recall the Bedok Reservoir case (aka Waterfront View). CPF actually waived the top-up required.
Btw, the amount required for top-up was higher than the amount extracted because of accrued interests.
As far as the net proceeds in absolute terms are concerned there was no loss. They did make money.(Interests payments for bank loan are not considered). They had no case.
A $200k was actually offered for them to settle their case. This was 30% more than the rest as they were holding everyone back. In the end they lost $100k instead.
Their stated that they did this to fight for minority rights. However there are many who thought they were fighting for more settlement.
If you recall the Bedok Reservoir case (aka Waterfront View). CPF actually waived the top-up required.
Btw, the amount required for top-up was higher than the amount extracted because of accrued interests.
As far as the net proceeds in absolute terms are concerned there was no loss. They did make money.(Interests payments for bank loan are not considered). They had no case.
A $200k was actually offered for them to settle their case. This was 30% more than the rest as they were holding everyone back. In the end they lost $100k instead.
Their stated that they did this to fight for minority rights. However there are many who thought they were fighting for more settlement.
wow 200k! in those days can down 1 more property liao
If you recall the Bedok Reservoir case (aka Waterfront View). CPF actually waived the top-up required.
it is not waiving, it is like shares, if you lose money, there is no top up needed
Dear Mr Laguna,
Mr Yeo Loo Keng and his wife bought the Bedok Reservoir HUDC unit in 1995 for $515,000. In the enbloc, their payoff was to be $660,400.
The oustanding loan amount was $342,844.
They have been paying off the bank loan with CPF for 12 years leading to the enbloc with interest. With the sale, the monies to be returned to CPF in addition to accrued interest for having the money taken out was $407,599.
With this they claim that the settlement resulted in a ($342,844+$407,599) - ($660,400) = $90,043 loss. This is the gist of their agrument.
CPF has decided that under this special circumstance of forced sale, the top-up was waived. In any case, the top-up would have gone back to his own CPF account anyway... not to anyone else. It is not lost.
The truth of the matter was that Mr Yeo and his wife were unhappy because they could not get any cash back because all would go back to CPF. That would mean diffificulty in putting down deposit for the next apartment. But what else do you expect when they have been using only CPF to make their instalment payments for 12 years.
His predicament is understandable, therefore the sales committee was willing to top-up $200,000 to "cushion his loss".
So Mr Laguna, would you consider someone who paid $515K for a property but sold for $660K as incurring a loss?
How else do you think the courts should have ruled?
it is not waiving, it is like shares, if you lose money, there is no top up needed
Dear Mr Laguna,
Mr Yeo Loo Keng and his wife bought the Bedok Reservoir HUDC unit in 1995 for $515,000. In the enbloc, their payoff was to be $660,400.
The oustanding loan amount was $342,844.
They have been paying off the bank loan with CPF for 12 years leading to the enbloc with interest. With the sale, the monies to be returned to CPF in addition to accrued interest for having the money taken out was $407,599.
With this they claim that the settlement resulted in a ($342,844+$407,599) - ($660,400) = $90,043 loss. This is the gist of their agrument.
CPF has decided that under this special circumstance of forced sale, the top-up was waived. In any case, the top-up would have gone back to his own CPF account anyway... not to anyone else. It is not lost.
The truth of the matter was that Mr Yeo and his wife were unhappy because they could not get any cash back because all would go back to CPF. That would mean diffificulty in putting down deposit for the next apartment. But what else do you expect when they have been using only CPF to make their instalment payments for 12 years.
His predicament is understandable, therefore the sales committee was willing to top-up $200,000 to "cushion his loss".
So Mr Laguna, would you consider someone who paid $515K for a property but sold for $660K as incurring a loss?
How else do you think the courts should have ruled?
so if CPF "waived" the top up.. they effectively took back 200k in cash, while not having to top up 90k to CPF. means they have "encashed" their CPF. good deal wor. take the 200k to pay downpayment for new unit, say 800k to 1mil. quite a decent replacement already. think they were too greedy.
so if CPF "waived" the top up.. they effectively took back 200k in cash, while not having to top up 90k to CPF. means they have "encashed" their CPF. good deal wor. take the 200k to pay downpayment for new unit, say 800k to 1mil. quite a decent replacement already. think they were too greedy.
