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View Full Version : NOMU (D9, Freehold, Sin Heng Chan)



Makelele
29-03-07, 21:51
http://img231.imageshack.us/img231/6913/homer22c21336fdbqb7.jpg
http://img231.imageshack.us/img231/9062/homer24c5134934cbq3.png

Designed by world-renowned Singaporean architects, WoHa.

http://www.sinhengchan.com.sg/Nomu/home.htm

No Way
30-03-07, 00:10
I been passing by every day because I work nearby. Boy they are really taking a long time to do this project. The existing building is not even demolished yet!

Nomufan
03-07-08, 22:36
It seems that this project is finally getting there despite all the delays and there s still lots to do but it s slowly appearing n looking good.
Anyone knows about The Luxe which is the project next door and also seems that Allgreen will be launching soon in front of 8@mount sophia.
What do u guys think of NOMU?

condowner
10-07-08, 12:33
HI, I am owner of NOMU designed by award winning Australian / Singaporean architects WoHa
District 9, Freehold, TOP december 2008
Unit number #10-06, relatively small development with only 50 units, 10th floor is the highest floor for a 2 bedroom unit. Overall highest floor being PH on the 11th and 12th floors.
Adress: 20 Handy road.
2+1 bedrooms, 1099 sqf. Asking price $1820 psf negotiable, total price $2.00 M. Current rental for condo next door with similar area about SGD 6,000 per month.
2 minutes walk from Mrt Dhoby Gauht (interchange line connecting to all of Singapore) and 2 stops from Orchard MRT, Orchard road, Singapore Management University, Plaza Singapura, Carrefour, Cathay building
Corner unit, unblocked view on the 10th floor (top floor 12th), overlooking Mount Sophia and very quiet (200 meters from Sophia Court). The apartment is located on the 10th floor which is the same floor as the sky garden. No nearby construction as on one side of Nomu is a building whose construction has just been completed and on the other side is a piece of empty land which is a reserve site on which nothing is to be built as per official Singapore Master Plan 2008 released in May08.
Developper also confirmed no screening on windows required despite proximity of Istana as authorities have already conducted the necessary check and studies.
Facilities: pool, sauna, jacuzzi, gym, meeting room.

Condo web site for more information.
http://www.sinhengchan.com.sg/Nomu/home.htm

If interest pls e mail me at: [email protected]

Thanks.

Unregistered999
26-07-08, 00:31
go 4 beacon heights along mar thoma road which is the tallest development near boon keng mrt (28 floors). it is 999 years with full condo facilities (50m lap pool and tennis court etc), 5 min drive to town or 3 MRT STOPS to town, it has spectacular view of the city skyline, strategically situated in the middle of singapore and accessible to all parts of singapore as it is within minutes from the future woodsville interchange coming along, it is a peaceful neighbourhood whilst near town, priced below 1k psf.....etc etc. So what are you guys waiting for......HOT HOT HOT GO AND BUY!!!! REMEMBER TO AVOID NOVENA, WHICH IS A HOSPITAL TOWN THAT REEKS WITH DEATH AND SICKNESS!!!

Unregistered888
26-07-08, 00:37
NO POINT PAYING 1.8KPSF for a condo that sounds like the name of a toufu or pancake. with singapore so small, what dif does it really make to be 5 min to town, 3 min to town or even living in town? shortie developments with no view is not worth buying. go 4 beacon heights along mar thoma road which is the tallest development near boon keng mrt (28 floors). it is 999 years with full condo facilities (50m lap pool and tennis court etc), 5 min drive to town or 3 MRT STOPS to town, it has spectacular view of the city skyline, strategically situated in the middle of singapore and accessible to all parts of singapore as it is within minutes from the future woodsville interchange coming along, it is a peaceful neighbourhood whilst near town, priced below 1k psf.....etc etc. If you think orchard is central, look at the map and you will realise that boon keng is more central in singapore compared to orchard or dhoby ghaut area. So what are you guys waiting for......HOT HOT HOT GO AND BUY!!!!


It seems that this project is finally getting there despite all the delays and there s still lots to do but it s slowly appearing n looking good.
Anyone knows about The Luxe which is the project next door and also seems that Allgreen will be launching soon in front of 8@mount sophia.
What do u guys think of NOMU?

Seeing is believing
26-07-08, 05:59
2+1 bedrooms, 1099 sqf. Asking price $1820 psf negotiable, total price $2.00 M.
You gotta be high ... you will never get any sane person to pay that ... try smoking some more crack man...

Unregistered123
26-07-08, 08:54
Think u r a brainless beacon height agent!! Compare a mass boon keng area condo to a freehold district 9... use yr brain to think don use yr as* ! Make yrself a stupid fool here.

kal
26-07-08, 09:00
It seems that this project is finally getting there despite all the delays and there s still lots to do but it s slowly appearing n looking good.
Anyone knows about The Luxe which is the project next door and also seems that Allgreen will be launching soon in front of 8@mount sophia.
What do u guys think of NOMU?

Passed by yesterday, actually the building of NOMU looks nice. Actually NOMU location is perfect and one good thing is the car entrance is via Handy rd unlike those in Mt Sophia, got to drive up slope, u turn...etc. Another good thing is FH..

yeo
26-07-08, 13:34
i personally think this project is a gem as it is only fh at handy road for sales. i think woha won't do badly on this one too!

