New EC at Sumang Walk

[sgpropertyblog]

You are starting to spread fake news again.. Looks like agent will always be agent?

Sumang was sold at $583psfppr. Next 2 EC: 1. Canberra link was sold at $558psfppr. 2. Anchorvale crescent was sold at $576psfppr. Based on the psfppr figures, prices are likely to be similar or slightly lower than sumang. Definitely not "much higher" as you claim.

"Based on the top bid, Colliers International estimates that the EC will have a break-even price of S$900-950 psf ppr and an average selling price of S$1,100 psf." https://www.channelnewsasia.com/news/singapore/ec-site-at-anchorvale-crescent-gets-7-bids-with-the-highest-at-s-10722140

https://www.propertyguru.com.sg/pro...site-receives-healthy-interest-with-nine-bids

Just fyi, those developers tat bid the land after 5th July 2018 are affected by the Additional Stamp Duty 5% on top of the land bid price.. so , is the land price still the same as Sumang now ? Do u think developer will absorb the 5% or pass down to consumer?

Same thg, just like buyers nowadays, those that need to pay resale levy will factor in to thier purchase price.. developers that need to pay Additional Stamp Duty will also factor into their selling price.. unless the developer is ok not to make profit.. i wouldnt know ..

 

[gyvtvtgy]

Took the right boat, jin happy.
Missed the boat, heat pain.
If you onboard the Titanic, cry no tears!
Developers and agents 24/7 - selling the boarding tickets - Welcome on Board!

Worse, ECs have to tahan till after MOP then can sell if something goes wrong with income.

 

[sgpropertyblog]

You are starting to spread fake news again.. Looks like agent will always be agent?

Sumang was sold at $583psfppr. Next 2 EC: 1. Canberra link was sold at $558psfppr. 2. Anchorvale crescent was sold at $576psfppr. Based on the psfppr figures, prices are likely to be similar or slightly lower than sumang. Definitely not "much higher" as you claim.

"Based on the top bid, Colliers International estimates that the EC will have a break-even price of S$900-950 psf ppr and an average selling price of S$1,100 psf." https://www.channelnewsasia.com/news/singapore/ec-site-at-anchorvale-crescent-gets-7-bids-with-the-highest-at-s-10722140

‘ average selling price $1100psf ..” based on the article that u quoted.. just fyi, Piermont average selling price is $1050ps( lowest psf is from $933psf). so, isnt tat higher? Or im spreading fake news again??

 

[gyvtvtgy]

You are right, Developers will factor in all cost 5% or 10% doesn’t matter. After cost + 20% or 30% profit margin- that’s the selling price to buyers. What matters most will the buyers gonna bite and enrich the developers who overpaid or crazy bid for the land price? Developers never gonna make a loss, so if there is a loss, it will passed to the buyers. Any buyers willingly to help buffer developers loss?

https://www.propertyguru.com.sg/pro...site-receives-healthy-interest-with-nine-bids

Just fyi, those developers tat bid the land after 5th July 2018 are affected by the Additional Stamp Duty 5% on top of the land bid price.. so , is the land price still the same as Sumang now ? Do u think developer will absorb the 5% or pass down to consumer?

Same thg, just like buyers nowadays, those that need to pay resale levy will factor in to thier purchase price.. developers that need to pay Additional Stamp Duty will also factor into their selling price.. unless the developer is ok not to make profit.. i wouldnt know ..

 

[annetyu]

Just fyi, those developers tat bid the land after 5th July 2018 are affected by the Additional Stamp Duty 5% on top of the land bid price.. so , is the land price still the same as Sumang now ? Do u think developer will absorb the 5% or pass down to consumer?

with the 5%, land rate is similar to sumang. definitely not the "much higher" selling price that you claimed.

 

[annetyu]

‘ average selling price $1100psf ..” based on the article that u quoted.. just fyi, Piermont average selling price is $1050ps( lowest psf is from $933psf). so, isnt tat higher? Or im spreading fake news again??

Indeed fake news again. The straits times report stated average price of $1,080psf unless ST reports fake news. Considering that most buyers are not biting the 840sqft, the avg price for all the unsold units is likely to be higher than $1,080.

Just like how indicative price of sumang was $1,150, canberra is likely to launch for lower too.

