Friday, February 20, 2009

About this Blog

Alexis at Alexandra sold out?

Property agents said Alexis@Alexandra was sold out within 3 days. The following are responses from forumers.

SmallTimer said:
"isit? can quote any report? i just got sms from agent that it is 80% sold so what is the latest? at first i laugh at the email from agent that markets this project saying that the value will appreciate by 2011 (TOP time) and rental can yield 5% .... i was wondering who the hell will believe all this bullshit. but i was wrong ... there are apparently a lot of people that take thing pretty much as the email says and dive into buying. good luck for them. me, i would rather miss the boat keep my cash then buying such over-priced property. "

Commentor#2 said:
"c'mon, common sense tells me that if the take up rate is so good, the paper will splash out immediately or at most the next day like the Caspian. I read the paper every day and till now did not see anything at all. Action speaks louder than Words, ALWAYS.

You are not sensibly talking but blatantly lying.

Actually I hope you are telling the truth because it is more of a Good News than Bad. Those Bullshitter, you think yourself, I am not going to explain why. "

Extracted from the Singapore Property Forum.

May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart

Sunday, February 8, 2009

About this Blog

Caspan at Jurong Lakeside selling hot?

Caspan hot? said
"why the media make such a hoohah about Caspan... price drop but only sold 80 units ... economy is going down, more people loosing jobs, so why people stil have to pay high high price for property...making the poor suffer and the rich richer!! HDB flat price also more than half to live"

Anonymous wrote:
"my guess is this going to be like Livia, only hot during initial launch and then sale die again..80 units out of 712 units is only about 10%.. nothing to hoohah about!"

Above comments on Caspan sale are extracted from the Singapore Property Forum.

News report: Business Times - 7 Feb 2009

Frasers Centrepoint brings cheer to market with sale of 80 units at Caspian’s preview at $580psf

THE year’s first major release of a private housing project has shown that there’s still demand for projects priced attractively. Frasers Centrepoint had sold close to 80 units at its Caspian condo near Jurong Lake by late last night, the company’s CEO, Lim Ee Seng, told BT.

About 70 per cent of buyers are estimated to be HDB upgraders; the rest had private addresses. Singaporeans accounted for more than 85 per cent of buyers. Only a fifth of the buyers so far have opted for the interest absorption scheme offered by the developer. This means that they pay 3 per cent higher for their units.

The project is priced at $580 per square foot (psf) on average for buyers who opt for normal progress payment.

Property market watchers expect sales in the 99-year-leasehold condo next to Lakeside MRT Station to pick up steadily over the weekend.

Frasers Centrepoint had meant to open its showflat for sales to staff on Thursday, but decided to start selling in the evening to other buyers who had started gathering outside. The average price of $580 psf - or $598 psf for those who opt for interest absorption - is for the 250 units being marketed in the first phase.

Knight Frank executive director Peter Ow, whose firm is not involved with marketing the project, said: ‘The response is very encouraging in today’s market. It goes to show that there’s still demand in the market, as long as the project is priced attractively. Those who want the location will buy. I believe buyers would be buying predominantly for owner occupation.’

The 712-unit Caspian is being built next to LakeHolmz, an earlier condo by Frasers Centrepoint that was completed about four years ago. Units in LakeHolmz are going for about $600 psf on average in the resale market, while further away, units at The Lakeshore, which was completed more recently, are fetching an average price of around $750 psf.

Frasers Centrepoint indicated that 80 per cent of the Caspian units sold are two and three-bedders.

A strong draw of the project is its location in the Jurong Lakeside District, for which the government has big growth plans as a unique destination for business and leisure, and a vibrant regional centre serving the west region of Singapore. The project’s location next to Lakeside MRT Station will also receive a boost from the extension of the East-West MRT Line with the opening of new stations this month.

Frasers Centrepoint’s Mr Lim said: ‘We’re happy with the positive response generated by Caspian, which will hopefully create some impetus to the otherwise sluggish market.

‘We did a thorough market research and survey, which resulted in a substantial number of potential buyers indicating firm interest within a certain price range. We then launched below this price range to further boost the demand.’

He did not indicate what the surveyed average price range was, but BT understands that it was in the low to mid-$600 psf range.

May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart

Saturday, February 7, 2009

About this Blog

Can government resilient package save the property market?

"I am not a bull and want overpriced property prices in singapore to come to some sense. Unfortunately, prices will possibly rise because our pragmatic Government will get involved in helping whatever companies to obtain financing by taking a major amount of risk on their defaults.

Companies big or small or medium will rush in to get easy credit nowadays up to 4 years from S$5m to S$50m on the pretext of working capital needs and started to use this spare cash to speculate in shares and properties. The resilient packages have alot of loopholes and it is easy to exploit.

The abuse is starting and how you expect the bank or government going to control. Then the government has waived and help developers to delay their launching of projects by extension of construction dates and postpone land sales indefinitely.

You see all these are calculated to help the developers, the rich and vested people. We have the public funds and reserves to help them.

Then the developers will given a freehand to start to blow the horn about singapore growing into a GLOBAL CITY, Jurong, Kallang and Paya Lebar regional centres and MRTs, IRs, F1 and a Swiss standard of living in the making. Singaporeans all easily buy these and rush and drive property prices up and up.

You see it is all planned.

So if you want to speculate or buy, go go at your timing. But why when it is already overpriced and so artificial. If it goes up, it is not for the average, it is for the rich and speculators. "

"It is a scary situation because there are billions available for speculation now and ready to be abused. it is going to be messy, deceptive, pretentious, greed and fear of losing out . Banks are swarmed with thousands and thousands of applications to process. More and more such loans are released into the system and the companies are rushing in to use these companies to speculate. Companies even Ok are pretending to be wanting to retrench and expand. They are taking advantage of the RESILIENT PACKAGES to speculate.
Good news for developers and speculators!!!!! Sorry bears! "

"You think our govt is stupid or what? or are you stupid? You think our govt will lend money for companies to speculate? They only lend to companies with sound business lah!! Sorry bulls! Property crashing liao!!!! "

"I am RICH, BASTARD i am very illiquid. DAMN if I can't sell my property at 2008 price and over time when I lost my holding power, I sure beome poor SHIT. "

"I don't think the govt resilient package will cause property price to rise. It may help developers to delay launches but ultimately, developers must sell properties to be in business. With jobless rate climbing and household income dropping, demand will shrink, esp for private property. How long can the developers hold on to their unsold properties? How long can the speculators hold on? Even if economic recovery comes by the end of 2009, it will be slow. Household income will take a long time to catch up with sky-high property price. So the way I see it, either developers stop selling properties and be out of business for a long time or lower their prices to a more affordable level to move sale. The days of wild speculation using easy credits from the banks are over!!! So what's there to sustain the current high price even if govt gives developers more time? It'll take years for household income to catch up with current high property price and can the developers wait for years?"

Extracted from the Singapore Property Forum

May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart