Parc Imperial

[rattydrama]

Thanks for the reminder of diplomatic clause. What I understand is the clause can only be exercised after 12 months.

My customer will need to prepare a lot of money: 1 month agent fee, 2 months deposit, 1 month rental, and a few thousand for furniture. That's 10K+. When I just arrived in Singapore years back, I know how hard it was. So let's be nice to each other.

And let's try to use nice languages.

Thanks,
Richard

cash rich people don't really care but he got a point. Ya agree let's be a little gentle man and lady.

[devilplate]

this shows that market very good... Anything goes

but not so for rental more den 5k....still sluggish

[devilplate]

capital appreciate slow for a 2000 sq ft (complete with private smaller unit) and it was not directly from hdb.

ooo

it make sense if u gona move over to the new condo next yr....2000sqft will not give u gd rental yield returns

[focus]

ooo

it make sense if u gona move over to the new condo next yr....2000sqft will not give u gd rental yield returns

Wa.. today HK-born David Yuen of Austpac properties also mentioned he prefer smaller units as it is easier to rent out and the rental is the same whether it is 800sqft 2bedder or 1000sqft 2bedder.

So my own conclusion for investment properties , it is better to buy 2 bedder/3 bedders that are below 1500sqft so that the market willing to buy/rent from you is bigger.

Thinking out loud again.. no need to tell me it's my money!

[Komo]

Wa.. today HK-born David Yuen of Austpac properties also mentioned he prefer smaller units as it is easier to rent out and the rental is the same whether it is 800sqft 2bedder or 1000sqft 2bedder.

So my own conclusion for investment properties , it is better to buy 2 bedder/3 bedders that are below 1500sqft so that the market willing to buy/rent from you is bigger.

Thinking out loud again.. no need to tell me it's my money!

put it the other way, same rental, tenant will prefer bigger unit or smaller unit?

[devilplate]

put it the other way, same rental, tenant will prefer bigger unit or smaller unit?

same rental...tenant will prefer newer or old old bigger unit?

i just realised MBR 1bedder rental asking drop to 4-4.5k!

[devilplate]

Thinking out loud again.. no need to tell me it's my money!

hehe...i tink u can take many mths b4 buying anything....mabe its goood...the market crashed and u haven buy ....i rmb u took more den a yr to settle a unit at DR

[focus]

hehe...i tink u can take many mths b4 buying anything....mabe its goood...the market crashed and u haven buy ....i rmb u took more den a yr to settle a unit at DR

2+ years to be exact..

Aiyah..noob in property.. Don't be too hasty.. slow and steady.. i still got 35yrs left...

[rattydrama]

but not so for rental more den 5k....still sluggish

just lower your rent sure can get tenant as per recent post by our forumer or provide free laundry and ironing service if u happen to stay next door. I am very sure alot of people hate ironing. :-)

[rattydrama]

put it the other way, same rental, tenant will prefer bigger unit or smaller unit?

Same location, same rental will opt for bigger ones. But not too big until cleaning becomes an issue. For family 1500 sq ft should suffice. Anything more than 2000 sq ft will need a maid in my opinion if both are working.

[devilplate]

just lower your rent sure can get tenant as per recent post by our forumer or provide free laundry and ironing service if u happen to stay next door. I am very sure alot of people hate ironing. :-)

ooo...landlord providing housekeeping service..

[rattydrama]

ooo...landlord providing housekeeping service..

be innovative to make tenant remember your good service.. sure will get more recommendations.... good landlord = good tenant. if not drop the tenant. haha


http://www.h88.com.sg/article/Mousey...ll+a+hit+here/


Seems that people do like these "Mickey Mouse" apartments and sales are still going strong for such flats. According to Credo Real Estate, these apartments accounted for 9.5% of the total transactions for the first half of the year.

It was also revealed that the prices of "Mickey Mouse" units within the CBD area could range between S$1,800 to S$2,000 psf while those outside the CBD area could range between $1,200 to $1,400 psf.

If we remember correctly, it was only in early 2009 that "Mickey Mouse" apartments were introduced en masse. Prior to that, apartments under 500 square feet were very rare and most of us thought it would remain a gimmick unique feature to Hong Kong property. But thanks to the sluggish market then, we saw many developers introducing smaller units in bite-sized prices - and investors bit.

According to Liang Thow Ming, executive director Residential Services, Credo Real Estate, "I would think that this trend will continue to increase. I would not be surprised if we see Mickey Mouse units making up 10% of total sales in the second half of this year, and probably going up to 11 or 12% next year."