Unregistered888
27-07-08, 18:11
You gotta be high ... you will never get any sane person to pay that ... try smoking some more crack man...
Agree 100%...nomu is just nt worth that kind of price. Better to buy a gd unit above 20 floors in the city fringe 4 below 1k and enjoy full cndo facilities.

NOMU=NOT OF MUCH USE
28-07-08, 02:26
NOMU= Not Of Much Use 1)not much use paying 1.8k psf for it 2) not of much use being along handy rd being an eyesore 3) not of much use to live being in a congested and polluted area 4) not of much use as a viewing gallery as it is a shortie development 5) not of much use as an investment coz only people who eat NOMU toufu with a toufu brain would live in the place....LOL
Think u r a brainless beacon height agent!! Compare a mass boon keng area condo to a freehold district 9... use yr brain to think don use yr as* ! Make yrself a stupid fool here.

NOMU= NOT OF MUCH USE
28-07-08, 02:32
Btw unregistered888 doesnt sound like an agent coz he criticised agents as stinking parasites in other threads. Would an agent criticise himself? 123, use ur freaking brain

yeo
28-07-08, 09:57
NOMU= Not Of Much Use 1)not much use paying 1.8k psf for it 2) not of much use being along handy rd being an eyesore 3) not of much use to live being in a congested and polluted area 4) not of much use as a viewing gallery as it is a shortie development 5) not of much use as an investment coz only people who eat NOMU toufu with a toufu brain would live in the place....LOL


wow! 1.8k psf for nomu. wonder how much allgreen will launch the 99-yr site next to it , suites at orchard?

Give BH A Miss
28-07-08, 12:40
NO POINT PAYING 1.8KPSF for a condo that sounds like the name of a toufu or pancake. with singapore so small, what dif does it really make to be 5 min to town, 3 min to town or even living in town? shortie developments with no view is not worth buying. go 4 beacon heights along mar thoma road which is the tallest development near boon keng mrt (28 floors). it is 999 years with full condo facilities (50m lap pool and tennis court etc), 5 min drive to town or 3 MRT STOPS to town, it has spectacular view of the city skyline, strategically situated in the middle of singapore and accessible to all parts of singapore as it is within minutes from the future woodsville interchange coming along, it is a peaceful neighbourhood whilst near town, priced below 1k psf.....etc etc. If you think orchard is central, look at the map and you will realise that boon keng is more central in singapore compared to orchard or dhoby ghaut area. So what are you guys waiting for......HOT HOT HOT GO AND BUY!!!!
With scum like you, kandinsky, who cursed others to die, staying in BH. Better give BH a miss!

If Boon Keng is so good, as baselessly claimed by you, many would be rushing to stay in the area. Why are they not doing it? Something is wrong! Better stay clear of BH!

So many others are following me in avoiding BH. That's good!

UnregĄstered
28-07-08, 12:41
NO POINT PAYING 1.8KPSF for a condo that sounds like the name of a toufu or pancake. with singapore so small, what dif does it really make to be 5 min to town, 3 min to town or even living in town? shortie developments with no view is not worth buying. go 4 beacon heights along mar thoma road which is the tallest development near boon keng mrt (28 floors). it is 999 years with full condo facilities (50m lap pool and tennis court etc), 5 min drive to town or 3 MRT STOPS to town, it has spectacular view of the city skyline, strategically situated in the middle of singapore and accessible to all parts of singapore as it is within minutes from the future woodsville interchange coming along, it is a peaceful neighbourhood whilst near town, priced below 1k psf.....etc etc. If you think orchard is central, look at the map and you will realise that boon keng is more central in singapore compared to orchard or dhoby ghaut area. So what are you guys waiting for......HOT HOT HOT GO AND BUY!!!!

With scum like you, kandinsky, who cursed others to die, staying in BH. Better give BH a miss!

If Boon Keng is so good, as baselessly claimed by you, many would be rushing to stay in the area. Why are they not doing it? Something is wrong! Better stay clear of BH!

So many others are following me in avoiding BH. That's good!
Please be considerate and discuss Beacon H. in the Beacon H. thread. Thanks.

Unregistered876
28-07-08, 13:37
buying a gd property is all about foresight. Anyone who has gd foresite gains it is as simple as that. Those nt rushng to BH may nt have the foresite that the 80% of buyers have in the first phase of sale even b4 public launch. Fyi 5 out of 6 penthouses already sold to sme rich guys who have the foresite u dont.
With scum like you, kandinsky, who cursed others to die, staying in BH. Better give BH a miss!

If Boon Keng is so good, as baselessly claimed by you, many would be rushing to stay in the area. Why are they not doing it? Something is wrong! Better stay clear of BH!

So many others are following me in avoiding BH. That's good!

ahlipp
27-04-09, 18:13
What do you guys think of the project, albeit a refurbished one.

My Opinion,
Location - A1
Interior - Very Average
Plot size - Very Small for 50 units
Building design - Very interesting
Luxury - Average, no much land space or recreation space there
Asking - $1500 - $1700psf
Building - Old structure, Refurbished and reconfigured

Anyone would like to comment on this project and throw in a fair value to this development??

yeo
28-04-09, 12:39
My opinions...

1. Can say agree with you on all points. Would like to add:

2. Pros:
a. 'Ltd edition' in a sense only FH residential along Handy Rd. Rest either svc residences, LH or URA plots. And Handy Road is very near to Dhoby Ghaut MRT interchange for 2 lines. Will be 3 when Circle line is up.
b. Interior is average but workmanship is not bad.
c. A back-gate along the Mt Sophia Road so it is added convenience for those who need to access Mt Sophia side, for whatever reasons.

3. Cons:
a. Very few facilities. Pool and gym are small.
b. Carpark turns very tight when driving out. Can be nightmarish for big cars! So pls drive extra carefully when you are coming down from the carpark.
c. Kitchen caters only for 'electric' cooking. And no Citygas. If you want to use gas cylinders, then got to allocate a space for that in the kitchen.

Yeo



What do you guys think of the project, albeit a refurbished one.

My Opinion,
Location - A1
Interior - Very Average
Plot size - Very Small for 50 units
Building design - Very interesting
Luxury - Average, no much land space or recreation space there
Asking - $1500 - $1700psf
Building - Old structure, Refurbished and reconfigured

Anyone would like to comment on this project and throw in a fair value to this development??

ahlipp
29-04-09, 00:55
Thanks for the feedback Yeo,

somehow the douby ghaut area except for VisionCrest have never gotten beyond the 2kpsf mark.

yes... douby ghuat mrt is the major interchange and a prime spot. However, the residential projects in the doby area as compared to orchard / somerset somehow seems to pale in comparison and lack the shine and glamour.

but still a good piece of asset.

Nomu... somehow is not generating too much interest in this forum i guess

yeo
29-04-09, 15:52
My guess is that till now, Handy Road has never, or very little, been on the radar as far as residential properties are concerned.

Not counting Luxe and Cathay Residences which are svc apts, Nomu is the first residential to be ready along this stretch, and I think 50 units are not big enough to make a big impact. So prices are more or less 'influenced' by Mt Sophia properties, albeit at a higher valuation.

I believe there are only 2 other URA plots along Handy Road. One is Allgreen's and the other yet to be released by URA. So we shall see how the market then determine their prices, which in effect will affect Nomu's. Cos the market is the market. And Mr Market determines the prices, not us.

Above are just my opinions, ok? :)






Thanks for the feedback Yeo,

somehow the douby ghaut area except for VisionCrest have never gotten beyond the 2kpsf mark.

yes... douby ghuat mrt is the major interchange and a prime spot. However, the residential projects in the doby area as compared to orchard / somerset somehow seems to pale in comparison and lack the shine and glamour.

but still a good piece of asset.

Nomu... somehow is not generating too much interest in this forum i guess

ahlipp
29-04-09, 23:37
My guess is that till now, Handy Road has never, or very little, been on the radar as far as residential properties are concerned.

Not counting Luxe and Cathay Residences which are svc apts, Nomu is the first residential to be ready along this stretch, and I think 50 units are not big enough to make a big impact. So prices are more or less 'influenced' by Mt Sophia properties, albeit at a higher valuation.

I believe there are only 2 other URA plots along Handy Road. One is Allgreen's and the other yet to be released by URA. So we shall see how the market then determine their prices, which in effect will affect Nomu's. Cos the market is the market. And Mr Market determines the prices, not us.

Above are just my opinions, ok? :)

sounds fair enough...although the rest of the properties along that stretch is 99 yrs but i guess it more or less will influence...

the depressing thing of coz is the rental... Nomu would need to command higher rental becoz of higher selling psf but other developments around it will depress it's asking coz they sell at lower psf and have better facilities... so that makes price of Nomu more unpredictable i guess

franzmark
30-04-09, 00:16
Development name sounds like the name of some toufu product.

ahlipp
30-04-09, 08:27
Development name sounds like the name of some toufu product.

and an expensive one too!!

yeo
30-04-09, 09:14
IMHO, Nomu is best bought as a 'collector's item' for long-term investors; with good rental yield regarded as a bonus. :)




sounds fair enough...although the rest of the properties along that stretch is 99 yrs but i guess it more or less will influence...

the depressing thing of coz is the rental... Nomu would need to command higher rental becoz of higher selling psf but other developments around it will depress it's asking coz they sell at lower psf and have better facilities... so that makes price of Nomu more unpredictable i guess

kalumder
30-04-09, 13:50
IMHO, Nomu is best bought as a 'collector's item' for long-term investors; with good rental yield regarded as a bonus. :)


It is pretty amusing to read certain comments. Singapore is a fully developed economy competing with the top cities of the world since the last 10-15 years. So the potential for growth is lower than in an un-developed economy. Which means technically speaking in a developed economy, one should aim for good rental yield. If you aim for capital appreciation which outgrows interest rate, than you are aiming for another property bubble.
Capital apprecition was easy to achieve up until the mid 80s because Singapore was lagging behind developed economies. How ever now it reached a level where further growth is harder to come by.

Long term investor goes for rental yield, short term investor rides the bubble for capital appreciation, as rent cannot keep up with appreciation since rental contracts are fixed for a year or more. What you say makes no sense.

yeo
30-04-09, 15:14
Hi Kalumder,

Thanks for sharing your views with me.

Yes, in theory what you said makes sense, generally speaking.

In actual property investing, be it so called long- or short-term, my view is there are unknown factors that determine its final success. And I don't know what I don't know yet.



