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proud owner
05-02-09, 12:00
how ironic

during enbloc talk all say 2300 psf was a fair value

now that it has failed you can see transaction at below 800 psf

ahlahdin
05-02-09, 12:28
You know how old and run down it is? $800 psf got people buy considered good liao.

A brand new mega luxury condo on this site would be selling at least $3000psf during 2007 peak. But now maybe $1800psf for a new condo of that mega luxury character in that location.

Whatever it is, enbloc price is always higher than selling individual units, because enbloc presents the developer who buys, an opportunity to realise a new lease of life for the site, what with the gross floor area potential and opportunity to build and to market expensive modern luxury condo.

If you believe Singapore will rise up again one day as an economy and advanced and vibrant nation, then it does make sense to take advantage of current conditions to buy a cheap unit there. Must be prepared to hold for some time though.

Long term investment-wise, this is better than some brand new 99 year Kallang or freehold East Coast condo.

Physical buildings turn old and will devalue but location is forever. This is quite a prime district 9 location. If can get at around $700psf, I don't see how you could possibly lose money.

proud owner
05-02-09, 12:33
You know how old and run down it is? $800 psf got people buy considered good liao.

A brand new mega luxury condo on this site would be selling at least $3000psf during 2007 peak. But now maybe $1800psf for a new condo of that mega luxury character in that location.

Whatever it is, enbloc price is always higher than selling individual units, because enbloc presents the developer who buys, an opportunity to realise a new lease of life for the site, what with the gross floor area potential and opportunity to build and to market expensive modern luxury condo.

If you believe Singapore will rise up again one day as an economy and advanced and vibrant nation, then it does make sense to take advantage of current conditions to buy a cheap unit there. Must be prepared to hold for some time though.

Long term investment-wise, this is better than some brand new 99 year Kallang or freehold East Coast condo.

Physical buildings turn old and will devalue but location is forever. This is quite a prime district 9 location. If can get at around $700psf, I don't see how you could possibly lose money.

i agree

i now live in river valley, renting an apt ... so scouting around ..

problem with pacman is that the residents damn greedy ... so many times enbloc failed ...

if i buy one now say at 700 psf ..come 2015 .. mkt pick up and enbloc talks again ... i will let go at 1800 psf (hahah,) but you know the greedy residents will ask for 2300 psf again ..

ahlahdin
05-02-09, 13:04
i agree

i now live in river valley, renting an apt ... so scouting around ..

problem with pacman is that the residents damn greedy ... so many times enbloc failed ...

if i buy one now say at 700 psf ..come 2015 .. mkt pick up and enbloc talks again ... i will let go at 1800 psf (hahah,) but you know the greedy residents will ask for 2300 psf again ..

$700psf x 1400 sf = $980,000 that is for a 3 bedroom.

If you take 70% to 80% loan with SOR or SIBOR linked loans, pay about $2,000 to $2,500 a month.

Not bad! Better then renting.

You could even let out 2 bedrooms to the pretty young student mei meis at $800 per room per month discounted rate if u catch my drift. ;)

proud owner
05-02-09, 13:12
$700psf x 1400 sf = $980,000 that is for a 3 bedroom.

If you take 70% to 80% loan with SOR or SIBOR linked loans, pay about $2,000 to $2,500 a month.

Not bad! Better then renting.

You could even let out 2 bedrooms to the pretty young student mei meis at $800 per room per month discounted rate if u catch my drift. ;)

hahahha

no thanks ... i like the location only ..not the birds ... you wouldnt know how many men have 'worn' that pair of shoes before you
even if they wear 'socks'

toaler
05-02-09, 17:58
$700psf x 1400 sf = $980,000 that is for a 3 bedroom.

If you take 70% to 80% loan with SOR or SIBOR linked loans, pay about $2,000 to $2,500 a month.

Not bad! Better then renting.

