New Cooling measures - will it really cool the property market?

[yiantay]

What is valuation?
It is market value.

What is COV?
Cash over valuation.

Meaning to say paying cash on something which is over valued.
By allowing people to pay based on full transacted price of resale instead of value will create a super big bubble where people will call for heavy loans and collaborate to cash out this amount as a form of "refinancing".

Example 500k value flat. Call for cov 100k
So loan based on 80% of 600k.

If base on value, only can loan 400k
Base on value + cov, can loan 480k.
This amount dispersed, the seller and buyer work hand in hand and split the 80k extra with the buyer getting more.
End of the day, someone is just loaning beyond his means

End of the day the govt should not mother people so much. Get the banks to regulate this. Stricter loans or higher LTV makes them cough up cash instead is the better way forward.

By just based on total selling price and no differentiation between value and cov it removes this issue of people being forced to pay actual cash for the cov

But of they make Loans more stringent it's a similar control that is administered from the banks end.

Price is determined by the market - willing buyer willing seller

 

[spikee]

Warning on back-dating OTP

To those who have property agents trying to convince you on back-dating the OTP to save on the 7% ABSD, be warned that it's an offence under section 62 of the Stamp Duties Act. Any person guilty of such an offence shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.

For URA's link, google for "ura controller of housing"

 

[yiantay]

To those who have property agents trying to convince you on back-dating the OTP to save on the 7% ABSD, be warned that it's an offence under section 62 of the Stamp Duties Act. Any person guilty of such an offence shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.

For URA's link, google for "ura controller of housing"

this is very serious, no point going to jail for

 

[ohana]

Dear Yiantay,

I would like to seek your views on qbay, do you think it is a gd buy after the discounts?
15%early bird
1%within vincinity
7% absd

Assuming looking at 3br 1119 sqm , selling at $1.2mil ( before discount)

 

[yiantay]

Dear Yiantay,

I would like to seek your views on qbay, do you think it is a gd buy after the discounts?
15%early bird
1%within vincinity
7% absd

Assuming looking at 3br 1119 sqm , selling at $1.2mil ( before discount)

I went to see Qbay's showflat, at looking at the floor plans, they are also quite well laid out functional units. I am also very confident of FEO's design capability.

You will be buying a very good quality unit. But with quality always comes price, what you get is what you pay for.

I also live in Tampines, the MRT near to blk 801 is a few bustops away from Qbay, but still can walk or take bus 2 bustops away, okay for guys, but not gals with heels.

Pricing is definitely marginally higher than Sim Lian's waterview. I never thought much of Sim Lian's development quality. Like I said you get what you pay for.

I also recommended a few of my clients to consider Qbay Residences too. If possible take the Trio units if they can afford it, that would be a good buy.

Let me know if I can help, I am working with a core team member at Qbay Residences.
My number is Eight-2-8-8-4-4-9-9

 

[earthyblue]

End of the day the govt should not mother people so much. Get the banks to regulate this. Stricter loans or higher LTV makes them cough up cash instead is the better way forward.

By just based on total selling price and no differentiation between value and cov it removes this issue of people being forced to pay actual cash for the cov

But of they make Loans more stringent it's a similar control that is administered from the banks end.

Price is determined by the market - willing buyer willing seller

If you are saying that the govt should not mother the people so much, isn't that a slap back in own face?

The people wanted cooling measures from the govt isn't it ? Or people want selective governance? Meaning to say that policies which benefit certain individuals should be allowed while some should not be allowed?

Valuation means value of the house. Cash should be paid if its over value. Not thru loans. As a buyer you can decide whether u are willing or not willing to pay. No one can force anyone to pay cash over value. The hdb flat belongs to the seller and they have the right to decide whether they want to over value it. By allowing this cash over value would just contribute to abuse from public.

By saying regulating loans is no different from valuation of property. The gist is all about actual value and how much one can loan up to. Also pls understand what is loan to value. Not loan to over-value

 

[earthyblue]

Dear Yiantay,

I would like to seek your views on qbay, do you think it is a gd buy after the discounts?
15%early bird
1%within vincinity
7% absd

Assuming looking at 3br 1119 sqm , selling at $1.2mil ( before discount)

Please understand what is meaning of govt's cooling measure this time round. Cooling measure is to cool pricing. If prices are not yet cooled, the govt will come up with more rounds of cooling measures till they succeed.

And govt's cooling measures are targeted at Singaporeans who wants to own multiple properties.

Last time feo price their projects by giving furniture rebate, stamp duty rebate, etc. it's gimmick. I mark up 23% and give you 15% early bird, 1% within vicinity and 7% absd and we have people who feel tempted.

 

[earthyblue]

I went to see Qbay's showflat, at looking at the floor plans, they are also quite well laid out functional units. I am also very confident of FEO's design capability.

You will be buying a very good quality unit. But with quality always comes price, what you get is what you pay for.

