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Thread: High Park Residences from 3xxk?

  1. #1
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    Red face High Park Residences from 3xxk?

    Launching soon at Fernvale, High Park Residences seems to be launching at super low quantum... Haven't seen this type of quantum for awhile. Average price should be about $1,000 psf. Seems pretty attractive for a private condominum with full condo facilities? almost like a condo selling at EC Price?

    Developer now seems to price units at lower quantum..

    Latest Indicative Price
    Studio: 3xxk
    1 Bedroom: from 4xxk
    2 Bedrooms: From 5xxk
    3 Bedrooms: from 7xxk
    4 Bedrooms from 1.0xm
    5 bedrooms from 1.3m

    Specification
    Developer: JV between Kim Seng Heng, Heeton Holdings and Chip Eng Seng.
    Total Units: 1,399 Units
    Type: Full Condo Facilities
    Tenure: 99 Years

    RSVP for High Park Residences Showflat Preview. Will share brochure soon. stay tune.

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    EC price is around 800psf... si how is this considered like EC price??

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    Quote Originally Posted by gnomish View Post
    EC price is around 800psf... si how is this considered like EC price??
    Advertisement. Can believe meh?

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    Quote Originally Posted by MrTan View Post
    Advertisement. Can believe meh?
    As the news put it, 13**psf in Yishun and Bartley is conservative pricing.

    So the new EC pricing is 1000psf.

    Believe?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by Kelonguni View Post
    As the news put it, 13**psf in Yishun and Bartley is conservative pricing.

    So the new EC pricing is 1000psf.

    Believe?
    News also get its source info from developers. Hence need to take it with a pinch of salt.

    EC pricing hard to exceed way beyond the psychological level of 800psf, amidst EC oversupply currently.

    http://www.theedgeproperty.com/content/bargain-hunting

    Latest EC to be launched is Westwood. It's also priced at 800psf, 50psf lower than the previously launched Lake Life, despite [quote]...Westwood's developers remain upbeat about the EC's potential to move units, citing a strong value proposition due to strategic location and product differentiation. "In Jurong, this is the second EC in 18 years, so the pent-up demand is there...[unquote]. Plus they even throw in [quote]...a free foldable bike with every purchase of a unit. They also stand a chance to win S$18,000 Pinarello and S$28,000 Storck bikes in lucky draws conducted every 120 units moved...[unquote]. So can guess the amount of effort put in to move this latest EC using low psf, discount in kind and free gifts in lucky draw.

    http://www.channelnewsasia.com/news/...e/1844760.html
    http://business.asiaone.com/news/low...-new-ec-jurong
    http://business.asiaone.com/news/wes...ides-ec-market

    The upcoming EC to be launched is Brownstone just beside the newly announced Canberra station. This may have a possibility to hit 850-900psf given its location and proximity. IMHO it's the next best thing to buy besides North Park Residences if u r eligible for it. But even so, it will be a very high risk for CDL to price it at 950-1000psf given that there are other competition lurking nearby - 1) another new development besides Brownstone, 2) Skypark, 3) another new development besides Skypark, 4) Bellewoods, 5) Forestville and 6) Twin Fountains.

    Therefore, to sum things up, the observation is that the new EC pricing is 1000psf is true if the definition of "new" is "not within these few years". Hence, belief depends on how the sales talk is spun and sugar coated.

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    Very true. ECs need to meet very stringent conditions to qualify. Household income cannot exceed 12K, yet must meet MSR ratio instead of TDSR (if I am not mistaken). Don't know if the ministry made a mistake about it.





    [QUOTE=MrTan;506539]News also get its source info from developers. Hence need to take it with a pinch of salt.