You could even let out 2 bedrooms to the pretty young student mei meis at $800 per room per month discounted rate if u catch my drift. ;)

go take a look at the place first before you say that pacific mansion is a good buy... it's really difficult to fork out 1mil of ur $$ for a place so run down unless you are really looking to wait till for the next enbloc wave

Geylang OKT
05-02-09, 21:21
This is also known as the xiao lao por mansion :D

ahlahdin
06-02-09, 00:04
go take a look at the place first before you say that pacific mansion is a good buy... it's really difficult to fork out 1mil of ur $$ for a place so run down unless you are really looking to wait till for the next enbloc wave

Hello please read carefully my semi-educated friend: I said it is a good buy if you can hold long term through to the next cycle, whether for own stay or rent out.

If you are currently going to rent at $2500 a month where can you rent? Even those Yishun, AMK, CCK, Tampines, 3 bedroom condo also requires at least $3000 a month rent.

My reasoning is: Might as well pay $2500 a month towards owning the unit at Pac Mansion, at 70% or 80% loan.

Renovation no need to do until designer condo like that, just fresh paint, polish marble, retile bathrooms and kitchen, new cabinets and bathroom facilities, and you are ready to be landlord or live in it yourself. You can do the above reno at $20k to $30k, which is more than sufficient. If you use Ikea, may even be half the price.

BTW, more difficult to fork out $1m for a D9 old RV apartment than forking out $1m for a new apartment of same size at Kallang / EastCoast / Kembangan / Joo Chiat? I think you need to have your head examined. You rather pay $1m to live next to Lavender coffin shop while telling yourself "it is brand new!", than to pay $980,000 (and $20k to renovate) to live in an old condo that is 5 mins walk to Orchard?

Besides, a brand new D9 RV unit of 1400 square feet fully built-in will currently cost you upwards of $1.7 million. And I am being very bearish and conservative already.

Like many Singaporeans, you are easily seduced by "new" property but fail to see the true value of good location property, old as they may be.

I think you better don't play property if you can't see past the surface.

*note: not vested in any of the above

jc
06-02-09, 00:22
You know how old and run down it is? $800 psf got people buy considered good liao.

A brand new mega luxury condo on this site would be selling at least $3000psf during 2007 peak. But now maybe $1800psf for a new condo of that mega luxury character in that location.

Whatever it is, enbloc price is always higher than selling individual units, because enbloc presents the developer who buys, an opportunity to realise a new lease of life for the site, what with the gross floor area potential and opportunity to build and to market expensive modern luxury condo.

If you believe Singapore will rise up again one day as an economy and advanced and vibrant nation, then it does make sense to take advantage of current conditions to buy a cheap unit there. Must be prepared to hold for some time though.

Long term investment-wise, this is better than some brand new 99 year Kallang or freehold East Coast condo.

Physical buildings turn old and will devalue but location is forever. This is quite a prime district 9 location. If can get at around $700psf, I don't see how you could possibly lose money.

This project is oredi 33 yrs old (corect me if i am wrong). If we have a 5 or 10 yr time horizon for the next big wave, do we forsee that due to wear n tear owners have to fork out much more $ to replace eg. lift, etc. Anyone knows if the condo fund balance sheet is strong?

And Bro, somehow got the feeeling that u r not in favor of East Coast FH Condo. Pls enlighten :)

code01
07-02-09, 21:40
Hello please read carefully my semi-educated friend: I said it is a good buy if you can hold long term through to the next cycle, whether for own stay or rent out.

If you are currently going to rent at $2500 a month where can you rent? Even those Yishun, AMK, CCK, Tampines, 3 bedroom condo also requires at least $3000 a month rent.

My reasoning is: Might as well pay $2500 a month towards owning the unit at Pac Mansion, at 70% or 80% loan.

Renovation no need to do until designer condo like that, just fresh paint, polish marble, retile bathrooms and kitchen, new cabinets and bathroom facilities, and you are ready to be landlord or live in it yourself. You can do the above reno at $20k to $30k, which is more than sufficient. If you use Ikea, may even be half the price.

