Fůck off with your message posted anywhere. The threads are not rubbish bins for you to dump your rubbish!Originally Posted by windyfoong
Fůck off with your message posted anywhere. The threads are not rubbish bins for you to dump your rubbish!
Wow! $95 millions profit in Q3?
Property sub-sales net $95m profits
Third-quarter showing still strong but market will soften soon: Experts
Fiona Chan
Property Reporter
Wednesday, 22 October 2008
Private home prices may have slid in the third quarter but the sub-sale market was still going strong.
Ninety-six per cent of owners who resold an uncompleted home between July and last month pocketed profits from the deals, according to new data by property consultancy Savills Singapore.
These transactions, officially known as sub-sales, occur when you buy a home and resell it before it is built. They are used as a proxy for property speculation because the owner resells the home without ever living in it.
Only 12 sub-sale transactions out of the 306 that Savills analysed in the quarter incurred a loss, amounting to just under $1 million of red ink. The rest made a total of $95.1 million in gains, Savills said.
This continues the trend in the first half of the year, when 97% of such deals turned in profits. But the profits seen in the third quarter were considerably narrower as home prices started softening more quickly.
Profitable sub-sellers made an average of $323,420 in the third quarter, but this was skewed upwards by a single large deal: a whopping $6.7 million profit from the sale of a 63rd-storey penthouse at The Sail @ Marina Bay.
Excluding this sale, the average gain was $301,784 - almost 40% lower than the average gain in the first half of the year. It works out to an average profit for each seller of about 30% over the purchase price.
Still, 'to be able to achieve such gains in a year when the property market has gone into a standstill is highly commendable', said Mr Ku Swee Yong, director of business development and marketing at Savills Singapore.
But in case would-be speculators become tempted by these gains, other consultants noted that the bulk of these deals probably occurred before the Sept 14 collapse of United States investment bank Lehman Brothers, which caused the financial crisis to take a sudden turn for the worse.
'The real estate market typically lags behind the stock market by six months or more, so we will probably start to see the real effect early next year,' said Mr Nicholas Mak, director of research and consultancy at Knight Frank.
'These profitable sub-sale transactions took place before the market hit the skids. It is extremely risky to go and speculate in the market right now.'
Most sellers who made a profit in the third quarter had originally bought their units in the last two years and benefited from the sharp run-up in prices in the period, said Mr Ku. While values have weakened somewhat this year, they are still generally higher than in 2006.
Sellers who held on to their units for a longer time before reselling them in the third quarter made more gains, Savills' data showed. Even those who had bought a unit as late as this year and offloaded it in the third quarter made an average gain of $98,600.
If they had sold the unit in the first half of the year, however, they would probably have doubled their gain.
The biggest profits of more than $1 million each were for units at The Sail @ Marina Bay, St Regis Residences and Cairnhill Residences.
On the flip side, sub-sale losses for the quarter averaged $76,820 for each loss-making deal. A unit at Watermark Robertson Quay chalked up the biggest loss of $207,552, while units at Soleil @ Sinaran, 8 @ Mt Sophia and One Amber were also sold at losses of more than $100,000 each.
All the losses were for units that had been bought last year or this year, according to Savills' data. Sub-sellers who had bought their units at the peak of property fever, between June and September last year, bled the most.
'In any case, there are always desperate sale cases even during good times,' Mr Ku noted.
The Sail @ Marina Bay had the largest number of sub-sales in the quarter - 19 - with each deal netting its seller an average profit of $1.1 million. There was one loss, of $62,890, for a second-floor unit.
Other projects with more than 10 sub-sales included Parc Emily in Dhoby Ghaut, Park Infinia at Wee Nam, Riveredge in Tanjong Rhu and The Esta in Marine Parade.
But the profits were not just confined to developments in the prime districts.
At Casa Merah in Tanah Merah, 10 sub-sales yielded an average profit of $100,351, while Atrium Residences in Geylang saw four sub-sales with an average gain of $54,556.
How I wish I have become an agent for Q3 and grabbed all the deal for myself.