It is pretty amusing to read certain comments. Singapore is a fully developed economy competing with the top cities of the world since the last 10-15 years. So the potential for growth is lower than in an un-developed economy. Which means technically speaking in a developed economy, one should aim for good rental yield. If you aim for capital appreciation which outgrows interest rate, than you are aiming for another property bubble.
Capital apprecition was easy to achieve up until the mid 80s because Singapore was lagging behind developed economies. How ever now it reached a level where further growth is harder to come by.

Long term investor goes for rental yield, short term investor rides the bubble for capital appreciation, as rent cannot keep up with appreciation since rental contracts are fixed for a year or more. What you say makes no sense.

orange
30-04-09, 17:59
Dhoby Ghaut is too accessible, with interchange and all that. Expensive properties must be isolated from the masses, but accessible by residents. Nassim, Ardmore, Boulevard, etc

orange
30-04-09, 18:09
Isolated from the masses, but convenient for residents. Not many location can satisfy this requirement.

ahlipp
30-04-09, 22:29
Isolated from the masses, but convenient for residents. Not many location can satisfy this requirement.

yes the locations you mentioned Nassim, Ardmore, Boulevard are exclusive yet convenient and prime...

however i'm not discounting Nomu yet because it is one of it's kind, whether it will be widely accepted in future remain to be seen. Nomu has that feel of cosmopolitan being in the limelight, being seen....though it has not the land mass and luxury in terms facilities and finishing and it do not belong to traditional good class area, it's design is comtemparary and will last for a long time to come.

ahlipp
30-04-09, 22:31
IMHO, Nomu is best bought as a 'collector's item' for long-term investors; with good rental yield regarded as a bonus. :)

that sums it up quite perfectly...

ahlipp
01-05-09, 11:11
It is pretty amusing to read certain comments. Singapore is a fully developed economy competing with the top cities of the world since the last 10-15 years. So the potential for growth is lower than in an un-developed economy. Which means technically speaking in a developed economy, one should aim for good rental yield. If you aim for capital appreciation which outgrows interest rate, than you are aiming for another property bubble.
Capital apprecition was easy to achieve up until the mid 80s because Singapore was lagging behind developed economies. How ever now it reached a level where further growth is harder to come by.

Long term investor goes for rental yield, short term investor rides the bubble for capital appreciation, as rent cannot keep up with appreciation since rental contracts are fixed for a year or more. What you say makes no sense.

i agree that...

potential for capital growth in S'pore is not as high as developing countries
right now... which is why most developing cities have some form of restrictions in foreign investments in most properties except for designated zones.

What i do not agree...

is your assumption that rental yield will not be able to keep up with asset appreciation. Right now, you are definitely correct, however, i do not see this as the long term trend.

In the growth years right up to 2007, S'pore though a developed country was growing more than most developing countries in Asia, except for China & India. That you dont see in most other developed economies.

Therefore, i feel S'pore is in a unqiue position ... the only developed economy in SEA, close to developing China / India & with all the governmet support and information to go into the growth areas...

...the questions i have is this
1. will the younger generation of S'porean be able to tapped into the growth of the region and be able to do better than their predecesors, make more money, be better equipped and will they be hungry?

2. will S'pore be able to attract foreign investments ... to use us a platform & together with Singaporeans with the right expertise, tap into growth areas

3. will S'pore be able to attract foreign talents... will foreigners find S'pore an attractive place to live and work

i'm fairly confident about the 3 points above... though i do not see the return of confidence so soon.

kalumder
01-05-09, 18:16
i agree that...

potential for capital growth in S'pore is not as high as developing countries
right now... which is why most developing cities have some form of restrictions in foreign investments in most properties except for designated zones.

What i do not agree...

is your assumption that rental yield will not be able to keep up with asset appreciation. Right now, you are definitely correct, however, i do not see this as the long term trend.

What I meant is that repricing of property or rent, lags. If we take current properties for rent than the prices to buy are too high. There are still some properties with rental contracts from 2007/ early 2008 which would justify current valuations. How ever when the rental contract ends, they would not be able to ask the same amount. This works both ways in bull or bear market. In 2007, I had some friends who complained as their 2 year lease contract was up for re-negotiation, the landlords asked for a rental increase between 60-100%. Now how can that be healthy when their salaries did not increase that much? This left a bitter taste, some moved to east/west coast, and some actually left Singapore as the living-expense had become so high, it did not justify the disadvantages of living in a foreign country. This type of price instability is absolutely unhealthy for the long-term prospects of Singapore, imo. Yet, if you look at current property prices in Singapore, you would think that people are expecting for rents to recover to those levels /2007) in the next 2 years. How can rental increase of 30-60% within a short time frame be a healthy expectation? The economy wont recover at those percentages.