BTW, more difficult to fork out $1m for a D9 old RV apartment than forking out $1m for a new apartment of same size at Kallang / EastCoast / Kembangan / Joo Chiat? I think you need to have your head examined. You rather pay $1m to live next to Lavender coffin shop while telling yourself "it is brand new!", than to pay $980,000 (and $20k to renovate) to live in an old condo that is 5 mins walk to Orchard?

Besides, a brand new D9 RV unit of 1400 square feet fully built-in will currently cost you upwards of $1.7 million. And I am being very bearish and conservative already.

Like many Singaporeans, you are easily seduced by "new" property but fail to see the true value of good location property, old as they may be.

I think you better don't play property if you can't see past the surface.

*note: not vested in any of the above

bro relax..haha but good analysis. Pls share more!! Cheers

gfoo
07-02-09, 23:03
pacman can now be gotten for high $6xxpsf. this is a great buy. the 3.8 plot ratio is extreme!

blackswan
07-02-09, 23:18
this thread makes me wonder are there some more good quality properties that had not make it to the enbloc bandwagon (after starting talks) that we can take a look at.............will be interesting.

gfoo
07-02-09, 23:33
this thread makes me wonder are there some more good quality properties that had not make it to the enbloc bandwagon (after starting talks) that we can take a look at.............will be interesting.

pender court at morse road, foot of mount faber. i grew up there.
good to make money from it in long term, bad for stay - built right on top of a 1800s malay cemetary.

blackswan
07-02-09, 23:35
okie, will do more research on this.....anyidea what's the expected enbloc price then?

gfoo
07-02-09, 23:41
dunno, but my mom bought it when launched at $290k for a 1,800sq ft unit, top flr. that was prob about 1989 liddat.

Bravo offered them about $700-800psf, and they intended to resell new development for about $1600psf.

fair price would be about $700psf i guess

Geylang OKT
08-02-09, 06:16
If you can hold for another 5 to 7 years waiting for the next cycle you should be ok :D

propertyguru
12-02-09, 11:28
Does anyone know of any listing for Pacific Mansion for < $700 psf? One agent told me it's at least 1m for a 13XX sf unit, which is closer to $800 psf. I am looking to buy a place in RV area for own stay because it's near my parents, but would prefer not to overleverage myself. Thus, looking at spending less than 1m, but at the same time, I am not inclined toward those studio units in RV Suites e.g. Too small. Pacific Mansion seems like a good buy with upside when the market picks up again. Just a question of how much I need to spend to renovate the interiors.

If anybody has any opinions or lobangs, do let me know. Thanks!

Bishan Kid
12-02-09, 13:38
Does anyone know of any listing for Pacific Mansion for < $700 psf? One agent told me it's at least 1m for a 13XX sf unit, which is closer to $800 psf. I am looking to buy a place in RV area for own stay because it's near my parents, but would prefer not to overleverage myself. Thus, looking at spending less than 1m, but at the same time, I am not inclined toward those studio units in RV Suites e.g. Too small. Pacific Mansion seems like a good buy with upside when the market picks up again. Just a question of how much I need to spend to renovate the interiors.

If anybody has any opinions or lobangs, do let me know. Thanks!

Check with URA about the plot ratio again.

I think present plot ratio of Pacific Mansion is already exceed the 2.8.
If enbloc , the new development probably has to follow the revised plot ratio of 2.8.

propertyguru
12-02-09, 13:52
Yup, you are right, I think it's 2.8 last I checked (couple of days back). Does that mean the appeal of the place is diminished in the eyes of developers? Therefore less risk of enbloc? I don't really care whether it goes enbloc or not. I would assume for a FH land, over time, it must appreciate as long as I don't buy at peak. So at some point, whether it enblocs or I sell it off, as long as I don't make a loss that should be fine.

Glad for your input btw.

wadexu
12-02-09, 15:57
Check with URA about the plot ratio again.

