All looking for Condo

[riksnake]

Yoo Blessed, You are right abt getting area in holland. Well! it only prove we are just those that are buying the condo simply due to HDB limitation and no other choice. Well! I am just not granted to buy HDB anyway, at least that is my case. EC isn't worth the effort, you guys knew that I pressumed.

Hey Powder,
If you are thinking of Mandarin Garden, do consider carefully. Bank loan will be a problem as when it is time to sell, most people cannot afford to buy without bank loan when they get too close to 30 years for 99 years lease.

Rental is not worth unless you are investing your cash to earn enough interest to cover your monthly rental. If you plan well, your CPF interest can cover the monthly bank loan installment and at the end of the day you still have your assets, right guys? Please comment if I got it wrong.

I love the beach and give myself 5 to 8 years to fufil this dream. But the alternatively, any condo near MRT station is worth a thinker for me. Next time Freehold. Good luk hunting.

 

[mummy69]

Hi everyone. Any suggestions on North area apts??

 

[riksnake]

Hi Mummy69,
The new EC near Yio Chu Kang MRT seems pretty good, I have not much info on that as I just got my unit in Yew Tee. There are a few freehold there too. The pricing aren't too bad either.

 

[darrenowl]

North?heard there is gg to be a EC launching in woodlands area in few weeks time.

Must say all this discussion abt condo has help me understand more...cheers

 

[onzz]

Hi there,

May i share my tots on FH vs LH in response to someone's queries...

Most banks have a policy of not financing a LH pty > 30 yrs old... in fact once u exceed 20 yrs its oredi quite difficult to get financing, despite the fact dat the valuation is oredi drastically reduced. So the worry is always, if u buy a LH pty now, wat's gonna happen in 10-15 yrs time? Examples i can give is Melville Park in Simei, juz 5 yrs back a 2 BR unit was still calling $500-600k... even after considering the fact dat prices was on the high side then, the transacted prices of those units at $350-450k these days is scary.

Why has the price fallen so drastically? Obviously the bank would be the main cause, plus people's negative perception on older LH pty in general. Btw, Melville is abt 13 yrs old.

Having said dat, is it unwise 4 u to buy a pty like dat at $350k? Or a 3 BR unit at $400k? I think if u can get a good unit, its a great bargain. Why? B'coz a 3 BR flat in Simei of abt dat size costs $250-300k... for $100-150k more u get a condo with full facilities, so if u are keen on facilities, a CHEAP & GOOD older LH might not be a bad choice!

For the same reason, people's positive perception abt FH drive the prices of new FH pty high, especially if its a good pty. But generally in a soft pty mkt like these few years, developers hv been launching FH pty at non-prime areas at quite a fair price.

So i would conclude, at the moment, the best pty to buy would still be FH at non-prime areas. If u are getting a 3 BR unit, try not to pay more than $600-650k, then u would hv little to worry abt.

 

[opel]

Hi ! All
Try "Country Park" - Freehold (East)
"Bluwater" - Freehold (End of NTUC chalet Pasir Ris
Quite nice !

 

[mummy69]

Riksnake, not sure if I'm qualified for a EC. Saw all suggestions on this thread and was also going through the papers on Sat, so many apts on sale now.... Sometimes hard to choose... Does anyone has a reliable house agent to recommend.

 

[idono]

Can I share my view on Melville Park? Hope dun mind I contradict your view ok....

Actually, the price fall is not so much due to the financing aspect, but its generally due to fall in price of LH condo in that area. My parents stay nearby in 5-rm HDB, so we were keeping track of property prices around us.

eg. Their 5-rm used to fetch 350k 2 yrs back (18 yrs old flat), now is only about 280k the last we checked (20 yrs old flat).

But I do agree if you purchase LH, u'll hv to consider its value after 30 yrs (drastically reduced). Whereas I believe for FH, property price will (minimum) keep inline with inflation.

Though in singapore, I dun really believe that property is a good investment. Price appreaciate seems to be in the doldrum for the next 10 yrs at least.