I do agree with your other points you made (except for the current generation and future generation being as determined and diligent as the past generation), but that does not mean it will play out that way. The future is unpredictable, and Singapore is so small that it can be easily toppled by outside factors, like war, pandemics, terrorism, revolution, trade blockade, bullying by a bigger country, etc... So in that sense it is over exposed to those factors compared to other countries. If something happens in Berlin, than those people can branch out to other areas in Germany, and the other cities in Germany can absorb the Berliners. If something happens in Singapore, well there is no alternative. So while Singapore is better at controlling the factors it can, it is over-exposed to factors it cannot controll. Remember, historically city-states have a short shell-life.

ahlipp
04-05-09, 12:56
What I meant is that repricing of property or rent, lags. If we take current properties for rent than the prices to buy are too high. There are still some properties with rental contracts from 2007/ early 2008 which would justify current valuations. How ever when the rental contract ends, they would not be able to ask the same amount. This works both ways in bull or bear market. In 2007, I had some friends who complained as their 2 year lease contract was up for re-negotiation, the landlords asked for a rental increase between 60-100%. Now how can that be healthy when their salaries did not increase that much? This left a bitter taste, some moved to east/west coast, and some actually left Singapore as the living-expense had become so high, it did not justify the disadvantages of living in a foreign country. This type of price instability is absolutely unhealthy for the long-term prospects of Singapore, imo. Yet, if you look at current property prices in Singapore, you would think that people are expecting for rents to recover to those levels /2007) in the next 2 years. How can rental increase of 30-60% within a short time frame be a healthy expectation? The economy wont recover at those percentages.

I do agree with your other points you made (except for the current generation and future generation being as determined and diligent as the past generation), but that does not mean it will play out that way. The future is unpredictable, and Singapore is so small that it can be easily toppled by outside factors, like war, pandemics, terrorism, revolution, trade blockade, bullying by a bigger country, etc... So in that sense it is over exposed to those factors compared to other countries. If something happens in Berlin, than those people can branch out to other areas in Germany, and the other cities in Germany can absorb the Berliners. If something happens in Singapore, well there is no alternative. So while Singapore is better at controlling the factors it can, it is over-exposed to factors it cannot controll. Remember, historically city-states have a short shell-life.

yes i agree on your rental arguement, i think esp the bigger units would be under much more pressure. The kind of money that use to float ard is just not coming back for a long time to come.

However that being said, i belief the prime locations suitable for families will still be sought after by locals and will be less susceptible to rental yield pressure in the long run, similar to logic of landed property, now it is a matter of an oversupply.

i'm little bit of a bull for longer term prospect in S'pore, some of the reasons
- governments effort to build S'pore into a lifestyle destination for work / live and play
- government investments in the various growth sectors within S'pore and outside
- her open policy towards professional expats
- the aggressive scholarship programs for bright students all over Asia with the main aim of offering them a citizenship
- But most importantly, we have two Asian giants growing robustly within our region and i see our rich Asian neighbours would be keen on priced assets either as investments or simply for their own use, making S'pore a second home.

We have all the platform laid out, the vision is there, so longer term, i'm positive.

I do agree that S'pore growth is very much exposed to external factors like whats happening now in this global eco. crisis, however, Asia being the locomotive of world's growth engine in time to come with the growing middle class in India & China will add stability to this region. :2cents:

jitkiat
04-05-09, 15:38
...the questions i have is this
1. will the younger generation of S'porean be able to tapped into the growth of the region and be able to do better than their predecesors, make more money, be better equipped and will they be hungry?

Just look at all the young people turning up at DBSS Simei Parc Lumiere launch recently to buy 5room HDB worth more than half a million dollars you get the idea. They are not just hungry, they are TOO HUNGRY (perhaps KIASU is a better word). Last year, one young couple bought a 675k Cityview@Boon Keng at a combined family income of 6k only.

latour
04-05-09, 15:57
Just look at all the young people turning up at DBSS Simei Parc Lumiere launch recently to buy 5room HDB worth more than half a million dollars you get the idea. They are not just hungry, they are TOO HUNGRY (perhaps KIASU is a better word). Last year, one young couple bought a 675k Cityview@Boon Keng at a combined family income of 6k only.

Waw... 675k with 6k hh-income :doh: hero manz... I know of a friend whom with hh-income of 18K buy a 900k 99LH condo also think think think and think.

proud owner
04-05-09, 16:04
Waw... 675k with 6k hh-income :doh: hero manz... I know of a friend whom with hh-income of 18K buy a 900k 99LH condo also think think think and think.

wow so garang ? whole family of Men ? all got balls

jitkiat
04-05-09, 16:05
Waw... 675k with 6k hh-income :doh: hero manz... I know of a friend whom with hh-income of 18K buy a 900k 99LH condo also think think think and think.

AFTER several failed attempts to get a new HDB flat, he was ready to give up and pay more for a private property.

Then, home-buyer MR TAN had a stroke of luck - or so it seemed. He found a new five-room HDB flat at City View @ Boon Keng.

This is the second public housing project to be built and sold by private developers. Hoi Hup Sunway Development is the developer.

Even though it cost a whopping $675,000 - not cheap for a new HDB flat - Mr Tan was okay with the price.

But his happiness was short-lived.

The 30-year-old and his fiancee, who are getting married next year, found out that they may not be able to finance their new home.

PENALTY

They are having difficulties securing a home loan and may even have to pay a penalty to give up the flat.

The couple's combined income is about $6,000, said Mr Tan.

They put up an option fee of about $33,000 for the flat two months ago.

But the Housing Development Board (HDB) rejected their loan application for 90 per cent of the cost of the flat last month.

This is because Mr Tan's director's fee can't be used for credit assessment, and his fiancee didn't have the pre-requisite three months of continuous employment for the same company.

