New EC at Sumang Walk

tanjiakpeng

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Seminar or brainwashing session?

I can already expect what you agents will say...
1. Cheapest private new launch is $1300psf, sumang is priced very attractively and has HUGE potential for appreciation!
2. Previous EC such as wanderlust are resold for 20% or even 30% profit! Hurry and do your e-app NOW!
To a certain extent, gotta thank property agents for pushing prices up.

Without them constantly brainwashing singaporeans, instilling fear of depreciation on resale properties, enticing them abt potential appreciation and opportunity cost of not grabbing new launch condos and encouraging the herd effect of just pumping up the market, we might not be where we are today.
 

annetyu

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Given the land bid price for the next 2 EC in sembawang, the selling psf will sure be above 1000psf or even again above 1100psf. This will be the trend for EC future bids already.

All it need is for this punggol EC to sell out within 2years and people will know this pricing is here to stay.. I was shocked last time that yck road EC can sold out in less than a day. I thought SK treasure crest EC will be the better buy at 7xxpsf and it still take months to sell out..

Developer has control over the market.... but only for the time-being...

No doubt anything below 1.5m is still very affordable for an average sinkie so ppl are still biting. However, when more realise the opportunity cost of buying these highly-priced new launches, we will see a correction, even if it means developers making losses.
 

birmingham123

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Seminar or brainwashing session?

I can already expect what you agents will say...
1. Cheapest private new launch is $1300psf, sumang is priced very attractively and has HUGE potential for appreciation!
2. Previous EC such as wanderlust are resold for 20% or even 30% profit! Hurry and do your e-app NOW!

What u mentioned are all facts which any buyers can easily research on before committing to buying. I will say buyers who sign based on what agents say and without doing research are better off buying properties than buying say stocks if they applied the same logic to buying stock.
 

Passerboy

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I would think future EC prices would be $1100 psf upwards; thus the other considerations such as (location, quality of development etc) would makes a difference.

Resale ECs (such as the Prive, esparina) are also going for $1000-$1100psf upwards.
 

NiShiZhu

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I would think future EC prices would be $1100 psf upwards; thus the other considerations such as (location, quality of development etc) would makes a difference.

Resale ECs (such as the Prive, esparina) are also going for $1000-$1100psf upwards.

Yes, it’s just a simple logic.
How can new sumang EC launch price not hit 10xxpsf-1100 psf if older EC like prive is already transacting at 1kpsf. Given both are around same walking distance to mrt and mall. .

Canberra ec site already hit 558psf ppr. Bear in mind, this is the bid price after July 2018 CM.
As much as I’m didn’t like it that way, I have to accept that’s going to be the trend/price range for EC.
 
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sgpropertyblog

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For the same price, regardless of needs and purpose, is the sumang EC still a better buy at $1,180psf?[/QUOTE

Tats why should attend the seminar or ‘brainwash’ session.. there are facts and figures to show why at $11xx psf is still the best buy in the current market. Like u mentioned, private condo new launch is $1300psf n up, vs tis Piermont $11xx psf .. which one to choose? What is the diff between PC & EC 5 yrs down the road? EC also with full condo facilities, just that only the privileged can buy..
 

sgpropertyblog

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If got choice, EC definitely better than condo lah. Save money mah


Of cos.. but sad to say, not everyone is eligible to purchase,which makes it harder to own one.. imagine if there are no restrictions to applying for an EC, the prices definitely will definitely soar abv $11xx psf!
 

NiShiZhu

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If got choice, EC definitely better than condo lah. Save money mah

If EC price is too close to PC price, I wouldn’t go for EC even I’m eligible.
The wait for TOP (assuming 3 years to complete) and MOP (another 5 years) has already tie me down a total of 8 years.
Need to factor in opportunity cost.
Remember, time is money.
 
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annetyu

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Yes, it’s just a simple logic.
How can new sumang EC launch price not hit 10xxpsf-1100 psf if older EC like prive is already transacting at 1kpsf. Given both are around same walking distance to mrt and mall. .