I also live in Tampines, the MRT near to blk 801 is a few bustops away from Qbay, but still can walk or take bus 2 bustops away, okay for guys, but not gals with heels.

Pricing is definitely marginally higher than Sim Lian's waterview. I never thought much of Sim Lian's development quality. Like I said you get what you pay for.

I also recommended a few of my clients to consider Qbay Residences too. If possible take the Trio units if they can afford it, that would be a good buy.

Let me know if I can help, I am working with a core team member at Qbay Residences.
My number is Eight-2-8-8-4-4-9-9

If today sim Liam give 5% comm to agents, I guarantee you many agents will talk until sim Lian project can fly.

 

[yiantay]

If today sim Liam give 5% comm to agents, I guarantee you many agents will talk until sim Lian project can fly.

LOLz maybe some agents are like that, I tell it as I see it. If its a F-ed up project. But again it is my own opinion, my clients sometimes do not see it my way.

Each person's opinion is based on their experience, knowledge and view and investment time-horizon. I may not see things they see, and they may not see things I see.

And Anyway Sim Lian rarely gives out good commission, it goes against their view of how they do their business. They price their property at a very mass market level, making it very affordable, with very attractive pricing. They also pay peanuts, all in all, if your project needs to use price penetration to sell-out means you lack the confidence in holding out if you cannot reach your sales target. Hence I have little confidence in their residential projects most of the time

 

[earthyblue]

LOLz maybe some agents are like that, I tell it as I see it. If its a F-ed up project. But again it is my own opinion, my clients sometimes do not see it my way.

Each person's opinion is based on their experience, knowledge and view and investment time-horizon. I may not see things they see, and they may not see things I see.

And Anyway Sim Lian rarely gives out good commission, it goes against their view of how they do their business. They price their property at a very mass market level, making it very affordable, with very attractive pricing. They also pay peanuts, all in all, if your project needs to use price penetration to sell-out means you lack the confidence in holding out if you cannot reach your sales target. Hence I have little confidence in their residential projects most of the time

On paper it seems to be like what you said. But commission is a motivational force in property selling more than anything else.

What I quoted you earlier is an example. It does not mean sim lian give 5%. Most if not all of sim Lian's projects go to orange tee. Because of their affiliation. So most of the time orange tee are given real peanuts comm to market sim Liam projects. Of course to other agents out there, they would use sim lian as an example of their lousier fittings to push other nearby projects as those projects would pay much more than what sim lian is paying.

And btw not some agents are like that. It's most agents are like that. If today your project pays 2%, I pay 5% and many agents will tell you my project is best in Singapore.

This is human nature. Agents are in real estate because it lucrative. Passion plays a part. But still need the motivational pull which is still money.

We cannot deny that today's red hot market is contributed by agents.
Why do I say so?
Look at heron bay 1600 eapps
Look at citylife 1700 eapps.
I am in the industry and I dare to say many of these eapps are unqualified applicants who do not declare truthfully under the influence of agents so they can hype up the marketing aspect of the project and people still think they have a super good buy as everyone is rushing.

I look at la fiesta from 8pm to 12mn they can do close to 400 pdi and otps. This is humanly impossible.
I look at qbay. 500 cheques from agents and sales staff. How many are dummies?

Whose the real devil? The govt or humans?

 

[rine5]

I'm a single who have recently paid a deposit of 5K + misc charges for a 4-rm resale flat near SengKang mrt at a price of 445K valuation + 60K COV. Just OTP back in Dec but have yet to gone for HDB 1st appt.

With the cooling down measures in place, what do u guys think whether it'll be wiser for me to forgo the 5ishK tt i've paid up thus far & wait for new, possibly cheaper BTO flats?

Or even maybe get another resale with a lower COV?

My thots are these: it's painful to give up the 5ishK cash for a mistimed decision but i may recover this amt by means of a cheaper purchase price and lower COV (if i decide to get another resale).

Any advice will be greatly appreciated.

 

[Capitalist]

Dear Yiantay,

I would like to seek your views on qbay, do you think it is a gd buy after the discounts?
15%early bird
1%within vincinity
7% absd

Assuming looking at 3br 1119 sqm , selling at $1.2mil ( before discount)

I believe you meant 1,119 sf. Not 1,119 sqm.

And I seriously doubt it's going at $1.2mil (before all those discounts you have listed).

I went to see Qbay's showflat, at looking at the floor plans, they are also quite well laid out functional units. I am also very confident of FEO's design capability.

You will be buying a very good quality unit. But with quality always comes price, what you get is what you pay for.

I also live in Tampines, the MRT near to blk 801 is a few bustops away from Qbay, but still can walk or take bus 2 bustops away, okay for guys, but not gals with heels.

Pricing is definitely marginally higher than Sim Lian's waterview. I never thought much of Sim Lian's development quality. Like I said you get what you pay for.