I think present plot ratio of Pacific Mansion is already exceed the 2.8.
If enbloc , the new development probably has to follow the revised plot ratio of 2.8.

may i know how do you check the present plot ration of one specific project?:doh:

toaler
12-02-09, 19:43
you can check under the master plan 2008 @ www.ura.gov.sg (http://www.ura.gov.sg)

yeap the plot ratio's 2.8 for the land pacific mansion is sitting on and the development is already built up to that limit.. very surprising for a condo of that age..

that's the primary reason why the asking prices for pacific mansion is almost 400psf less than that of yong an park which is another old river valley condo albeit a decade younger

the secondary reason is, but of course, the poor maintenance of the entire condo.

Geylang OKT
12-02-09, 19:57
Go to the URA website and select master plan... and going by the previous post, yes, the plot ratio has already been maximised :p

propertyguru
12-02-09, 20:04
you can check under the master plan 2008 @ www.ura.gov.sg (http://www.ura.gov.sg)

yeap the plot ratio's 2.8 for the land pacific mansion is sitting on and the development is already built up to that limit.. very surprising for a condo of that age..

that's the primary reason why the asking prices for pacific mansion is almost 400psf less than that of yong an park which is another old river valley condo albeit a decade younger

the secondary reason is, but of course, the poor maintenance of the entire condo.

Haha, you can't compare the two man. Pacific Mansion looks like crap from the outside. The ten years make a lot of difference to the facades and the facilities. Also, I understand that the people who rent the apts at PacMan are from a less than desirable demographic. Though in its favour, I think PacMan may be in a slightly better location given its proximity to Somerset and also Robertson Quay (walking distance to both). But at current prices, Yong An is unfortunately beyond my reach.

Geylang OKT
12-02-09, 21:05
the demographics in question are the china mistresses kept by the old ah peks and the motley assortment of ktv girls :D

propertyguru
12-02-09, 21:25
Personally, I would find the ktv girls and china mistresses a very desirable demographic. Heehee.

Geylang OKT
12-02-09, 21:38
I also like! :D

toaler
12-02-09, 22:23
Personally, I would find the ktv girls and china mistresses a very desirable demographic. Heehee.

not desirable for ur $$ though:doh:

wadexu
13-02-09, 08:09
you can check under the master plan 2008 @ www.ura.gov.sg (http://www.ura.gov.sg)

yeap the plot ratio's 2.8 for the land pacific mansion is sitting on and the development is already built up to that limit.. very surprising for a condo of that age..

that's the primary reason why the asking prices for pacific mansion is almost 400psf less than that of yong an park which is another old river valley condo albeit a decade younger

the secondary reason is, but of course, the poor maintenance of the entire condo.

Thanks, I can check the allowed from master plan, which is 2.8. however, how can I know the present ratio of the pacific mansion is over this limit? what is exactly ratio based on current building?

blackswan
13-02-09, 08:47
I am also interested to know what's the current plot ratiofor the development. went down to check the site twice and judging by the way the the blocks are built up and the various empty space avaliable on the compound, find it hard to believe that the plot ration is already at 2.8.

Or is it that the master plan is showing that the max plot ratio possible is 2.8, and not that the current plot ratio is 2.8?

Walk leisurely from Somerset (jaywalk across to Comm Centre) and the time taken is 8 minutes, which is bearable for me. Only thing is there are no bus stop around.

proud owner
13-02-09, 09:00
Yup, you are right, I think it's 2.8 last I checked (couple of days back). Does that mean the appeal of the place is diminished in the eyes of developers? Therefore less risk of enbloc? I don't really care whether it goes enbloc or not. I would assume for a FH land, over time, it must appreciate as long as I don't buy at peak. So at some point, whether it enblocs or I sell it off, as long as I don't make a loss that should be fine.