Personally, I stay in an EC but looking for good buys. I hope to find a property with more privacy and is quiet at nite. So far in the east, I find the 99yrs pasir ris semi-D area pretty fit my bill though its LH. Upside is that its pretty "affordable" at about 800k for a big semi-D (3000+ sq ft i believe).

 

[idono]

Oh, I've my views on the dunman area too. I used to study there for quite a number of years and still visit that area regularly.

The property price there tends to be lower as the developments are smaller and facilities not as comprehensive (i'm being very general here coz there are some exceptions). The other problem is traffic. Roads tend to get very congested in that area. And for some developments, its a case of too close to "red light" district and can be a tad noisy at night though it's not as serious as geylang. if you visit that area, you'll know what I mean. The other speculation that I hv is that as the area is generally very old (old shopping centres, shophouses etc), you cant rule out the possibility of a redevelopment. And the downside to that is 2 yrs of suffering while the area re-develops.

 

[_orange_]

hi all

melville prices has dropped because of decline in pty market. That's a general price drop. A 3br - 1,346 sq ft unit in Melville used to cost 600k in 2000, now it costs $480k. A decrease of 20%

Maplewoods in Bt timah, FH pty, used to cost 1.05M for 1,335 sq ft in 2000, now it costs $880k. A decrease of 16%

Costa Rhu used to cost $1.45M for a 2,239 sq ft unit, now it still costs almost the same.

I dunno. I'm very torn apart between LH and FH too. My h2b and I are eyeing at a Moonstone Residences unit because of its good size balcony but paying $650k doesn't seem to be worth it. So stressed out.

 

[_orange_]

We visited the Blue Horizon (LH Top2005) y'day. The seaview for a high floor unit is perfect but the fittings were not what we quite desire. Expected because it is a development by FEO. All sea facing units face the west so afternoon and evening sun is definitely a killer. The buyer bought the unit during the first launch (2-3 yrs ago) at 600k and he wants to sell it at $680k now despite pty slump.

 

[_orange_]

Mummy69

How north is north for you?

Upp Serangoon/Kovan area or Seletar Area or??

I have been to seletar springs, very resort like development. I got a nice feeling to it but we didn't see a unit that we like till now. May be going there to see once again. It's a LH project, TOP in 2000. Used to cost >$700k in 2000, now costs about $540k for a same 3br 1,300sq ft unit

 

[_orange_]

I feel like I'm spamming.

Regentville is not bad either but alot of the residents hang their clothes out which I find it quite a turn off. Each 3br, 1,152 unit cost $420k now. Used to be <$650k in 2000. This development TOP in 1999

 

[idono]

haha. Yar, its tough to buy something "right" the 1st time. That's why I'm taking my time to source for my next home

My experience so far is to avoid FEO. (ok, maybe I'm a bit bias), but my 1st property hv such poor workmanship that I'm placing a premium for good developers in the future (ie CDL etc).

 

[_orange_]

I have heard alot of good views about CDL. Really so good? I went to one of their development - Moonstone View...so so only. Maybe my opinion is biased because of the way the owner did his place. A really crampy and stuff unit. I still prefer Moonstone Residences. Sighs.

 

[_orange_]

Does anybody know how or where I can engage a private valuation officer to evaluate if a unit is worth its price before I put down my thumb on the paper?

 

[onzz]

Orange,

Is it worth paying the few hundred bucks for a valuation? I hv some valuers throwing leaflets offering their svc into my letterbox, but not wif me right now. Y not juz refer to most recent transacted prices at URA site, then u factor in the specific condition n facing of the unit yourself.

As 4 wth the developers make a diference, i think it does. CDL r generally quite prepared to do a proper rectification once u report to them w/i the defects liability period... tis largely has got to do wif a developer dat prides itself as reliable n reputable.

