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Thread: New benchmark prices set at Thomson Grand

  1. #1
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    Default New benchmark prices set at Thomson Grand

    [url]http://www.straitstimes.com/Money/Story/STIStory_688731.html[/url]

    Jul 9, 2011

    [B][SIZE="5"]New benchmark prices set at Thomson Grand[/SIZE][/B]


    BUYERS have set new benchmark prices at the preview of Thomson Grand in Upper Thomson, with apartments topping $1,600 per sq ft (psf).

    All 50 units released at the 99-year leasehold project were snapped up at prices between $1,100 and $1,600 psf for the two- to four-bedroom apartments, with average values at $1,400 psf.

    That priced the most expensive apartment sold at about $3.6 million.

    The units sold included 11 strata terrace units, with one going for $4.1 million, the highest transacted quantum price, said Hong Kong-based developer Cheung Kong.

    It is hard to compare benchmark prices as there have been no new high-rise projects in the area for more than a decade.

    But Thomson Grand's pricing is significantly above the highest price of $1,273 psf achieved in 2009 for a freehold unit at [email protected] - which is about 2km away - according to caveats lodged with the Urban Redevelopment Authority (URA).

    Bishan Park Condominium, an adjacent 99-year leasehold project completed in 1994, transacted at an average of just $748 psf, according to the five caveats lodged with the URA this year.

    Cheung Kong said 30 per cent of the buyers were investors from Singapore, Malaysia, China, Indonesia and Taiwan while the rest were local upgraders.

    A further 20 units will be released this weekend on a first-come-first-served basis, it added.

    The project has 339 apartments and 22 strata-titled terrace units. Apartment sizes range from 904 sq ft for two-bedders to 2,314 sq ft for four-bedroom units in nine blocks of 20-storey residential towers. The landed terraces are up to 6,566 sq ft.

    Almost 70 per cent of the 361 units are three-bedders or larger.

    Cheung Kong has spared no expense in its marketing, with the 15,000 sq ft sales office built at a cost of more than $8 million, which includes the use of more than 100,000 Swarovski crystals.

    Separately, City Developments' Buckley Classique has moved 27 apartments since its launch in mid-June. The 64-unit freehold project in District 11 was priced at an average of $2,000 psf.

    Its executive condo (EC) project, the 602-unit Blossom Residences at Segar Road in Bukit Panjang, has found buyers for more than 150 units since it opened for bookings on Thursday. Prices average $685 psf, valuing a two-bedroom unit from $548,000 and a four-bedder from $841,000.

    The Chestervale EC in Bukit Panjang, the first such project in the area, was launched in 1997.

    ESTHER TEO

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    So what's all the talk about housing market undergoing price correction? KBW reading or not?

  3. #3
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    The amount of liquidity in the system is still being flushed out and that will take a good number of years. Those waiting on the sidelines presently are holding that liquidity and each time there is a correction, these folks will jump in to buy. This provides the support.

    Short of an economic crisis (of equivalent or larger magnitude) as we experienced in 2008, the huge liquidity flowing in the system will continue to present its ugly (or pretty to some) head in the form of physical asset price increases.

    Inflation erodes the value of cash holdings and the folks sitting on the sidelines know that. That is also one of the key reasons why the sidelines jump into the active market each time there is a correction (tired of waiting).

    Quote Originally Posted by ysyap
    So what's all the talk about housing market undergoing price correction? KBW reading or not?

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    Excuse me but was there any correction since the recovery in 2009?

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    Quote Originally Posted by KC76
    Excuse me but was there any correction since the recovery in 2009?
    There are a few pauses in the weeks after the cooling measures were announced.

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    Bubble getting bigger

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    Quote Originally Posted by kane
    There are a few pauses in the weeks after the cooling measures were announced.
    But where are the pauses now??? Initially people were trying to get used to the new SSD and LTV but after 2 or 3 months (April), most are ok and have adjusted their investment returns expectation and readily returned to the market. Only one group has been eliminated which belong to the money tight buyers who do not have enough for 60% LTV. The others are flocking back!!!