Glad for your input btw.

current mkt situation ...you dont have to fret ..

just look out on papers ...for any advert on pacific mansion ...

if they ask for 800 psf ... just place your interest with the agent at 700 psf ... give it a couple of months .. i believe you can get it ... maybe by then ..you can have a few units to choose from ...

new2mondrian
13-02-09, 15:49
Pac Mansion for $700-800psf? Hey, u guys must be joking. That run-down place is not worth looking at unless it hits $500psf! :sleep:

Honestly, 15 years ago, my relative purchased that place for $170k. Okies, 15 years is a long time and he has since sold it. BUT if you guys consider my friend who bought a FH 3-bedder on level 16 of Regalia (directly opposite Pac Mans) for $780k (which is approx $680psf) in Q1 2006, you will not pay $700psf for Pac Mans. Wait a while, prices may hit 2006 levels....

East Lover
19-02-09, 17:13
There is a low floor unit in Pacific Mansion, willing to sell it with tenancy.

Guess what? Dear to ask for 1.35M for a 1350 sqft!!! :scared-3: Owner said because this is the price from the developer during the en-bloc. :banghead:

OMG:scared-1:

No wonder it failed en-bloc last time, due to too many greedy owners. Nowadays market so bad liao, they still never wake up.:simmering:

Not worthy to pay above 1mil for Pacific Mansion lah. too old, too many negative stories...

http://forums.hardwarezone.com.sg/showpost.php?p=24320071&postcount=8

http://forums.hardwarezone.com.sg/showpost.php?p=24320208&postcount=9
6 Jun 1998 Businessman Albert Lee Kim Kang slashes his wife on the neck and jumps out of his bedroom window on the sixth storey.

propertyguru
19-02-09, 17:40
There is a low floor unit in Pacific Mansion, willing to sell it with tenancy.

Guess what? Dear to ask for 1.35M for a 1350 sqft!!! :scared-3: Owner said because this is the price from the developer during the en-bloc. :banghead:

OMG:scared-1:

No wonder it failed en-bloc last time, due to too many greedy owners. Nowadays market so bad liao, they still never wake up.:simmering:

Not worthy to pay above 1mil for Pacific Mansion lah. too old, too many negative stories...

http://forums.hardwarezone.com.sg/showpost.php?p=24320071&postcount=8

http://forums.hardwarezone.com.sg/showpost.php?p=24320208&postcount=9
6 Jun 1998 Businessman Albert Lee Kim Kang slashes his wife on the neck and jumps out of his bedroom window on the sixth storey.

Wow, thanks for the heads up. 1000 psf is retarded.

blackswan
19-02-09, 22:00
One thing that interest me is what is the current built up plot ratio of this condo?

Is it already max out at 2.8 when its built 45 years ago? (as stated in the hardwarezone link)

Thanks for any feedback

toaler
22-02-09, 23:29
"Pacific Mansions will escape a development charge because it is already built up to more than the official plot ratio. The 128,306 sq ft site now has a total floor area of 493,223 sq ft." The Straits Times 19 Jun 2007

In fact, the built up is already MORE than the official plot ratio.. this condo really has not much potential unless the price is pushed all the way down to 500psf..

blackswan
23-02-09, 02:05
okie dokie.....off my watch list liao,

10 Q brother...

East Lover
23-02-09, 13:02
One thing that interest me is what is the current built up plot ratio of this condo?

Is it already max out at 2.8 when its built 45 years ago? (as stated in the hardwarezone link)

Thanks for any feedback
1. if built up plot ratio >2.8, no hope to be en bloc in the near future?
2. if age is 45 years old (so old meh???), that means a lot of things need to redo, the total interior renovation is not sufficient. how about the water tank??? anyone maintain or replace it? can't imagine have to drink water from the 45-years-old water tank. don't know what inside already:scared-1:

august
23-02-09, 13:45
1. if built up plot ratio >2.8, no hope to be en bloc in the near future?


still can, developer can build many many "mickey mouse" units and charge high psf like a certain ahem ahem project lor ~ :p

proud owner
23-02-09, 13:53
still can, developer can build many many "mickey mouse" units and charge high psf like a certain ahem ahem project lor ~ :p

wrong



if its built up now is < 2.8 then still got potential but must pay DC

if its built up is exactly 2.8 then really no potential ...

precisely becos its existing built up is > 2.8 plot ratio ..if kena enbloc..they can still build to current built up and YET NO NEED to pay DC

mezz72sg
22-03-09, 22:10
This pacman was already around when i was in primary school. Now that my son is in the primary school beside it, i go there to pick him up 5 days a week.