The commission will allow me to retire.
to all suburbians, this song is dedicated to you
http://www.youtube.com/watch?v=CEbikoW0Fn4
Suburbian include HDB flat?
Newbie
Check out the TOP progress page on the CDL website
http://www.cdl.com.sg/cdl2.nsf/ws.htm
Scroll to the bottem of the page, you'll see that Livia is about 0.9% completed.
However there's a * next to it (i.e. the estimated date is subject to changes). Anyone know what this means? The rest of the projects scheduled for completion in 2011 seems to have a much higher completion rate. Does it mean it will not get completed in 2011?
If so, that really sux mann...
Newbie
looking at the pace, we shold be expecteing CDL to ask our banks for the 1st installment payment soon right?
Newbie
Actually... I'm not so sure about that.
Total units in project=724
Cumulative units launched to date=360
Cumulative units sold=335
*stats from URA website
Its been like this for a while now.... Can understand that the developer will probably hold back on launching the rest of the units until the demand picks up again. With only about 50% of the project sold, will the developer continue piling works? Yes CDL is a big company.. but can their cashflow support?
If you are developer... will you take this risk of sinking in 100% of the construction cost... while only 50% of the units are sold? I might just refund to those that I sold at a small lost, rather then make a big lost when the construction is complete.
I understand that for HDB BTO projects, they will only start building when about 70-80% of the entire project is sold off. If this is the case for Livia, then I guess it'll be a long long wait.
Oh yah. I always thought developer will only demand 1st downpayment when piling works are completed... not when it starts. I guess its still a while more. Probably a year a least?
Newbie
when i bought my unit, the agent said CDL must finish building and Top by Dec 2011, if not there'll be some compensation...
Newbie
Newbie
pic of the site taken on 1 Dec 08
F01 N54 Sheer Driving Pleasure
Still the same.
Newbie
just took this picture...construction in progress...the sunset which happened a while later was great....Happy New Year to all
Newbie
The proposed Pasir Ris condo project by Hong Realty is on a massive 2.1 million square feet plot that Hong Leong Group owns in Pasir Ris - which the 1,822-unit Livia condo launched last year is part of. City Developments has a 51 per cent stake in the site. Sources say the site was bought for just $10 million decades ago, was originally treated as land for rural or agricultural use and had restrictions on its title.
Newbie
The Livia site has 724 units. Maybe the rest of the plot that HL group owns will support more... since the area adjacent to Livia is just empty space now.
Restrictions on its title..... can elaborate?
Newbie
happy times...
Newbie
Can't imagine how those who bought last year feel now. I mean, I am pissed off as it is when I buy a CD of my favourite artiste right after the album is released and find out a few weeks/months down the road that the album is now cheaper with a free DVD/concert tickets/bonus CD. Can imagine the anger if I bought a unit and find out now that I could have bought a bigger unit for the same price! Of course, hindsight is always 20/20, but still. Sigh. There must be a lawsuit out there waiting for people to file.happy times...
Any complaints please PM me
http://www.businesstimes.com.sg/sub/...18902,00.html?
Published February 13, 2009
Alexis at Alexandra pulls in the punters
By LIEW AIQING
PREVIEW sales of the 293-unit Alexis at Alexandra Road started yesterday and developer Fission Group said that at least 50 per cent of the development has been sold at prices ranging from $850 per square foot (psf) to $1,100 psf.
Keen interest: A seasoned property consultant said that interest in Alexis is likely because most of the units are small and prices range from $450,000 to $650,000
The company was coy on the exact number of units sold but it may have been a tad too modest. Some buyers BT spoke with at the crowded show flat said that they were told by marketing agents that up to 85 per cent of the units had been sold by 7.30 pm.
'The prices are competitive compared with other condominiums, but its proximity to the MRT and CBD makes the Alexis a good investment,' said Steven Kwok, a potential buyer who had been quoted a price of $1,050-$1,100 psf.
Another buyer said that compared to the recently launched Caspian ($580 psf), Alexis is not cheap but he hopes to resell the property for a profit. He also said that compared to what was quoted in an invitation he had received earlier, prices quoted at the showflat were 10 per cent higher.
According to official data, three units at The Anchorage next door sold at $848-$929 psf in the fourth quarter while a unit at Queens on Stirling Road sold for $894 psf this month.
Fission Group has tied up with United Overseas Bank to offer an interest absorption scheme, which, like the now-scrapped deferred payment scheme, allows buyers to defer any payments beyond an initial downpayment until the project receives Temporary Occupation Permit (TOP).
Alexis is being built on the former Alexandra Centre which was put up for collective sale in 2007 for around $300 per square per plot ratio. It is not known how much Fission Group paid for the site.
A seasoned property consultant said that interest in Alexis is likely because most of the units are small. At between 400 sq ft for a one-bedroom unit and 650 sq ft for a two-bedder, prices range from $450,000 to $650,000.
He also said that there was 'still liquidity in the market' and investors with a two-year investment horizon would still find property attractive. 'There is no point putting money in a bank,' he added.
Over on the east coast, City Developments Ltd (CDL) will launch a new phase for its Livia condominium in Pasir Ris at an average price of $620 psf, or about $30 psf less than the launch price of the first phase. A total of 30 units in two stacks will be offered in the second phase.
Chia Ngiang Hong, group general manager of CDL said: 'The company senses a renewal of market interest and improvement in buyer sentiment. More people have been visiting our showrooms, and many have made offers for units that have yet to be launched.'
Any complaints please PM me
http://www.straitstimes.com/Money/St...ry_337734.html
February 13, 2009 Friday
CDL cuts prices of Livia units by about 5%
By Joyce Teo, Property Correspondent
CDL is selling 30 Livia units at an average of $620 psf, around $30 psf less than the initial launch price last July. -- PHOTO: CDL
CITY Developments (CDL) plans to launch 30 units of its 724-unit Livia condominium project in Pasir Ris at an average of $620 per sq ft, about 5 per cent or $30 psf below the initial launch price last July.
The sale of the 30 three- to four-bedroom units starts tomorrow. Another 30 apartments may be released at the same price later.
The new pricing, announced yesterday, puts the price range of a three-bedroom unit at the 99-year leasehold condo from $752,000 to about $800,000.
This compares with last year's price of $793,000 and up for a three-bedder.
The developer will not be compensating earlier buyers for the price difference, given that the market has taken a big turn for the worse.
'This adjustment in the long run will be better for everybody,' said a CDL spokesman. The area's values will rise in future as new developments are completed, he said.
CDL's group general manager, Mr Chia Ngiang Hong, said the company had held back from selling new phases of Livia because of poor market conditions in the light of economic uncertainty.
The change of mind is due to revived interest being expressed by visitors to the development's showflat, he said.
'The company senses a renewal of market interest and improvement in buyer sentiment. More people have been visiting our showrooms, and many have made offers for units that have yet to be launched,' said Mr Chia.
The re-pricing of Livia units comes swiftly after the preview success of mass-market condo Caspian in Jurong West. Frasers Centrepoint has already sold 350 units of its 712-unit condo since last Thursday. The project was initially priced at $580 psf on average.
Livia met with a favourable response when it was released in July last year, with buyers scooping up 160 units of the first 200 apartments released in just a few days. CDL has so far released 360 units and sold 340, leaving 384 units available for sale.
Any complaints please PM me
http://www.todayonline.com/articles/301934.asp
Friday, February 13, 2009
Price war in the works?
CDL offers Valentine’s Day discount for Pasir Ris project
Christie Loh and Esther Fung
[email protected]
AT A time when consumers think twice before forking out money for big-ticket items, a major property developer here is dangling outright discounts to lure buyers. And if customers do bite, the move may mark the start of a price war, say industry observers.
Yesterday, Mainboard-listed City Developments Limited (CDL) fired the first salvo by revealing a 5-per-cent discount for selected units at Livia, a mass-market condominium in Pasir Ris.
The announcement was decibels louder than usual: Up until now, developers have largely offered discounts to walk-in customers, rather than publicly trumpeting the promotions. CDL is expected to be taking out advertisements for its special offer over the next few days.
The occasion for the promotion? Valentine’s Day tomorrow, according to CDL’s press release obtained by Today.
Cupid, however, is not going to be the clincher for customers, said Colliers International’s research and consultancy director Tay Huey Ying. It’s the “pretty attractive pricing”, she said.
Livia’s special price is about $620 per square foot (psf), said CDL, versus the average of $650psf during the phase-one launch in July last year when 340 of the 360 units released were sold. This equates to a discount of 5 per cent.
CDL “senses a renewal of market interest and improvement in buyer sentiment”, said group general manager Chia Ngiang Hong.
Although CDL said it would apply the offer to just 30 units of the 99-year leasehold project, the reality is likely to see some 60 units let go at that price, a marketing agent said, on condition of anonymity.
That is a small number compared to the 384 units still unsold. But observers say the V-Day offer may be a starting point, to test if the price is “right”. Said an industry insider: “People have been coming to showflats and just nibbling. Singaporeans want to see prices move.”
A three-bedroom unit at Livia will now cost $752,000, CDL said, versus the phase-one price of $793,000.
How long will the special offer last?
“A limited period,” CDL said.
Could this spark a price war? CDL’s competitors declined comment yesterday.
Colliers’ Ms Tay said developers were likely to resort to cutting prices — and hence eroding their profit margins — “only for projects that they’re keen to move in order to ease cash flow”.
It’s more likely that developers will roll out “a combination of competitive pricing and innovative marketing strategies”, said Ms Tay.
Demand, however, is certainly there. Crowds yesterday thronged Alexis, a freehold condominium near Queenstown MRT station, during the first day of its launch. By evening, more than half of the 293-unit project was sold, developer EC Prime told Today.
Agents there dangled a big sweetener: Discounts of as high as 28 per cent, resulting in prices between $850 and $1,150psf.
While there were interested owner-occupiers, some people were overheard asking: “What are my chances of flipping this?”
Last week, Frasers Centrepoint sold 300 units of the 712-unit Caspian project in Jurong West within the first three days for an average of $580 psf. Most of the buyers were Singaporean HDB upgraders.
Newbie
Sometimes, Flippers are like a disease, need to cleanse them in order to prevent it from corroding an unhealthly system.
However, other times, Flippers help to generate demand (whether artificial or real) and directly gives the property system a much needed boost.
Ultimately how you view them depends on which side you are on.
If you are a real buyer who wants an affordable home for own stay, flippers make that dream home of yours too expensive and out of reach.
If you are a sellor who want to sell your property, flippers indirectly help to drive demand and raise your home market value, inturn you sell at a higher price or easier to sell.
Newbie
If Caspian launch at $580 psf Livia should re-launch at $520 psf then Livia will be able to draw the Buyers from Caspian.
It's easy...Do your Math...the lower you go the more buyers you get
Junior
It should be more like $500 psf... considering its not easy to get a bank loan and overall property prices in the next 3 to 4 quaters may go ...If Caspian launch at $580 psf Livia should re-launch at $520 psf then Livia will be able to draw the Buyers from Caspian.
It's easy...Do your Math...the lower you go the more buyers you get. Else keep the money and save the time, its better to
Newbie
Livia thread been really quiet. Nobody bought this month despite the 5% discount?
Any complaints please PM me
http://www.businesstimes.com.sg/sub/...20460,00.html?
Published February 24, 2009
Developers' home sales top 1,000 units in Feb
GuocoLand sells some 160 units at The Quartz after last week's price cut
By KALPANA RASHIWALA
(SINGAPORE) Developers have achieved an 18-month high in private homes sold in a month, with the 1,000-unit mark having already been breached so far in February.
Snapped up: A showflat at The Quartz condominium developed by GuocoLand. About 98 per cent of buyers of the units are Singaporeans, 80 per cent of whom live in the vicinity, mainly with HDB addresses
Most of the developers who are prepared to pare their price expectations to more affordable levels continue to be rewarded. A near 10 per cent price chop was all it took for GuocoLand to sell off almost 90 per cent of the 182 units at The Quartz condo in Buangkok relaunched last week.
The Singapore-listed property arm of Malaysian tycoon Quek Leng Chan has found buyers for about 160 units since last Tuesday's price cut. This means the 625-unit project is now left with only around 20 units, compared with 182 units prior to the relaunch.
GuocoLand trimmed the 99-year-leasehold project's average price to $595 per square foot (psf), compared with $650 psf during the height of the market in 2007.
Besides the more competitive pricing, market watchers attributed the successful outcome to the fact that The Quartz will be ready for occupation soon. Temporary Occupation Permit (TOP) for the condo is expected in a couple of months.
The bulk of buyers are believed to have bought for their own occupation. About 98 per cent of buyers are Singaporeans, 80 per cent of whom live in the vicinity, mainly with HDB addresses, a GuocoLand spokeswoman said.
'They like the design, layout and location of the development, which is near Buangkok MRT Station and also accessible by Kallang-Paya Lebar Expressway,' she added.
The bulk of the 182 units were three-bedroom apartments. On average, a typical three-bedder of slightly under 1,100 sq ft costs around $650,000, BT understands.
Over at Jurong Lake District, Frasers Centrepoint found buyers for another 35 units for its Caspian condo over the weekend, raising total sales in the 99-year-leasehold project to 515 units.
The overall average price achieved is just over $600 psf, reflecting the sale of better-facing units in the past week. About 32 per cent of Caspian's buyers have opted for an interest absorption scheme; they will pay 3 per cent more in exchange for not having to foot beyond the 20 per cent initial payment until the project receives TOP. On average, three-bedroom units at Caspian cost $700,000 to $750,000.
At River Valley Road, Fortune Development found buyers for another six units at RV Suites over the weekend. Half the 96 units in the freehold project have been sold. The project comprises mostly units of 500-550 sq ft, and the average price is about $1,300 psf. East Coast Properties sold another four units over the weekend for its D'Chateau @ Shelford, which is priced at $1,000-$1,100 psf on average.
Market watchers note that over at Livia in Pasir Ris, some of the 30 units released at $620 psf on average on Valentine's Day weekend are still available. Units are relatively large (a typical three-bedder is about 1,259 sq ft), resulting in a bigger unit price quantum of at least $750,000 for a three-bedroom unit. Potential buyers may also be waiting for new projects to be launched in the area before deciding on their purchase.
Seasoned property consultants say that for mass-market projects to move today, they should be priced at around $600 psf at most, and the unit price should not exceed $700,000, in order for them to be affordable to HDB upgraders.
Newbie
A lot of people go to the showroom but it seems few buy. To make things moving, they should at least price it at S$570 psf or less.
Newbie
Hi. Anybody bought 3 bedder (1259sqft) after the discount? If yes, do mind you telling me what price (psf) you've bought it? And also, what should be considered a good price now for a 3 bedder (1259sqft) in Livia?
Newbie
Hi Hi Aukang, anymore progress picture to show us again?
Your 1st pic and 2nd pic is almost the same... they are really too tortise.
Newbie
Hi guys, I am choosing a 3 bedroom unit between Livia and Double Bay, would like to hear your opinions which is better. I personally like Livia better bcoz it is more spacious compared to Double Bay which is more cramp and constricted. But of coz Double Bay has its goods as well, like the impressive variety of facilities and 3 mins to mrt. Happy to hear your thoughts
Newbie
Considering Waterfront Waves ??Hi guys, I am choosing a 3 bedroom unit between Livia and Double Bay, would like to hear your opinions which is better. I personally like Livia better bcoz it is more spacious compared to Double Bay which is more cramp and constricted. But of coz Double Bay has its goods as well, like the impressive variety of facilities and 3 mins to mrt. Happy to hear your thoughts
Newbie
Hi Francis. Went to WaterFront showflat, the size of the unit is good but too expensive for me. Hence i am not considering WaterFront. Livia match my budget better
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