My fren bought a resale cluster house comes with tenancy @ $6.8k per mth for $2.08m..... So yield is about 3.9%Originally Posted by lajia
Junior
My fren bought a resale cluster house comes with tenancy @ $6.8k per mth for $2.08m..... So yield is about 3.9%
Junior
whether u are vested or what, this is what we are trying to say....only if you got time to read.anyway,...i learn something. Thanks.
Junior
thank you...at least it is from u if not ppl say i vested want to talk up the market...for what??? we only say when we see ppl anyhow say, not because we are vested, at least for me...
Senior
very typical of 99LH cluster housing. Maintenance is pretty high though, easily set aside $500-600 per month. Problem with LH cluster is that the relatively good yield is only good to cover the depreciation of land lease.
Take hillcrest villa for example, prices level hasnt really got up much.
http://www.squarefoot.com.sg/trends-...illcrest-villa
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Newbie
we attack, but there is no point in attacking. we defend, but there is no point in defending.
there is nothing to attack, nothing to defend. everything just in our own minds. the biggest thing is our pride lah.
thank you...at least it is from u if not ppl say i vested want to talk up the market...for what??? we only say when we see ppl anyhow say, not because we are vested, at least for me...
Senior
another myth which you will often hear in this forum is exaggerating the profit of landed property. Take this case for example.
68 BINJAI PARK 13-Nov-09 $15,850,000
68 BINJAI PARK 27-Mar-12 $31,000,000.
Landed property owner will tell you that this owner made 16-17m profit in 5 years etc on the 20,000sqft GCB.
What they will not tell you is how much money has been spend to redo the entire estate.
http://www.greenmark.sg/property-detail.php?id=432
Developer: Mr George Lim
Architect: Designshop.Architects LLP
Structural Engineer: MSE Consultants Pte Ltd
M & E Engineer: HY M & E Consultancy Services Pte Ltd
Landscape Consultant: Amozonia Landscape
Quality Surveyor: 1MH and Associates
Main Contractor: As-Built Pte Ltd
ESD Consultant: G-Energy Global Pte Ltd
Project Description:
Proposed erection of 2 storey detached house with basement and swimming pool on Lot 99978L Mk16 at 68 Binjai Park, with site area of 1,285.2 m2 and a GFA of 1,333.46 m2.
Green Features:
- Good building orientation and cross ventilation.
- Double glazing and external roller shade to minimise heat gain to building.
- Sunpath analysis and passive design strategies to optimise building orientation and indoor thermal comfort.
- Energy efficient air-conditioning system and LED lighting.
- Home automation system with energy monitoring devices.
- PV technologies with system capacity of 50.29 kWp.
- Extensive greenery provision with auto drip irrigation system and rain sensors.
- Rainwater harvesting system and stormwater management system.
- Non-chemical treatment for swimming pool.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Junior
Selective info doesn't prove a thing. Anybody can also do the same to show the exact opposite of what you are claiming. You need to do better than this weak attempt.
Case in point -
72 Frankel Avenue - bought in Mar/Apr 2010 for approx $3.2m
Left it in original condition and didn't spend a cent on any reno or A&A/reconstruction.
Sold in Apr 2012 for $4.34m
Gross profit = $1.14m just for holding.
Newbie
Hi Buddy,another myth which you will often hear in this forum is exaggerating the profit of landed property. Take this case for example.
68 BINJAI PARK 13-Nov-09 $15,850,000
68 BINJAI PARK 27-Mar-12 $31,000,000.
Landed property owner will tell you that this owner made 16-17m profit in 5 years etc on the 20,000sqft GCB.
What they will not tell you is how much money has been spend to redo the entire estate.
http://www.greenmark.sg/property-detail.php?id=432
Developer: Mr George Lim
Architect: Designshop.Architects LLP
Structural Engineer: MSE Consultants Pte Ltd
M & E Engineer: HY M & E Consultancy Services Pte Ltd
Landscape Consultant: Amozonia Landscape
Quality Surveyor: 1MH and Associates
Main Contractor: As-Built Pte Ltd
ESD Consultant: G-Energy Global Pte Ltd
Project Description:
Proposed erection of 2 storey detached house with basement and swimming pool on Lot 99978L Mk16 at 68 Binjai Park, with site area of 1,285.2 m2 and a GFA of 1,333.46 m2.
Green Features:
- Good building orientation and cross ventilation.