Now I am wondering whether these analysts/property agencies purposefully inflate indicative prices to drive sales of existing developments in the short term. very interesting tactics indeed.

 

[frigatex]

Regardless of the ongoing argument (whether piermont or canberra would be priced higher/lower), don't think pricing will be significantly different for both projects either way.

If analysing based on location (from city centre, from pasir gudang), both projects are not significantly different from each other either? So it's just a matter of which locale one prefers perhaps.

 

[Merg91]

Weird to our expert here to believe the Canberra sale price should be lower just because the developer paid slightly less than Sumang.
The developer can price it to the buyer pain threshold since it has better location or better market sentiment later.

The cost of sand /inflation also up later.

 

[Passerboy]

Propertysoul just released a podcast on YouTube on why One Pearl Bank isn't actually selling well.

It's how numbers are played and displayed.

Haha I saw the same video yesterday night.
Actually, I am quite confident of this one pearl bank project, cos architecturally it is really chio, of cos affordability is another thing, just like wallich residences (very good project).

On the flip side, the return units at Parc Botannia is quite alarming.

 

[Passerboy]

Weird to our expert here to believe the Canberra sale price should be lower just because the developer paid slightly less than Sumang.
The developer can price it to the buyer pain threshold since it has better location or better market sentiment later.

The cost of sand /inflation also up later.

For discussion, do you all thing the GST increase will bring up labour or material cost?

 

[1993newbie]

For those wondering which video. I just watch it while having my lunch.
https://youtu.be/XI_Dby3wcSU

Some screenshot from her video on the sales of some launches.

Propertysoul just released a podcast on YouTube on why One Pearl Bank isn't actually selling well.

It's how numbers are played and displayed.

 

[Merg91]

Very few Singapore developers lose money but definitely many of have missed out the earlier cheaper ECs /condo etc.

Developers are smart, but consumer ain’t stupid.

 

[annetyu]

Very few Singapore developers lose money but definitely many of have missed out the earlier cheaper ECs /condo etc.

Yeah, most are so prosperous except those who purchased cityscape at mergui road.

 

[annetyu]

For discussion, do you all thing the GST increase will bring up labour or material cost?

IF gst does affect material cost...

2% rise in construction costs. Construction costs makes up ~40% of property development?

2% of 40% = 0.8%. Is that significant at all?

 

[fotoudavid]

On the flip side, the return units at Parc Botannia is quite alarming.

This is scary... Cannot be suman reason right?

 

[annetyu]

The cost of sand /inflation also up later.

YOu must be the sand man on the other forum.

Since you are very updated with news and economic data, could you please pull up the inflation figures and forecasts please. From what I know, most of the numbers are not looking good.

 

[1993newbie]

Quite high volume of return unit for Botannia .

On another side,a quick search on PropGuru there’s close to 500 listings(some are duplicates la) for High Park Residence since it TOP. This year high park transaction is quite low too plus lotsa rent listings too. Potential tenants are spoilt for choice.

So far 7 units sold this year. I guess many owners are trying to flip but face with competition from neighbours and Parc Botannia.

Will we see this happening in future for mass market condos ? Only time will tell...

This is scary... Cannot be suman reason right?

 

[annetyu]

Quite high volume of return unit for Botannia .

On another side,a quick search on PropGuru there’s close to 500 listings(some are duplicates la) for High Park Residence since it TOP. This year high park transaction is quite low too plus lotsa rent listings too. Potential tenants are spoilt for choice.

So far 7 units sold this year. I guess many owners are trying to flip but face with competition from neighbours and Parc Botannia.

Most who purchased high park were for investment. Imagine those highly leveraged buyers who are unable to get tenants. What will they do?

Those who have managed to offload high park to "euphoric" buyers the past year are lucky.

 

[1993newbie]

Yup, quite a number of agents bought high park back in 2015 for investment purposes.

100 over rent listings of owners looking for tenants. Not forgetting they will face competition from Botannia once it TOP.

Most who purchased high park were for investment. Imagine those highly leveraged buyers who are unable to get tenants. What will they do?

Those who have managed to offload high park to "euphoric" buyers the past year are lucky.

 

[momoeagle]

Most who purchased high park were for investment. Imagine those highly leveraged buyers who are unable to get tenants. What will they do

"long term investment"