Cube 8 (D11, Freehold, CDL)

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85% of units in CDL's Cube 8 sold
Ephraim Seow
Channel NewsAsia
Monday, 25 January 2010, 2125 hrs

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City Developments (CDL) said it has sold 85% of the units in its Cube 8 development, located at the former Albany and Thomson Mansion site along Thomson Road.

Private previews for the former sites' owners, directors and staff of CDL started last Thursday and the public preview began on Friday.

Over the weekend, all the 1- and 2-bedroom apartments have been sold.

Singaporeans made up the majority of buyers. Permanent residents and foreigners mainly from the region, India and Europe bought 25% of the units.

The 36-storey freehold development comprises 177 units of 1- to 2-bedroom apartments and sky villas, ranging from 560 sqft to 3,229 sqft in size.

The launch was at an average price of S$1,250 psf, with a marginal increase of 2% to 3% for subsequent release.

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Originally Posted by andy, 25 January 2010 10.56 pm

Channelnewsasia just published 85% sold at ASP of $1250psf. Selling started only on last Friday with 1 & 2 BR flying off the shelves.

PRs bought 25%

Why is this popular? Arte next door only $1Kpsf leh but of course units larger

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ASP slightly higher than $1,250 psf as they increased the price by 2-3% for subsequent release.

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Originally Posted by wesing, 27 January 2010 11.31 am

Yup. Book my unit during the VVIP preview on Friday 22 Jan morning. It was really crowded and the MC coordinating the balloting to gain access to the showroom mentioned that around 180 individuals registered for the preview in the morning while the public only get to view in the afternoon.

The price was indeed lower for the initial releases as I was lucky to be around the 40 odd individuals to be admitted. Only 6 units of stack #8 which I am interested in were released initially - 5-7 and 21-23 storeys. The 21th & 23rd floor unit (2 bedder @ 904 sq ft) caught my attention in that the price were set at $1,207,000 & $1,218,000 respectively which is just above my max budget of $1.2 million. However, both were snapped up before my turn to make the booking.

When it was near my turn to book after a long queue, CDL released another 5 units (9-13 storeys) of stack #8 and 12 & 13 storeys were taken immediately by two gentlement in front of the queue. As a result, I took the 11th storey unit at $1,184,080 (or $1,310 psf).

To my surprise, when I was back at the showroom in the evening to sign the option paper, I saw the 14th floor unit which I believed was released later in the afternoon sold for $1,224,000 (or near this amount) which costs more than the 21 and 23 storey unit released in the morning! Sound ridiculous right?

No regrets for me as I intend to buy the Cube 8 condo for personal residence as my current EC at Woodlands (3-bedder @ 1,292 sqft) is too big for me and my wife as we have no kids. Furthermore, a few same size units in my estate had transacted at over $600K last year.

As to whether I bought this condo at the peak, my reaction is that since I am buying for residence and long-term investment, it does not really matter. How often can one buy low and then sell high.

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Err .... upgrade or downgrade from old Woodlands 3-bedder EC to new Thomson 2-bedder FH Condo?

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Originally Posted by Reporter

Err .... upgrade or downgrade from old Woodlands 3-bedder EC to new Thomson 2-bedder FH Condo?

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Definitely an upgrade in terms of location & lifestyle. :cheers1:

happy listening to the cars whizzing by @ nite on the PIE..

music to one's ears!

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Originally Posted by Reporter

Err .... upgrade or downgrade from old Woodlands 3-bedder EC to new Thomson 2-bedder FH Condo?

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Eh sounds like upgrade mah, FH condo not some LH EC rite .. size doesn't matter to them, so they happy can liao lor ;)

I have viewed some of the older condos in the Balestier area. Many of the units are subdivided into small units with not very desirable tenants. Most of the new launch are also tiny "cubic" units (even the name of the condo tells u we are little CUBE only) which means most will enter into the rental market. With the floodgates opened, the type of tenants would be no different from what u have today. Even Novena now specialises in more downmarket mickey mouse units to bring up the PSF. There will come a time when the units cannot get smaller anymore and the "engineered" rise in PSF will end.

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Originally Posted by teddybear

That is partially why I avoid Balestier's condos. They are at the perimeter of D11 (1 side D11, 1 side D12, but both side sama sama affected by the notorious Balestier Road).

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Talk of many many Mickey Mouse units in a condo estate and even some condo estate just designed with MM units!. Seems like they are everywhere now. Even prime locations like Cairnhill have them, Orchard have them, Newton have them, Novena have them, River Valley have them, ... They are everywhere now! These are just not normal units. I just won't touch them though. Singles or young couples without child probably will buy them but they better consider their space needs in future when they have children (unless they have totally no plan to have any children - but mishaps will still happen despite planning).

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Originally Posted by Wild Falcon

I have viewed some of the older condos in the Balestier area. Many of the units are subdivided into small units with not very desirable tenants. Most of the new launch are also tiny "cubic" units (even the name of the condo tells u we are little CUBE only) which means most will enter into the rental market. With the floodgates opened, the type of tenants would be no different from what u have today. Even Novena now specialises in more downmarket mickey mouse units to bring up the PSF. There will come a time when the units cannot get smaller anymore and the "engineered" rise in PSF will end.