    EC pricing hard to exceed way beyond the psychological level of 800psf, amidst EC oversupply currently.

    http://www.theedgeproperty.com/content/bargain-hunting

    Latest EC to be launched is Westwood. It's also priced at 800psf, 50psf lower than the previously launched Lake Life, despite [quote]...Westwood's developers remain upbeat about the EC's potential to move units, citing a strong value proposition due to strategic location and product differentiation. "In Jurong, this is the second EC in 18 years, so the pent-up demand is there...[unquote]. Plus they even throw in
    ...a free foldable bike with every purchase of a unit. They also stand a chance to win S$18,000 Pinarello and S$28,000 Storck bikes in lucky draws conducted every 120 units moved...[unquote]. So can guess the amount of effort put in to move this latest EC using low psf, discount in kind and free gifts in lucky draw.

    http://www.channelnewsasia.com/news/...e/1844760.html
    http://business.asiaone.com/news/low...-new-ec-jurong
    http://business.asiaone.com/news/wes...ides-ec-market

    The upcoming EC to be launched is Brownstone just beside the newly announced Canberra station. This may have a possibility to hit 850-900psf given its location and proximity. IMHO it's the next best thing to buy besides North Park Residences if u r eligible for it. But even so, it will be a very high risk for CDL to price it at 950-1000psf given that there are other competition lurking nearby - 1) another new development besides Brownstone, 2) Skypark, 3) another new development besides Skypark, 4) Bellewoods, 5) Forestville and 6) Twin Fountains.

    Therefore, to sum things up, the observation is that the new EC pricing is 1000psf is true if the definition of "new" is "not within these few years". Hence, belief depends on how the sales talk is spun and sugar coated.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    It's very interesting to market an EC with bike garage...

    I am not really sure about the rate of buy-ins.

    Although cycling (to work?) is an extremely common thing especially in the west, I suspect that the cyclists predominantly prefer to live in or to rent HDBs? Then again, who knows if the developer has seen something I haven't?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by Kelonguni View Post
    It's very interesting to market an EC with bike garage...

    I am not really sure about the rate of buy-ins.

    Although cycling (to work?) is an extremely common thing especially in the west, I suspect that the cyclists predominantly prefer to live in or to rent HDBs? Then again, who knows if the developer has seen something I haven't?

    A private condominium situated right next to Westwood, called 'Floravale' is currently going for $650- $700 psf. The usual pricing is for an EC to be $200 psf below that of a comparable private condo, given the limitations that come along with an EC, ie, income caps, MSR ratio, resale levy, 5 years MOP, another 5 years S'poreans only etc...

    If Westwood EC is to succeed despite the above factors with its $800 psf pricing, it shows the extent S'poreans place a premium on new constructions over existing properties....or the ignorance that exists in the marketplace today.....

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    Quote Originally Posted by Kelonguni View Post
    Very true. ECs need to meet very stringent conditions to qualify. Household income cannot exceed 12K, yet must meet MSR ratio instead of TDSR (if I am not mistaken). Don't know if the ministry made a mistake about it.
    This article is even more interesting, addressing all your concerns in the final line.

    http://www.theedgeproperty.com/sg/co...ec-unit-jurong

    Dun know if that's the reason why ECs have more returned units than private developments.

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    Quote Originally Posted by rook View Post
    A private condominium situated right next to Westwood, called 'Floravale' is currently going for $650- $700 psf. The usual pricing is for an EC to be $200 psf below that of a comparable private condo, given the limitations that come along with an EC, ie, income caps, MSR ratio, resale levy, 5 years MOP, another 5 years S'poreans only etc...

    If Westwood EC is to succeed despite the above factors with its $800 psf pricing, it shows the extent S'poreans place a premium on new constructions over existing properties....or the ignorance that exists in the marketplace today.....
    I think it makes more financial sense to get a built property based on the situations for most with the investor mindset. Greater cash flow, more flexibility of funds etc.

    New properties might be more for own stay (psychological reasons) / saving more capital as buffer etc.

