Centro

[richwang]

Not to worry, Far East can launch it again when it is TOP 2 or 3 years later. By then, 1XXX psf might be the right price.
Plus, if AMK can sell at 1200 psf, surely SilverSea can sell at 1400 psf, Rafflisian should all sold out, and Blue Horizon, etc, etc. Enough money made elsewhere.
That's why they build the show room not at the site - for LONG Term investors.
By the way, with the rule change of bank loan for HDB from 60 remaining years to 30 remaining years, are banks changing rules for private property as well? I mean can the 2nd buyer get a loan when the building has 30 years lease left? Thanks,

[cl0ver]

take up rate is quite mixed.
almost all 2bedders were taken, which i would think purely for investment hence more speculators. but was shocked when the agents predicted rental of only 2.5k max.

plenty of 3 and 4 bedders as of Sunday evening, with only less than 10 units sold.
therefore, its hard to convince families or hdb upgraders to buy it for own stay.

[tick]

Few months back, Grandeur8, of 3-bedder can fetch around $3,5-$4k rental, and it was costing about $600 psf then.

What kind of rental yields is the Centro trying to con suckers?

why is the Sail a hot topic on almost every forum here?
This is about Centro!

Anyway, visited the showroom. Agents told me that 2bedders are expected to rent out about $2.5k!
what kind of yield is that when you are paying $1150psft.

[qianfugui]

Not to worry, Far East can launch it again when it is TOP 2 or 3 years later. By then, 1XXX psf might be the right price.
Plus, if AMK can sell at 1200 psf, surely SilverSea can sell at 1400 psf, Rafflisian should all sold out, and Blue Horizon, etc, etc. Enough money made elsewhere.
That's why they build the show room not at the site - for LONG Term investors.
By the way, with the rule change of bank loan for HDB from 60 remaining years to 30 remaining years, are banks changing rules for private property as well? I mean can the 2nd buyer get a loan when the building has 30 years lease left? Thanks,

Potential Centro buyers/suckers mightv as well consider FEO more grandisose FH project better condo facilities at Jalan Datoh/ Thomson (next to CDL The Arte) if die die must buy at above $1.1 k psf. More prestigious location FH some more.

[cl0ver]

true, although they are technically balestier in terms of postcode, i thought the Arte was a good buy at launch of 850psft

[teddybear]

Thought Belestier anyhow also better than AMK? AMK is just a big HDB estate basically. Too crowded, roads always jammed badly, is in OCR (far away from city) etc.

true, although they are technically balestier in terms of postcode, i thought the Arte was a good buy at launch of 850psft

[cl0ver]

Centro is exactly ICON build in AMK.
it remains to be seen how many are taking up the bigger units.

FEO are really good at marketing.
2+1 brm they call 3brm.
Difference between 3brm premium and 3brm is less than 200sft.

[bargain hunter]

that's terrible, I thought Centro being in AMK would be more targeted for the 3 bedroom family upgraders.

Like you said, if for real investment (ie buy with intention to rent out) the rent is too low to support the psf and if many of these buyers are out to flip the units then it will be a total disaster.

take up rate is quite mixed.
almost all 2bedders were taken, which i would think purely for investment hence more speculators. but was shocked when the agents predicted rental of only 2.5k max.

plenty of 3 and 4 bedders as of Sunday evening, with only less than 10 units sold.
therefore, its hard to convince families or hdb upgraders to buy it for own stay.

[bargain hunter]

FEO won't cannibalise their own projects. They are sure to increase the psf for future Vista release to a premium above Centro.

Potential Centro buyers/suckers mightv as well consider FEO more grandisose FH project better condo facilities at Jalan Datoh/ Thomson (next to CDL The Arte) if die die must buy at above $1.1 k psf. More prestigious location FH some more.

[gfoo]

A 297- UNIT condominium Optima@ Tanah Merah has sold out three days after its public preview on Thursday.
Units were sold at an average sales price of about $810 per sq ft, said developer TID in a statement on Monday.

The 99-year leasehold condo, to be built right next to Tanah MRT station, had attracted a queue days before its launch.

Demand for it was so strong that the developer TID had to hold two rounds of balloting. About 600 ballots were cast.

There was a good mix of buyers, including HDB and private property owners, said TID.

Optima is expected to receive its temporary occupation permit by 2014.

In a separate statement on Monday, Far East Organisation said it has sold 93 out of 144 units released at Centro Residences in Ang Mo Kio. Prices at the 34-storey, 329-unit condo started from $1,100 psf.