Around 6pm, you'll see taxis waiting outside near the entrance to pacman. Slowly but surely, ktv hostesses will come out one by one or in pairs. They all work at the ktv nearby.

Imagine coming home from work to such scenarios everyday....

$1000psf is really sen jing ping kind of price!! $600psf also i don't want. So run down, open air carpark, plus this kind of reputation and tenants. Maybe seller hoping ktv owner nearby will buy to keep the hostesses. HAHAHAHA...

East Lover
03-04-09, 11:34
current mkt situation ...you dont have to fret ..

just look out on papers ...for any advert on pacific mansion ...

if they ask for 800 psf ... just place your interest with the agent at 700 psf ... give it a couple of months .. i believe you can get it ... maybe by then ..you can have a few units to choose from ...
Hi,

What do you view of this Horizon Towers?

Worthy to consider if drop to <800 psf? it's 99 LH, already 25 years after completion, and each unit super big? seems all bigger than 2500 sqft?

But much better location than Pacific Mansion?

--------
April 2, 2009
HORIZON TOWERS COLLECTIVE SALE SAGA
No go for en bloc sale

Horizon Towers at Leonie Hill. -- ST PHOTO: CAROLINE CHIA
THE minority owners of Horizon Towers have won the fight to block the $500 million collective sale of their Leonie Hill estate.

Singapore's highest court handed out its judgement on Thursday morning, allowing their appeal.

This puts an end to arguably the most protracted en-bloc sale dispute in years. The saga began in January 2007 when the majority owners accepted a price of just under $850 per sq ft (psf) of gross floor area for the 99-year leasehold estate in Leonie Hill. The 199 apartment owners would each have pocketed about $2.3 million while the 11 penthouse owners would have received at least $4 million each.

The buyers are Hotel Properties (HPL) and its partners, Morgan Stanley Real Estate and Qatar Investment Authority.

proud owner
03-04-09, 12:14
Hi,

What do you view of this Horizon Towers?

Worthy to consider if drop to <800 psf? it's 99 LH, already 25 years after completion, and each unit super big? seems all bigger than 2500 sqft?

But much better location than Pacific Mansion?

--------
April 2, 2009
HORIZON TOWERS COLLECTIVE SALE SAGA
No go for en bloc sale

Horizon Towers at Leonie Hill. -- ST PHOTO: CAROLINE CHIA
THE minority owners of Horizon Towers have won the fight to block the $500 million collective sale of their Leonie Hill estate.

Singapore's highest court handed out its judgement on Thursday morning, allowing their appeal.

This puts an end to arguably the most protracted en-bloc sale dispute in years. The saga began in January 2007 when the majority owners accepted a price of just under $850 per sq ft (psf) of gross floor area for the 99-year leasehold estate in Leonie Hill. The 199 apartment owners would each have pocketed about $2.3 million while the 11 penthouse owners would have received at least $4 million each.

The buyers are Hotel Properties (HPL) and its partners, Morgan Stanley Real Estate and Qatar Investment Authority.

well these people for 'sentimental ' reasons ...fought off the enbloc .. the remaining owners will be so so upset ..

to them all, especially the 4 fighters .. money is not an issue ..

i doubt anyone will sell at 800 psf ... but if there is any ...yes good buy ..