Canberra ec site already hit 558psf ppr. Bear in mind, this is the bid price after July 2018 CM.
As much as I’m didn’t like it that way, I have to accept that’s going to be the trend/price range for EC.

Once again, the EC market is under developers' control. They are playing on the "limited" supply of EC, knowing that buyers will have no choice but to bite.

Their main selling point is also by referencing to private new-launch prices. But will that hold?:s8:

If I were developer, I will also price the sumang ec at $1,250.

However, I have a feeling that the most recent ec land sale at sembawang is up for tough times.
 

annetyu

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Tats why should attend the seminar or ‘brainwash’ session.. there are facts and figures to show why at $11xx psf is still the best buy in the current market. Like u mentioned, private condo new launch is $1300psf n up, vs tis Piermont $11xx psf .. which one to choose? What is the diff between PC & EC 5 yrs down the road? EC also with full condo facilities, just that only the privileged can buy..

This agent is becoming more and more aggressive closer to launch date. :s13:

Treasure is on avg $1280psf, isn't it? And don't forget there is room for downward correction.

Diff between PC & EC 5 years down the road is that EC cannot be sold to foreigners. fyi, the buyer of one of my condo that I flipped was a wealthy woman for china buying for her daughter... That said, foreigners won't be interested in sumang in the first place.:o

And yes, another of your tactics is to call ec buyers "privileged", to make them feel atas.
 

sgpropertyblog

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If EC price is too close to PC price, I wouldn’t go for EC even I’m eligible.
The wait for TOP (assuming 3 years to complete) and MOP (another 5 years) has already tie me down a total of 8 years.
Need to factor in opportunity cost.
Remember, time is money.

Yes, the set back is EC has got 5 yrs MOP..again, imagine if EC got no MOP, then everyone will chiong for it.. then those who really canot afford PC now stand lower chance of getting an EC.. and also if no MOP, wat would the price be again? Still at $11xx psf?so you win some, u lose some.. for difference of about $200psf, some ppl dun mind waiting that extra 5 yrs lor..
 

sgpropertyblog

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This agent is becoming more and more aggressive closer to launch date. :s13:

Treasure is on avg $1280psf, isn't it? And don't forget there is room for downward correction.

Diff between PC & EC 5 years down the road is that EC cannot be sold to foreigners. fyi, the buyer of one of my condo that I flipped was a wealthy woman for china buying for her daughter... That said, foreigners won't be interested in sumang in the first place.:o

And yes, another of your tactics is to call ec buyers "privileged", to make them feel atas.

Precisely, wealthy foreigners will be more interested in those atas projects like yours... dun think they know where is Punggol in the first place right? So does it makes a difference whether 5 yrs later foreigners can buy anot?
 

sgpropertyblog

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This agent is becoming more and more aggressive closer to launch date. :s13:

Treasure is on avg $1280psf, isn't it? And don't forget there is room for downward correction.

Diff between PC & EC 5 years down the road is that EC cannot be sold to foreigners. fyi, the buyer of one of my condo that I flipped was a wealthy woman for china buying for her daughter... That said, foreigners won't be interested in sumang in the first place.:o

And yes, another of your tactics is to call ec buyers "privileged", to make them feel atas.



Oh, btw, its not my tactic to call EC buyers ‘privileged’, i’m just very tactful and mindful of my words as i believe no one likes to be looked down ..even today you want to buy also you are not eligible to buy(not tat u will buy sumang anyway)so those that are eligible is not called privileged then call what ar?
 

annetyu

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Precisely, wealthy foreigners will be more interested in those atas projects like yours... dun think they know where is Punggol in the first place right? So does it makes a difference whether 5 yrs later foreigners can buy anot?

This is when we need to compare sumang with other punggol resale condos...

And how liveable are sumang units? Please post some pics of showflat when you can.
 