Mr Tan runs a serviced office business.

His fiancee quit her last job in February and started work as a personal assistant last month.

Upon appeal, HDB said they will be willing to give the couple a loan of about $150,000, but rest will have to be paid in cash and out of their CPF.

Mr Tan said: 'Where can I find so much money to pay for the flat?

'We were very happy when we managed to get the flat. But with this loan issue, I really doubt we can afford to get the place now.'

The 714-unit condo-like development will be ready only in2011.

Mr Tan said he and his fiancee had tried balloting for a new flat three times last year.

On two occasions, the flats they wanted were already taken up. On another occasion, they didn't get a chance to choose a unit because all were taken up.

Mr Tan said he had approached a few banks for loans, but the maximum they would lend was about $400,000, still about $270,000 shy of the purchase price.

To make matters worse, if he defaults on this flat purchase, he'll have to pay a penalty of about $8,000 to the developer. This is about 25 per cent of the option fee which he paid for the place.

'The developer said that since the sale didn't go through, we have to forfeit part of the option fee,' he said.

TEARS

'My girlfriend is so upset that she cried and lost so much sleep over the penalty. She said she has never lost so much money before in her life.'

The couple had borrowed the money to pay the option fee from their relatives.
=========================================================
The gal actually cried over 8k penalty but it may be a blessing in disguise that they can buy a cheaper HDB now .. somemore borrow to pay the option fee ...

teddybear
04-05-09, 20:44
Very strange. What does this episode means?
(1) Firstly, if they have bought a private property at the same price, they would most likely be able to get 80% ($540k) financing from banks.
(2) Secondly, if they have bought a private property, they would have known that they need at least 20% downpayment and prepared for that.
(3) Thirdly, even $33k they need to borrow, doesn't seem like some household that really earns $6k per month - or they are big spenders and spend almost the $6k every month with no savings?



AFTER several failed attempts to get a new HDB flat, he was ready to give up and pay more for a private property.

Then, home-buyer MR TAN had a stroke of luck - or so it seemed. He found a new five-room HDB flat at City View @ Boon Keng.

This is the second public housing project to be built and sold by private developers. Hoi Hup Sunway Development is the developer.

Even though it cost a whopping $675,000 - not cheap for a new HDB flat - Mr Tan was okay with the price.

But his happiness was short-lived.

The 30-year-old and his fiancee, who are getting married next year, found out that they may not be able to finance their new home.

PENALTY

They are having difficulties securing a home loan and may even have to pay a penalty to give up the flat.

The couple's combined income is about $6,000, said Mr Tan.

They put up an option fee of about $33,000 for the flat two months ago.

But the Housing Development Board (HDB) rejected their loan application for 90 per cent of the cost of the flat last month.

This is because Mr Tan's director's fee can't be used for credit assessment, and his fiancee didn't have the pre-requisite three months of continuous employment for the same company.

Mr Tan runs a serviced office business.

His fiancee quit her last job in February and started work as a personal assistant last month.

Upon appeal, HDB said they will be willing to give the couple a loan of about $150,000, but rest will have to be paid in cash and out of their CPF.

Mr Tan said: 'Where can I find so much money to pay for the flat?

'We were very happy when we managed to get the flat. But with this loan issue, I really doubt we can afford to get the place now.'

The 714-unit condo-like development will be ready only in2011.

Mr Tan said he and his fiancee had tried balloting for a new flat three times last year.

On two occasions, the flats they wanted were already taken up. On another occasion, they didn't get a chance to choose a unit because all were taken up.

Mr Tan said he had approached a few banks for loans, but the maximum they would lend was about $400,000, still about $270,000 shy of the purchase price.

To make matters worse, if he defaults on this flat purchase, he'll have to pay a penalty of about $8,000 to the developer. This is about 25 per cent of the option fee which he paid for the place.

'The developer said that since the sale didn't go through, we have to forfeit part of the option fee,' he said.

TEARS

'My girlfriend is so upset that she cried and lost so much sleep over the penalty. She said she has never lost so much money before in her life.'

The couple had borrowed the money to pay the option fee from their relatives.
=========================================================
The gal actually cried over 8k penalty but it may be a blessing in disguise that they can buy a cheaper HDB now .. somemore borrow to pay the option fee ...

jitkiat
04-05-09, 21:15
Very strange. What does this episode means?
(1) Firstly, if they have bought a private property at the same price, they would most likely be able to get 80% ($540k) financing from banks.
(2) Secondly, if they have bought a private property, they would have known that they need at least 20% downpayment and prepared for that.
(3) Thirdly, even $33k they need to borrow, doesn't seem like some household that really earns $6k per month - or they are big spenders and spend almost the $6k every month with no savings?

1. At that time (2008), guess even a 2-bedroom mass market condo is above 700k. And they are first time buyers, may be they can get 30-40k CPF grant (675-40 = 625k). That's why they never consider mass market condo. Even minus off the grant, I guess even the bank thinks the CityView is overpriced.

2. This DBSS thingy just encourage young couple to take excessive amount of risk ... and guess what, bcos DBSS flat is already renovated, the buyers are so happy that they can get an HDB loan for 2.6% interest which includes the renovation. they dun mind borrowing huge loan from HDB. What I dun understand is why they never consider resale HDB flat.