East Lover
03-04-09, 15:44
well these people for 'sentimental ' reasons ...fought off the enbloc .. the remaining owners will be so so upset ..

to them all, especially the 4 fighters .. money is not an issue ..

i doubt anyone will sell at 800 psf ... but if there is any ...yes good buy ..
you are right!
also, 800 * 2500 = 2 mil. rather buy two 1 mil unit in other place, one for own stay, one for rental? :)

august
03-04-09, 16:09
the mkt has turned, such a ruling works to the developer's advantage.. somehow i feel the court is always helping the big boys and corporations ~ :rolleyes:

proud owner
03-04-09, 16:18
the mkt has turned, such a ruling works to the developer's advantage.. somehow i feel the court is always helping the big boys and corporations ~ :rolleyes:

i dont disagree ... afterall ...if you think deeper .. Developers are the real builders of the nation ...

you think our garment will spend money to enbloc prime locations ???

if they side in they will exercise their rights as GOVT and buy from you at 1965 price ...

yoonheng
03-04-09, 17:30
In this case , can developer sue the broker , owner or lawyer for any losses...?




i dont disagree ... afterall ...if you think deeper .. Developers are the real builders of the nation ...

you think our garment will spend money to enbloc prime locations ???

if they side in they will exercise their rights as GOVT and buy from you at 1965 price ...

proud owner
03-04-09, 17:33
In this case , can developer sue the broker , owner or lawyer for any losses...?

i believe they can ...

but in this case .. at this point of the property market .. they shouldnt/wouldnt ... the decision now is in their favor ...

i see now the losers are the Horizoners ...

爱屋及乌
03-04-09, 20:44
Developer may not want the land now. But could developer sue any parties involed for lost of revenue they might entitled if they manage to launch the project during property peak.




i believe they can ...

but in this case .. at this point of the property market .. they shouldnt/wouldnt ... the decision now is in their favor ...

i see now the losers are the Horizoners ...

Gordon Yuen
03-04-09, 23:16
Developer may not want the land now. But could developer sue any parties involed for lost of revenue they might entitled if they manage to launch the project during property peak.

Wau.....you are now talking about indirect losses and consequential damages..........

propertyguru
04-04-09, 20:56
The only losers are those in the sales committee who bought extra units to sell in the en bloc. Serve them right for being greedy and for acting despite the conflict of interests.

For the developer, it's hard to say. 800+ psf is quite cheap even in today's economic climate, and by the time the market recovers, I am doubtful any developer will be able to achieve the same pricing. Maybe when the lease runs down to its last five years, but otherwise, it will be difficult. Though from another point of view, they may not wish to sit on the land during the current recession as well. So I think the developer has reason to be happy either way.

The minority owners obviously are winners. And so are the lawyers. Whoever wins, the lawyers always win as well ;-)

proud owner
06-04-09, 10:48
The only losers are those in the sales committee who bought extra units to sell in the en bloc. Serve them right for being greedy and for acting despite the conflict of interests.

For the developer, it's hard to say. 800+ psf is quite cheap even in today's economic climate, and by the time the market recovers, I am doubtful any developer will be able to achieve the same pricing. Maybe when the lease runs down to its last five years, but otherwise, it will be difficult. Though from another point of view, they may not wish to sit on the land during the current recession as well. So I think the developer has reason to be happy either way.

The minority owners obviously are winners. And so are the lawyers. Whoever wins, the lawyers always win as well ;-)

I think the entire project owners are LOSERS..

now that its off ..probably drop back to 850 psf .. its a damn old project ..99 yr (probably 30 yr old) .. whats its potential other then a good location ?

soon they will have to cough out more money to 'renovate ' the old building ... sunking fund falls .. owners have to top up ? ahhaa

true losers ...

due to our weather ..most buildings dont last like those in europe ..
cracks lah ..leakages lah .. got people want to buy should over and pay a premium should just let go .. otherwise the long term maintenace cost is just not worth it ...

LOSERS .... ahhahha

august
06-04-09, 11:15
I think the entire project owners are LOSERS..

now that its off ..probably drop back to 850 psf .. its a damn old project ..99 yr (probably 30 yr old) .. whats its potential other then a good location ?

soon they will have to cough out more money to 'renovate ' the old building ... sunking fund falls .. owners have to top up ? ahhaa

true losers ...

due to our weather ..most buildings dont last like those in europe ..
cracks lah ..leakages lah .. got people want to buy should over and pay a premium should just let go .. otherwise the long term maintenace cost is just not worth it ...

