Err ... maybe, from now onwards, we should start looking at $3M instead of $1M?Originally Posted by xebay11, 11 March 2010 10.40 am
F01 N54 Sheer Driving Pleasure
Err ... maybe, from now onwards, we should start looking at $3M instead of $1M?
Junior
yes. It's 1.5M now. All the pty analysis reports nowadays (JPM/MS/Citi/etc) use 1.5M as the benchmark for mass market suburb condos.
Junior
i guess horizon is refering to Far East project: Horizon Residences, close to the recently launched Parc Imperial:
[IMG]file:///C:/Documents%20and%20Settings/ltiansha/My%20Documents/My%20Pictures/horizon.JPG[/IMG]
Junior
Is $3M a "RIDICULOUS PRICE"?
Does it come with "gold keys"?
F01 N54 Sheer Driving Pleasure
Action from an almost-10-year-old EC from District 19 this time.
F01 N54 Sheer Driving Pleasure
Almost-10-year-old EC break hïgh is great but .....
..... but look at this nëw hïgh from The Sail at Marina Bay in District 1!
$3,413 psf!
This is truly marvellous, isn't it?
Now that we have finally broken the all-time-high of $3,387 psf set on 4 April 2008, what should we say next?
F01 N54 Sheer Driving Pleasure
10 bids for Yishun EC site
Joyce Teo
Property Correspondent
The Straits Times
Thursday, 11 March 2010, 6.19 pm
The winning developer of the 15,074 sqm site on Yishun Avenue 11 will have to set aside 95% of units in the initial month of sale for first-time home buyers. The plot can yield about 385 units. -- Photo: Chew SengKim, ST
The tender for an executive condominium (EC) site in Yishun attracted 10 bids at the close on Thursday.
China-based MCC Land (Singapore) put in the top bid of $127.8 million or $281.3 psf ppr.
Other bidders include Far East Organization, Sim Lian Land and Boon Keng Development.
The winning developer of the 15,074 sqm site on Yishun Avenue 11 will have to set aside 95% of units in the initial month of sale for first-time home buyers. The plot can yield about 385 units.
Last week, an EC site in Sengkang drew 11 bids, with the winning offer trumping analysts' expectations by a fair margin.
The 19,000 sq m site, which can be developed into 520 apartments and is near Buangkok MRT station, was topped by Frasers Centrepoint's Opal Star and Lum Chang Building Contractors, with a bid of $193.28 million or about $315 psf ppr.
The Government last put up an EC site for sale in Punggol in September 2008 but failed to attract any bids. The last EC launched was La Casa in Woodlands in May 2005 - for around $550 psf - which was completed in early 2008.
F01 N54 Sheer Driving Pleasure
Unit at ClementiWoods sold for $870 psf
The Edge
Monday, 11 March 2010
ClementiWoods
Once seen as a poor cousin to the prime East Coast area, the West Coast is gaining in popularity, with transformation of the entire western region underway.
There are one-north, with Biopolis, its biomedical research cluster, and Fusionopolis, its infocomm and media cluster; wellknown tertiary institutions like the National University of Singapore (NUS) and INSEAD; parkland and green lungs like West Coast Park and Hort Park nearby; and the Clementi MRT station and the Ayer Raja Expressway (AYE), which are also located nearby.
ClementiWoods condominium, located along the quiet West Coast Road neighbourhood near NUS, has been enjoying an uptrend in the prices of units since last June. A high of $974 psf was achieved when a 560 sqft unit was sold for $545,000 last November, surpassing the peak of $819 psf in 2007. The 240-unit condominium, developed by Frasers Centrepoint Homes, is due to receive its temporary occupation permit (TOP) in 1H2010.
For the period of Feb 4 to 12, there were three transactions at ClementiWoods in the price range of $836 to $870 psf, according to caveats lodged with URA Realis.
The owners, who had purchased the units at the launch in 2007, made significant gains. On Feb 11, a 1,130 sqft unit on the 5th floor was sold for $950,000, or $841 psf, netting a 55% gain for the original owner, who bought the unit for $612,000, or $541 psf. On the second floor, two units changed hands. A 1,076 sqft unit was sold for $900,000, or $836 psf. The previous owner had purchased it for $592,000, reaping a gain of 52%. The other sale was for a larger 1,388 sqft unit, which fetched $1.2 million, or $870 psf, translating into a gain of 45%.
Adjacent to ClementiWoods is the 530- unit Varsity Park condominium developed by CapitaLand and completed in 2008. On Feb 11, a 1,991 sqft unit on the 5th floor was sold for $1.6 million, or $828 psf — a 106% gain for the previous owner, who had purchased the unit a year after it was launched in 2005 for $800,320, or $402 psf.
