Punggol GLS top bid at 354psf after CM5

[phantom_opera]

SINGAPORE : A Government Land Sales site in Punggol has received a top bid of $206.2 million.

The public tender closed on Thursday with 13 bids received.

Wee Hur Development is the top bidder for the Punggol Central site.

Opal Star put in a bid of $200.88 million and Lum Chang Building Contractors, $198.42 million.

This is the first condominium site tender to close since the latest property cooling measures were announced on 7th December.

Nicholas Mak of SLP International Property Consultants notes that Wee Hur's bid is 13.2 percent lower than a nearby (A Treasure Trove) sold in 2010.

He says the bid reflects an increased level of caution, mainly due to the perception of higher risk in 2012.

=> it is interesting that FEO never put in a bid to defend their Watertown, 350psf could translate to selling price of just 800psf ... ATT / Watertown / Luxurie going to die pain pain if Wee Hur spoils the market .. note most bids are between 300-340psf which may give future indication of how much developers are willing to pay

[ysyap]

And thus the beginning of a new chapter in our property market...

[Allthepies]

And thus the beginning of a new chapter in our property market...

years of declining prices

[kane]

Those who pass ATT can consider this.

[nochoice]

Anyone know where is the actual site?

[stalingrad]

Those who pass ATT can consider this.

I will buy one unit there definitely.

[GForce]

Anyone know where is the actual site?

It is located on the Prive EC show flat, diagonally opp PRive construction site.

[kane]

I will buy one unit there definitely.

Why definitely?

[nochoice]

It is located on the Prive EC show flat, diagonally opp PRive construction site.

Ya.. Get it, thanks.... If is launch ard $800psf, then will be good buy, location wise not too bad, around 300 m from mrt...if is the plot beside mrt, diagonally opp fareast Watertown lagi best!

[stalingrad]

Why definitely?

just to show that if you wait a while a better bargain will come along.

[kane]

just to show that if you wait a while a better bargain will come along.

Well, we hope wee hur has the good sense to discount it to peers.

[ysyap]

Well, we hope wee hur has the good sense to discount it to peers.

Well maybe by the time of their launch, property market prices have already dropped 20% from today's numbers so look out for $700psf.

[phantom_opera]

HDB resale COV has moderated, previously asking for 50k now asking for only 20k ... next year KBW will cater for 2nd timers, coupled with reduced SPRs intakes, i think HDB resale price index finally will go flat around 190

Once COV is 10k-20k at 450-500psf .. HDB upgraders will not pay for > 1000psf OCR condo

[ysyap]

HDB resale COV has moderated, previously asking for 50k now asking for only 20k ... next year KBW will cater for 2nd timers, coupled with reduced SPRs intakes, i think HDB resale price index finally will go flat around 190

Once COV is 10k-20k at 450-500psf .. HDB upgraders will not pay for > 1000psf OCR condo

There is still that group of hdb upgraders plus those with huge ambitions to stay in PC...

[jwong71]

There is still that group of hdb upgraders plus those with huge ambitions to stay in PC...

very huge ambition to stay pc..

a schmate of mine, wish that in a recession able sell his 5rm hdb high and buy a condo low.

i reply him, if properties crashing down. hdb will aso be affected, especially 5rm, ea, em hdb.
still have to big gap to cross the pc line

most resilent will be 3,4 room hdb flats

[toufu]

I will buy one unit there definitely.

You are not the only one who is thinking along this line. Whenever there are people ready to grab a unit, it means the property market will not crash. It will only crash when everyone is fearful to buy. So the bargain will not be any time soon when a lot of Singaporeans have $$ to buy at a discount.

[azeoprop]

Lower bid price does not translate to a lower selling price. Construction costs and labour costs are increasing at a rapid rate and they need to factor these in as well.

[hyenergix]

Lower bid price does not translate to a lower selling price. Construction costs and labour costs are increasing at a rapid rate and they need to factor these in as well.

The launch price will be pegged close to FEO's launch price in that area. Knowing FEO, it won't be cheap for both.

[ysyap]

very huge ambition to stay pc..

a schmate of mine, wish that in a recession able sell his 5rm hdb high and buy a condo low.

i reply him, if properties crashing down. hdb will aso be affected, especially 5rm, ea, em hdb.
still have to big gap to cross the pc line

most resilent will be 3,4 room hdb flats

Yes... agreed... only those gamblers who dare to sell hdb during peak times and stay with parents, rent, etc and wait for buy PC when recession hits... they are the winners...

My friend just sold his 5rm HDB at AMK for $650k 3 months back and zhun zhun now facing recession in the face... hmmm... will he be the winner?

[DC33_2008]

is it worth it?

Yes... agreed... only those gamblers who dare to sell hdb during peak times and stay with parents, rent, etc and wait for buy PC when recession hits... they are the winners...

My friend just sold his 5rm HDB at AMK for $650k 3 months back and zhun zhun now facing recession in the face... hmmm... will he be the winner?

[ysyap]

is it worth it?

Worth or not is always subjective. Ask the gambler who enters the casino with $100k playing chips versus one with only $500 playing chips. Dependent on your risk apetite and how much one is willing to lose. I for one will not risk my family's roof for something as uncertain as massive price drop!

[mantrix]

hope this will not be as poorly-designed as ATT...more space please

[DC33_2008]

A friend made $1m pure profit from the sale of their sheltered home as they are preparing to service the mortgage of another property TOP in 10 months time.

Worth or not is always subjective. Ask the gambler who enters the casino with $100k playing chips versus one with only $500 playing chips. Dependent on your risk apetite and how much one is willing to lose. I for one will not risk my family's roof for something as uncertain as massive price drop!

[solsys]

Have been telling people punggol is a mistake, but the herd just keep buying. Now comes the discount.

[hyenergix]

ATT is a good buy. If this one is launched at $800 psf, then it is an even goodier buy.

[ysyap]

A friend made $1m pure profit from the sale of their sheltered home as they are preparing to service the mortgage of another property TOP in 10 months time.

Then that is not gambling or playing with the roof over the family's head. That friend of yours already got another home waiting for TOP status. Its a guaranteed shelter. In the mean time just rent or bunk in with parents or something lor...

[DC33_2008]

Guess that is the best move but unit is too small for his family.

Then that is not gambling or playing with the roof over the family's head. That friend of yours already got another home waiting for TOP status. Its a guaranteed shelter. In the mean time just rent or bunk in with parents or something lor...

[ysyap]

Guess that is the best move but unit is too small for his family.

Miscalculation or couldn't resist the temptation of buying a PC?