Brudder, read and understand..... Don't jump to conclusion so fast... If u were them, u happy??? When u see all your neigbours make so much??? How old are in this situation??? Age of purchase + 12 years as indicated in the story? When will u get the first/second payment from enbloc????
The people in gillman couldn't afford a condo because some people objected... Brudder, read and understand... Go into the finer things... Look for clues to derive preliminary conclusion. Look for some more clues later to verify your preliminary conclusion... Once u have done that, u will be smarter....
:cheers4: :cheers4:
Brudder, read and understand..... Don't jump to conclusion so fast... If u were them, u happy??? When u see all your neigbours make so much??? How old are in this situation??? Age of purchase + 12 years as indicated in the story? When will u get the first/second payment from enbloc????
The people in gillman couldn't afford a condo because some people objected... Brudder, read and understand... Go into the finer things... Look for clues to derive preliminary conclusion. Look for some more clues later to verify your preliminary conclusion... Once u have done that, u will be smarter....
:cheers4: :cheers4:
bro, 80/20 rule. in every enbloc, there will be happy and unhappy pple. imagine if i buy a super fengshui place and one day kenah enbloc. i will also be upset. but upset is upset. you have to weigh your pros and cons. spending $$$ to go legal - vs the likely outcome. what would it be? could the money be put to better use? or isit they dun mind fighting at all costs, for principle, not to win $$$. there are many reasons which we as outsiders do not know.
what about those in marymount? i never follow the story. but i am quite sure that what they were compensated would be definitely "loogi" one. in times of increasing ppty prices, the time between compensation, etc there will be time lag. not to mention sentiments, trouble to look for house, etc. they will also be unhappy. go to court fight garmen? got use or not?
i am also a victim of the NSE. they build a flyover right in front of my window. so what i do? make noise, complain, go legal? for what? i just sold my unit and move on. because of the stupid highway, my unit sell lesser by about 50-80k. how? send legal letter to LTA? shanmugam came down to appease the resident. he couldn't handle the situation and cut short the meeting becoz residents practically shouting at him. so what? shout got use? i just move on.
sometimes things just happen. you move on. like you said, complain got use? save yourself. dun wait for other pple to save you.
so is it fair for me to say they greedy? that's from my personal view point. i would have just moved on.
Brudder, u must read deep into my messages... If you buying potential en bloc, what will you look for now that got SSD???
Hahahahaha
bro, 80/20 rule. in every enbloc, there will be happy and unhappy pple. imagine if i buy a super fengshui place and one day kenah enbloc. i will also be upset. but upset is upset. you have to weigh your pros and cons. spending $$$ to go legal - vs the likely outcome. what would it be? could the money be put to better use? or isit they dun mind fighting at all costs, for principle, not to win $$$. there are many reasons which we as outsiders do not know.
what about those in marymount? i never follow the story. but i am quite sure that what they were compensated would be definitely "loogi" one. in times of increasing ppty prices, the time between compensation, etc there will be time lag. not to mention sentiments, trouble to look for house, etc. they will also be unhappy. go to court fight garmen? got use or not?
i am also a victim of the NSE. they build a flyover right in front of my window. so what i do? make noise, complain, go legal? for what? i just sold my unit and move on. because of the stupid highway, my unit sell lesser by about 50-80k. how? send legal letter to LTA? shanmugam came down to appease the resident. he couldn't handle the situation and cut short the meeting becoz residents practically shouting at him. so what? shout got use? i just move on.
sometimes things just happen. you move on. like you said, complain got use? save yourself. dun wait for other pple to save you.
so is it fair for me to say they greedy? that's from my personal view point. i would have just moved on.
Brudder, u must read deep into my messages... If you buying potential en bloc, what will you look for now that got SSD???
Hahahahaha
look for something that will only enbloc after 4 yrs?
