OLA EC @ Anchorvale

[drkcynic]

Back then Income for EC below $12k/month.
Current $16k/month.

What relevance does this have?

The restrictions for EC are still there. MOP in 5 years, cannot rent out before MOP. Yet it is more expensive than a resale PC with no restrictions.

You get restrictions when you get a subsidised EC, which is a fair deal when one got an EC back then at 700psf.

Today you are getting restrictions even when your EC is more ex than a resale PC.

And people still think it is reasonable..

 

[josephcws]

What relevance does this have?

The restrictions for EC are still there. MOP in 5 years, cannot rent out before MOP. Yet it is more expensive than a resale PC with no restrictions.

You get restrictions when you get a subsidised EC, which is a fair deal when one got an EC back then at 700psf.

Today you are getting restrictions even when your EC is more ex than a resale PC.

And people still think it is reasonable..

Fewer people think it is reasonable now judging from the take up rate. Hope the developers can wake up soon.

If you got the money and for some reason like the project, then go for it. I just think that for the rest that feels it is too expensive, just remember that we do not have to be held ransom by the pricing set by the developers. At the end of the day, we make up the market, let the market speak for itself.

 

[1993newbie]

If gov didn’t raise EC income to $16k, will developer bid and launch at current price?

Will buyer be able to take higher loan and afford OLA @ $1.2k/psf with $12k income ceiling & MSR in place. Will we even see 16x units take up rate for OLa?

What relevance does this have?

The restrictions for EC are still there. MOP in 5 years, cannot rent out before MOP. Yet it is more expensive than a resale PC with no restrictions.

You get restrictions when you get a subsidised EC, which is a fair deal when one got an EC back then at 700psf.

Today you are getting restrictions even when your EC is more ex than a resale PC.

And people still think it is reasonable..

 

[drkcynic]

If gov didn’t raise EC income to $16k, will developer bid and launch at current price?

Will buyer be able to take higher loan and afford OLA @ $1.2k/psf with $12k income ceiling & MSR in place. Will we even see 16x units take up rate for OLa?

The EC has largely evolved. It is no longer a subsidised condo like what we have back then.

The income ceiling is a moot point now. They are setting a ceiling, but not restricting the land sale price. They are letting the developer price it as high as they bid the land price for (which in this case is high) and restricting more affluent couples from getting it.

So effectively you are selling an EC at above market price to couples who are less than affluent. Yet throw in somemore restrictions to make it even more ridiculous.

Notice the flaw here?

 

[josephcws]

If gov didn’t raise EC income to $16k, will developer bid and launch at current price?

Will buyer be able to take higher loan and afford OLA @ $1.2k/psf with $12k income ceiling & MSR in place.

The bidding for the land took place quite awhile back. That time the income ceiling for EC had not increased to 16k.

I really think because of competition for the scarce land supply, and the developers thinking that EC sure got demand, that is why they bidded at those prices. CDL's bid for PG's patch was a record breaking one. The developers may feel they bidded at a fair price, but for prospective buyers, not all will feel the same way.

If you feel it is too expensive, you do not have to feel forced to buy. There are other alternatives out there. Remember that just because the developers bid at record prices for the land to build the ECs, it does not mean we have to accept their pricing and buy their projects.

There are always alternatives.

 

[1993newbie]

Just pointing out my view. Don’t worry, I’m not looking into EC. All in all EC and PC price gap is closing in very closely.

2 diff product. Exit at 8/9 years Vs exit in 3 years.

The bidding for the land took place quite awhile back. That time the income ceiling for EC had not increased to 16k.

I really think because of competition for the scarce land supply, and the developers thinking that EC sure got demand, that is why they bidded at those prices. CDL's bid for PG's patch was a record breaking one. The developers may feel they bidded at a fair price, but for prospective buyers, not all will feel the same way.

If you feel it is too expensive, you do not have to feel forced to buy. There are other alternatives out there. Remember that just because the developers bid at record prices for the land to build the ECs, it does not mean we have to accept their pricing and buy their projects.

There are always alternatives.

 

[captain huat]

Back then new EC 600-700psf, resale market was 900-1000psf.

Today new Ola EC is 1200psf, resale market is still 1000-1100psf.

Think about it for a minute.

The premium for new projects over resale is unbelieveable and high.

 

[josephcws]

Just pointing out my view. Don’t worry, I’m not looking into EC. All in all EC and PC price gap is closing in very closely.

2 diff product. Exit at 8/9 years Vs exit in 3 years.

Yea i am saying the land bids came in way before Government increase the income ceiling for ECs. So you cant say the developers bid like that because the income ceiling was raised.

 

[1993newbie]

40% Gap..

https://www.businesstimes.com.sg/real-estate/new-resale-home-psf-price-gap-widens-to-40-in-2019

The premium for new projects over resale is unbelieveable and high.