[bargain hunter]

so after the 1st day preview euphoria of 80 units, ONLY 13 UNITS SOLD SINCE ADVERTS FROM LAST THURS TO SUN? wahahaha... another silversea style of "thanks for good response and support."

on a sidetrack, i had a friend who went to silversea and was told there were few units left. when i told him that they had only sold less than 100 units, he said he felt the agent was representing to him that not many units left rather than many units not released. anyway, he said its crazy to pay 1300 for non seaview or 1600 for seaview.

i don't see silversea ads around anymore.

A 297- UNIT condominium Optima@ Tanah Merah has sold out three days after its public preview on Thursday.
Units were sold at an average sales price of about $810 per sq ft, said developer TID in a statement on Monday.

The 99-year leasehold condo, to be built right next to Tanah MRT station, had attracted a queue days before its launch.

Demand for it was so strong that the developer TID had to hold two rounds of balloting. About 600 ballots were cast.

There was a good mix of buyers, including HDB and private property owners, said TID.

Optima is expected to receive its temporary occupation permit by 2014.

In a separate statement on Monday, Far East Organisation said it has sold 93 out of 144 units released at Centro Residences in Ang Mo Kio. Prices at the 34-storey, 329-unit condo started from $1,100 psf.

[gfoo]

so after the 1st day preview euphoria of 80 units, ONLY 13 UNITS SOLD SINCE ADVERTS FROM LAST THURS TO SUN? wahahaha... another silversea style of "thanks for good response and support."

on a sidetrack, i had a friend who went to silversea and was told there were few units left. when i told him that they had only sold less than 100 units, he said he felt the agent was representing to him that not many units left rather than many units not released. anyway, he said its crazy to pay 1300 for non seaview or 1600 for seaview.

i don't see silversea ads around anymore.

The scary part is that they actually managed to convince 13 morons to pay $1100psf and up for AMK 99yr. That's 2 morons a day. At this rate, 3 more months and it'll be fully sold.

Trust me, at this price, no facing silversea at 1300psf is considered a steal compared to hdb facing Centro. it's like comparing hard sai to lao sai - both are still sai, but one is less chialat.

[bargain hunter]

i guess there is some differentiation needed here. the 1300psf for silversea comes with larger unit size for say 3 bedder, thus, the absolute quantum is much higher even though psf difference is "not so great", thus, higher resistance to buy.

centro's so called "compact 3 bedder", (clover pointed out that its actually a 2 + 1) repackaged con job, is much smaller than a silversea 3 bedder and the quantum is "much more affordable". so i guess we can't make a direct psf comparison.

as clover also pointed out, the hot 1, 2 and maybe 2+1? already snapped up and there is resistance out there to buy the higher $ quantum bigger 3 and 4 bedders at high psf so maybe not so many people will be conned.

its not just the 13, the first 80 were the first excited bunch who maybe thought they could flip and probably grabbed all these small units. good luck to all 93 buyers.

The scary part is that they actually managed to convince 13 morons to pay $1100psf and up for AMK 99yr. That's 2 morons a day. At this rate, 3 more months and it'll be fully sold.

Trust me, at this price, no facing silversea at 1300psf is considered a steal compared to hdb facing Centro. it's like comparing hard sai to lao sai - both are still sai, but one is less chialat.

[proud owner]

i guess there is some differentiation needed here. the 1300psf for silversea comes with larger unit size for say 3 bedder, thus, the absolute quantum is much higher even though psf difference is "not so great", thus, higher resistance to buy.

centro's so called "compact 3 bedder", (clover pointed out that its actually a 2 + 1) repackaged con job, is much smaller than a silversea 3 bedder and the quantum is "much more affordable". so i guess we can't make a direct psf comparison.

as clover also pointed out, the hot 1, 2 and maybe 2+1? already snapped up and there is resistance out there to buy the higher $ quantum bigger 3 and 4 bedders at high psf so maybe not so many people will be conned.

its not just the 13, the first 80 were the first excited bunch who maybe thought they could flip and probably grabbed all these small units. good luck to all 93 buyers.

in short the buyers are POOR people who can only afford tiny units .. as long as the quamtum is low ..then they can buy, can afford ..

isnt that risky ? and speculative ?

[gfoo]

in short the buyers are POOR people who can only afford tiny units .. as long as the quamtum is low ..then they can buy, can afford ..

isnt that risky ? and speculative ?

shhhh... nvm, let it continue. my LTV dropped to 20%. gonna refinance a bit, free up some cash, buy a nice toy. market MUST continue to rise these 2 months until i get my moolah.