I sense people are generally not so keen to en bloc compared to previously. The last en bloc exercise for one of my properties (FH/D10), they only managed to garner 50+% of votes and it all fizzled out. People are now realising that they should hang on to their FH older larger units as they will not be able to enjoy similar location and space at a reasonable price even if they en bloc.
http://www.straitstimes.com/archive/saturday/premium/top-the-news/story/record-133m-hudc-flat-shunfu-road-20121215
Record $1.33m for HUDC flat at Shunfu Road
Published on Dec 15, 2012
By Daryl Chin
ANOTHER fresh record has been set for the most expensive HUDC apartment - again at the popular Shunfu Road enclave.
A 1,660 sq ft maisonette, located at the heart of the yet-to-be privatised estate, was sold for $1.33 million last month, according to data-crunching firm Singapore Real Estate Exchange. This tops the $1.28 million mark reported in September for the same type of flat at the same estate.
The news extends the trend of record-breaking prices for premium Housing and Urban Development Company (HUDC) and Housing Board resale apartments.
A new record was also set in September for the most expensive HDB flat when a buyer paid $1 million for an executive flat in Queenstown.
HUDC units were introduced in the 1970s for aspiring middle-income families, and were phased out about a decade later as interest in them dwindled. Out of 18 such projects, 12 have been legally privatised, while the rest are pending legal privatisation.
Analysts say records in the HUDC market will continue to tumble as long as sellers hold out for higher prices under the current exuberant market conditions, and buyers are lured by choice locations and hopes of a collective sale windfall after privatisation.
The Straits Times understands that the seller of the Shunfu flat is an engineer who had bought it 16 years ago at a "good price". Back then, such apartments sold for less than $400,000.
"He is tired of waiting for the privatisation to go through and wanted to cash out to do other property investments," said Huttons agent Jerry Phoey, who brokered the deal.
The buyers are a young Singaporean couple. "They have done their homework and feel this is the best place to bring up their children," said Mr Phoey.
The mid-level unit at Block 316 has a view of the green lawn just in front of it. Nestled at the centre of the estate, it is insulated from traffic noise by the other blocks, yet still within walking distance of nearby amenities.
The 358-unit Shunfu Ville has been popular with home buyers because it is near a market, eateries, Marymount MRT station and brand-name schools like Raffles Institution, Marymount Convent School and Catholic High School.
Work has already begun on the privatisation of Shunfu Ville. A carpark entrance barrier and a guard house are being added, and the estate is being fenced up.
Unusually, no cash premium was paid above the flat's valuation, as the property was valued by a bank at $1.38 million.
PropNex chief executive Mohamed Ismail said: "Even at that price, the buyer is paying about $800 per sq ft for a spacious apartment, which is cheaper than surrounding condo units in that area." But he cautioned buyers against busting their budgets purely on hopes of a collective sale, which might not happen.
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SSD is a valid deduction for the purposes of calculating financial loss.
No loss ruling will cover it.
You will not lose... maybe make less or break even if the property you buy enbloc within 4 year.
Just don't go renovating it big time because renovation costs are not covered in no-loss determination.
Brudder, u must read deep into my messages... If you buying potential en bloc, what will you look for now that got SSD???
Hahahahaha
Yes they are not happy. But that is their problem, because that is the rule of enbloc. You cannot hold back the majority.
They had these working against them
1. bought at high prices in 1995.
2. paying high interest rates
3. paying with mainly CPF
4. settlement with CPF accrued interest
They cannot expect to get any cash back if they put very little cash in the first place.
CPF was kind enough to waiver the top-up.
The $200k offered to them would have more than covered.
In fact for Waterfront View there were 2 objectors, the other party claimed a loss of $105k on the same reasoning. But they later withdrew their objections. Because they knew they would have no case at all.
Mr Yeo eventually lost the case and had to pay up close to $100K in legal fees.
So was that very smart? Was he correctly advised by his lawyers? Or was he just too greedy?
Maybe a little bit of everything?
Brudder, read and understand..... Don't jump to conclusion so fast... If u were them, u happy??? When u see all your neigbours make so much??? How old are in this situation??? Age of purchase + 12 years as indicated in the story? When will u get the first/second payment from enbloc????