As for some privately owned developer, hehe, u noe who, i noe of many instances whereby they engage a cheapo main-contractor, who builds apt full of leaks n cracks, n when u bug them to rectify, they do a slip-short job, sometimes so bad dat u literally give up asking them to rectify!

Moonstone, well it's a budget development, so u can't really expect alot. Try looking at Goldenhill Park Condo, dat's a signature of CDL's development... but its freaking ex.

If u are worried abt clothes sticking out of condo, look 4 apts dat have a good laundry space... its quite hard to avoid wat owners do w/i their house, even though it contravenes the house rules, coz house rules have no legal weight n cannot be enforced.

 

[onzz]

Idono &amp; Orange,
I'm one of the unfortunate souls who bought an FEO apt in year 2000... wat can be worst! At dat time i considered Melville Park, the prices i checked 4 the 1346 sft units were $700k+ at dat time, whereas 2 BR units were $500-600k, so my impression is dat, its prices has fallen more than other properties.

Anyway, juz to share, i had a leakage at my laundry area b'coz the floor-trap area was not properly done from upstairs. I bought the condo fr resale mkt, 1 yr old, ie. after defects liability period oredi. But i tot it was ridiculous for a condo to be built wif such defects, so i bug the developer repeatedly, n each time the main-contractor came to rectify, the problem recurred... finally after the 5th time they came, it was fortunate the particular China worker was very courageous to suggest to his supervisor wat he tot the problem was... he almost got a scolding from his boss... so he took the risk to hack the laundry area from my kind neighbour upstairs, dug out the pipes, found a big hole in the U-pipe, saw it of, joint back nicely... my upstairs neighbour endured the mess for 2 days... n my problems was finally solved!

 

[_orange_]

Hi Forum you very onzz

I don't really know either if I should get a valuation. My gut feel tells me I should. Hear me out and let me know if i am thinking the wrong way.

I have checked the transacted prices at URA site. There are a lot of different in the prices of the units at Moonstone Residences because of its facing. OrangeTee has already sold all of the 3BR units facing one side (the cheaper side)so we're left to choose the pool facing units by default. A non-pool facing unit costs an average of 560-590k per unit while a pool facing one costs $620-$690k per unit depending on the level. Generally we prefer high floor so the pool view doesn't really make sense unless we stick our heads downwards.

If I were to take the offer price (after max discount) from OrangeTee, and the bank's valuation turn out to be 50k lower than the market price, that means we not only have to fork out an additional 50k more for a unit, it also mean that the bank will only loan us 90% of what the valuation is. That means we have to fork out another 50k in cash to settle the loan.

I don't want us to be that fix that's why I thought it would be better to spend a couple of hundreds than a couple of ten thousands.

 

[_orange_]

Price $PSF
$598,000 $483.13
$593,000 $479.09
$619,000 $500.10
$660,394 $533.54
$620,000 $500.91
$620,000 $500.91
$650,000 $525.14
$654,434 $528.73
$661,000 $534.03
$600,000 $484.75
$635,000 $513.02
$564,000 $455.66
$660,000 $533.22
$596,000 $481.52
$650,000 $525.14
$589,000 $475.86
$620,000 $500.91
$632,000 $510.60
$610,000 $492.83
$690,000 $557.46

Avg $ PSF $505.83

 

[onzz]

Then u juz need to ask the bank 4 their own estimate valuation, they normally check wif their own valuer n can give u the answer in a day or two... of course u pretend dat u wanna get a loan from them... try dat on UOB and OCBC, it should be good enough.

From my own experience, the bank would normally stick to the the initial valuation they suggested when it comes to actual valuation later... unless there is something really wrong wif the house internally which they r not able to foresee b4 going down to site.

Even if u engage your own valuer, the bank might not agree to his valuation.

The funny thing is, u tell the bank its pool facing, normally they'll add oni 10-20k onto the average valuation... so u do hv to be careful not to overpay.

 

[_orange_]

that's a good point. my agent friend from orangetee (handling other projects) told us to be patient. once we have offered them (the other orangetee agent) a price, just stick with it because it is likely that the developer will give in to us.