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    When my parents bought their first four-room HDB flat (103sm), it cost them $22k. Today, a four-room HDB flat (90sm) will cost more than $300k in a similar area. How much of this increase can be attributed to inflation? Would you consider this a bubble?

    Fiat currencies continue to devalue today, this is the nature of this instrument. Asset price increases happen because of a multitude of reasons, never just one. As an investor, it is necessary to understand what contributes to the increases that we are seeing this round instead of just sweeping it away as a pure bubble.

    As long as Singapore's economy continues to be robust and continues to grow, there will be money flowing in from other regions of the world to invest in businesses, properties and stocks in Singapore. Every investor loves a growth story. No one would invest in a country or business that he feels does not have potential to grow.

    It is easy to just label the current increases as a bubble and then wait it out. Without any form of hedging, this will be a risky approach for the individual investor.

    Timing the market has always proven to be costly. It is risky to be totally in or totally out of the market at any point in time.

    For Singaporeans like us, it is a Catch-22. The only way for Singapore properties to lose their value would be for our economy to head into the doldrums. Yet, if that happens, many of us will be caught because the majority of our assets is in Singapore. At the same time, if Singapore continues its economic growth, property prices will continue to escalate, pricing those of us who are not vested out of the market.


    Quote Originally Posted by jhokc0007
    Bubble getting bigger

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    As a simple rule of thumb. Own stay is generally ok.

    During bullish years, investors can still enter if they have holding power coz prices will surely climb, 5 years, 10 years, whatever. Now with 4 yr SSD, its at least 3 years before its economically viable to sell so its still ok to buy during high prices.

    During bearish years, investors can enter but must be careful of overcommitment.

  10. #10
    OCR properties going to crash!

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    I perceived all the CMs to be unbalanced, and shifting potential buyers to new launch private properties vs resale. As private property owners holding private properties for investment, I see all those CMs as being unfair.

    I believe S$ is over valued and not worth holding now. The only thing worth investing in Singapore now is CCR prime properties but with all the unfair CMs and loop holes and problems with private properties biased regulations (my perception), all these discouraged me from investing in more properties in Singapore (by the way, I never believe in paying 20 to 50% premium for new launch as I buy to invest and earn rental, not to flip). I am in the midst of shifting more of my assets into foreign investments (in foreign currencies).

    It is a good time to get out of S$ since it is terribly over-valued now. SGX listed equities are now quite dead, not much upside as well.
    I am expecting at least 40% return for shifting my assets to foreign currencies and assets in next 2 years.

    Quote Originally Posted by samsara
    When my parents bought their first four-room HDB flat (103sm), it cost them $22k. Today, a four-room HDB flat (90sm) will cost more than $300k in a similar area. How much of this increase can be attributed to inflation? Would you consider this a bubble?

    Fiat currencies continue to devalue today, this is the nature of this instrument. Asset price increases happen because of a multitude of reasons, never just one. As an investor, it is necessary to understand what contributes to the increases that we are seeing this round instead of just sweeping it away as a pure bubble.

    As long as Singapore's economy continues to be robust and continues to grow, there will be money flowing in from other regions of the world to invest in businesses, properties and stocks in Singapore. Every investor loves a growth story. No one would invest in a country or business that he feels does not have potential to grow.

    It is easy to just label the current increases as a bubble and then wait it out. Without any form of hedging, this will be a risky approach for the individual investor.

    Timing the market has always proven to be costly. It is risky to be totally in or totally out of the market at any point in time.

    For Singaporeans like us, it is a Catch-22. The only way for Singapore properties to lose their value would be for our economy to head into the doldrums. Yet, if that happens, many of us will be caught because the majority of our assets is in Singapore. At the same time, if Singapore continues its economic growth, property prices will continue to escalate, pricing those of us who are not vested out of the market.

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