The people in gillman couldn't afford a condo because some people objected... Brudder, read and understand... Go into the finer things... Look for clues to derive preliminary conclusion. Look for some more clues later to verify your preliminary conclusion... Once u have done that, u will be smarter....
:cheers4: :cheers4:
In my view, your thinking is correct.
bro, 80/20 rule. in every enbloc, there will be happy and unhappy pple. imagine if i buy a super fengshui place and one day kenah enbloc. i will also be upset. but upset is upset. you have to weigh your pros and cons. spending $$$ to go legal - vs the likely outcome. what would it be? could the money be put to better use? or isit they dun mind fighting at all costs, for principle, not to win $$$. there are many reasons which we as outsiders do not know.
what about those in marymount? i never follow the story. but i am quite sure that what they were compensated would be definitely "loogi" one. in times of increasing ppty prices, the time between compensation, etc there will be time lag. not to mention sentiments, trouble to look for house, etc. they will also be unhappy. go to court fight garmen? got use or not?
i am also a victim of the NSE. they build a flyover right in front of my window. so what i do? make noise, complain, go legal? for what? i just sold my unit and move on. because of the stupid highway, my unit sell lesser by about 50-80k. how? send legal letter to LTA? shanmugam came down to appease the resident. he couldn't handle the situation and cut short the meeting becoz residents practically shouting at him. so what? shout got use? i just move on.
sometimes things just happen. you move on. like you said, complain got use? save yourself. dun wait for other pple to save you.
so is it fair for me to say they greedy? that's from my personal view point. i would have just moved on.
buttercarp
18-12-12, 16:45
i am also a victim of the NSE. they build a flyover right in front of my window. so what i do? make noise, complain, go legal? for what? i just sold my unit and move on. because of the stupid highway, my unit sell lesser by about 50-80k. how? send legal letter to LTA? shanmugam came down to appease the resident. he couldn't handle the situation and cut short the meeting becoz residents practically shouting at him. so what? shout got use? i just move on.
sometimes things just happen. you move on. like you said, complain got use? save yourself. dun wait for other pple to save you.
so is it fair for me to say they greedy? that's from my personal view point. i would have just moved on.
I almost missed out on this part of your story!
Yes, once it is decided, we can't change the course, so we have to be brave, let go of it gracefully and move on.
Yes they are not happy. But that is their problem, because that is the rule of enbloc. You cannot hold back the majority.
They had these working against them
1. bought at high prices in 1995.
2. paying high interest rates
3. paying with mainly CPF
4. settlement with CPF accrued interest
They cannot expect to get any cash back if they put very little cash in the first place.
CPF was kind enough to waiver the top-up.
The $200k offered to them would have more than covered.
In fact for Waterfront View there were 2 objectors, the other party claimed a loss of $105k on the same reasoning. But they later withdrew their objections. Because they knew they would have no case at all.
Mr Yeo eventually lost the case and had to pay up close to $100K in legal fees.
So was that very smart? Was he correctly advised by his lawyers? Or was he just too greedy?
Maybe a little bit of everything?
those enbloc in waterfront view will have good KARMA...cos they sacrificed their homes for a FEW THOUSAND others...wahahaah:D
In my view, your thinking is correct.
thanks bro, for the support. otherwise i really think i "tio mark" in this forum. everything i say also wrong. :banghead: :banghead: :banghead:
I almost missed out on this part of your story!
Yes, once it is decided, we can't change the course, so we have to be brave, let go of it gracefully and move on.
thanks sis.. in these times, it helps to know that in life, you lose some you gain some. for me, i gained a nice new unit in SM and future neighbours like einnoc and jacelyn.. :)
look for something that will only enbloc after 4 yrs?
Yup... But u really cannot control timing leh.. That's the sad part.
thanks sis.. in these times, it helps to know that in life, you lose some you gain some. for me, i gained a nice new unit in SM and future neighbours like einnoc and jacelyn.. :)
You so smart.... Make the best of life... :cheers3: :cheers3: :cheers3:
Must learn and know how to let go... Then will be happy..:cheers3:
Yup... But u really cannot control timing leh.. That's the sad part.
that is the part where fate comes in. in life, you can't have everything. do your best, and the rest, have to follow the flow. :D
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