wow, almost double what I have.Originally Posted by East Coast Boy
FYI, The Indonesian investor own 80+ properties in Singapore. He brought most of the units at high price. His purchase price for OA is all above $1,200psf at 2007.
Junior
wow, almost double what I have.FYI, The Indonesian investor own 80+ properties in Singapore. He brought most of the units at high price. His purchase price for OA is all above $1,200psf at 2007.
F01 N54 Sheer Driving Pleasure
Wow, islander!
You have 40+ properties in mainland?
Newbie
Hi East Coast Boy, so the showflat is ready on 1 Jan 10? Thanks.
Junior
Wow!!! Property_Owner is a TYCOON!!!wow, almost double what I have.FYI, The Indonesian investor own 80+ properties in Singapore. He brought most of the units at high price. His purchase price for OA is all above $1,200psf at 2007.
All along I have only suspected he is an Ultra High Networth Individual (UHNI), but didn't know that he is a tycoon!!!
I am chit-chatting with a TYCOON!!!
New Launch Project Specialist
I am a TYPHOON too.Wow!!! Property_Owner is a TYCOON!!!
All along I have only suspected he is an Ultra High Networth Individual (UHNI), but didn't know that he is a tycoon!!!
I am chit-chatting with a TYCOON!!!
Senior
ahhah sorry
read too fast
for a moment thought you meant thyroid ....then everyone also have
Junior
Is TYPHOON the same as TYCOON?
Newbie
Is TYPHOON wealthier TYCOON, or a wiped out TYCOON?
Junior
My real idol is in e one staying in a run down apartment along East Coast Rd, next to the Land FEO owns. CNY I paid him a visit, asked why he choose to stay there where he has so many properties and 70% of them are vacant.Wow!!! Property_Owner is a TYCOON!!!
All along I have only suspected he is an Ultra High Networth Individual (UHNI), but didn't know that he is a tycoon!!!
I am chit-chatting with a TYCOON!!!
His answer? Feeling.....
Junior
Who is this guy?My real idol is in e one staying in a run down apartment along East Coast Rd, next to the Land FEO owns. CNY I paid him a visit, asked why he choose to stay there where he has so many properties and 70% of them are vacant.
His answer? Feeling.....
Sounds like a sage on top of a mountain. Even Property_Owner has to pay him a visit.
Newbie
richard branson?
Who is this guy?
Sounds like a sage on top of a mountain. Even Property_Owner has to pay him a visit.
Newbie
i am a ty co tycoon... strike TOTO one lah...
Junior
wow.....how do u manage to build such a huge portfolio? care to impact some knowledge........do u start small?
Junior
big or small, a start is better then nothing.
Just my 2 cent worth..
how to start small for a porfolio of 40 properties. whether is super high income or inheritance, this is beyond the word "small".
Newbie
Buy a few REITs/City Dev shares and you are co-owners of thousand over properties
东方
I also ty-coon. I do ty-chi and coon all day long...
F01 N54 Sheer Driving Pleasure
103-year lease on freehold land
Joyce Teo
The Straits Times
Wednesday, 30 December 2009
Flats at Far East Organization's new project are being sold with a 103-year lease even though the project in Katong sits on freehold land.
The rare step means Far East will have to settle for lower prices for the units, but it will retain an interest in the site and reap further benefits when the neighbourhood is further transformed.
Sales at the 408-unit The Shore Residences, which is opposite Katong Shopping Centre, start on Friday, New Year’s Day, but previews in recent weeks have already reaped contracts.
Far East’s executive director and chief operating officer of property sales, Mr Chia Boon Kuah, pointed out that the project sits on land with huge redevelopment potential.
‘The area has transformed and the pace of transformation is speeding up.’
An MRT station has been earmarked for nearby Marine Parade. There is also the Parkway Parade shopping centre, plenty of eating places in the area and the yet-to-be revamped Katong Mall.
Mr Chia also referred to the ‘bigger picture’ – Marina Bay, which will be only a 10-minute drive away.
While Far East cannot realise the full potential of the site now, by retaining the freehold title it will have the chance to participate eventually, he said.
Knight Frank chairman Tan Tiong Cheng told The Straits Times: ‘Far East is a privately owned firm, so this move does allow the family to hold on to the site for the benefit of their future generations.’
Selling a lease term instead of the entire freehold tenure is relatively rare, although Far East has done it before.
It launched two cluster housing projects – Cabana and The Greenwood – on freehold land with 103-year leases.
The 119-unit Cabana is in Sunrise Terrace, near Yio Chu Kang MRT station, while the 54-unit The Greenwood is in Greenwood Avenue.
The 99-year leasehold Spring Grove condo, which sits on the former Grange Road residence of the American ambassador, is a similar case.
The United States government bought the land in 1950 on a freehold lease but sold it on a 99-year lease to City Developments in 1991. The plot reverts to the US government at the end of this century.
Not many developers are keen on the strategy for the simple reason that 99 years is a long wait and they would not be around to enjoy the fruits of their efforts, say property experts.
Far East could charge more for The Shore if it were sold as a freehold project but it is giving that premium up in exchange for the reversionary interest in the land, experts say.
Another expert said: ‘There’ll be en-bloc sale potential if the market is good but the trump card is held by Far East, instead of the Government.’
Far East can either grant a lease top-up, buy back the land, sell the freehold tenure or not act.
‘When the owners want to do a collective sale in two or three decades’ time, they will have to refer to the holder of the freehold title, which is Far East,’ said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
‘A lot will then depend on the top-up premium that Far East will ask for.’
The project’s en-bloc potential is not an issue at the moment. Far East said it has sold ‘more than 70 units’ since it started previews about 2 weeks ago.
Most sales have been one-bedders from 592 to 732 sqft and priced from $658,000 or $1,100 psf.
Prices for two-bedders, which are on higher floors, start from $1.1 million or $1,180 psf. The project also has 3- and 4-bedroom units. Prices will rise about 2% at Friday’s launch.
Mr Chia said the demand for the 1- and 2-bedders may be due to a lack of smaller flats in the area, as well as the rejuvenation of the Katong neighbourhood.
Far East bought the former Rose Garden site, which is where The Shore is, in 2006 for $169.8 million, or $423 psf of potential gross floor area.
F01 N54 Sheer Driving Pleasure
The Shore Residences - Get on the preview list here
H88
Tuesday, 29 Decemeber 2099, 12:28
Ever wondered about those VIP folks who always get their hands on all the good units before you do, just because they are on some 'special list'? Well, now you can be part of that 'special list' just by whispering the secret password: "I am invited by H88.com.sg" when making an appointment.
We are not joking of course. One of our writers have apparently 'convinced' the developer of The Shore Residences that H88.com.sg readers deserve at least a few spots on that 'special list'.
Anyhow, if you tell them that "I am invited by H88.com.sg", you might get priority to preview The Shore Residences TWO full days before the public can (on 30th December, Wednesday, at the Silversea showroom).
We don't have to tell you that there are limited appointment slots and maybe some $658,000 1-bedroom units available ...
Where: The Silversea showroom (call to make an appointment before going down)
When: Wednesday, 30th December 2009
Say: I am invited by H88.com.sg
Hotline: 6534-8000 (8.30am to 8.30pm)
Location of The Silversea
F01 N54 Sheer Driving Pleasure
Far East Organization sees strong demand for The Shore Residences
Wong Siew Ying
Channel NewsAsia
Wednesday, 30 December 2009, 1554 hrs
Far East Organization said it has seen strong demand for its latest project, The Shore Residences, since private previews started two weeks ago.
The 408-unit residential development is located in the Katong area.
Far East said over 70 units have been sold and prospective buyers have also registered their interest for units, which will be released at the official launch on January 21.
Among them, the 1- and 2-bedroom units were most popular.
According to Far East, almost all of the 84 1-bedroom units, priced from S$658,000 each, have been sold out.
The two-bedroom units, which make up the majority of the development, are priced from S$1.1 million.
The Shore Residences is expected to be ready in 2015.
Junior
one bedders are all gone before noon
last unit at ground floor closed at $1090 psf or about $800,000
Office Boy
Did the 1 bedders hit $1,300 psf ?
Newbie
Latest update on sales:
3 bedroom released..
1st to 7th floor sold!
Just released higher floors
Sms at 90686016 for appt
and updating of units avil.
Newbie
Whoa... market coming to life.
Junior
See who has arrived?
"There is nothing more powerful than an idea whose time has come." - Victor Hugo.
Developers who pay heed shall be amply rewarded.
Those who are stubborn, shall find their profits suboptimised.
Newbie
east facing. #11 flr, 1.07million at 873sqft...hmm...all stack 1 gone..
Junior
Hmm.. are you talking about the Katong Shopping Mall owner? with the wife and 3 kids ... and a maid whose fat like a pig..My real idol is in e one staying in a run down apartment along East Coast Rd, next to the Land FEO owns. CNY I paid him a visit, asked why he choose to stay there where he has so many properties and 70% of them are vacant.
His answer? Feeling.....
So , what do you think of the property market for mid-tier to luxury for coming 2010? Is it a good time to buy?
Junior
Eh.. i think he's the one who refers to CDL Kwek as his old friend..Wow!!! Property_Owner is a TYCOON!!!
All along I have only suspected he is an Ultra High Networth Individual (UHNI), but didn't know that he is a tycoon!!!
I am chit-chatting with a TYCOON!!!
there's another guy ...who refers to another property tycoon as his old friend..
So I think there's 2 tycoon or UHNW in this forum.
Dunno whether they will invite us over for CNY gathering or not.
Junior
stupid idiotseast facing. #11 flr, 1.07million at 873sqft...hmm...all stack 1 gone..
Junior
lol
Posting Permissions
Reply With Quote