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Developers brimming with new launches
Far East said to be top seller in January; Lippo and MCL may release some units
Kalpana Rashiwala
The Business Times
Tuesday, 2 February 2010

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On the rise: The average price for Centennia Suites is being touted at $2,000 psf or even higher, beating prices in secondary market for nearby projects.

Even as developers have gotten off to a good start this year, selling well over 1,000 private homes in January, their launch machinery remains well oiled for more roll-outs in the near future.

Lippo Group is expected to preview Centennia Suites on the former Kim Seng Plaza site, diagonally opposite Great World City, later this week. The average price for the District 9 freehold project is being touted at $2,000 psf or even higher.

This is higher than recently achieved prices in the secondary market for nearby projects such as The Trillium and The Cosmopolitan but Lippo is probably banking on the exclusivity factor to market its latest offering. The 36-storey freehold Centennia Tower comprises a single tower with just 97 units, comprising 2-, 3- and 4-bedroom apartments and 2 penthouses.

The 2-bedders are relatively large at slightly over 1,200 sqft. 3-bedders come in 5 variations but all around 1,800 sqft; 4-bedroom apartments also have 5 variations of roughly 2,250 sqft. Centennia’s 2 penthouses are around 3,300 sqft and 4,400 sqft. BT understands that the project is being marketed by CB Richard Ellis and Jones Lang LaSalle.

Agents are also busy gathering interest for MCL Land’s The Estuary, a 608-unit condo at Yishun Ave 1/2. Some market watchers say that they would not be surprised if MCL releases some units before the Chinese New Year break.

For the month of January, Far East Organization (FEO) is believed to have been the top seller, with sales of close to 300 units. Its bestseller was The Shore Residences, a 103-year-old condominium project on the former Rose Garden site in Katong. Far East is understood to have sold over 140 units in the project last month.

City Developments (CDL) sold 243 units in January, the bulk of which were in Cube 8 at Thomson Road (167 units) and Livia in Pasir Ris (59 units), a CDL spokeswoman said.

Fellow property giant CapitaLand also did brisk sales. Its 165-unit Urban Suites condo in the Cairnhill area is said to be left with fewer than 30 units.

Frasers Centrepoint sold a total 102 units last month, including 43 units at its Residences Botanique in the Yio Chu Kang/Sirat roads area.

Frasers Centrepoint’s and Far East’s sales numbers are inclusive of about 35 units sold at their 2 joint-venture condominium projects along Bedok Reservoir, Waterfront Waves and Waterfront Keys.

Allgreen Properties is also believed to have sold a total 62 units from its preview of Holland Residences last week. The average price is $1,625 psf.

CB Richard Ellis executive director (residential) Joseph Tan says: ‘Generally, buyers are showing more interest and there’s acceptance that prices have bottomed out with a strong likelihood of growth. Developers in their pricing policy should also leave room for capital appreciation for investors.’

A Morgan Stanley report dated Jan 27, on a survey of the Singapore private residential sector involving Singapore-based respondents, concluded that, generally, respondents are expecting prices to trend upwards gradually in the medium term rather than spiking in the next 12 months.

As for developers, DTZ executive director Ong Choon Fah says: ‘When there’s a window of opportunity like what we’re seeing now, developers want to capitalise on it and try to push out projects as soon as possible; they can always restock land at government tenders.

‘After all, most economists are still calling for a note of caution on the sustainability of the global economic economy – for instance, if interest rates rise and as governments withdraw their stimulus measures.’

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Originally Posted by wesing, Channel NewsAsia Forum, 17 February 2010 8.48 am

As at Feb 7, only 3 penthouse units left unsold.

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Only 3 units left?

10 units left at end Jan so maybe another 7 units cleared out since then.

1476 units sold across the island. cheerful, can buy 4D again liao. :)

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Originally Posted by bargain hunter

10 units left at end Jan so maybe another 7 units cleared out since then.

1476 units sold across the island. cheerful, can buy 4D again liao. :)

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Yesh yesh amazing number isn't it .... know you wld be calling for me .. Huat ah!!

Oh don't forget the reunion & hongbao TOTO hor ;)

$1,444 psf is surely a good start for Cube 8.


Private Residential Units Sold in the Month of January 2010
Project Name . Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Cube 8 ............ CCR ....... 167 ...................... 167 .../..................... 1,444 ........... 1,286 ........... 1,163

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Originally Posted by bargain hunter

1476 units sold across the island. cheerful, can buy 4D again liao. :)

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Reporter just said can go donate $$ to SPools liao :D :D

No lah, me no hard core 4D addict .... juz in the name of fun :p

But Feb being shorter, really posted a lower figure than Jan hor ...

yeah, just in the name of fun. :) one of these days we r going say out a number, din buy and later in the week comes up as the 1st prize number. LOL :doh:

hey, feb is a lot shorter and although i expected to still get a 4D number, the sales is very good already. Mar should be a record. :)

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Originally Posted by cheerful

Reporter just said can go donate $$ to SPools liao :D :D

No lah, me no hard core 4D addict .... juz in the name of fun :p

But Feb being shorter, really posted a lower figure than Jan hor ...