In the Buona Vista area, there has been strong interest in One-North Residences, located within a 200ha development funded by the government for growing the biomedical, infocomm and digital media industries. Prices of the 405-unit condominium, which received TOP last year, have seen strong support at the $1,000 psf level since last July. They hit a high of $1,280 psf last October when a 570 sqft unit on the fourth floor was sold for $730,000.
For the period of Feb 4 to 12, 2 units were sold. It was the 2nd time both units changed hands since the launch of the project in 2007 by the consortium of developers — Kheng Leong, United Overseas Land, and Low Keng Huat. A 592 sqft unit on the 5th floor was sold for $735,000, or $1,242 psf, and prior to this sale, it had changed hands for $645,000 or, $1,089 psf, last August. In 2007, it was sold for $518,914, or $877 psf.
A 1,420 sqft unit on the 10th floor was sold for $1.5 million, or $1,056 psf. The original buyer had purchased the unit for $1.36 million or $957 psf, in June 2007. Before this, it had been sold for $1.15 million, or $814 psf.
Property agents say interest in the West Coast area has also spiked in the run-up to the private preview of Cheung Kong (Holdings)’s The Vision, its highend condominium on West Coast Crescent that is expected to be priced above $1,000 psf.
Junior
Wow ... China's Property Liberation Army (PLA) not only outbid the Singapore speculators, now they even outbid the local developers!
Propertism School Leaving Exam
Read the following two articles carefully and answer the question that follows.
ChannelNewsAsia 11 Mar 2010
SINGAPORE: The executive condominium site at Yishun Avenue 11 has attracted 10 bids.
MCC Land Singapore put in the top bid of $127.8m for the 99-year leasehold plot. This translates into S$281 per square foot per plot ratio.
The second highest bid came from Qingjian Realty, at S$118.8m, followed by Maxdin Pte Ltd which placed a bid of S$117m. The remaining offers range between S$46.8m and S$116m.
Qingjian group co., ltd is the holding company of Qingjian Realty PTE LTD. It has been continuously listed into China’s Top 500 Enterprises for six years.
The two top Rafflesians at the 2009 GCE A Level results: Pan Zixiang and Chen Sihan
The Straits Times, Mar 6 2010
Raffles Institution's Pan Zixiang, 19 - Singapore's top A-level student overall with nine As worth 13 academic credits - came through the Integrated Programme (IP), skipping the O levels.
Zixiang, a permanent resident from China, who came to Singapore when he was nine years old after his engineer father, Mr Pan De, was posted here, expected to do well.
To Chen Sihan, the other Rafflesian who achieved 9 distinctions for the ‘A´ levels, enrolling into RI was the "best thing" that ever happened.
"Growing up in China, I was mostly exposed to Mathematics and Science. However, that all changed when I entered RI."
Propertism Exam Question
What do MCC Land, Qingjian Realty, Pan Zixiang and Chen Sihan have in common?
a. They originated in China.
b. They outbid Singaporeans.
c. They are going to cause property prices here to shoot above $10,000 psf.
d. All the above.
Senior
(a) .....i think u have gone bonkers over ur religion.
Senior
(a) .....i think u have gone bonkers over ur religion.
exactly
nowadays .. when i see its jlrx ... i skip ...i know exactly what he will say ...
too much ..too frequent .. becomes too unbelievable ...
wonder if he ever heard the 'Wolf is here' story ...
Senior
i think jlrx "zou huo ru muo" already. I think he gratifies himself by looking at charts and smiling at his propery titles all day...
Junior
Congratulations! For knowing "exactly" what I will say, you have passed the Propertism School Leaving Exam (PSLE) with DISTINCTION !!!
You may now skip my Propertism lectures and proceed directly to the University of Propertism.
Congratulations! You have guessed partially correctly!i think jlrx "zou huo ru muo" already. I think he gratifies himself by looking at charts and smiling at his propery titles all day...
Only one of my properties is fully paid, for which I hold the original property title. The rest are still mortgaged, so the title deeds are with the banks.
Hence the correct statement should be "smiling at the photocopies of his property titles all day ...
F01 N54 Sheer Driving Pleasure
$4,978 psf?Wow!
Sold at around $4,978 psf?
..........
..........
The Laurels in District 9?
Wow! What's up?
Why not $5,000 psf?
What's $22 psf to them anyway, right?
Senior
My answer is d.
I was at the vision launch this morning, sharing table with me was a PRC guy who just bought a 1.xxmil 3 bedroom unit. I think there are other PRC people in the showroom with cheques.