I'm kinda worried that the developer will stick to their gun though.

 

[_orange_]

we have met a banker from UOB and Hong Leong. Waiting for their letter of offer. We also told them about the Moonstone Residences. Will wait patiently for their response then update you.

 

[onzz]

Orange,

Heehee, its an emotional rollercoaster if its your 1st time buying condo, or is it?

But looking back, i think i really should hv been more patient, but instead i'm sitting on $200k paper loss... sometimes u might feel its so close to getting wat u want, so u might be tempted to give in, but i've seen people who waited out n become a winner.

Considering dat bank interest is threading upwards, pty price is unlikely to run up much, bear in mind the job mkt is still not rosy these days, at least not like wat the govt painted it to be.

 

[idono]

wah onzz,

I very sympathize wif u leh. I also face something similar, but not as bad. Mine is UOL, i suppose as good as FEO lor....

U mention Goldhill Park Condo. I also very gian tht place. But really no $$$ to buy it now.

 

[_orange_]

according to a survey, the most stressful and emotional event in one's life is dealing with death. the second is moving house. i think it's more frustrating than emotional.

Sitting on paper loss is very scary which is why I thought getting a FH would be more secure.

Goldenhill Park at Mei Hwan Dr? What's the average pricing there?

 

[_orange_]

i think i'm the one with all the weird ideas.

First, i told my h2b that we shd get a FH property given that LH, after a while, will lose its value because of the 30 years bank ruling.

Then I thought instead of putting all our eggs (committing to about abt 450k - after minus all cash &amp; cpf money), we could've bought a cheaper LH at the outskirts such as Evergreen or Regentville (then we need to loan 250k), plus another LH studio apt in town such as The Sail to collect rental (may need to loan 250k).

Is it a good idea at all investing in a pty for rental returns?

 

[idono]

My opinion is no. Rental returns aint that great for singapore. And if u're rich enuff to afford an orchard road pte apt or the sail, then i believe u've better area to invest

The only good thing about property in general is that it offers protection against inflation.

try this site to find out property transaction prices

http://spring.ura.gov.sg/lad/ore/real_estate/proj_name_transac.cfm

 

[_orange_]

thanks idono for the link.

I have been visiting the site since last year and have been comparing the market offer price with the transacted price. That explains why I couldn't accept the developer's offer. They want to sell us a 13th floor unit at 670k which I think is too expensive compared to the transacted price. Look at one of my posts above, the information was extracted from the URA site.

 

[riksnake]

Hi Mummy69,
First you have to consider your budget, some agent collect commission but for private property most do not. I am not sure for those new launches. If you have round about 600K to 700K you can consider Freehold about 2 two 3 rooms unit, but that depends on location. Check out CityLight which is next to Lavenda MRT station. That can be quit a good buy, very easy access to most places too.

Anywhere in Toa Payoh is very expensive. Thomson area is not too bad too. I am not that sharp anymore as I tone down lately after I purchased a unit at Regent Grove, Sorry but can't help you much.

Personally I love the beach but they are far over priced. But the property market is near bottom now so we are not sure are we there yet or just another rebounce that's all. It is a good time to buy but watch that home loan interest and be sure you reserve at least some cash for rainy day.

For LH please make sure it is less then 10 year and FH you need not worry. Budget for LH in east coast area need to be fairly high. You will be looking at about 700K and above.

Just imagine HDB point block in Marine Parade(upgraded) is about 450K minimum. Prime area in town like Tiong Bahru can fatch 450K too and there are close to 30 years. Queenstown EA is asking for 500K up. They must be mad?? All HDB are 99 years only remember.

Anyway, my advise is that you identify you location, know the valuation for that area and state your price abt 20K to 30K below value and hold on if that is resale. If you have the time within two to three months you will get a good bargain.

Best of luck to you. Happy house hunting.