[sleek]

in short the buyers are POOR people who can only afford tiny units .. as long as the quamtum is low ..then they can buy, can afford ..

isnt that risky ? and speculative ?

Think lately the news had also been highlighting that such small units are easier to rent and sell, as compared to the larger units.

[bargain hunter]

don't say people poor, they can commit $1m to buy a condo financed by 800k loan only wor. guess that also answers your risky/speculative part. a tiny small 3 bedroom for 1m? hmm...

in short the buyers are POOR people who can only afford tiny units .. as long as the quamtum is low ..then they can buy, can afford ..

isnt that risky ? and speculative ?

[gfoo]

Think lately the news had also been highlighting that such small units are easier to rent and sell, as compared to the larger units.

okayyyy, so say a person paid $500k for a 500sqft studio in the suburbs, stretch 35 years 80% loan. his breakeven w/o profit is $1700 after conservancy and taxes.

Who would pay $1700 p.m to rent a 500sqft studio in the suburbs?

[jitkiat]

don't say people poor, they can commit $1m to buy a condo financed by 800k loan only wor. guess that also answers your risky/speculative part. a tiny small 3 bedroom for 1m? hmm...

Yalor, dun say ppl poor. They are CASH POOR but high income to get that 800k loan and probably CPF enough to pay 15% ... not POOR ... otherwise lots of highly educated young new condo owners will get offended This trend started with DBSS flats BTW.

[proud owner]

don't say people poor, they can commit $1m to buy a condo financed by 800k loan only wor. guess that also answers your risky/speculative part. a tiny small 3 bedroom for 1m? hmm...

its something new ..

call UPGRADE , DOWNSIZE

even Mcdonald's havent thought of that

[proud owner]

CASH POOR but high income to get that 800k loan and probably CPF enough to pay 15% ... not POOR ... otherwise lots of highly educated young new condo owners will get offended This trends started with DBSS flats BTW.

ok ok sorry sorry

to all HDBians moving to Centros / Optima (optimum return? for developers, ahha)

[bargain hunter]

because Mcdonald's don't allow credit mah...UPGRADE, DOWNSIZE only applicable when you plonk in 200k to buy 1 backside of debt.

its something new ..

call UPGRADE , DOWNSIZE

even Mcdonald's havent thought of that

[bargain hunter]

since its fun with names time again, Centro = Cent Throw? but take a long time to throw cents away leh, why not Miltro, throw away a million more applicable to this project.

but at least we can see from A. Sky and Centro response that not all buyers are completely crazy. Ironically, or rather expectedly, these 2 are the most heavily advertised projects.

ok ok sorry sorry

to all HDBians moving to Centros / Optima (optimum return? for developers, ahha)

[jitkiat]

since its fun with names time again, Centro = Cent Throw? but take a long time to throw cents away leh, why not Miltro, throw away a million more applicable to this project.

but at least we can see from A. Sky and Centro response that not all buyers are completely crazy. Ironically, or rather expectedly, these 2 are the most heavily advertised projects.

1150psf ... almost the same price as the Balmoral FH condo that the fund bought (1250psf) as reported today. How about the MCL Land condo facing Lower Seletar Reservoir? Coming at 1000psf soon for Khatib? Looking at the buying momentum, we are either in the quantum leap of 1992-1996 bull run or shit is going to happen soon.

[mr funny]

http://www.straitstimes.com/Money/St...ry_411987.html

August 4, 2009 Tuesday

Sold out in 3 days

297-unit Optima homes sold for around $810 psf; other launches also see strong demand

By Joyce Teo, Property Correspondent


SINGAPORE may still be mired in recession, but tell that to the home hunters who are flocking to the latest launches.

In the east, a new 297-unit condominium development on the doorstep of Tanah Merah MRT station completely sold out in the three days that followed its preview last Thursday.

Units at Optima went for an average price of around $810 per sq ft, or from $470,000 to $2.06million per unit.

Demand remained strong even after developer TID - a joint venture between Hong Leong Group and Mitsui Fudosan - raised prices by 5per cent, from $790 psf on Thursday to $830 psf by Friday.

Keen buyers were already seen queueing days before the launch of the 99-year leasehold condominium.

And TID had to conduct a ballot of 120 units for 300 buyers just before midnight on Thursday to prevent them having to camp out overnight for the public launch the next day.

Buyers were a good mix of HDB upgraders and investors, said the Hong Leong Group spokesman.

City Developments has now put on fast track the launch of its 396-unit project at the former Hong Leong Garden condominium site.