I also recommended a few of my clients to consider Qbay Residences too. If possible take the Trio units if they can afford it, that would be a good buy.

Let me know if I can help, I am working with a core team member at Qbay Residences.
My number is Eight-2-8-8-4-4-9-9

So are you from Frasers Centrepoint Homes, Far East Organization or Sekisui House Ltd?

 

[Capitalist]

I'm a single who have recently paid a deposit of 5K + misc charges for a 4-rm resale flat near SengKang mrt at a price of 445K valuation + 60K COV. Just OTP back in Dec but have yet to gone for HDB 1st appt.

With the cooling down measures in place, what do u guys think whether it'll be wiser for me to forgo the 5ishK tt i've paid up thus far & wait for new, possibly cheaper BTO flats?

Or even maybe get another resale with a lower COV?

My thots are these: it's painful to give up the 5ishK cash for a mistimed decision but i may recover this amt by means of a cheaper purchase price and lower COV (if i decide to get another resale).

Any advice will be greatly appreciated.

Personally, I'd forgo this S$5K.

At S$505K, you can probably get a studio F/H apt at Geylang (better location (to me it is), freehold, better potential for upside compared to a S$505K 4-rm HDB in Seng Kang)

 

[rine5]

Personally, I'd forgo this S$5K.

At S$505K, you can probably get a studio F/H apt at Geylang (better location (to me it is), freehold, better potential for upside compared to a S$505K 4-rm HDB in Seng Kang)

I'll take ur advice into consideration as i've been seriously giving this matter a serious thot following the cooling down measures. Not to mention that the resale flat i've OTP for is already a 12-yr old flat (since 2000).

505K can get a freehold apt at Geylang?

 

[therat]

I'll take ur advice into consideration as i've been seriously giving this matter a serious thot following the cooling down measures. Not to mention that the resale flat i've OTP for is already a 12-yr old flat (since 2000).

505K can get a freehold apt at Geylang?

Assume you are taking bank loan.
If you have sign LO, you need to pay bank penalty.

Ask HDB - Due to unforeseen circumstances, I do not wish to proceed to buy the resale flat. How do I go about doing it?

Q:
Due to unforeseen circumstances, I do not wish to proceed to buy the resale flat. How do I go about doing it?


A:

Before the first appointment
Either buyer or seller may submit a written request to HDB to cancel the registered resale application.

After the first appointment

Both buyer and seller must agree to the cancellation of the resale application and submit a written request to HDB for the cancellation. This cancellation, however, does not necessarily mean the Option to Purchase becomes void.

In the case of a dispute, both parties will have to consult their own private solicitors.

 

[therat]

Personally, I'd forgo this S$5K.

At S$505K, you can probably get a studio F/H apt at Geylang (better location (to me it is), freehold, better potential for upside compared to a S$505K 4-rm HDB in Seng Kang)

May I know which project selling $505k FH @ Geylang?

 

[lampano]

I'll take ur advice into consideration as i've been seriously giving this matter a serious thot following the cooling down measures. Not to mention that the resale flat i've OTP for is already a 12-yr old flat (since 2000).

505K can get a freehold apt at Geylang?

there's going to be BTO for singles this year, as KBW mentioned days earlier...of cos, it will comes with restrictions

 

[therat]

there's going to be BTO for singles this year, as KBW mentioned days earlier...of cos, it will comes with restrictions

For single to buy resale HDB and taking CPF grant, the income ceiling cap at $5k.

HDB InfoWEB: CPF Housing Grant for Singles : Buying a Resale Flat

Your average gross monthly household income:
must not be more than $5,000 if you are buying a 2-, 3-, 4- or 5-room resale flat under the Single Singapore Citizen Scheme


I believe this rule will be there if BTO is open for single.

 

[rohacell]

I'm a single who have recently paid a deposit of 5K + misc charges for a 4-rm resale flat near SengKang mrt at a price of 445K valuation + 60K COV. Just OTP back in Dec but have yet to gone for HDB 1st appt.

With the cooling down measures in place, what do u guys think whether it'll be wiser for me to forgo the 5ishK tt i've paid up thus far & wait for new, possibly cheaper BTO flats?

Or even maybe get another resale with a lower COV?

My thots are these: it's painful to give up the 5ishK cash for a mistimed decision but i may recover this amt by means of a cheaper purchase price and lower COV (if i decide to get another resale).

Any advice will be greatly appreciated.

What plans did you have when you decided to buy the resale?

 

[lampano]

For single to buy resale HDB and taking CPF grant, the income ceiling cap at $5k.

HDB InfoWEB: CPF Housing Grant for Singles : Buying a Resale Flat

Your average gross monthly household income:
must not be more than $5,000 if you are buying a 2-, 3-, 4- or 5-room resale flat under the Single Singapore Citizen Scheme


I believe this rule will be there if BTO is open for single.

Kinda sucks ya.
Alot over age 35 will be earning more than 5k already