Buying Resale Property

[TravieJackie]

I have been on a hunt for a new property for 4 mths already and still found nothing.

Want to understand from people more experienced here on what to look out for if I were to look for resale property that I intend to stay close to 20 years.

My criteria now is to look for around 10 years old properties and project with more than 80 units if possible.

Is it advisable to even go for 20 years old project if they are well maintained?

[tonymontana]

check that there are more than enough CAR PARK LOTS. something like 200 units, 300 car park lots would be great.

make sure it's freehold, well maintained. enough grounds for taking walks, not too crowded. I dislike those projects with plot ratio 3.0 above, too many people.

try to find the site plan for the project, choose the better/best layout.

don't overpay.

nothing wrong with 20 y.o project as long as the unit and the grounds are well maintained and you're willing to spend some money to renovate. it must be freehold. if LH avoid older projects.
personally i believe 20y.o building may look a bit too dated, perhaps something slightly newer (10 years is about right). but it all depend on project to project.

[Kelonguni]

First thing Budget?

2nd, preferred location?

[tonymontana]

i remember this travisjackie. she looking around meyer rd area.

[Kelonguni]

That area should have a number of FH units differing in age.

Most crucial is the Budget I guess.


i remember this travisjackie. she looking around meyer rd area.

[TravieJackie]

Looking at D15 and D9. We dont like big projects but understand that we shouldn't go too small of staying for long term in a resale one. So, want to find out what is a good size.

I have kids coz need to be near p school too though prob cannot go to our alma mater anymore. And budget is abt 2 mil.

[Laguna]

what are the school u have in mind?
St Patrick area will be a good choice

[TravieJackie]

If D9, then River Valley P School. Not sure what other schools that are alright and not that hard to get in.

If east, it's kind of settled.

[new2mondrian]

If D9, then River Valley P School. Not sure what other schools that are alright and not that hard to get in.

If east, it's kind of settled.

Landed? Possible to find a FH terrace around D15 with this budget these days.

[TravieJackie]

Possible but needs a lot of reno kind. No budget for massive reno or building of a house..

[new2mondrian]

River Valley primary is not bad.
I think there were tonnes of suggestions thrown up for a $2M budget at River Valley previously.... :) from Oleanas Residences, to Aspen Park, to Pacific Mansions.. all freehold or 999 years.

As for D15, Laguna can help. I'm not vested there. :)

If you have daughters, can look around Shelford road area. RGPS is not bad either, and some of the older condos (eg 19 shelford road) there are pretty well maintained.

[TravieJackie]

So, is 100 units and above a safer bet for older buildings if I intend to stay there til the building age is about 20-40 years old?

Or 70+ is also an alright number if it's well maintained with healthy sinking fund? Can anyone advise?

[TravieJackie]

Yes, the only concern is the age of the buildings, hence asking for advise here. We like Oleanas Residence and Urbana especially.

As for Bukit Timah are, we will avoid due to the heavy traffic. Don't wanna get stuck with the many cars sending kids to school daily...

[teddybear]

My opinion is always go for estate >100 units and <300 units (ideally).


So, is 100 units and above a safer bet for older buildings if I intend to stay there til the building age is about 20-40 years old?

Or 70+ is also an alright number if it's well maintained with healthy sinking fund? Can anyone advise?

[thomastansb]

Buy soon. Properties are getting snapped up very quickly nowadays.

I would advise you to look at city area (CCR). Because prices have dipped quite a bit there as compared to elsewhere. If price is a factor, then go for OCR. I won't go for RCR because the price at RCR can get me something at CCR.

20 years project - Must see maintenance one. Some 3 years old but looks like 15 years old.



I have been on a hunt for a new property for 4 mths already and still found nothing.

Want to understand from people more experienced here on what to look out for if I were to look for resale property that I intend to stay close to 20 years.

My criteria now is to look for around 10 years old properties and project with more than 80 units if possible.

Is it advisable to even go for 20 years old project if they are well maintained?

[tonymontana]

So, is 100 units and above a safer bet for older buildings if I intend to stay there til the building age is about 20-40 years old?