    Sometimes its also due to the increased costs and lack of labour that developers and construction firms have to deal with.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  11. #11
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    Quote Originally Posted by rook View Post
    A private condominium situated right next to Westwood, called 'Floravale' is currently going for $650- $700 psf. The usual pricing is for an EC to be $200 psf below that of a comparable private condo, given the limitations that come along with an EC, ie, income caps, MSR ratio, resale levy, 5 years MOP, another 5 years S'poreans only etc...

    If Westwood EC is to succeed despite the above factors with its $800 psf pricing, it shows the extent S'poreans place a premium on new constructions over existing properties....or the ignorance that exists in the marketplace today.....
    Floravale started out as a EC, right? It TOP in 2000. MOP and all other restrictions r over now and hence a pte condo now. Land price then and now r not comparable already. Construction costs then and now r also not comparable already, esp now when prefab tech is mandatory for all new EC construction nowadays. Therefore to price an EC $200psf below a "old" nearby comparable private development is not feasible. A perhaps more appropriate apple-to-apple approach is to price an EC $200psf below a "new" nearby comparable private development.

    Regardless Westwood succeeds or not, and/or regardless ignorant or not, Singaporeans definitely place a premium on new constructions over existing developments. "New is always better than old" is a common human nature mentality, with a price to pay to opt for the former. Now it all boils down to the price paid and the premium placed on whether they are worth that value or not. And different people have different interpretations to it depending on their different needs and different wants and different wishes. Therefore, to each his own. It's a free market.

  12. #12
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    Quote Originally Posted by Kelonguni View Post
    It's very interesting to market an EC with bike garage...

    I am not really sure about the rate of buy-ins.

    Although cycling (to work?) is an extremely common thing especially in the west, I suspect that the cyclists predominantly prefer to live in or to rent HDBs? Then again, who knows if the developer has seen something I haven't?
    Perhaps the developer envisions the residents to cycle to nearby schools and universities to study, to cycle to nearby army camps to serve NS, to cycle to nearby industrial areas to work, and to cycle to the 2nd CBD in Singapore to work, play, eat and shop.

    But if I do not know how to cycle and/or I have cyclephobia, why would I pay for the maintenance of the bike garage, velodrome, bike maintenance area, cycling pit stop, bike trail, traffic garden, bicycle moulds and box adventure? Jus wondering why the developer chose this activity as its selling point. This will reduce their targeted market size. Also, are these facilities open to electric bicycles? How abt skaters and bladers? Guess a lot of teething issues will surface and they need to be resolved once this whole thing go operational.

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    We have very similar viewpoints pertaining to property indeed. Glad to meet a like-minded individual. Haha...

    Quote Originally Posted by MrTan View Post
    Perhaps the developer envisions the residents to cycle to nearby schools and universities to study, to cycle to nearby army camps to serve NS, to cycle to nearby industrial areas to work, and to cycle to the 2nd CBD in Singapore to work, play, eat and shop.

    But if I do not know how to cycle and/or I have cyclephobia, why would I pay for the maintenance of the bike garage, velodrome, bike maintenance area, cycling pit stop, bike trail, traffic garden, bicycle moulds and box adventure? Jus wondering why the developer chose this activity as its selling point. This will reduce their targeted market size. Also, are these facilities open to electric bicycles? How abt skaters and bladers? Guess a lot of teething issues will surface and they need to be resolved once this whole thing go operational.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    The last 3xxk new launch was at rosewood suites 3 years ago.

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    Quote Originally Posted by azeoprop View Post
    The last 3xxk new launch was at rosewood suites 3 years ago.
    Rosewood suites got launched at 3xxk meh? Think minimum is 4xxk bah? And believe it was launched in 2008, 7 yrs ago. Last but not least, the developer is El Development, the same developer for Trivelis.

    Quote Originally Posted by mr funny View Post
    http://www.straitstimes.com/Money/St...ry_302149.html

    November 14, 2008 Friday

    Condo launch goes ahead despite gloom

    Developer to roll out Woodlands project on back of solid soft launch

    By Joyce Teo, Property Correspondent


    Prices at the 200-unit, 99-year leasehold development start from $435,000 for a two-bedroom unit and go up to $1.1 million for a four-bedroom ground floor unit. -- PHOTO: EL DEVELOPMENT

    A DEVELOPER is rolling out a rare condominium launch in Woodlands this weekend - optimistic that lower-than-planned prices will draw buyers, despite the gloomy market conditions.

    EL Development is launching the 99-year leasehold, 200-unit Rosewood Suites at $580 per sq ft (psf) on average.

    The developer held a sneak preview to test the market a fortnight ago and then a soft launch last weekend, when it sold half of the 60 units launched.

    Launches have been few and far between in recent months as most developers continue to hold off, given the volatile markets and poor sentiment.

    'We tested the market...and we were pleasantly surprised that the response was good, so we are going ahead with the launch,' said Mr Lim Yew Soon, managing director of EL Development, a unit of local builder Evan Lim & Co.

    'If we had waited till next year, there would be a lot of competition. It's better to have a first-mover advantage.'

    Rosewood Suites is a five-storey development with one- to four-bedroom apartments. It is in Rosewood Drive, next to the 99-year, 478-unit Casablanca condominium and opposite Innova Junior College. The popular suburban mall, Causeway Point, and Woodlands MRT station are both within walking distance.

    Prices start from $435,000 for a two-bedroom unit and go up to $1.1 million for a four-bedroom ground-floor unit. This works out to $500psf to $660psf.

    'Our earlier price expectations were higher. We benchmarked current prices against the prices of older condos in the area,' said Mr Lim. Those who bought at the soft launch received a 2 per cent discount from these price levels, he said.

    'It is a fair value in today's market,' said Knight Frank director of research and consultancy Nicholas Mak. 'There has not been a major development launch in the area for a long time so there will be some latent HDB upgrader demand.'

    Mr Lim said the buyers were mostly dwellers of nearby flats and condominiums. There are two other condominiums in Rosewood Drive - Casablanca and Rosewood.

    At Casablanca, two caveats lodged in September and October showed that two 1,184sqft units were sold at $541psf and $549psf, or $640,000 and $650,000.

    Caveats lodged in the same months at the 437-unit Rosewood showed that two 1,173sqft units were sold for $537psf to $550psf, or at $630,000 and $645,000.

    Rosewood Suites' penthouses, priced from $700,000 to $1.4 million, will be released only when 'times are better'.

    EL Development bought the Rosewood Suites site from the Singapore Land Authority in November last year when prices were strong. It topped a tender that drew eight bidders with a price of $56 million or $232psf per plot ratio.

    Mr Lim had then said that they had planned to launch the project in the third quarter of this year, and sell it for about $600 psf to $650 psf.

    [email protected]
    High park 3xxk new launch is for studio units at approx 400sqft or 40sqm. Currently there r 2 different groups of sources saying 2 different areas - 1 group says 388-398sqft while the other says 398-431sqft. Gotta wait till official announcement in order to know the real measurements. Nevertheless, we may be looking at a price of 926-1028psf.

    [quote] High Park Residences developer bid for Fernvale Road Parcel A which is 178,723 sq ft is $234.9 million and Parcel B which is 187,441 sq ft is $252.1 million. Basing on the land bid amount, we estimate an average breakeven price of $847 psf thus assuming a 15% profit average price should be $974 psf which mean bigger unit may start at low to mid side of the $9xx psf. Assuming the 1 Bedroom has size of 495 sqft then price should be starting from in around low side of $4xxK. And if size are closer to 400 sqft then we will probably see $3xxK type of starting prices.[unquote]

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    Oops its parc rosewood. Many of their 2nd floor units were selling at 398k during vip preview.