- Double glazing and external roller shade to minimise heat gain to building.
- Sunpath analysis and passive design strategies to optimise building orientation and indoor thermal comfort.
- Energy efficient air-conditioning system and LED lighting.
- Home automation system with energy monitoring devices.
- PV technologies with system capacity of 50.29 kWp.
- Extensive greenery provision with auto drip irrigation system and rain sensors.
- Rainwater harvesting system and stormwater management system.
- Non-chemical treatment for swimming pool.
Based on a super exagerated rebuild cost of $350 psf because he used the best in everything, compared to the market price of $250 psf. The profit margin is still over 10 M in 5 years.
No good enuff for you?
Senior
Your estimate of 350psf is indeed very exaggerated, its like tell me you can produce a Rolls Royce as cheaply as a Nissan.Hi Buddy,
Based on a super exagerated rebuild cost of $350 psf because he used the best in everything, compared to the market price of $250 psf. The profit margin is still over 10 M in 5 years.
No good enuff for you?
350psf is the average cost use for mass market condo, for high end condo you will need probably increase that to around $500psf. And this is based on developer cost, where they have the economic of scale in terms of materials sourcing as well as distribution of fixed cost.
for GCB like this, be prepare to pay top dollars for customized and imported fittings. The kitchen alone will probably be able to buy you a HDB flat.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Newbie
Omg. It really exposes your ignorance in landed construction. I will leave it open to the floor to critique on our comments so as to avoid a pointless and unnecessary argument.
Junior
thank you...at least it is from u if not ppl say i vested want to talk up the market...for what??? we only say when we see ppl anyhow say, not because we are vested, at least for me...
Aiyo!! Is FH leh.. to be more precise.. I can even tell you the Unit No. if you wish to know..
He is now collecting rental @ $6.8k per mth lor..
WESTMONT Semi-Detached House $2,080,000 2,906sf Strata 716 Nov-12
Senior
no point trying to call me ignorant when you know very well that you are not sure about what you are saying.
Like I said, $300-350psf are budget rebuilding cost, certainly not in the league of rebuilding a GCB.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
visited this project when it was launch many years back. This project has got one of the lowest psf price for landed property in that area. Actually price of this development hasnt really gone up by much, definitely not at the kind of pace many landed property owners here are talking about.
Did your friend tell you how much he is paying for maintenance at this project? 11 units with a common swimming pool?
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Newbie
Quote:
Originally Posted by Rysk
Aiyo!! Is FH leh.. to be more precise.. I can even tell you the Unit No. if you wish to know..
He is now collecting rental @ $6.8k per mth lor..
WESTMONT Semi-Detached House $2,080,000 2,906sf Strata 716 Nov-12
I am not joining the argument, but just happen to have a little bit information on this project.
I missed this unit in November 2012. When I called, the agent said just sold out.
I think the launch price in about 2008 was slightly less than 2m. I MTB so was looking for something that had not increased that much, and this was one.
The agent said the maintenance fee was $500+.
Junior
House TOP only in Jun 2011 so construction contract would have been signed in early 2010.
Upper scale of construction cost for detached is S$3850 per sqm or S$358 psf
I leave it to readers here to drawn their own conclusion.
Newbie
ringo bro, if bro bullman is not sure about what he is saying then no one else in condosg is. He the most laojiao when come to landed.
Senior
For those who are interested to know, there is a little background of the Devloper (not owner) who sold the Binjai GCB. His target price then was 40m, end up settling at 31m.
Mar 26, 2011
people
Homing in on high-end property
Upscale bungalow developer confident demand will grow
By Esther Teo, Property Reporter
http://www.straitstimes.com/STI/STIM...LURBS26-M3.jpg
Mr George Lim is confident that demand for such good-class homes will grow in tandem with the growing ranks of rich folks here. -- ST PHOTO: DESMOND FOO
GOOD-CLASS bungalows are rare in Singapore, but even less common is the tale of Mr George Lim, who almost by chance has become a leading niche developer of these ultra-posh homes.
Since 2006, Mr Lim, 59, has redeveloped and sold at least seven of these bungalows, worth a total of $145 million.
He made headlines recently after paying a jaw-dropping record $61.4 million for a 41,852 sq ft site in Leedon Park. In his usual style, he plans to tear down the bungalow and redevelop the site with two good-class bungalows.