Or 70+ is also an alright number if it's well maintained with healthy sinking fund? Can anyone advise?

i would definitely go for something at least 150 units and above for own stay over 10 years or more. maintenance costs pile up when condo is more than a decade old and you'd want some economies of scale wrt sinking fund and monthly contributions. sweet spot is 200-300 units, but the lower density projects.

shelford road / bukit timah is good but you alrd reject that.

[tonymontana]

River Valley primary is not bad.
I think there were tonnes of suggestions thrown up for a $2M budget at River Valley previously.... :) from Oleanas Residences, to Aspen Park, to Pacific Mansions.. all freehold or 999 years.



speaking of which, 3 units pacific mansion sold in the last week of july, 1528 sft 1.7-1.92M. enbloc-hopefuls??

[new2mondrian]

So, is 100 units and above a safer bet for older buildings if I intend to stay there til the building age is about 20-40 years old?

Or 70+ is also an alright number if it's well maintained with healthy sinking fund? Can anyone advise?
It depends on many factors. Personally I am vested in 3 FH properties that have between 50-80 units each, and all built in the 90s. Location is great, entry price was low, and after more than 8 years of ownership they still produce great rental yields with no shortage of tenants. I am partial towards large bathrooms, large master bedrooms (that kind that can put one king sized bed, one couch at the foot of bed, one dressing table, two bedside tables, and even one study table or have space for walk-in wardrobes. Can hardly find such floorplans in newly built condos. The livable spaces should be as big as possible, with minimal footprint for aircon ledge, no planter box and no bay windows.

I like old developments simply because of their layout as mentioned above. Spend some money in renovating it well, and it will look transformed. Older developments have the added benefit of making structural issues more pronounced. If the main structure is sound with no spalling concrete issues around the entire development after 20 years, it should be quite fuss free. The rest of the stuffs like maintenance of autogate, repainting etc can be borne out of sinking fund.

[new2mondrian]

speaking of which, 3 units pacific mansion sold in the last week of july, 1528 sft 1.7-1.92M. enbloc-hopefuls??

Haha no idea. I wasn't the one who suggested Pacific Mansions (the tenant profile there can be very mixed). Along D9, I'd still place my money with Oleanas or Aspen (those with unblocked views of fort canning/raffles place/marina area).

Pacific Mansions has almost 300 units. Enbloc consent is not easy.

[aspirations]

some quick input from me. if your budget is just $2m, i think its hard to get a decent CCR unit, unless ur willing to settle for an older one.

as for pacific mansions, i have a friend who rented there for 2-3 yrs. the only reason she did was because it was CHEAP. she moved out eventually cos of the poor environment/ less than ideal neighbour mix. she'd mention about having "CSW" (Commercial sex workers) of russian/ angmoh descent getting ferried back by their HNW clients daily in ferraris and other luxury cars, etc. what im saying that i think pacific mansions - though in a good location - may lack what many asians would deem as a decent/ family friendly/ comfortable living environment. as for other CCR condos, ill let the others elaborate :)

[oldfreehold]

For 2M budget , no project can beat Pacific Mansion in d9, Urbana 2M can not get and quite noisy. Spend 1.6 to 1.8m to buy 1528sqft fully usable space. Great layout , master bed room can put 2 king size bed or convert to 2 bed rooms for rental. But 1.6m now hard to get, maybe need to Wait for en bloc fail might have chance. But Pacific Mansion almost no facility except a small pool, tenant can choose those s pass or ep holder working near orchard area.
If small family , can look for compact 3 bedder in Sophia hill or Sophia residence . Sophia hill.cheapest 1.6m.
I feel CCR d9 resale price went up at least 5 percent during last 6 months

[new2mondrian]

Another old FH condo which I like is Cairnhill Plaza. Fantastic upkeep despite its age, and tenant profile remains decent. Too bad prices have ran up way beyond my budget these days. Nonetheless, the layout and floor plan is very ideal from a self stay perspective.

[Good house]

Don't get those condo with poorly managed finance and no sinking fund.
Who is going to fund those 5 year, 10 year, 20 year maintence and replacement item for you?

Also avoid those with many people not paying their MF n SF.

IMHO

[oldfreehold]

Price all went up compared to last year. That's why I said 2M budget not many choices in D9 especially for own stay. But compared to those new launch price. Those old CCR freehold condo @ 1000 to 1500psf are all quite safe, just choose one with potential and wait for the windfall. Ccr still.can rent out if you don't want to stay there.

