Esparina

[proud owner]

only another 20 units sold over the weekend, looks like first-timers got no strength got to wait for the calvery (2nd timers) to come.

what do you mean first timer no strength ?

they cant afford the 20 pcts?

[2824]

Do you have to pay the 20% upon booking of EC like private condo, i am not sure .

But i feel for 1st timers, who just started working say 3-5 years ago, such a huge financial committment is no joke. Especially for Gen Y, where (from what i read) they like to chase their passion and don't like to be tied down to a job.
For second timers, they are already sucked into the property trap, so they are just exchanging one trap for another, of course a bigger one.....

what do you mean first timer no strength ?

they cant afford the 20 pcts?

[gohsoonk]

I think he was trying to use figurative speech. Basically, he is saying the number of 1st timers are not enough to buy up all the units. Require 2nd time upgraders to soak up the remaining units.

what do you mean first timer no strength ?

they cant afford the 20 pcts?

[esparian]

Hey folks...

1) Any good loan package for Esparina project?

2) Am comparing the loan packages..
Does anyone has details of the building schedule?
Not sure if this is a good estimate:

Est date - Esparina Payment Schedule
2010 Oct - Option Fee
2010 Dec -Signing of Purchase agreement
2011 Jun - Foundation work completion
2012 Jun - Brick walls of unit completed
2012 Dec - Ceiling of the Unit completed.
2013 Jun - Door, window, wiring, plastering completed.
2013 Dec - Car park, roads and drains completed.
2014 Mar - Temporary Occupation Permit (TOP)
2015 March Certificate of StatutoryCompletion (CSC)

3) The Option letter will expire in 3 weeks. I guess we must settle the loan by 2nd week to allow the bank and lawyer to settle the paperwork...is the end of 2nd too late?

Please advise Thanks!

[hellothere]

Hi

I am looking at the loan package from CIMB. Theirs look quite attractive. Do you have any recommendation?

[gnooliew]

Hi

I am looking at the loan package from CIMB. Theirs look quite attractive. Do you have any recommendation?

Me too. The step-down package I presume. Yup, I should be taking that.

[hellothere]

Me too. The step-down package I presume. Yup, I should be taking that.

Bro, do you have any packages for comparison?

[gnooliew]

Bro, do you have any packages for comparison?

offhand from what i rem:
OCBC SOR+0.75% 3 years, SOR+1% thereafter (nolock in)
OCBC SOR+0.65% 2 years, 0.75%,1% (2 year lock in)
HSBC SIBOR+0.75% all the way
UOB SOR+0.7% 3 years,1% thereafter (nolock in)

[hellothere]

From what I see,
OCBC is better initially by a few hundred dollars but CIMB is better in long run. However, CIMB had no lock-in and provides 1 year more Fire Insurance than OCBC. Though the Fire Insurance is not much.

[DC33_2008]

It is better to go for no lock if it is SOR package given the volatility nature of SOR. On the other hand, looking at US economy and US$, SOR and SIBOR should be remained low for quite some time.

[hellothere]

It is better to go for no lock if it is SOR package given the volatility nature of SOR. On the other hand, looking at US economy and US$, SOR and SIBOR should be remained low for quite some time.

I agree with u bro. SOR should remain relatively low for the moment

[esparian]

Hi, whats is the rate for CIMB?


Anyone has rates for St. Chart, CitiBank and DBS?

[hellothere]

Anyone has rats for St. Chart, CitiBank and DBS?

DBS

1st Year: Sibor + 0.70%
2nd Year: Sibor + 0.70%
3rd Year: Sibor + 0.70%
Thereafter: Sibor + 0.75%

[DC33_2008]

One should look carefully at the loan documents. Penalty fees, perks, early redemption, etc.

[DC33_2008]

Is this for BUC or completed project?

DBS

1st Year: Sibor + 0.70%
2nd Year: Sibor + 0.70%
3rd Year: Sibor + 0.70%
Thereafter: Sibor + 0.75%

[hellothere]

Is this for BUC or completed project?

Bro, all stated here are for the uncompleted development Esparina.

[DC33_2008]

Then the first 2 years do not great difference. Do take note of the penalty for the undisburse amount when want to refinance even though you have no-lock.

Bro, all stated here are for the uncompleted development Esparina.

[hellothere]

Then the first 2 years do not great difference. Do take note of the penalty for the undisburse amount when want to refinance even though you have no-lock.

Thanks bro. Must say that u have great knowledge about this.
0.75% is the standard cancellation fees for all.

[gnooliew]

Thanks bro. Must say that u have great knowledge about this.
0.75% is the standard cancellation fees for all.

Yup, plus the clawback for legal fee of $2.5k... therefore can safely say first 3 years won't refinance. After that is where the fun begins....or horror..
DBS sibor one also doesn't look bad.. though SIBOR is higher now. Effectively, maybe abt the same as cimb's? anyone can confirm whether DBS also follows percentage completion disbursement? coz i heard 1 bank starts calculating interest once Letter of Offer signed, not sure which one though

[hellothere]

Yup, plus the clawback for legal fee of $2.5k... therefore can safely say first 3 years won't refinance. After that is where the fun begins....or horror..
DBS sibor one also doesn't look bad.. though SIBOR is higher now. Effectively, maybe abt the same as cimb's? anyone can confirm whether DBS also follows percentage completion disbursement? coz i heard 1 bank starts calculating interest once Letter of Offer signed, not sure which one though

Not sure about this bro
Sibor is much more stable than SOR... thus the slightly higher rate

[mcmlxxvi]

Thanks bro. Must say that u have great knowledge about this.
0.75% is the standard cancellation fees for all.

Depending on your relationship with the bank and how much business you had given them, this can easily be waived...

[fisho]

Has the deadline for first-timers priority expired for Esparina? Wondering what would be response once it is opened to the market?

Cheers
fisho

[Condo Collector]

Thanks bro. Must say that u have great knowledge about this.
0.75% is the standard cancellation fees for all.

There is no standard. All depend on the value written on the letter of offer. FYI, it is NEGOTIABLE...

[2824]

think it is 1 month so shd be Nov 1 or 2? Should be , 2nd timers will also go for the bigger units.

Has the deadline for first-timers priority expired for Esparina? Wondering what would be response once it is opened to the market?

Cheers
fisho

[Condo Collector]

think it is 1 month so shd be Nov 1 or 2? Should be , 2nd timers will also go for the bigger units.

If i remember correctly, it should be 7 Nov.

[2824]

7 eleven, nice date, think they might expect to sell out before their results are out on 12 Nov and make up for their flamingo project.

Maybe developer will also up the price knowing that the bigger fish are coming.

If i remember correctly, it should be 7 Nov.

[syncmaster]

any 1st timer received their S&P ?

Been a mth since I signed the OTP but no info till now

[bargain hunter]

F&N says 496 units sold (87%) as at 8 Nov.

[kane]

Believe it's been launched for about 3 weeks now. not bad, if it wasn't an EC, they can probably close their EC and start the construction.

[2824]

Think more like 5-6 weeks now, actually thot this will sell out like hot cakes (although perf not too bad), but other EC developer shd be worried after seeing the perf of canopy......

Believe it's been launched for about 3 weeks now. not bad, if it wasn't an EC, they can probably close their EC and start the construction.