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    Quote Originally Posted by azeoprop View Post
    Oops its parc rosewood. Many of their 2nd floor units were selling at 398k during vip preview.
    Ah. Then it sounds about right lah. Those r 1 bedders @ 431sqft translating to 923psf and up. There r a total of 282 of these 1 bedders, out of a total 689 units. Site was original meant for 390 units but the JV developers reconfigured it to accommodate more smaller studio apartments. Can't help it but wonder if is it because one of the developers is Fragrance Group. Anyway, the gamble worked and it is fully sold out now. As for high park, their 3xxk units are a subset of the 40sqm configuration totaled 72 units, out of the total 1390 residential units in this development. Hence clearly, the strategy is different.

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    Hi

    3xxK looks very attractive. What would be the monthly maintenance ?

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    Quote Originally Posted by Home Lover View Post
    Hi

    3xxK looks very attractive. What would be the monthly maintenance ?
    Ya. And 40sqm looks very attractive too. And it's so convenient. Everything is all within touching distance. No need remote control liao.

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    3xxk can rent for 1.5k and still get positive yield.

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    Quote Originally Posted by azeoprop View Post
    3xxk can rent for 1.5k and still get positive yield.
    If can get tenants lah with so much supply in that area recently...

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    Quote Originally Posted by MrTan View Post
    If can get tenants lah with so much supply in that area recently...
    Exactly. With interest rates rising soon, many owners are already starting to face difficulties. While I hope deep inside that all of you will continuing purchasing units for rental so that I can grab your cheap units from the auctions in the following years, I advise you to make sure that you have sufficient buffer.

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    $3xxk to buy high park residence is better than u buy oversupply iskandar property.
    At least it is in Singapore. I say buy this high park if u plan to buy iskandar. Iskandar run high risk of no rental.
    Near LRT, not too near from seletar mall. Tenants maybe come from seletar aerospace.

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    Site plan, the 3xxk studios all facing sengkang west way and the fernvale foliage and flora bto, with an overhead bridge in the middle.


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    Quote Originally Posted by star View Post
    $3xxk to buy high park residence is better than u buy oversupply iskandar property.
    At least it is in Singapore. I say buy this high park if u plan to buy iskandar. Iskandar run high risk of no rental.
    Near LRT, not too near from seletar mall. Tenants maybe come from seletar aerospace.
    True. Buy high park is better than buy iskandar. Buy EC is better than buy high park. Buy hdb/bto is better than buy EC. Dun buy becos it's low quantum. Buy becos u need it u want it u wish for it. Buy becos u believe in it. Whether it comes true or not only u will know down the road.

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    Ah. This is very good info. Now we know there are 3 stacks for studios. There are 72 studios in total. That means each stack has 24 units. 3xxk is the starting from indicative price only. Assuming that this is only for low floor units, we are looking at a possible 5 x 3 = 15 units only with this 3xxk pricing. So for those who wanna grab these low quantum units, hurry up while stocks last.

    Quote Originally Posted by azeoprop View Post
    Site plan, the 3xxk studios all facing sengkang west way and the fernvale foliage and flora bto, with an overhead bridge in the middle.


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    Quote Originally Posted by MrTan View Post
    True. Buy high park is better than buy iskandar. Buy EC is better than buy high park. Buy hdb/bto is better than buy EC. Dun buy becos it's low quantum. Buy becos u need it u want it u wish for it. Buy becos u believe in it. Whether it comes true or not only u will know down the road.
    Not many here can qualify for EC or bto. Must compare private to private. Whether u prefer private condo in iskandar or private condo in singapore.

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    If can buy EC or bto no matter u got private property people here sure chiong in liao. I think some may even buy whole floor of bto flat. Hahaha.

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    Some like to stretch themselves to buy private even though they r qualified to buy ec or bto. Even if they are ineligible, still can buy resale right? Anyway, ur point noted. In short, apple to apple comparison mah...

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    The last cheapest unit in fernvale is riverbank 495sqft 1 bedder at 476k.
    Rental performance of those 398k parc rosewood units have a minimum rental of $1500 in April so far.

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