[tonymontana]

Haha no idea. I wasn't the one who suggested Pacific Mansions (the tenant profile there can be very mixed). Along D9, I'd still place my money with Oleanas or Aspen (those with unblocked views of fort canning/raffles place/marina area).

Pacific Mansions has almost 300 units. Enbloc consent is not easy.

from the outside,the whole place doesn't look good, worse than HDB, but what does one expect for 40 years old condo. i viewed many years ago and even then, it look very worn down, swimming pool looked disused or closed, internally minimum reno also need probably 60k or more and this was years ago. there are nicer D9 condos there in river valley area. at today's price vs rental and the current condition, i don't see it as good for own stay. maybe for enbloc, but that's always a big gamble. and yes, i did notice the "colourful characters" coming in and out of the condo compounds.

However, 3 units of same size transacted in a week just really piques my curiosity :p

[proud owner]

My opinion is always go for estate >100 units and <300 units (ideally).


it also depends on the land size right ??

i live in an estate ... land 8xx,xxx sqft but with only 450 units ....

this number is more than 300 , but the land is HUGE ...

[proud owner]

i wouldnt look at Sophia hill...

the plots are usually very small and they are built to the max ... no room for future development.

for D9, i would prefer Aspen Ht, EuroAsia. The land is bigger.

Pacific Mansion does have very good layout. However like many said, too COLORFUL.
It has tried for enbloc many times and failed. Not becos cannot gather 80pct, but becos the people are greedy. They want more $$ ... their enbloc asking price leaves no room for profit for developers.

If you can stretch a little more, go for Leonie Residences...

[tonymontana]

i wouldnt look at Sophia hill...

the plots are usually very small and they are built to the max ... no room for future development.

for D9, i would prefer Aspen Ht, EuroAsia. The land is bigger.

Pacific Mansion does have very good layout. However like many said, too COLORFUL.
It has tried for enbloc many times and failed. Not becos cannot gather 80pct, but becos the people are greedy. They want more $$ ... their enbloc asking price leaves no room for profit for developers.

If you can stretch a little more, go for Leonie Residences...

other than oleanas :
euroasia court is not bad.
robertson 100 2 bedder can get below 2m (may be a bit cramped for family?)
further away (but nearer future MRT) mirage tower.

[TravieJackie]

What about Robertson Area?

[oldfreehold]

Eurasia all east , west facing. No potential, also very colourful, those hostess all upgraded to those condo nearby. Go for Sophia residence compact 3 bedder below 2m can get.

[TravieJackie]

Don't get those condo with poorly managed finance and no sinking fund.
Who is going to fund those 5 year, 10 year, 20 year maintence and replacement item for you?

Also avoid those with many people not paying their MF n SF.

IMHO

How to find out if ppl not paying SF and MF?

[DCC]

it also depends on the land size right ??

i live in an estate ... land 8xx,xxx sqft but with only 450 units ....

this number is more than 300 , but the land is HUGE ...

Excuse me, which condo do you live in?

[teddybear]

Ask the MA.

I have never heard of people purposely not paying SF and MF, at least that is my experience for CCR private properties.
Not sure about OCR condos though, but it is very common in Malaysia condos. (that is another reason why never ever buy strata-titled properties in Malaysia!)


How to find out if ppl not paying SF and MF?

[new2mondrian]

it also depends on the land size right ??

i live in an estate ... land 8xx,xxx sqft but with only 450 units ....

this number is more than 300 , but the land is HUGE ...

Yup your estate is awesome. Hard to find such gems these days. I like the townhouses and split level mansionettes units. The space is incredible.

I love The Peak (at Pepys road) for its incredible exclusivity and its view, and your estate for having its incredible location and huge units. Too bad yield is not great at the quantum level. But it's a great place for self stay.

[anythingwhatever]

Ask the MA.

I have never heard of people purposely not paying SF and MF, at least that is my experience for CCR private properties.
Not sure about OCR condos though, but it is very common in Malaysia condos. (that is another reason why never ever buy strata-titled properties in Malaysia!)

Agree with you.

The condo owners in Msia generally lack protection by law and have not much control over the maintenance state of their properties.

Many of the condos are pretty much run-down after a decade or so with not much resale value.

Landed properties owners in Msia has much more control over their own fate. :)