 

[riksnake]

Hi Everyone, here is a good site that you all might want to check out the prices. I find this site very updated, but I use it as a rough guide. I can tell my agent when I notice any movement or new listing, they just when awl!!!!!!

Here goes - http://www.jkl.com.sg/

Have fun Regards

Rik-O-snake

 

[forest]

hi Mummy69,
tried to send u a private msg (pm), but its not activated... perhaps u can email me at [email protected] or u can leave me ur email here...

 

[forest]

hi every1,
golden hill park condo is indeed really really nice! the furnishings r of good quality... n the landscape.. if u get pool view... its really relaxing n soothes the mind at nite!! wish i can buy that plc too... but its really exp!!

 

[riksnake]

Hi Forest,
That is the one having argument with their developer abt changing the fancing from wired to concrete sometime back, right? Is it FH? I think it is but I cannot remember, Most in those area are very expensive indeed.

 

[forest]

hi rik_o_snake,
Goldenhill Park Condo is the one which forum_i_very(onzz) mentioned... its a development by CDL... n v signature of CDL's quality and standard.. it is FH but i hve no ideas abt the argument though...

 

[riksnake]

Hi Forest,
I have not seen this Condo as I was focusing on resale since new launch was still priced quite high during that time.

But I was very impressed by Savanah Park Condo's walk down bath tub, same applies to Lakeshore condo too. Note only the bathtub, too bad I cannot have the same concept in my future home. But will see what can be done. Hehehe.....

 

[_orange_]

hi all

found a link which has a goldenhill condo photo

http://www.marcustay.com/goldenhillpark.html

 

[forest]

hi rik_o_snake,
oh.. hee.. i also just visited it a few times as someone rented a unit there...

btw, did u mention which condo u bought or u dint??

i did not visit both Savanah Park or Lakeshore... Savanah is quite close to my parent's plc but well, i cant afford yet.. so dint go n see... Lakeshore is out.. since its way out of my desired location.. kekeke... but the walk down bath tub sounds really cool!!! my ex-colleague told me tat he's really attracted to Savanah though... gotta ask him more!! kekeke...

hi Orange,
i think the photos not taken v well leh.. kekeke.. cos the feeling when u r at goldenhill condo is really v different... it gets even betta at nite!! kekeke....

 

[riksnake]

Hi Forest,
I got an unit at Regent Grove next to Yew Tee MRT. Close to five years now but lower end of 400K for three rooms, 99 years lease. I wanted to get The Warrant (New Launch) but too pricy and too near to shopping area. Hate to fight for a place to buy food or anything.

So where are you putting up? I pressumed the east area. I love to stay by the beach but that will have to be later when I can afford it. Are you looking at private house too? I am sure private resale pricing is still very attractive now. But no one know where is the bottom, I still think it is a very good buy. For investment or live in I am happy to get it so close to MRT. Will show you the photo once I process the key. hehehe...

 

[small_one]

hi rik_o_snake

think you know who i am liao lar...

show me your pics too, when you get your keys... best if you get me to help you move house... den i must make sure i bring along my camera... self service for pic taking lor... haha

so when's the keys coming in? you shifted liao mah? pm me to chat further lah... tried to pm you, but you didnt switch it on...

 

[forest]

hi rik_o_snake,
oh.. Regent Grove... think i hve a faint idea of how it looks like when i passed by sometime ago..

ya, show me the photos when u ve it!! n u r rite.. to live close to mrt is really convenient... good for ya!!

im putting up in yishun now... not a private house yet.. actually, i was living in the east area for all my life, until after i got married lah.. but i hope to move back to the east in a few years time...

n when i move, i hope to get a private hse in the east lor.... kekeke... now, must keep dreaming... n keep visiting condos... kakakaka...