Senior
It was less than a year ago when most reports stated that 800k was the limit to price sensitive buyers....
Junior
No offence to jlrx, I'm getting bored of your stuffs. At first thought it makes senses. But too much and e same old things give me a headache. Can you think of something new?
F01 N54 Sheer Driving Pleasure
Wow!
Southbank in District 7 has just hit a nëw hïgh of $1,450 psf!
F01 N54 Sheer Driving Pleasure
Luxury condominium at West Coast sells out all 100 units reserved for opening sale
Ryan Huang
Channel NewsAsia
Friday, 12 March 2010, 2155 hrs
The luxury seafront condominium The Vision at the West Coast has received good response.
All of the 100 units allocated for its first phase of sale on the opening day of its private preview have been sold.
Prices for the 2-bedroom to 4-bedroom units range from around S$1,000 psf to S$1,200 psf.
All the penthouse units have also been snapped up fetching S$3.6 million each.
The 99-year leasehold condominium by Hong Kong developer Cheung Kong offers a rare mix of strata terraces and 281 apartments.
Nearly half of the 14 strata terrace units were sold with the highest going for S$3.2 million.
Cheung Kong said that over 60% of the buyers were home upgraders while the remaining were long-term investors in the property leasing market.
In view of the strong demand, it will be release 20 specially selected units for sale this weekend on a first-come-first-served basis.
These will comprise 2-bedroom to 4-bedroom units.
Junior
So fierce......
Junior
Has the market gone crazy?The luxury seafront condominium The Vision at the West Coast has received good response.
All of the 100 units allocated for its first phase of sale on the opening day of its private preview have been sold.
Prices for the 2-bedroom to 4-bedroom units range from around S$1,000 psf to S$1,200 psf.
All the penthouse units have also been snapped up fetching S$3.6 million each.
Nearly half of the 14 strata terrace units were sold with the highest going for S$3.2 million.
There is a sort of surrealistic feel to this ...
F01 N54 Sheer Driving Pleasure
Wah!
This resale from going-1-year-old The Sixth Avenue Residences from District 10 is .....
..... so fierce?
F01 N54 Sheer Driving Pleasure
Property
Expect to pay more for exec condos
Market watchers cite strong bids for new sites and pent-up demand
Joyce Teo
The Sunday Times
Visitors at the launch of The Estuary, a 99-year leasehold condo in Yishun, which has a price range of $750 to $800 psf. Property watchers expect new ECs to be priced above $600 psf. -- Photo: ST File
Executive condominium (EC) prices look set to rise further with the close of 2 EC tenders at higher-than-expected bids in the past 2 weeks.
The Sengkang EC site attracted a top bid of $315 psf ppr, while the Yishun EC site drew a top bid of $281 psf ppr.
Analysts estimated that the winning bidders will have to sell the units at Sengkang for $650 to $700 psf and those in Yishun for $600 to $650 psf.
CBRE Research said the median price of new 99-year leasehold private condo units in similar locations as ECs was just $663 psf as of last month.
However, the latest 99-year condo The Estuary in Yishun sold at some $750 to $800 psf, with more than 500 units snapped up since early this month. It is therefore reasonable to expect that new EC projects may be launched at more than $600 psf, it said.
In the resale market, EC unit prices have risen in line with the market, closing the gap between resale prices of EC and private condo units.
As of last month, resale EC unit prices have reached $557 psf, up 75% from the market bottom in the third quarter of 2006.
The price gap between resale private condo units and resale EC units has narrowed to 11%, from 14% late last year, according to CBRE Research.
This could have a bearing on the gap between new EC units and new private condo units - the gap could become smaller than the historical one of 25% to 35%, said its executive director Li Hiaw Ho.
Said PropNex chief executive Mohamed Ismail: 'There will still be a gap of around 25%. It is still there, but it may be slightly smaller because land cost has become more competitive.'
This price gap reflects the constraints attached to ECs such as qualifying conditions and the restriction on resale only after the minimum occupation period of five years, experts said.
ECs come with condo facilities but have initial sale restrictions similar to those for public housing. They convert to a private property only after a decade.
They were introduced in 1995 to bridge the gap between public housing and private apartments, aimed at Singaporeans who could afford more than an HDB flat but might find private property out of their reach.
Buyers of new EC units have to meet a gross monthly household income ceiling criterion of $10,000 a month, slightly above the $8,000 income ceiling for a new HDB flat.
Despite the expected higher EC prices, there is likely to be pent-up demand for the new ECs, Mr Ismail and Ngee Ann Polytechnic lecturer Nicholas Mak predicted.
Firstly, there have not been any EC launches since 2005, when La Casa in Woodlands was marketed, said Mr Mak.
Also, prices of 99-year leasehold condo units as well as HDB resale flats have gone up, he pointed out.
'Those who earn more than $8,000 do not qualify for build-to-order or design, build and sell scheme HDB flats. They would have a greater motivation to apply for ECs,' said Mr Ismail.
Besides, the higher psf price may not translate to a huge lump sum. 'Given the two recent EC bids, the developers are likely to offer more smaller units, such that they can sell them at the right prices,' he said.
'Developers these days are offering more smaller units. Buyers will have a better lifestyle but they will have to compromise on space.'
F01 N54 Sheer Driving Pleasure
China's Central Bank unfazed by higher inflation
Bloomberg
Beijing, China
Sunday, 14 March 2010
China's central bank is to maintain its current fiscal policy despite higher-than-expected inflation data.
Consumer prices jumped 2.7% in February from a year earlier, exports surged 46% and industrial output gained the most in more than 5 years.
And economists from leading banks Goldman Sachs Group, JP Morgan Chase and Company as well as Deutsche Bank had warned of the risks of overheating in the world's third-largest economy. They urged Beijing to raise interest rates as soon as possible.
But speaking to reporters in Beijing, Central Bank governor Zhou Xiaochuan said economic data, including inflation, "are a bit higher than our forecasts, but not much higher, and we can still act according to our plans."
He said "raising rates is connected to inflation figures, but from the central bank's perspective, it's not mainly based on data that have already come out."
Mr Zhou did not elaborate. But the central bank's interest rate stance is mainly based on the outlook for inflation and changes in the overall economy rather than published numbers.
Mr Zhou reiterated that monetary policy must be "preemptive." In drafting policies, he said "we need data forecast in advance, because monetary policy has a fairly long lag - it takes a time lag of a few months or even one year for money supply to work into the economy."
Speaking at the end of China's parliamentary session, Premier Wen Jiabao said it was extremely difficult to balance growth, inflation management and the need to reform economic models.
He warned that inflation, income disparity and corruption combined could cause social unrest and political instability.
Mr Wen called on policy makers "to practice utmost prudence and also exercise flexibility" in managing the economy.
He added that to maintain "appropriate and sufficient liquidity," keep interest rates at "reasonable" levels and to effectively manage inflation expectations are key objectives of monetary policies.
China's economic growth rate quickened to 10.7% last quarter, the fastest pace since 2007, driven by a record 9.59 trillion yuan ($1.4 trillion) of new loans last year and a 4-trillion yuan, 2-year stimulus plan on railways, airports and homes.
Monthly inflation may climb to a peak of 4.4% during this year and the full-year rate will probably be at 3.4%, say economists.
Newbie
Yes, the market is very fierce now....Checked D9 Laurels on sunday (yesterday heavy downpour noon), more than 70 units of 100 preview units sold, 2 bedrooms at 3000 to 3100 psf.....people still buy....about 60 units of 2 bedrooms in entire development, when i was there 40 units have already been sold. Then I checked out L'VIV quickly and realise that out of 147 units only 30 plus units are left!!!!!
Newbie
Think L'VIV's good performance is aided by DFS! But in any case excellent response. However if you look at the resale market, its not that hot. Its a strange market. Buyers love to enrich developers!
Junior
L'VIV at 2100psf to 2200psf ? deja vu of soleil?
Newbie
Just wondering why out of sudden so many buyers rush out loaded with $$$ to buy from developers....maybe once developers units have been bought down, the resale market will start to get hot in next 3 months..Think L'VIV's good performance is aided by DFS! But in any case excellent response. However if you look at the resale market, its not that hot. Its a strange market. Buyers love to enrich developers!
Newbie
The resale will get cooler and cooler when more already TOP units fighting for rental market which is already quite weak.Just wondering why out of sudden so many buyers rush out loaded with $$$ to buy from developers....maybe once developers units have been bought down, the resale market will start to get hot in next 3 months..
The main reason why people buy new launches is to put in around 25% initial investment and hope to sell it when the price appreciated. Many of these people do not have sufficient cash to serve the next 10% ( let's say they can borrow 70% from bank ) at the moment of purchase but believing that they can "find/earn" the 10% before the next payment usually in 1 year time. These people will be in big trouble when the market move south... they may not have holding power and can't find buyer then.....
F01 N54 Sheer Driving Pleasure
Just curious.
Of the 3 words - a few, some and many, you used the word many.
How did you know many of these people do not have sufficient cash to serve the next 10%?
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