Two luxury housing projects 40% sold

[mr funny]

http://www.straitstimes.com/Money/St...ry_615902.html

Dec 21, 2010

Two luxury housing projects 40% sold

By Cheryl Lim


ONLY 40 per cent of the posh Ritz-Carlton Residences in Cairnhill Road has been sold since its launch in 2007 but developer KOP Properties is confident the luxury property segment will recover soon.

The project, which had its topping-out ceremony yesterday, is priced at around 20 per cent below the market peak of 2007.

KOP Properties believes that factor means there is scope for prices to head higher than the range of $3,300 to $5,190 per square foot (psf) achieved so far.

A penthouse was sold this month at a price of $4,500 psf.

Chief executive Leny Suparman said yesterday that the project has seen a 'good mix' of buyers, with foreigners making up about 50 per cent.

The freehold 36-storey development is touted as Asia's first full strata-titled luxury residential project.

It comprises 56 apartments and two penthouses. Sizes range from 2,831 sq ft for a three-bedroom unit to 3,057 sq ft for a four-bedroom unit.

The development will house three sky terraces with facilities like a lap pool, cafe, library, wine cellar and an open kitchen and entertainment area.

The project is expected to be ready for occupation late next year.

Another KOP project, Hamilton Scotts Residences in Scotts Road, is also about 40 per cent sold.

The development comprises 52 units and four penthouses complete with ensuite elevated car porches.

It is priced between $2,800 psf and $5,000 psf and is expected to be ready for occupancy by the end of next year.

In other property moves, Spottiswoode Residences near Tanjong Pagar MRT station has sold 285 units, more than 80 per cent of its 351 flats in total.

The freehold condo has a starting price of $1,720 psf.

A CapitaLand spokesman said the d'Leedon condo in King's Road has sold about 93 per cent of the 250 units released so far.

Keppel Land's Lakefront Residences has sold 466 of the 500 units launched. The condo is near Lakeside MRT station and the Jurong Lake District, an upcoming regional centre.

[hopeful]

...

The freehold 36-storey development is touted as Asia's first full strata-titled luxury residential project.
.......

What is a full strata-titled residential project?
How is it different from other luxury projects?

[Wild Falcon]

As I've predicted, some of these luxury condos will have to start to drop prices to move units. Developers have dropped prices by 20%. So one has to be discerning esp when buying new units at premium prices from developers. The TOP party will come late next year and 2012. And "location location location" is not the only criteria when investing in property. Even the best location can lose money.
================

The project, which had its topping-out ceremony yesterday, is priced at around 20 per cent below the market peak of 2007

[hopeful]

As I've predicted, some of these luxury condos will have to start to drop prices to move units. Developers have dropped prices by 20%. So one has to be discerning esp when buying new units at premium prices from developers. The TOP party will come late next year and 2012. And "location location location" is not the only criteria when investing in property. Even the best location can lose money.
================

The project, which had its topping-out ceremony yesterday, is priced at around 20 per cent below the market peak of 2007

It is called timing the real estate market, and nothing to do with OCR and CCR.
Buy OCR and CCR in 1996, all sure see paper losses in 1998.

[devilplate]

It is called timing the real estate market, and nothing to do with OCR and CCR.
Buy OCR and CCR in 1996, all sure see paper losses in 1998.

not true

buy ocr in 2007 huat huat....but ccr cry cry

[hopeful]

not true

buy ocr in 2007 huat huat....but ccr cry cry

It is stilled called market timing.....
Counter example:
buy CCR in 2003, in 2007 "huat huat" but OCR sour grapes.

[devilplate]

It is stilled called market timing.....
Counter example:
buy CCR in 2003, in 2007 "huat huat" but OCR sour grapes.

tats wat i m trying to say leh....ur own definition again....

[teddybear]

So OCR did very well? Yes but it seems only only for new launch projects. For e.g., HillView area and those condos along Upper Bukit Timah Road area previously had transacted above $1000 psf in 1997, but currently resale prices are still below $1000 psf after 13 years! So much so for high upside potential! 13 years ago, people thought OCR will have high upside potential with increasing number of MRT stations being built stretching to outskirt areas, population increase will spill over to the OCR areas (as central area too small to accomodate all the new migrants etc). 13 years later, HillView area prices still lower than the high prices achieved 13 years ago. Looking back, may be same history will happen again as in 2010 will be like 1997?

