New EC at Sumang Walk

bojangle

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If that ever happens, there could be panic and erratic selling.

No erratic selling yet. Sumang buyers are stuck for 3 years for building plus 5 years MOP.

If economy that bad, want to sell also may not have buyers. Like I mentioned earlier, a $1M asset that can smell can touch but cannot feed you.

problem is that u need to seek HDB approval if selling before 5yrs MOP and must hv valid good reason.
I've seen couples divorced due to can't cope with their dream home. That's why almost every EC project bound to see some offloading in resale market after staying in for 1 or 2 yrs.
Some time, just wondering is this another loophole for quick bucks?
 

Merg91

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When the recession is in, your jobs are insecure & not cash/cpf rich, very few dare to sign up for a $500k-$1 million bank loan.

Some of us may be lucky with jobs that are recession proof.

The banks are your friends only if you have $.
 

runforyourlife

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When the recession is in, your jobs are insecure & not cash/cpf rich, very few dare to sign up for a $500k-$1 million bank loan.

Some of us may be lucky with jobs that are recession proof.

The banks are your friends only if you have $.

That’s true, but interest rate will be lower from all the borrowing. So if your job is recession proof, you should be fine.
 

momoeagle

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I doubt recession last 5 full years :spin:
Those displaced structurally could experience middle age crisis for years.

Countries may recover fast. Individuals might not. Retrenchment exercises are the best unspoken way to reduce overpaid older workers.

It's always the worry of the government for these group of people.
 

mikeeeey

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That’s true, but interest rate will be lower from all the borrowing. So if your job is recession proof, you should be fine.
Precisely.

The best time to buy property is during recession cos the rates will be crazy low.. Of course provided got the ammo la..
 

momoeagle

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I’m not sure about this :o you have any stats Ma?
No stats. But I will safely assume most who can afford near 1.5M without parents help are at least 35 years old. Afterall, the median age of first marriage for men in Sg in 30 years old.

And given that 2nd timer quota was filled this round, we can safely assume they have fulfilled at least 5 years MOP, and this put this group median age to be around 35.

I mean, I'm part of the incapable group unable to afford comfortably. What do I know right?
 

1993newbie

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Developers sell 1,556 private homes including EC units in July, up 89% from 822 units in June: URA data



“At the Piermont Grand EC project in Sumang Walk in the Punggol area, City Developments and TID sold 378 units last month at a median price of S$1,107 per square foot (psf).”
0fBsf3L.jpg



https://www.srx.com.sg/singapore-pr...-in-june-ura-data?utm_source=TheBusinessTimes
 

momoeagle

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*Singapore Property Market*
(for info / reference)

*DJ Downward Pressure on Singapore Property Market in Two to Four Years : CBRE -- Market Talk*

0807 GMT - Singapore's property sales figures for July show that the market is still resilient, says CBRE Research. Of the 6,408 units launched in Singapore this year, 5,526 units have been sold and CBRE expects 2019 property sales will be 7,000-8,000 units._

Desmond Sim, the Southeast Asia Head of Research, expects downward pressure on the sector only in 2-4 years, when the impact of the weaker macroeconomic environment is felt and lowers demand, which coupled with sell-by deadlines--because units unsold after the deadlines attract additional government duties--would likely prompt developers to begin reducing property prices.
 

Katelynxxxooo

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ECs always promise of profit but if you look at the trend of BTO sales, the profit of EC and BTO are almost similar if at the same area. Zzz
 

Merg91

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Highest :o

Sales of new private homes rose to its highest this year in July, as more buyers returned to the market after the June holidays and developers rushed to release their projects ahead of the inauspicious Hungry Ghost Festival in August.
 

Zze121

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They are capturing those enblocked owners kids.

Dad got 3mil cash, 60yo, pay for kids up front, how does that sound?
 
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