But what happens when the majority of these tiny apartments TOP? Will there be a mad rush to fill them up, assuming these were mostly bought to let (who would really want to live in a shoebox?). Well we asked this question back then, and now that the clock is counting down and quite a number of these are almost complete...

A very rough calculation:
$1200 x 400sf = $480,000 cost price (lets skip the stamp fee for now)
$480,000 x 80% = $384,000 bank loan
$384,000/30 years @ 3% interest = $1600 monthly installment
$1600 + $150 monthly maintenance + annual property tax + rental stamp fee = ???

Just how many tenants are willing to squeeze into a 400sf shoebox for $1400-$1800 a month?

via CNA Online - Mickey mouse flats in Singapore see continued sales this year

Image: Suites@Guillemard brochure - offering the smallest studios ever at 258sf

[devilplate]

tenants paid 2k to 2.2k for studios less den 400sqft along telok kurau....w/o a pool somemore

all thanks to HDB

back to 2004, i rmb 3rm flat fetch ard 900-1k rental and a suburb 2bedder fetch 1.5k....now 3rm flat fetch 1500-1800

[rattydrama]

tenants paid 2k to 2.2k for studios less den 400sqft along telok kurau....w/o a pool somemore

all thanks to HDB

back to 2004, i rmb 3rm flat fetch ard 900-1k rental and a suburb 2bedder fetch 1.5k....now 3rm flat fetch 1500-1800

good for singaporeans lar...also for those who belief in propertism.

btw, where to get rental info for small boutique projects? URA only provides rental info for bigger projects as there are more transactions...

[devilplate]

good for singaporeans lar...also for those who belief in propertism.

btw, where to get rental info for small boutique projects? URA only provides rental info for bigger projects as there are more transactions...

groundwork

[mcmlxxvi]

groundwork

Bro devil is an agent! ;-)

[rattydrama]

Really? For which area?? I want to find one...

[devilplate]

Bro devil is an agent! ;-)

ppty is my hobby

[richwang]

There is a FH terrace corner in JB of 350K bought in 1999. The rental is only 600 per month. I dont not think it is worthwhile as the return of investment is so low and you need to maintain the property as well. Tried to sell at 280K for 1 year to no avail. The ppty is still on hold.

This is the scenario I am referring. So how low is low, nobody knows but there must be a point where it must make it worthwhile to hang on to the property.

For those who has 40 ppty with deep pocket, just pass this post.

Anyone knows a good forum for discussing Iskandar properties? I went there once at the time I bought Parc Imperial. The price was RM200K+ for 3000 sqft, and now it is RM300K+. So the percentage increase is even better than that of Parc Imperial. Of course, you don't put all your money there.

MDIS and Temasek are also talking about investing there. I've met an India investor working in JP Morgan, he is very bullish about Iskandar.
So too low will bounce back VERY HIGH.

Anyone can point me to a good forum (as good as this one) to discuss the details, such as Malaysia Second Home (which can cost you as much as the property), the rule of no lease, bank loan in RM, etc.

I don't want to miss the next BIG GAIN! (I know it's risky, but just put 10% of your money there. You might find it become 50% of your wealth 10 years later... or 0% - that's fine.)

Thanks,
Richard

[richwang]

Thanks for those who have reminded me about the Diplomic Clause. I've managed to put in something like this in the LOI and the tenent has agreed. Hope I can put it into the official TA.

"Please note the Diplomat clause can only be exercised after 12 months.
If the tenant cannot obtain the relevant Employment Pass, he will need to pay 50% (S$1250 per month) for the outstanding lease term for the first 12 months. And the landlord can rent out the unit to other tenants immediately."

Thanks,
Richard

[richwang]

Just noticed the Employment Pass check is with MOM, no longer ICA.

You can go to the following site. First input your own IC and Name. Then input the tenat's FIN or full name (just one will do).

http://www.mom.gov.sg/services-forms...ment-pass.aspx

The only problem is it doesn't show the expired day of the employment pass or S/P status.
So you still need to look at the physical employment pass (and the photo!).

Don't risk to jail while collecting rental.

Thanks,
Richard

[devilplate]

Just noticed the Employment Pass check is with MOM, no longer ICA.

You can go to the following site. First input your own IC and Name. Then input the tenat's FIN or full name (just one will do).

http://www.mom.gov.sg/services-forms...ment-pass.aspx

The only problem is it doesn't show the expired day of the employment pass or S/P status.
So you still need to look at the physical employment pass (and the photo!).