As I've predicted, some of these luxury condos will have to start to drop prices to move units. Developers have dropped prices by 20%. So one has to be discerning esp when buying new units at premium prices from developers. The TOP party will come late next year and 2012. And "location location location" is not the only criteria when investing in property. Even the best location can lose money.
================

The project, which had its topping-out ceremony yesterday, is priced at around 20 per cent below the market peak of 2007

[hopeful]

tats wat i m trying to say leh....ur own definition again....

Think my English is not dat powderful until nobody can understand.

one definition of firesale:
Liquidation of a firm's assets at prices far below their fair market value (FMV) to achieve a quick sale, either to avoid a financial disaster or to satisfy the debts of an insolvent or bankrupt firm. Banks and other lenders usually value a firm assets at their fire sale value to judge their worth as collateral.

So if during crash, ALL properties drop in value by 30-40% from peak, so that is the new fair market value. If a person buy at fair market value, is that even consider a firesale?

Damn, I also completed my studies in Singapore, English stream somemore, don't tell me my English that terrible?

[bargain hunter]

and this project is already one of the most luxurious with ritz carlton branding. wat more to ask for? 3300psf ok lah. those who can afford should buy one.

As I've predicted, some of these luxury condos will have to start to drop prices to move units. Developers have dropped prices by 20%. So one has to be discerning esp when buying new units at premium prices from developers. The TOP party will come late next year and 2012. And "location location location" is not the only criteria when investing in property. Even the best location can lose money.
================

The project, which had its topping-out ceremony yesterday, is priced at around 20 per cent below the market peak of 2007

[bargain hunter]

my interpretation is that you pay FULL maintenence fees LOL. when it was launched, they already said monthly fees is in excess of $1k. Ritz Carlton level of concierge service, of course must pay up lah.

What is a full strata-titled residential project?
How is it different from other luxury projects?

[hopeful]

my interpretation is that you pay FULL maintenence fees LOL. when it was launched, they already said monthly fees is in excess of $1k. Ritz Carlton level of concierge service, of course must pay up lah.

Thought some condos along Paterson (Paterson Residences??) have concierge services?
Sounds like a doorman....Wonder whether there is still any tall Sikh doorman around in Singapore.
If can afford big luxury condos in Orchard, most likely to have a private banker at beck and call. Read somewhere that a private banker is like a personal butler, buy concert tickets, arrange for kids entry to prestigious school etc...

[bargain hunter]

i think someone mentioned Paterson Residences but i m not sure.

St. Regis Resi would definitely have. Twin Peaks will also have concierge service of Mandarin (both under OUE group but quite a distance away leh, i wonder how it will work).

pte banker still need time to travel, concierge downstairs is instant.

Thought some condos along Paterson (Paterson Residences??) have concierge services?
Sounds like a doorman....Wonder whether there is still any tall Sikh doorman around in Singapore.
If can afford big luxury condos in Orchard, most likely to have a private banker at beck and call. Read somewhere that a private banker is like a personal butler, buy concert tickets, arrange for kids entry to prestigious school etc...

[teddybear]

My knowledge of already completed condos that have Concierge Services:
1) St Regis
2) Paterson Residences

Which other condos have such services?
I suspect only those other very luxury condos will have, like MarQ @Paterson, Ritz Carlton (already confirmed have).
Twin Peak have? Concierge service need Mandarin Hotel? They send Mandarin Hotel's staff over? (working part-time only?)

Concierge service is just a group of runners helping out on work on behalf of residents in the estate, like helping on carrying groceries/luggage etc up to your house (very useful for expats or people who have no maids), helping to book taxi with just a phone call from you, book cinema tickets, take delivery of things like your pizza, KFC sent to your condo downstairs and then the concierge people bring upstairs to you, etc. They can also help estate manager to deal immediately with complaints about cleanliness etc in the estate and direct the cleaners to clean up etc, leaving the estate manager to focus on the maintenance and upkeep of the condo estate so that things in the condo estate can be tended to & repaired more quickly.