3. For DBSS Simei Parc Lumiere where the price is > 500k, you can actually buy a smaller 10 year old Simei Green condo next door

Allthepies
04-05-09, 22:49
1. At that time (2008), guess even a 2-bedroom mass market condo is above 700k. And they are first time buyers, may be they can get 30-40k CPF grant (675-40 = 625k). That's why they never consider mass market condo. Even minus off the grant, I guess even the bank thinks the CityView is overpriced.

2. This DBSS thingy just encourage young couple to take excessive amount of risk ... and guess what, bcos DBSS flat is already renovated, the buyers are so happy that they can get an HDB loan for 2.6% interest which includes the renovation. they dun mind borrowing huge loan from HDB. What I dun understand is why they never consider resale HDB flat.

3. For DBSS Simei Parc Lumiere where the price is > 500k, you can actually buy a smaller 10 year old Simei Green condo next door

I don't quite understand Point No 3. Why would you prefer to pay an equivalent amount to buy a 10 year old LEASE-HOLD condo, and somemore the size is smaller? Doesn't it seems like a worse deal compared to a brand new bigger renovated HDB (with new 99 years of lease) paying only 2.6% interest? Doesn't make much sense to me :confused:.

jitkiat
04-05-09, 23:12
I don't quite understand Point No 3. Why would you prefer to pay an equivalent amount to buy a 10 year old LEASE-HOLD condo, and somemore the size is smaller? Doesn't it seems like a worse deal compared to a brand new bigger renovated HDB (with new 99 years of lease) paying only 2.6% interest? Doesn't make much sense to me :confused:.

Just an option especially if you dun get the grant. The condo does have some advantages e.g. condo can sell anytime, can oso sell to foreigner or rent out easily bcos of the facilities. And the 5room HDB at the DBSS is not really that big, the total balcony + planter area is already more than 10sqm, and then they have this stupid clothes drying area (which is enough probably to hang clothes for one person yet it takes out space)

jitkiat
04-05-09, 23:24
107sqm 5 room HDB with 2 balconies and 1 planter selling for 520k up ?!

teddybear
04-05-09, 23:30
Wah Balcony so big! "5-room" HDB? 107 sqm is really the size of an ordinary old 4-room HDB! A 107 sqm HDB flat with so big balcony have to pay more than $500k? Wah, inflation so high already?


107sqm 5 room HDB with 2 balconies and 1 planter selling for 520k up ?!

ahlipp
04-05-09, 23:50
1. At that time (2008), guess even a 2-bedroom mass market condo is above 700k. And they are first time buyers, may be they can get 30-40k CPF grant (675-40 = 625k). That's why they never consider mass market condo. Even minus off the grant, I guess even the bank thinks the CityView is overpriced.

2. This DBSS thingy just encourage young couple to take excessive amount of risk ... and guess what, bcos DBSS flat is already renovated, the buyers are so happy that they can get an HDB loan for 2.6% interest which includes the renovation. they dun mind borrowing huge loan from HDB. What I dun understand is why they never consider resale HDB flat.

3. For DBSS Simei Parc Lumiere where the price is > 500k, you can actually buy a smaller 10 year old Simei Green condo next door

well, like you said Jitkiat... "Young Couple"... lifestyle comes before practicality. Anyway, perhaps the concept of "Condo" style HDB is still new that ppl think it's worth to pay that much. Frankly those built-in fittings is not worth that much more premium!

i rather use 50K to do an A1 decor and pay 300-400K for a good 4rm flat, makes much more sense.

Imagine... 6k salary...will need how long to pay for 675K, basically will have little savings if got kids... got car... got to give parent's allowance, all the home bills etc... no logic...

dmonddd
04-05-09, 23:54
there are genuine buyers around this price range.....$400k-700k looking at young couples' income nowadays and those who wish to upgrade.
demand will however be dripping soon once excess supply comes in by Q3 2009 with more projects TOP'd

3 months after TOP will see positive/negative effects kick in. let's use RG as case study....

oxboy99
12-05-09, 14:33
The rule is simple: Don't buy what you can't pay for.

You should have enough money (savings or assets, etc) to pay for what you want to buy.

For instance, if you want to buy a $750K home, make sure you have that or more in your savings, assets, etc. Then go take out a loan for so that you don't lose that whole chunk in one go as well as fight inflation.

NEVER try to buy something that you can't pay off cause at any point in time the bank can callback the loan and ask you to pay $X amount to top up the loan for security especially in recession or bad times.

Just because you can get a loan due to your salary doesn't mean you should. What if you become jobless or hospitalized? How will you pay your loan then? If you follow this rule, you can still pay it off...

The rule is easier said than followed! Look at the people who have run up credit card debts.

Allthepies
20-05-09, 22:14
107sqm 5 room HDB with 2 balconies and 1 planter selling for 520k up ?!

oh i see, really waste of space to have 2 big balconies:doh:

Douk
20-05-09, 23:11
:doh: in this case, 80% of singaporean should be staying in 3rm hdb flat.


The rule is simple: Don't buy what you can't pay for.

You should have enough money (savings or assets, etc) to pay for what you want to buy.

For instance, if you want to buy a $750K home, make sure you have that or more in your savings, assets, etc. Then go take out a loan for so that you don't lose that whole chunk in one go as well as fight inflation.