NiShiZhu

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Once again, the EC market is under developers' control. They are playing on the "limited" supply of EC, knowing that buyers will have no choice but to bite.

Their main selling point is also by referencing to private new-launch prices. But will that hold?:s8:

If I were developer, I will also price the sumang ec at $1,250.

However, I have a feeling that the most recent ec land sale at sembawang is up for tough times.

I see it differently. The EC market is not entirely manipulated by developer and sometimes it is not up to their control. The resale price of nearby projects did and these resale prices set the benchmark.

Use sumang and prive as example (since both have similar attributes to nearby amenities):
When developer bid the land, they would probably be keeping track of nearby EC resale transaction to have a gauge of the future land bid price.
Imagine if price is still transacting at 7xxpsf for prive resale, would CDL still bid sumang at 585psf ppr that translate to 10xxpsf to 1100psf this kind of launch price? Wouldn’t it be better off for buyers to go for prive if one see such huge price gap betw the 2 ECs?

Again, if prive resale already hit 1kpsf, would CDL be launching their brand new sumang EC lower than that?
I believe everything move in tandem.
 
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d5dude

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I see it differently. The EC market is not entirely manipulated by developer and sometimes it is not up to their control. The resale price of nearby projects did and these resale prices set the benchmark.

Use sumang and prive as example (since both have similar attributes to nearby amenities):
When developer bid the land, they would probably be keeping track of nearby EC resale transaction to have a gauge of the future land bid price.
Imagine if price is still transacting at 7xxpsf for prive resale, would CDL still bid sumang at 585psf ppr that translate to 10xxpsf to 1100psf this kind of launch price? Wouldn’t it be better off for buyers to go for prive if one see such huge price gap betw the 2 ECs?

Again, if prive resale already hit 1kpsf, would CDL be launching their brand new sumang EC lower than that?
I believe everything move in tandem.

new ec got resale levy, 5 yr mop and many requirements to qualify, 5 yr resale ec is almost the same thing as pc, no reason for new ec to launch at higher price.
 

annetyu

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I see it differently. The EC market is not entirely manipulated by developer and sometimes it is not up to their control. The resale price of nearby projects did and these resale prices set the benchmark.

Use sumang and prive as example (since both have similar attributes to nearby amenities):
When developer bid the land, they would probably be keeping track of nearby EC resale transaction to have a gauge of the future land bid price.
Imagine if price is still transacting at 7xxpsf for prive resale, would CDL still bid sumang at 585psf ppr that translate to 10xxpsf to 1100psf this kind of launch price? Wouldn’t it be better off for buyers to go for prive if one see such huge price gap betw the 2 ECs?

Again, if prive resale already hit 1kpsf, would CDL be launching their brand new sumang EC lower than that?
I believe everything move in tandem.

I think it was because of sumang bid price that enabled prive to achieve these resale prices and not the other way round.

It is the same for the entire property market now. Everything is based off developer land bid prices and upcoming (no longer upcoming actually) new launch prices. This EC bid price was based off the astronomical PC land bid prices.

So I do not think Prive will hit 1k psf so easily if not for sumang land bid and the other pc land bids.
 

d5dude

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Of cos.. but sad to say, not everyone is eligible to purchase,which makes it harder to own one.. imagine if there are no restrictions to applying for an EC, the prices definitely will definitely soar abv $11xx psf!

No restrictions means that its a PC already, of course will launch higher than prive resale prices.
 

d5dude

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I think it was because of sumang bid price that enabled prive to achieve these resale prices and not the other way round.

It is the same for the entire property market now. Everything is based off developer land bid prices and upcoming (no longer upcoming actually) new launch prices. This EC bid price was based off the astronomical PC land bid prices.

So I do not think Prive will hit 1k psf so easily if not for sumang land bid and the other pc land bids.

1k psf is standard for any newish condo in any location that is near mrt so I don't think prive price was driven by high land bid price.
 
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