Pte Banker rush to your condo downstairs just to help you to bring groceries/luggage upstairs?

i think someone mentioned Paterson Residences but i m not sure.

St. Regis Resi would definitely have. Twin Peaks will also have concierge service of Mandarin (both under OUE group but quite a distance away leh, i wonder how it will work).

pte banker still need time to travel, concierge downstairs is instant.

[hopeful]

My knowledge of already completed condos that have Concierge Services:
1) St Regis
2) Paterson Residences

Which other condos have such services?
I suspect only those other very luxury condos will have, like MarQ @Paterson, Ritz Carlton (already confirmed have).
Twin Peak have? Concierge service need Mandarin Hotel? They send Mandarin Hotel's staff over? (working part-time only?)
........

Think maids also can do the job....
So concierge service is like 60 owners sharing 20 maids?
But useful to those foreign owners who dont occupy the condos full time and so dont employ full time maids.

But that still doesn't explain the statement:
The freehold 36-storey development is touted as Asia's first full strata-titled luxury residential project.

Is it full service strata-titled luxury residential project or
is it full strata-titled luxury residential project.

[bargain hunter]

maybe u can email the reporter to ask?

teddy could be right on MarQ and if that's the case, possibly Orchard Residences too? Scotts Square too maybe? those record psf ones should have, quite basic for them rite? if dun have, pay this kind of psf for what? hee.

Think maids also can do the job....
So concierge service is like 60 owners sharing 20 maids?
But useful to those foreign owners who dont occupy the condos full time and so dont employ full time maids.

But that still doesn't explain the statement:
The freehold 36-storey development is touted as Asia's first full strata-titled luxury residential project.

Is it full service strata-titled luxury residential project or
is it full strata-titled luxury residential project.

[sh]

concierge service free meh...

You still pay through your nose via maintenance fees. Sheep hair grow on sheep body....

After you use their service, still have to tip them...

in the end... pay pay and pay....

[devilplate]

concierge service free meh...

You still pay through your nose via maintenance fees. Sheep hair grow on sheep body....

After you use their service, still have to tip them...

in the end... pay pay and pay....

can afford to pay few mil ...1-2k maint fee peanutsssss

[sh]

can afford to pay few mil ...1-2k maint fee peanutsssss

sigh.... even if give me 1 unit, also cannot afford to live there....

[devilplate]

sigh.... even if give me 1 unit, also cannot afford to live there....

not so bad la....

expenses for GCBs far worst

[teddybear]

But maid not smart enough to know laundry service address and telephone number to call, ticketing number to call and book (including using internet to help you to book) various cinema, play tickets etc.
Also, no reason for those rich people who come to Singapore for a few days a month to stay in their luxury condos and yet employ a maid to be the "Queen" at home when they are not around? Scarely the "Queen" have many "escorts"/"guests" (aka customers) when their owners not around?
Make more sense for them to have Concierge Service. Can even ask concierge to arrange for part-time maid to come to clean up their place by just a phone call a day before they step into condo unit when they are coming to Singapore.

Actually, I believe what Ritz Carlton said is no difference from just having Concierge Service lah, just some naming to be different since it is not really new here?

Think maids also can do the job....
So concierge service is like 60 owners sharing 20 maids?
But useful to those foreign owners who dont occupy the condos full time and so dont employ full time maids.

But that still doesn't explain the statement:
The freehold 36-storey development is touted as Asia's first full strata-titled luxury residential project.

Is it full service strata-titled luxury residential project or
is it full strata-titled luxury residential project.

[teddybear]

Pay pay pay? No problem for the rich. Most important is must have such service so that life is more convenient for them. They got money no scare. They use money to buy more time and save effort needed from themselves. That is why the luxury condos can sell at super high prices. No concierge service? No chance to break transaction price of $5000 psf!

Tip them? You must be joking! No need lah.

concierge service free meh...

You still pay through your nose via maintenance fees. Sheep hair grow on sheep body....

After you use their service, still have to tip them...

in the end... pay pay and pay....