 

[drkcynic]

Just pointing out my view. Don’t worry, I’m not looking into EC. All in all EC and PC price gap is closing in very closely.

2 diff product. Exit at 8/9 years Vs exit in 3 years.

I personally don't wish for our young people to be saddled with unreasonable debt and be taken in by marketing and an EC scheme which is well past it's original purpose.

This EC is bad news no matter which angle you see it from.

 

[josephcws]

https://www.todayonline.com/singapore/developer-blames-govt-cooling-measures-glut-private-homes-calls-easing-curbs

I just hope that everyone remembers there is cooling measures in place. If the developers do not sell their project within 5 years of acquring the land, they will have to pay the ABSD.

Hope the government do not relax this for the developers. Then the cooling measures may finally work to their effect of bringing the price down or making property prices more reasonable.

 

[momoeagle]

The EC has largely evolved. It is no longer a subsidised condo like what we have back then.

The income ceiling is a moot point now. They are setting a ceiling, but not restricting the land sale price. They are letting the developer price it as high as they bid the land price for (which in this case is high) and restricting more affluent couples from getting it.

So effectively you are selling an EC at above market price to couples who are less than affluent. Yet throw in somemore restrictions to make it even more ridiculous.

Notice the flaw here?

I think I mentioned the same few pages back.

I'm definitely not the only one who thinks so too.

But I'm too poor to afford anyway.

 

[1993newbie]

“Average price achieved over the weekend was $1,135 psf.

The majority of the units sold were the three-bedroom and three-bedroom-plus-study premium units, with 135 out of 422 units (32%) taken up. Four-bedroom units registered sales of 26 out of 87 units (30%); while three out of 30 two-bedders were snapped up. Of the nine 5-bedroom penthouses in the development, three were sold at above $2 million each”

https://www.edgeprop.sg/property-news/ola-ec%E2%80%99s-30-sales-over-weekend-may-become-reality-covid-19-looms-over-launches

It is funny how they blame the poor sales on heaven and earth, just not on the pricing. In fact the developers still think the pricing remains affordable.

 

[Hyruga]

The blocks in the southern zones are not even in a straight line. As such, the blocks are actually blocking one another.

 

[holasingapura]

Back then new EC 600-700psf, resale market was 900-1000psf.

Today new Ola EC is 1200psf, resale market is still 1000-1100psf.

Think about it for a minute.

Good point. Today resale below 1000 also able to get.

Can’t stand those bulls making up stories of people complaining of 700psf EC 5 years ago..

 

[K|muRa^84]

“Average price achieved over the weekend was $1,135 psf.

The majority of the units sold were the three-bedroom and three-bedroom-plus-study premium units, with 135 out of 422 units (32%) taken up. Four-bedroom units registered sales of 26 out of 87 units (30%); while three out of 30 two-bedders were snapped up. Of the nine 5-bedroom penthouses in the development, three were sold at above $2 million each”

mostly BTO upgraders i suppose?

 

[momoeagle]

“Average price achieved over the weekend was $1,135 psf.

The majority of the units sold were the three-bedroom and three-bedroom-plus-study premium units, with 135 out of 422 units (32%) taken up. Four-bedroom units registered sales of 26 out of 87 units (30%); while three out of 30 two-bedders were snapped up. Of the nine 5-bedroom penthouses in the development, three were sold at above $2 million each”

Means most people spent $1.05 mil to $1.2 mil
The quantum seems like the more "affordable" range.

 

[holasingapura]

“Average price achieved over the weekend was $1,135 psf.

The majority of the units sold were the three-bedroom and three-bedroom-plus-study premium units, with 135 out of 422 units (32%) taken up. Four-bedroom units registered sales of 26 out of 87 units (30%); while three out of 30 two-bedders were snapped up. Of the nine 5-bedroom penthouses in the development, three were sold at above $2 million each”

Impressive, 3 $2m+ penthouses were sold. Who are these buyers? Must be really rich and prepared to sell for loss 5 years later.

You can buy much better projects at that price.

 

[drkcynic]

Impressive, 3 $2m+ penthouses were sold. Who are these buyers? Must be really rich and prepared to sell for loss 5 years later.

You can buy much better projects at that price.

That's why i say the whole EC system is flawed. They restrict the income at 16k/mth but never question where the couple come up with the money to downpay for the 2+ million condo.

It is obviously parent's money, meaning this couple, even though they are earning at most 16k/mth, have more capital elsewhere which makes this 16k/mth gauge as a couple's wealth pointless.

 

[K|muRa^84]

Impressive, 3 $2m+ penthouses were sold. Who are these buyers? Must be really rich and prepared to sell for loss 5 years later.

You can buy much better projects at that price.

parents had to help with downpayment in return for staying with son and daughter in law