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Saw an ad on the Classified today for a 2-bedder 893 sq ft #08-05 at Cube 8 with a asking price of 1.2 million which it claimed to be the developer's price.

Being a buyer of this project, the asking price of $1.2 milllion is definitely at least equal to the developer's price + stamp duty + lawyer fee + loan cancellation fee + a little margin :doh: :doh: :doh:. Why can't people be truthful a bit.

May be the owner/agent should put up the ad next week after observing the sales from the preview launch of The Concorde.

maybe he meant at "The Concorde's price" same developer mah. hahaha

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Originally Posted by wesing

Saw an ad on the Classified today for a 2-bedder 893 sq ft #08-05 at Cube 8 with a asking price of 1.2 million which it claimed to be the developer's price.

Being a buyer of this project, the asking price of $1.2 milllion is definitely at least equal to the developer's price + stamp duty + lawyer fee + loan cancellation fee + a little margin :doh: :doh: :doh:. Why can't people be truthful a bit.

May be the owner/agent should put up the ad next week after observing the sales from the preview launch of The Concorde.

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Quote:

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Originally Posted by wesing

Saw an ad on the Classified today for a 2-bedder 893 sq ft #08-05 at Cube 8 with a asking price of 1.2 million which it claimed to be the developer's price.

Being a buyer of this project, the asking price of $1.2 milllion is definitely at least equal to the developer's price + stamp duty + lawyer fee + loan cancellation fee + a little margin :doh: :doh: :doh:. Why can't people be truthful a bit.

Maybe the owner/agent should put up the ad next week after observing the sales from the preview launch of The Concorde.

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376 Thomson Road #08-05
Freehold
$1239
893
$1107k
17 Feb 10


I would be surprised if there are buyers and why the owner wanted to sell at this early stage.

anyone keen offer 1.1 to 1.15m lor. :ashamed1:

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Originally Posted by cashrich

376 Thomson Road #08-05
Freehold
$1239
893
$1107k
17 Feb 10


I would be surprised if there are buyers and why the owner wanted to sell at this early stage.

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Purchase Price: $1,107,200.00
Stamp Duty: $27,816.00
Lawyer Fees: $5,500
Cancellation Fee @ 0.75% of 80% Bank Loan: $6,643.20
Total Outlay: $1,147,159.20

Asking Price: $1,200,000.00
2% Agent Commission: $24,000.00

Total profit: $1,200,000.00-$24,000.00-$1,147,159.20 = $28,840.80

If the seller did not take a bank loan and he is also the agent, he will make $59,484.00. Do you think it is a good return (5.2%) for a 6-month old or about investment?

hmm...the lawyer fees seem rather high at 5500 ???

Must be a branded lawyer. Legal fee is very competitive these days.

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Originally Posted by hk2313

hmm...the lawyer fees seem rather high at 5500 ???

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becos there will be claw back for the 1st one. Selling also need lawyer, so overall total around 5 to 6k.

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Originally Posted by august

becos there will be claw back for the 1st one. Selling also need lawyer, so overall total around 5 to 6k.

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Estimated at $3k for initial purchase & $2.5k for sale.

First subsale for cube 8 transacted in Sep 2010 for a 926 sq ft 2-bedder on the 8th floor at $1,289 psf. The first owner got it at $1,227 psf.

Gross profit of $52,000 minus stamp duty ($30,000), lawyer fee ($4,000), loan cancellation fee ($7,000) and agent commission (1% or $12,000) = loss of $1,000:doh:

I thought it should fetch higher psf in view of the good take-up at neighboring 368 Thomson. Probably a fire-sale to exit:D

Maybe he is afraid of the Lh99 near mrt mass market condo. He could be agent selling to agent so still positive of a few K's..,,,,

so desperate. govt announced cooling measures only panic and sold liao. :D

Quote:

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Originally Posted by wesing

First subsale for cube 8 transacted in Sep 2010 for a 926 sq ft 2-bedder on the 8th floor at $1,289 psf. The first owner got it at $1,227 psf.

Gross profit of $52,000 minus stamp duty ($30,000), lawyer fee ($4,000), loan cancellation fee ($7,000) and agent commission (1% or $12,000) = loss of $1,000:doh:

I thought it should fetch higher psf in view of the good take-up at neighboring 368 Thomson. Probably a fire-sale to exit:D

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Quote:

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Originally Posted by bargain hunter

so desperate. govt announced cooling measures only panic and sold liao. :D

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probably read too much news and got panicky:D

Could be really desperate. Cut losses.:beats-me-man:

Another subsale was closed in June 2011. Again it is a 926 sq ft 2-bedder transaced at $1,372 psf.

Can someone find out which unit is it and what was the psf/price the first owner paid to CDL?

We could then estimate how much he had made/lost in this deal:D