[teddybear]

$1k maintenance per month is peanuts compared to GCBs' maintenance! Heard even old landed terrace will end up spending more than average of $1k maintenance per month!

can afford to pay few mil ...1-2k maint fee peanutsssss

[sh]

Pay pay pay? No problem for the rich. Most important is must have such service so that life is more convenient for them. They got money no scare. They use money to buy more time and save effort needed from themselves. That is why the luxury condos can sell at super high prices. No concierge service? No chance to break transaction price of $5000 psf!

Tip them? You must be joking! No need lah.

No need to tip them meh? like hotel service, so must tip like hotel right?

unlike hotel, you can be cheapskate and don't tip, and don't ever go back again.

Here you have to return everyday. So even worse....

[teddybear]

Those linked to hotel ones like St Regis, Ritz Carlton, probably they expect you to pay tips.

Those not linked to hotels like Paterson Residences don't need because Singapore Govt explicitly discourages tipping and also that the concierge already draw salary from the MCST! (Only hotels staffs expect tips because of their tradition of bad habits!)
Got friends living in Paterson Residences and they use their concierge services without paying a single cent and still well served by the concierge. So very sure don't need to pay tip at Paterson Residences.

No need to tip them meh? like hotel service, so must tip like hotel right?

unlike hotel, you can be cheapskate and don't tip, and don't ever go back again.

Here you have to return everyday. So even worse....

[sh]

Those linked to hotel ones like St Regis, Ritz Carlton, probably they expect you to pay tips.

Those not linked to hotels like Paterson Residences don't need because Singapore Govt explicitly discourages tipping and also that the concierge already draw salary from the MCST! (Only hotels staffs expect tips because of their tradition of bad habits!)
Got friends living in Paterson Residences and they use their concierge services without paying a single cent and still well served by the concierge. So very sure don't need to pay tip at Paterson Residences.

phew... good to know...

not sure why I need to know though. ain't gonna happen...

[hopeful]

Already asked developer and have received reply.

That is what is mean by the statement:
"The Ritz-Carlton Residences is the first stand alone Ritz-Carlton Residences that is not attached to a hotel in Asia. What sets us different from the others is that it comes with the legendary amenities and service excellence of The Ritz-Carlton. The Ritz-Carlton will fully train and manage the wide array of services that include housekeeping, 24-hour dedicated concierge, sommelier and doorman services.[/font]"

Saw the floor plan. 4BR is better buy than 3BR. 3BR has lots of balcony and lower floors.

[bargain hunter]

so u will get the doorman afterall hee. yes, i agree, 4BR better, but how many of us here can afford?!?!?!

Already asked developer and have received reply.

That is what is mean by the statement:
"The Ritz-Carlton Residences is the first stand alone Ritz-Carlton Residences that is not attached to a hotel in Asia. What sets us different from the others is that it comes with the legendary amenities and service excellence of The Ritz-Carlton. The Ritz-Carlton will fully train and manage the wide array of services that include housekeeping, 24-hour dedicated concierge, sommelier and doorman services.[/font]"

Saw the floor plan. 4BR is better buy than 3BR. 3BR has lots of balcony and lower floors.

[hopeful]

.......
Got friends living in Paterson Residences and they use their concierge services without paying a single cent and still well served by the concierge. So very sure don't need to pay tip at Paterson Residences.

Teddybear, how does concierge services actually work?
Let's say do Internet booking for concert tickets, airplane tickets.
How do we pay for them? Do we give the concierge our credit card details or do we have account with the MCST? Let's say maintain a balance of $10k per month with MCST?

Sh, don't give up, have to dream of reaching the stars. In the end, can reach mountain top still ok. If don't dream of the stars, mountain top also cannot reach.

[hopeful]

so u will get the doorman afterall hee. yes, i agree, 4BR better, but how many of us here can afford?!?!?!

If can afford 3BR, can surely afford 4BR. The difference is small - only 225sf x 4000psf = 900k only.
Quantum for 3BR = 2831 x 4000 = 11.3mil.
Quantum for 4BR = 3057 x 4000 = 12.2mil.
only 8% difference .

Employ huge Sikh doorman to give the condo the old world charm.