LOSERS .... ahhahha

aiya the owners there got money one, renovation costs will be chum change to them.

location is good, in 10 yrs it will surely go thru enbloc again.

proud owner
06-04-09, 12:03
aiya the owners there got money one, renovation costs will be chum change to them.

location is good, in 10 yrs it will surely go thru enbloc again.

i dun deny the location is good ... at currently mkt i rather buy a newer project in river valley ... at 900 psf then 850 psf for horizon ..unless it goes back to 550-600 psf .. i believe that was where it was in 2005/6

Geylang OKT
11-04-09, 21:13
Sexy china mei mei mistresses Cheong Ahhhhh! :D

East Lover
13-04-09, 11:52
i dun deny the location is good ... at currently mkt i rather buy a newer project in river valley ... at 900 psf then 850 psf for horizon ..unless it goes back to 550-600 psf .. i believe that was where it was in 2005/6
I saw one adv on Sunday's classfied - The Horizon Tower is asking 8xx psf now... :)

EBD
13-04-09, 11:57
I saw one adv on Sunday's classfied - The Horizon Tower is asking 8xx psf now... :)

Yeah, I saw that one too. What a dreamer. Wants to get the same price from some sucker in the market as was the enbloc price for the unit.

august
13-04-09, 12:01
I saw one adv on Sunday's classfied - The Horizon Tower is asking 8xx psf now... :)

could it be one of the management committee fella who bought additional units ? :cool:

East Lover
13-04-09, 12:14
could it be one of the management committee fella who bought additional units ? :cool:
Haha, that's my guess also!

SL
13-04-09, 22:00
If this Horizon gets en-bloc in the future, can the developer pay some money to have the plot changed to free-hold from the current lease-hold status?

isaaclim
13-04-09, 22:23
If this Horizon gets en-bloc in the future, can the developer pay some money to have the plot changed to free-hold from the current lease-hold status?

Not possible.. FH is due to historical reason. Mainly because of those bloody British.

franzmark
14-04-09, 02:12
i share the same sentiments bout those who bout extra units. This is a classic example of downfall of the greedy. I hope the place never gets enbloc
The only losers are those in the sales committee who bought extra units to sell in the en bloc. Serve them right for being greedy and for acting despite the conflict of interests.

For the developer, it's hard to say. 800+ psf is quite cheap even in today's economic climate, and by the time the market recovers, I am doubtful any developer will be able to achieve the same pricing. Maybe when the lease runs down to its last five years, but otherwise, it will be difficult. Though from another point of view, they may not wish to sit on the land during the current recession as well. So I think the developer has reason to be happy either way.

The minority owners obviously are winners. And so are the lawyers. Whoever wins, the lawyers always win as well ;-)

Geylang OKT
14-04-09, 07:12
It is downright unethical for those who bought the extra units and sat in the sales committee to push through the sale. Now that these greedy folks are suffering, I say serve them right :D

starrynight
23-03-13, 19:48
Went to view a unit today for fun. It turned out to be far from fun:

management engages a car park operator to charge visitors!
unit is in original condition - pipes totally corroded, etc.
living room converted to a bedroom with 7 bedsIn the previous posts, it was said that PacMan has already exceeded its 2.8 plot ratio. I fail to see how this can be the case though - there is ample open space for car parking lots, etc.

Can someone enlighten?

blackjack21trader
23-03-13, 22:18
if PacMan residents dun mind me saying, actually the plot size is too huge. For the current land price psf, actually very difficult to buy la. unless like D'leedon previous enbloc, you have a partnership of several major developers together la.

I have a good suggestion for them, but I better dun share here lor.

Or...should I ?

Share or dun share ?

Share or dun share ???


:doh: :doh: :doh: