I will buy rivergate and the sail

[repanse71]

Be careful what the RM verbally says and what's written in the LO / mortgage doc.
As said earlier, these interest-servicing loans are risky affairs.

But I have seen many customers who choose their loan to qualify as asset based financing i.e. x% LTV. I believe it's between around 50-60% for all banks. They typically buy a few properties, and place an FD equivalent of abt 12months installment with the same bank.

If I hit toto and win $1.5m, I would by 2 condo at 60% LTV, place a $100k FD, redeem my HDB loan, buy $200k of bluechip shares, ask for no-pay leave to travel world for 6 months...

Regards

you atas mah but such loans are great in a hot property market.

you have any advice for someone looking to buy property now? say i have 1.5 million cash, should i just buy one unit and pay cash or should i take a loan? i do not forsee a need to use the cash for any other purpose and its rotting in the banks anyway with their miserable interest rates.

[cartman]

bank said they got their valuation from DTZ ..

so thats biased ..
if DTZ wants to actively sell RG ..they can give a valn of 1200 psf then RG can never fall below that ..regardless mkt sentiment ..

if DTZ doesnt want to sell Cosmopolitan ..they can give a valn of 900 psf ..

strange right ???

yeah...strange bedfellows...just like banks in usa trying to sell off their "toxic" assets to private funds...a lot of opportunities for kelong

[HP65]

Just go with a local bank. We have 25% chance of meeting.

Could you give more details, not 1/4 information? You only answer 1/4 the question asked by fellow forum-er.

Which bank and branch?

Btw, since when did we have 4 local banks again? I'm only aware of UOB, OCBC, DBS.

[proud owner]

Could you give more details, not 1/4 information? You only answer 1/4 the question asked by fellow forum-er.

Which bank and branch?

Btw, since when did we have 4 local banks again? I'm only aware of UOB, OCBC, DBS.

DBS is hardly 'local' --more govt lah ...

at least you get 1/4 reply

he ask me which project/neighbor i replied him .. he gave no 0 reply

[cartman]

Be careful what the RM verbally says and what's written in the LO / mortgage doc.
As said earlier, these interest-servicing loans are risky affairs.

But I have seen many customers who choose their loan to qualify as asset based financing i.e. x% LTV. I believe it's between around 50-60% for all banks. They typically buy a few properties, and place an FD equivalent of abt 12months installment with the same bank.

If I hit toto and win $1.5m, I would by 2 condo at 60% LTV, place a $100k FD, redeem my HDB loan, buy $200k of bluechip shares, ask for no-pay leave to travel world for 6 months...

Regards

wah good advice. which 2 condos can i buy that fits the above budget? i have no loans to pay off (car also bought with 100% cash...funny thing is i read in the papers many bought cars with cash but my SE told me less than almost no one paid cash for his/her beemer)

shares i am not ready to invest now...travel round the world i cannot due to work commitments.

are you a RM? maybe i can transfer my funds to your bank (i only have accts with uob and dbs now for local banks) so you can at least gain something from giving out financial advice. thanks

[repanse71]

Citibank is locally incorporated.

Could you give more details, not 1/4 information? You only answer 1/4 the question asked by fellow forum-er.

Which bank and branch?

Btw, since when did we have 4 local banks again? I'm only aware of UOB, OCBC, DBS.

[repanse71]

Not RM. I am not good at sales. Neither am I good at property hunting.

Appreciate your kind offer, but do leave the goodies to your agent and his bank contacts. Tough times for them.

I am holding out for a 3-4 bdrm one leicester for ~$750 psf
and seaview for ~$750 psf and thomson euro asia for ~1k psf. Love the target units, but owners still not budging.

regards

wah good advice. which 2 condos can i buy that fits the above budget? i have no loans to pay off (car also bought with 100% cash...funny thing is i read in the papers many bought cars with cash but my SE told me less than almost no one paid cash for his/her beemer)

shares i am not ready to invest now...travel round the world i cannot due to work commitments.

are you a RM? maybe i can transfer my funds to your bank (i only have accts with uob and dbs now for local banks) so you can at least gain something from giving out financial advice. thanks

[proud owner]

Not RM. I am not good at sales. Neither am I good at property hunting.

Appreciate your kind offer, but do leave the goodies to your agent and his bank contacts. Tough times for them.

I am holding out for a 3-4 bdrm one leicester for ~$750 psf
and seaview for ~$750 psf and thomson euro asia for ~1k psf. Love the target units, but owners still not budging.

regards

So repanse71

what do you have to say about what the bank told me about DTZ's valuation ? and my comment on it being bias ?

[repanse71]

AFAIK, this quarter, varsity park valuation drops between 10-15%.
I got no stellar cases this year.

I am not sure how valuation is done. You may need to ask for alternate valuations.

Nope, I not from DTZ and I don't deal with valuers.

regards

the one i ask is FH stellar while the nighbuor is 99 yr varsity park

are you from DTZ ??

[proud owner]

AFAIK, this quarter, varsity park valuation drops between 10-15%.
I got no stellar cases this year.

I am not sure how valuation is done. You may need to ask for alternate valuations.

Nope, I not from DTZ and I don't deal with valuers.

regards

but not to launch price right ??

i really find it fishy ... i still believe if DTZ die die want to help Ferrel 'maintain' the price ..they can give RG 1200 psf valuation ..

meanwhile they can give others in the vicinity 1000-950 psf ...

but to have a property whose last transaction in feb 725 psf fall to 485 psf (launch price in 2006) ..then all prop in dist 9 10 11 will be back to late 2006 psf as well ...

so so fishy

[repanse71]

Baffles me too. They say it's part art, part science, part... not sure abt fish though.

regards

but not to launch price right ??

i really find it fishy ... i still believe if DTZ die die want to help Ferrel 'maintain' the price ..they can give RG 1200 psf valuation ..

meanwhile they can give others in the vicinity 1000-950 psf ...

but to have a property whose last transaction in feb 725 psf fall to 485 psf (launch price in 2006) ..then all prop in dist 9 10 11 will be back to late 2006 psf as well ...

so so fishy

[HP65]

Citibank is locally incorporated.

Evasive and dubious. Can't you just answer a simple question? Which bank do you work for and the branch?

This way we know you are telling the truth that some banks do not ask owners to top up loans. Otherwise, you could just be another poster in the forum who is not giving truthful information and there goes all your cred.

[repanse71]

I am perfectly fine being "another poster in the forum", given zero credibility by other posters.

regards

Evasive and dubious. Can't you just answer a simple question? Which bank do you work for and the branch?

This way we know you are telling the truth that some banks do not ask owners to top up loans. Otherwise, you could just be another poster in the forum who is not giving truthful information and there goes all your cred.

[teddybear]

Does knowing which bank he/she works in makes any difference to what has been mentioned? Does knowing which branch makes any difference? It is either you believe or you don't believe. If you don't, could you be more constructive as to point out what you don't believe or is not true and provide more information? (Otherwise people will feel really baffled as to why you are trying to 'struggle' somebody for providing constructive and useful information).

Evasive and dubious. Can't you just answer a simple question? Which bank do you work for and the branch?

This way we know you are telling the truth that some banks do not ask owners to top up loans. Otherwise, you could just be another poster in the forum who is not giving truthful information and there goes all your cred.

[teddybear]

Which banks & what valuations they provide? If banks provide low valuation for a project, then may be they are not interested to loan for that project. You better go for those they highly valued (i.e. give better valuations).

is there any qualified Valuer in this forum ??


yesterday i asked banks for valuation for a TOP-ed project ...which in feb09 was traded at 725 psf ...

to my surprise ..they came back with 485 psf ???????? that was the launch price ..?

meanwhile a neighbouring project still trading at 680-700 psf ...

whats going on ?

what do they base their valuation on ?

[teddybear]

What project do you want to buy? $1.5m is actually not a lot if you are looking at Orchard Residences, The Marq@Paterson or Ritz Carlton Residences. Furthermore, for prudence people who buy property, they usually set aside money sufficient to pay for at least 3-5 years of monthly instalments.

own? cannot afford lah i only have 1.5 mil cash now to TRY to own one.

read your own posts and face up to the truth. you posted banks will NEVER ask for topups and we were correcting you on that. we did not post that bank will ALWAYS ask for topups. surely you cannot deny that banks DO ask for topups.

[KT_Lim]

errr.. that's a retort to a frivolous and thoughtless stm.

wah, so sensitive are you a banker? its unfortunate that the minibonds saga have made them a villified lot

[KT_Lim]

well said.
I am baffled by the fact there are so many hypocrites here. crying mum n pops on this crappy development and that - but secretly hoping price could fall for them to make a bid. what credibility?! do we need to chop like j-dog? or procrastinate and postpone that as an expert is entitled to? absolutely no shame! pui!

Does knowing which bank he/she works in makes any difference to what has been mentioned? Does knowing which branch makes any difference? It is either you believe or you don't believe. If you don't, could you be more constructive as to point out what you don't believe or is not true and provide more information? (Otherwise people will feel really baffled as to why you are trying to 'struggle' somebody for providing constructive and useful information).

[teresa]

is there any qualified Valuer in this forum ??


yesterday i asked banks for valuation for a TOP-ed project ...which in feb09 was traded at 725 psf ...

to my surprise ..they came back with 485 psf ???????? that was the launch price ..?

meanwhile a neighbouring project still trading at 680-700 psf ...

whats going on ?

what do they base their valuation on ?

Proud Owner, as far as I know, there are currently very few units for sale at VP. I've viewed both VP and Stellar recently and this is my comparison:-

- Very small plot area for Stellar as compared to VP which is surprising huge and spacious

- VP's basement car park is really generous, bright and airy, cannot comment further at Stellar.

- Location wise, Stellar is unfortunately located at the edge of a T-junction, between Clementi rd and West Coast Road which IMO not as comfi.

Probably that may be one of the reason why the valuation does'nt stack up between a FH and a 99LH project next to each other. U judge for yourself. Cheers.

[browncow88]

Heard that Ferrell Investments have sold their units in Rivergate lock, stock and barrel at $850 psqft to a Taiwanese consortium. Can anyone verify ? Thank you.

[HP65]

I am perfectly fine being "another poster in the forum", given zero credibility by other posters.

regards

I have made my point too. So you have a taste of your own medicine of trying to push somebody to be transparent.

So typical of people to demand others to do something but themselves not willing to be so, haha.

[DW]

Could you give more details, not 1/4 information? You only answer 1/4 the question asked by fellow forum-er.

Which bank and branch?

Btw, since when did we have 4 local banks again? I'm only aware of UOB, OCBC, DBS.

To be precise, there are six local banks in Singapore. For those who do not already know, please refer to the MAS link below.

http://www.mas.gov.sg/fi_directory/index.html

[focus]

you atas mah but such loans are great in a hot property market.

you have any advice for someone looking to buy property now? say i have 1.5 million cash, should i just buy one unit and pay cash or should i take a loan? i do not forsee a need to use the cash for any other purpose and its rotting in the banks anyway with their miserable interest rates.

I am no property guru.. I am a newbie.
But for myself, I would not pay up with all my cash.
I would just pay the necessary (maybe 30-40% of value) and obtain the loan for the rest. The balance of the cash should be put to better use in this once in a lifetime opportunity in EQUITY MARKET! NO RISK NO GAIN... I am buying in tranches now.. hope to complete my tranches end of this year to early next year. Buy whenever there is a selldown.

[HP65]

Does knowing which bank he/she works in makes any difference to what has been mentioned? Does knowing which branch makes any difference? It is either you believe or you don't believe. If you don't, could you be more constructive as to point out what you don't believe or is not true and provide more information? (Otherwise people will feel really baffled as to why you are trying to 'struggle' somebody for providing constructive and useful information).

Well, as mentioned, I'm a ready customer whom I believe any of the local or foreign banks will be all too ready to do business with. So if repase71 is so sure his bank do not ask people to top up, I see it as a win-win situation for both of us to do business.

In fact, I believe a lot of forumers will also want to take their mortgage to his/her bank. UNLESS, he is not sure of his own statement or he is just not speaking the truth which explains why he/she doesn't dare to reveal the bank/ branch.

Ok, let me relax the `rule' a bit, just tell the forum the bank will do

Otherwise, do not speak so boldly and claim as though you are the authority and work for a bank and thus know that banks do not ask people to top up, because I know of cases where banks to ask people to top up.

[cartman]

errr.. that's a retort to a frivolous and thoughtless stm.

frivolous and thoughtless? you must be living in a well

its a fact that when i was thinking of taking a short term loan due to business expansion and cash flow reasons, i was told its very difficult to get the banks to approve and there were tons of paperwork to be filled and one needs to show a long track record of profits etc. when i have tons of money idling in the banks (my own personal funds), i start to get unsolicited calls from banks to offer me all sorts of financing without any collateral or having the need to fill up tons of paperwork which i obviously do not need. throughout this period, my business has also been the same.

the key difference being i pumped in my own money to finance the company's purchases

[cartman]

Heard that Ferrell Investments have sold their units in Rivergate lock, stock and barrel at $850 psqft to a Taiwanese consortium. Can anyone verify ? Thank you.

so many different stories on ferrell just from this thread...dunno which one to believe

[qwertyuiop]

Hi, chill it bro. I think repanse 71 was just being nice to give advice which he was not obliged to. No need to get so agitated man. If you are ready for purchase, just make sure you check with whatever banks you are interested in and clear all your doubts. Don't have to be so critical lar..

Well, as mentioned, I'm a ready customer whom I believe any of the local or foreign banks will be all too ready to do business with. So if repase71 is so sure his bank do not ask people to top up, I see it as a win-win situation for both of us to do business.

In fact, I believe a lot of forumers will also want to take their mortgage to his/her bank. UNLESS, he is not sure of his own statement or he is just not speaking the truth which explains why he/she doesn't dare to reveal the bank/ branch.

Ok, let me relax the `rule' a bit, just tell the forum the bank will do

Otherwise, do not speak so boldly and claim as though you are the authority and work for a bank and thus know that banks do not ask people to top up, because I know of cases where banks to ask people to top up.

[cartman]

well said.
I am baffled by the fact there are so many hypocrites here. crying mum n pops on this crappy development and that - but secretly hoping price could fall for them to make a bid. what credibility?! do we need to chop like j-dog? or procrastinate and postpone that as an expert is entitled to? absolutely no shame! pui!

grow up lah, everyone can point out the pros and cons of anything or product.

it does not mean they will never buy it. folks will still buy if the price is right for them. the key issue is what is the right price? and that is different for different folks.

why feel sore even if you own a unit and watch others condemn it? just join in the crowd and buy another unit to double your investment and potential profit

its like me saying why pay so much for a beemer when its 190K+ but when it dropped to 150K+, i thought the price is ok and the depreciation per year is acceptable at the new price. the price did not drop because of me passing comments on the beemer.

if you cannot bear to read about negative comments and wish to only listen to what you like to hear, then learn to filter out negative comments on your own...like that advertisement where you hear only what you wish to hear

[qwertyuiop]

Well, it doesn't take a genius to identify those with hidden agenda..isn't it?

well said.
I am baffled by the fact there are so many hypocrites here. crying mum n pops on this crappy development and that - but secretly hoping price could fall for them to make a bid. what credibility?! do we need to chop like j-dog? or procrastinate and postpone that as an expert is entitled to? absolutely no shame! pui!

[cartman]

I am no property guru.. I am a newbie.
But for myself, I would not pay up with all my cash.
I would just pay the necessary (maybe 30-40% of value) and obtain the loan for the rest. The balance of the cash should be put to better use in this once in a lifetime opportunity in EQUITY MARKET! NO RISK NO GAIN... I am buying in tranches now.. hope to complete my tranches end of this year to early next year. Buy whenever there is a selldown.

imho, the equity market is not at the stage where i can buy and keep them locked up for 5 years. there are trading opportunities but i do not have the time to monitor them. also, i am not very lucky when it comes to shares