The unassuming Mr Lim says his foray into property was not planned, but 'happened along the way' after he sold his engineering firm for about $12 million. This helped him buy an $18 million good-class bungalow in Belmont Road. He lived there for three years before subdividing the 48,000 sq ft plot and building three homes - which sold for $33 million in total in 2006.
In an interview with The Straits Times, Mr Lim says his confidence in the value of homes here is based on land scarcity.
'My father bought our first house in Kembangan for $12,000, improved on it, and sold it for more than $60,000 after 10 years... I look at this and see that property investment has fantastic growth. There's no way you can put money into a savings account and get those kind of returns.'
He goes with a certain gut feeling - a 'feel-good' instinct - that allows him to be comfortable with every land purchase.
He holds a site for two to three years, tears down the old house, then a new, uniquely designed bungalow is built - and sold.
'Never alter a house, because it will never be as good as a new product and it will cost you almost the same,' he says, adding he will not rent out the homes.
Mr Lim has three other good-class bungalows on hand - in Binjai Park, Leedon Park and Second Avenue. All three are set to get a green mark rating, as he looks to build homes with environmentally friendly features like solar panels - another facet in his quest to build better homes.
The two bungalows in Binjai Park and Leedon Park are set to be ready by June. He hopes to sell them for more than $40 million each - a new unit price record of about $2,500 per sq ft - if successful.
But his success also comes with risks. Mr Lim admits that he is 50 per cent leveraged based on the cost of the properties.
Recent measures such as higher sellers' stamp duties are not an issue in this market, he says. He is confident that demand will continue to grow in tandem with the growing ranks of rich folks here.
'I will put a price there, and if somebody thinks it's worth buying, then I will sell it... My intention is to hold it as an investment for the long term... But the moment I sell it, I will look for another plot to buy, so that I stay in touch with the property market,' Mr Lim adds.
Good-class bungalows are the highest-end homes here. There are only about 2,400 of such homes in 39 gazetted areas such as Nassim, Dalvey and Tanglin.
[email protected]
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Junior
So when you try to sell your condos, you will set your asking price at the same price that you are willing to settle for?
Senior
common sense will tell you that the cost of constructing and fitting up a modern GCB cannot be as cheap as building a mass market condo.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Junior
Davis Langdon & Seah...$269psf to $358psf
This is 'common sense' for you.....
Senior
major risk about buying such small cluster housing is that $500x11= $5500 per month. when comes to any major repair, painting, leaking etc, owners will need to dig very deep into their pocket. Worst if other owners refuses to contribute and the entire place will end up very run down.
actually the rental there is so much lower than what Varsity park is asking for apartment of similar size.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Junior
Huh? $5500 PER MONTH ??? No wonder you are confused about construction cost.
Senior
Please do not get yourself confused by those who keep telling you that rebuilding a GCB is as cheap as mass market condo.
Based on BCA website, the average cost of building a rise rise flat (HDB) is in the region of S$210psf. Do remember to read the fine print to get a better understanding of what you are comparing.
http://www.bca.gov.sg/keyconstructio..._intl_3Q12.pdf
Average mass market condo construction cost is around 350psf etc.
So for GCB that uses exotic grade A materials and designers fitting, lighting etc, do you think you can still build it for 350psf??
numbers doesnt lie, only those who misinterpret them do.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
$500 x 11 units =$5500 per month
If you dont know, just ask, dont need to always assume others are fools.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Junior
These are prices as at 3Q2012. So you think that George Lim who starting building his GCB in 2010 signed a contract with a builder at 3Q2012 prices ?
Last edited by proper-t; 28-02-13 at 15:56.
Junior
My company expat now renting a slightly smaller size than Westmont cluster but big PH unit at Varsity pk @ $6.5k/mth.. started last year only
Senior
I think when VP was launched, PH were going for around 850k, about the price of MM apartment now.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Senior
Ultimately 10-20psf difference in construction cost is not going to change the fact that psf cost of building a modern GCB is more than mass market condo.
"Never argue with an idiot, or he will drag you down to his level and beat you with experience."
Junior
I thought we were talking about the estimated amount of profit that George made which bullman estimated at $10m. Since when did it swing to psf cost of building a GCB vs mass mkt condo? Or is it because you have nothing better to offer as a counter?
btw, you still have not answered my question. Do you think that George Lim signed a construction contract in 2010 at 3Q2012 prices?
Posting Permissions
Reply With Quote