Don't risk to jail while collecting rental.

Thanks,
Richard

i nvr check such website b4.

safest is to keep a photocopy of the passport and the employment pass. if its a fake pass, u can say u duno wat...how to tell....but u did ur part by verifying and keep a copy.

anybody got better ideas?

[richwang]

i nvr check such website b4.

safest is to keep a photocopy of the passport and the employment pass. if its a fake pass, u can say u duno wat...how to tell....but u did ur part by verifying and keep a copy.

anybody got better ideas?

That's the MOM site. The site will tell you the FIN number, the full name and the last 7 digits of Passport. It is not easy to fake both Emoplyment Pass and Passport. The only problem is when they are twins.
Maybe in future we can check DNA as well ...

Thanks,
Richard

[devilplate]

Thanks for those who have reminded me about the Diplomic Clause. I've managed to put in something like this in the LOI and the tenent has agreed. Hope I can put it into the official TA.

"Please note the Diplomat clause can only be exercised after 12 months.
If the tenant cannot obtain the relevant Employment Pass, he will need to pay 50% (S$1250 per month) for the outstanding lease term for the first 12 months. And the landlord can rent out the unit to other tenants immediately."

Thanks,
Richard

i find the cluase u added in quite redundant....if i am the tenant...i will pack bag and go back my hometown if my EP cannot get approved....how r the landlord gona chase back the $?? hehe

i last time largi kiasu/kiasi, i added in clauses, tenants nid to pay the rest of the remaining lease term if they break the lease for watever invalid reasons...but when they break lease and pack bag and go home....den i realised i am being such a fool myself...i am not gg to spend few k to get a lawyer to sue them....u got it?

[richwang]

Could someone shall with me the Standard IEA TA? Just need to sort out some details, such as "air-con topping up gas and chemical cleaning". My friend believes this should be paid by tenant. But my agent is showing me a contact saying landlord needs to pay.

Thanks,
Richard

[richwang]

i find the cluase u added in quite redundant....if i am the tenant...i will pack bag and go back my hometown if my EP cannot get approved....how r the landlord gona chase back the $?? hehe

i last time largi kiasu/kiasi, i added in clauses, tenants nid to pay the rest of the remaining lease term if they break the lease for watever invalid reasons...but when they break lease and pack bag and go home....den i realised i am being such a fool myself...i am not gg to spend few k to get a lawyer to sue them....u got it?

Great obsevation! Maybe I will change it to Landlord will keep the 2 months deposit and tenant will need to leave if they cannot pay within 14 days.

But I have friend telling me the story when the landlord kept the deposit, the tenant actually took away a washing machine!

Maybe I should hold his passport - but that's too much, and illeage in Singapore.

Now I start to enjoy the owner's headaches ... no wonder my friend has just sold his appartment after being "owner" for 15 years.

Thanks,
Richard

[richwang]

My lawyer is suggesting me to engage him for the TA. (Of course). But friend says stamp is good enough.
I don't mind to have a lawyer if the cost is small. May I know what is the market rate for a 2 year contact with S$2.5 /m rental?
S$200?

... or no one is paying this siliy money as the tenant can always pack and run.

Thanks,
Richard

[mcmlxxvi]

Thats why 2 months deposit is standard and dont ever furnish with expensive stuff.

[cashrich]

it's ur luck... hope that there will not be any murders in your unit.

Anyway, some tenants are known to drill holes here and there..

You are right about not renting to illegals... some nus lecturer was jailed sometime back for that... educated, informed and made a plea.... but hahahah... open door, lock door, come out and teach others not to repeat it.

If a tenant wants to run, very easy, give u 2 months rental and run... what is 2 months. If I am a bad agent, I can sell the unit and claim to have tenancy... then out of the commision of rental of 1 month, I fork out another month in damages... but its from the profit of the sale of a home. Get it? Don't be to naive. I pay 5 months also can if I can sell the MM unit to you at $100k profit... what is 15K back to u...?

[richwang]

[quote=cashrich]it's ur luck... hope that there will not be any murders in your unit.

Anyway, some tenants are known to drill holes here and there..

quote]

In the LOI, I have put "No drilling holes by the tenant". I've notice the standard TA seems saying "No drilling holes excepot picture holes". Shall I accept that? ... otherwise I plan to get the contractor to drill the holes for him. That will cost me S$50 each time. Maybe owner just need to be flexible.

Thanks,
Richard