NEVER try to buy something that you can't pay off cause at any point in time the bank can callback the loan and ask you to pay $X amount to top up the loan for security especially in recession or bad times.

Just because you can get a loan due to your salary doesn't mean you should. What if you become jobless or hospitalized? How will you pay your loan then? If you follow this rule, you can still pay it off...

The rule is easier said than followed! Look at the people who have run up credit card debts.

pweesng
29-05-09, 17:29
I do not agree with this. Buying a property has a component of investments and leveraging...

give you an example... i was staying in a 4 room flat for many years of my life... we figured out we didn't have money to upgrade to a private property anyway... so we were quite contented. Of course even at that time i did not have enough to pay off my 4 room HDB, in my bank or CPF.

however, if i hadn't still go ahead and buy that 4 room HDB, i woudl never have enough for a private property.

It was because i took that bet and bought that HDB flat, which i later sold for and extra 100K+ profit, coupled with my savings that i could afford a private property.

Of course, i did not have enough to pay of that private property.

In 2007, i sold the private property and doubled my money.

Now i could use the profit and got another 4 room HDB flate without loan, and i luckily still can afford a small private apartment that we put out for rental and service the installment.

Now look back... if i had only bought what i could afford when i was looking at my first HDB, i would only be able to afford a 1 bed room... after all the boom over the last few cycles... i would probably be still stuck in my one room flat....

I believe in life, we shoudl always leverage on meaningful things... like property... or stocks... jsut make sure it is not too big a bite... and don't leverage on stupid things like cars and KTVs...




The rule is simple: Don't buy what you can't pay for.

You should have enough money (savings or assets, etc) to pay for what you want to buy.

For instance, if you want to buy a $750K home, make sure you have that or more in your savings, assets, etc. Then go take out a loan for so that you don't lose that whole chunk in one go as well as fight inflation.

NEVER try to buy something that you can't pay off cause at any point in time the bank can callback the loan and ask you to pay $X amount to top up the loan for security especially in recession or bad times.

Just because you can get a loan due to your salary doesn't mean you should. What if you become jobless or hospitalized? How will you pay your loan then? If you follow this rule, you can still pay it off...

The rule is easier said than followed! Look at the people who have run up credit card debts.

denverusa
29-05-09, 19:55
Property investment is a combination of leveraging, risk taking, prudence and luck. It can be a good hedge against inflation. there are many people who get mighty rich becos of property and there are people who lose their only home becos of poor luck/ poor advice/poor calculation.

The most important thing is to ask around more, know how to do your own calculation, dont borrow till u lose sleep and buy freehold and prime if u can !! u can start small when the time is right and then slowly build up, else inflation will one day make it even more out of reach.

jitkiat
29-05-09, 20:23
I do not agree with this. Buying a property has a component of investments and leveraging...

give you an example... i was staying in a 4 room flat for many years of my life... we figured out we didn't have money to upgrade to a private property anyway... so we were quite contented. Of course even at that time i did not have enough to pay off my 4 room HDB, in my bank or CPF.

however, if i hadn't still go ahead and buy that 4 room HDB, i woudl never have enough for a private property.

It was because i took that bet and bought that HDB flat, which i later sold for and extra 100K+ profit, coupled with my savings that i could afford a private property.

Of course, i did not have enough to pay of that private property.

In 2007, i sold the private property and doubled my money.

Now i could use the profit and got another 4 room HDB flate without loan, and i luckily still can afford a small private apartment that we put out for rental and service the installment.

Now look back... if i had only bought what i could afford when i was looking at my first HDB, i would only be able to afford a 1 bed room... after all the boom over the last few cycles... i would probably be still stuck in my one room flat....

I believe in life, we shoudl always leverage on meaningful things... like property... or stocks... jsut make sure it is not too big a bite... and don't leverage on stupid things like cars and KTVs...

Wah, you buy/sell so frequently (> 6 times?), you must have contributed a lot of stamp fees to IRAS and commision to agent :D

pweesng
01-06-09, 12:11
Wah, you buy/sell so frequently (> 6 times?), you must have contributed a lot of stamp fees to IRAS and commision to agent :D

i am a advocater for sharing profits :D .

as long as i am in the money, i don't mind letting others make some... what more, i have been taught since a young age, to pay to caesar what belongs to him.

haha haha

strawberry
17-09-09, 00:47
Hi, is the Luxe service apts? Is it for sale? thank u :)



My guess is that till now, Handy Road has never, or very little, been on the radar as far as residential properties are concerned.

Not counting Luxe and Cathay Residences which are svc apts, Nomu is the first residential to be ready along this stretch, and I think 50 units are not big enough to make a big impact. So prices are more or less 'influenced' by Mt Sophia properties, albeit at a higher valuation.

I believe there are only 2 other URA plots along Handy Road. One is Allgreen's and the other yet to be released by URA. So we shall see how the market then determine their prices, which in effect will affect Nomu's. Cos the market is the market. And Mr Market determines the prices, not us.

Above are just my opinions, ok? :)

strawberry
17-09-09, 00:49
It seems that this project is finally getting there despite all the delays and there s still lots to do but it s slowly appearing n looking good.
Anyone knows about The Luxe which is the project next door and also seems that Allgreen will be launching soon in front of 8@mount sophia.
What do u guys think of NOMU?

Is the Luxe residential or service apartment? :)