Over in Ang Mo Kio, another new suburban launch has attracted relatively strong demand, though some price resistance may have settled in over the weekend.

The 329-unit Centro Residences has sold 93 out of the 144 units that were released for sale last week.

Most of the units sold were two- to three-bedders. The smallest two-bedders have been sold, leaving those from 872sqft and above, and priced from $1million.

Far East Organization said yesterday that 50per cent of the buyers are HDB upgraders from nearby towns, while the rest are residents from private estates.

Prices at the 99-year leasehold condominium started from $1,100 psf - a price level more typical of city-fringe or prime projects, property watchers observed.

'Such prices can get you a freehold condo in Upper Bukit Timah,' said Mr Nicholas Mak, a former property consultant. 'Buyers should be a bit more rational. Demand at such price levels shows that some buyers may be getting carried away by the current euphoria.

'If they are hoping for capital appreciation, they must ask themselves who is going to buy from them at an even higher price when a three-bedroom unit in a suburban project is usually priced less than $1,000 psf,' he added.

Elsewhere, some other fairly new launches continued to attract buyers, but at a much slower pace.

Waterfront Key in Bedok Reservoir sold another eight units at an average price of $735 psf, bringing total sales to 193 out of 278 released units.

At the 329-unit The Gale in Flora Road, sales remained around the 90per cent level cited late last week.

[email protected]

[bargain hunter]

i believe Sui Generis 1250psf is understated, probably included penthouses and ground floor units. the normal units average is probably closer to 1500psf.

in any case, the whole idea now is that centro and a few OCR new launches are commanding high psf combined with small sq ft which makes the quantum affordable while prime areas relaunches are full of big big units from the 2007 peak era and the seemingly "low" 1200 to 1500psf combined with big sq ft makes it a bit harder for locals to buy (with the exception of Volari which went for close to 2000psf, who knows what those buyers are thinking).

nowadays, the psf seems overhyped. the market is actually hot because developers have found a sweet spot in terms of $ quantum. 3 bedrooms at 1.1 to 1.5m, whatever the area, whatever the psf will sell well and they are taking full advantage of that.

1150psf ... almost the same price as the Balmoral FH condo that the fund bought (1250psf) as reported today. How about the MCL Land condo facing Lower Seletar Reservoir? Coming at 1000psf soon for Khatib? Looking at the buying momentum, we are either in the quantum leap of 1992-1996 bull run or shit is going to happen soon.

[cl0ver]

and developers are smart to market 2+1 as 3bedders.
At Meadows, the agent mentioned 3+1 where the extra 1 was actually the bomb shelter!!

[Condorich]

Centro will be released over 3 years
05:55 AM Aug 04, 2009
With the residential market picking up strongly, Far East Organization yesterday said it had decided to launch Centro Residences in Ang Mo Kio in phases over the next three years.
The reason, it said, was the Government's plan to rejuvenate Ang Mo Kio into a vibrant town. "We see vast potential for the enhancement of real estate values in this area," Far East said in a statement.
So far, it has sold about 65 per cent - or 93 of the 144 units launched - of phase one since a preview last week.

URL http://www.todayonline.com/Business/...d-over-3-years
Copyright 2009 MediaCorp Pte Ltd | All Rights Reserved

[cl0ver]

this is what i call SAVING FACE statements....
im sure the developer at Optima has a different message:

"It was so hot, we decided to open balloting at midnight. Demand was unexpected and we had to release all units"

[Condorich]

Address : 59 Ang Mio Kio Avenue 8


Tenure : Leasehold

T.O.P : To be advised

Site Area : 68,834 sqft

No.of Tower : 1

No.of Storeys : 34

No.of Units : 329 units
- 124 two bedroom
- 136 three bedroom (compact)
- 36 three bedroom
- 28 four bedroom (compact)
- 5 Penthouse

2 bedroom 3 bedroom compact 3 bedroom 4 bedroom compact 775 - 911 sqf 921 - 1,025 sqft 1,214 - 1,583 sqft 1,305 sqft


No. of Lifts : 4 residential lifts, 2 fire lifts

Facilities

• Playground
• Tennis Court
• Basketball Court
• Fitness Area

Amenities 6th Storey

• 50m Lap Pool
• Aqua Chair
• Sofa Jacuzzi
• Gymnasium
• Dining Deck
• Dinning Villa
• Pool Deck
• Elemental Spa
• Spa Villa with Private Jacuzzi

Amenities 33rd Storey

• Suntanning Deck
• Aqua Seat
• Bar
• Lounge
• Jacuzzi