 

[_orange_]

Hi Liz

What time wre you there? Were there alot of indians hanging around? I am not keen to get an apt ard that area because of the loads of indians hanging ard there at night and over the weekend. let me know ur feedback.

i went to palm haven today. it's a 48 units development by capitaland. balinese style..999 years. very nice a cosy development. we're eyeing a 3 br unit with roof terrace ard 2128 sqft...abit headache coz the maintenance is $370 per month..CPL will subsidize the cost slightly for 5 years so it'll be reduced to $250 per month. but i like the feel of this development because it's surrounded by nice houses...

sighs..headache headache.

anyone with advice? would love to hear from you.

 

[_orange_]

Good morning Liz

THat unit at Palm Haven is going for about 680K. Must say that's quite reasonable for 999 years tenure because we almost paid our deposit for another penthouse at Fairmount, a 6 years old 99yrs project by Hongleong, at upp east coast road. IT was going for 660k and the maintenance is also $380. Very expensive. The only diff is it has a tennis court and PH doesn't

Back to City Square, the plot of land which CS will be on is directly opposite New Park Hotel right?

 

[_orange_]

a word of caution, when there's shopping centre and public park, there will be huge load of Indian Nationals. No offence to any Indians here.

I think CDL has confidence in that plot of land because of the success Mustafa is experiencing.

Seriously, I wouldn't choose to live there. Go to New Park Hotel at Kitchener Rd and take a look. YOu'll know what I'm trying to say.

 

[limko]

Hi Everyone,

Wow, sorry for disappearing for a while. Changed job and was busy for quite a while. Things rae finally settling down for me.

And good news, my BF and I finally bought our own lovenest at Kembangan. Starville is the name and its quite cheap for a freehold. Most importantly, it fulfills most of my requirements.

I agree with Orange that once you have a price, stick with it unless it is unreasonably low. I am glad that my BF is such a good negotiator. We stuck to our price and the agent connected us to the rep from the developer and then he connected us to his boss and we finally got our apt at the lowest price.

So, I think to the developer, discount of another 1% is small but to us homeowners, it can be quite substancial.

Anyways, I heard from Starville tat they will give out $5000 for referrals so if anyone happen to consider buying Starville, please nominate me as referral.

Oh, and another thing, does anyone know who has the lowest bank loan rates around right now?

 

[_orange_]

Hallo Limko

How much did you pay for starville? I almost wanted to get one there but decided against it because of several reasons.

Sadly for my case, we stuck to our price, but the OrangeTee guy didn't call us back....*sobs*!!

Can I ask you another thing, are you going to pay for the other 10% through your CPF? Can you and your bf pay jointly even if you've not ROM?

I'm in quite a bit of a fix now. Tell you later.

 

[seahorse]

did anyone see the showflat for Parc Haven near whampoa market? am wondering why its price has decreased so much. a 3+1 unit is going for $599k and above..wats wrong??

 

[_orange_]

hi seahorse

yep. went to see a parc haven unit. saw a resale unit which we didn;t like that unit much and the price if i remembered correctly is about $670k.

which floor is the $599k unit ? What is the facing? Is it a stayed unit or a brand new unit? Is it from seller or from developer? Are you going to buy it? Do you mind if you share the contact with me?

FYI-A 3+1, 4th floor showflat unit from Calarasi is about $635000 with all furnishings including refrigerator.

i don't think there's anything wrong with the units there. just difficult to sell i guess. as with many other developments. resale units are more difficult to sell nowadays. esp when the developer is offering a package better than the direct seller.

 

[mummy69]

Hi, where is starville and palm haven? Have they being built or juat at selling stage now??

 

[limko]

Hi Orange,

I will pm you the price I paid for. The other 10% my BF is gonna pay. Actually, I am not paying anything at all lah.

But I heard from the agent that if you are not related, you cannot be paying from your CPF. In other words, you need to be ROM first but I think you should check around to be sure.

Can you tell me why you decided against Starville? PM me if you like. Just worried if there is anything wrong with it.

Hmm, can you speak to his manager then? Coz it seems that the OrangeTee agent is not doing his job! Normally, they will try their best to negotiate with the developer. In my case, the agent was very nice and was helping us to persuade the developer.