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Old 11-04-2019, 01:03 PM   #556
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I am worried about bank loan and the area too. Have consulted a banker from ocbc and was told only lor 30 onwards can get full financing of 75%, so am a bit skeptical when agent told me they have ocbc bankers working with them that can give 75% financing.

I'm looking at one bedder for investment purpose, as cannot afford bigger units due to absd. Was thinking at geylang area might be easier to rent out as compared to treasure at tampines.

Would prefer somewhere other than geylang if have enough bullet, but apparently there are not many options for FH condo under 700k available in the market, and Rezi 24 seems to have the most central location/nearest to mrt..
U may want to try Maybank

https://www.google.com.sg/amp/s/inve...k-out-for/amp/
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Old 11-04-2019, 01:51 PM   #557
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Thank you NSZ for the link and suggestion.

I have previously checked with cimb, and found out that they don't finance shoebox units (<500 sqft). The banker suggested me to go with one of the local banks if want to get mortgage for shoebox units. Not sure if it's the same case with maybank, but would be worth finding out.

The link you shared is very helpful. I think I need to think more carefully, just hope that the property price won't keep going up while I'm still trying to decide, and also the govt won't be introducing more cooling measures in the meanwhile also...

U may want to try Maybank

https://www.google.com.sg/amp/s/inve...k-out-for/amp/
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Old 11-04-2019, 02:21 PM   #558
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I'm actually not keen on treasure at tampines, that's why agent keep trying to persuade me. Only have one bullet so want to think really carefully.. I've been looking at Rezi 24 recently, thinking that with a slightly higher quantum I'd be getting a unit in a more central location and freehold also.. any thoughts on this?
Geylang properties in fact are the best for rental yield almost always when you do apple to apple comparison.

Pros
FH properties
High rental yields, lower quantum

Cons
High chance of attracting the wrong kind of tenants, take a look at some of the floor plans, esp the loft projects, feels like it's more targeted as higher class dormitory/vice-activity grounds
Definitely not for expats family
Messy area. Even the govt acknowledged that it's the most dangerous neighbourhood in Singapore
Limited bank loan choices. Maybank and Singapura finance i think.
Boutique condos, typically lack of security
Higher maintenance fee

As for appreciation, it's sort of the same as other OCR areas. You'd need to wait for concrete news about moving the red light district out. News has been there for at least a decade, but personally i dont see it happening anytime in the next two decades, it's too complex a decision, govt tend to take a back seat in this sort of social issues. So neither a pro nor con.

Perhaps take a better look at the area if you like it, investment wise is a good choice.
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Old 11-04-2019, 02:46 PM   #559
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If you want to consider geylang properties, i would suggest considering on resale vs the new launch there. Most of the resales along that stretch are fairly new, so why pay 20% most for a new launch considering the size of project/proximity of each other/facilities are almost similar, the only difference is probably 3-10 years age difference (most of them are freehold as well) and the layouts (some with lofts).

I would suggest taking a look at the resale listings there, go for some viewings and have an actual feel of things, try some small talk with the agent and owner and find out how long do they actually take to rent out the unit and the maintenance fees there, from there you can probably have a gauge on how your profit margin should you decide to invest in the new launch.

https://www.squarefoot.com.sg/market.../shoebox-units <-- can go there and see all the 1 bedders in the area around rezi, take note of their names and search on guru / srx for the listings/transaction value
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Old 11-04-2019, 06:00 PM   #560
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Hi coolstrawberry and kiatme, thank you both for your valuable insights.

I've been looking at resale FH units in geylang area too, not much option due to very limited cash on hand. Will keep looking and saving up at same time..
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Old 11-04-2019, 06:33 PM   #561
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I am worried about bank loan and the area too. Have consulted a banker from ocbc and was told only lor 30 onwards can get full financing of 75%, so am a bit skeptical when agent told me they have ocbc bankers working with them that can give 75% financing.

I'm looking at one bedder for investment purpose, as cannot afford bigger units due to absd. Was thinking at geylang area might be easier to rent out as compared to treasure at tampines.

Would prefer somewhere other than geylang if have enough bullet, but apparently there are not many options for FH condo under 700k available in the market, and Rezi 24 seems to have the most central location/nearest to mrt..
I would suggest since u r still saving up for 1 bedder investment, why not take it slow until u have enough bullet to pay in full, then use your spouse/parent name to buy the property to avoid ABSD. Make sure your spouse/parent has no existing property on hand.

Of cos, I’m not sure about your financial status. Usually for Low quantum property, I will try pay in full and not buy under my name. Another way is u can find like minded pple that are close to u to invest together for a start. (Just in case u saw a project worth buying)
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Old 11-04-2019, 09:28 PM   #562
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I've been thinking of using spouse name, but my spouse doesn't have job and cannot get mortgage, and you're right, I would need to make full payment then. It will take years for me to save up the remaining amount (which is 75% of the sales value) and I'm worried property price will go up by a lot by then and there could be other cooling measures in place and further delay my plan.. there's also lost potential rental income within these years... I'm just really worried that if I don't buy as early as I can afford, I will never have the chance to get a second property at all..

I would suggest since u r still saving up for 1 bedder investment, why not take it slow until u have enough bullet to pay in full, then use your spouse/parent name to buy the property to avoid ABSD. Make sure your spouse/parent has no existing property on hand.

Of cos, I’m not sure about your financial status. Usually for Low quantum property, I will try pay in full and not buy under my name. Another way is u can find like minded pple that are close to u to invest together for a start. (Just in case u saw a project worth buying)
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Old 11-04-2019, 10:07 PM   #563
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I've been thinking of using spouse name, but my spouse doesn't have job and cannot get mortgage, and you're right, I would need to make full payment then. It will take years for me to save up the remaining amount (which is 75% of the sales value) and I'm worried property price will go up by a lot by then and there could be other cooling measures in place and further delay my plan.. there's also lost potential rental income within these years... I'm just really worried that if I don't buy as early as I can afford, I will never have the chance to get a second property at all..
A few impt rules before u invest 2nd prop:
1) u must make sure your current house outstanding loan must be taken care of. (Eg, fully paid, or with saving that can last u for at least 2 years, in case touch wood, u are unemployed for a Long period of time).
2) if pt 1 is taken care of, while u set aside a sum for rainy days, u can then set aside a sum that are available for prop investment. If ur sum set aside for prop investment is not enough, u can find like minded siblings/someone close to u to co-invest together. This is how I started off. Bear in mind, u should not exhaust all your saving just for the sake of buying 2nd prop. Very dangerous. U never know when u need cash.

For example, I share with my Cousin to invest in prop, then years later, usually, I will pick the right time to sell off at a decent profit, then keep repeating a few times. Holding power is impt because it allows you to have control and decide the best time to sell. U need to have a clear enter and exit plan.
Also, try to explore ways to avoid or minimise ABSD.

Until when my funds became sufficient, I can now do it alone w/o the need to co-invest with her anymore.

Of course, need to do lotsa lotsa research to identify property that has good potential for capital gain. (Eg try to read widely, study trend, make comparison between different projects, study masterplan, pay attention to Govt policy and future plans etc)

This is easier in the past but getting tougher now (with more CMs). You can’t rush things. But when opportunity came, don’t procrastinate.
A lot of beginners die die must buy FH prop. FH prop not necessary always good. U buy the wrong FH also will loss money, likewise, not all LH prop are bad. Always Keep an open mind.

My only advantage is both me and my wife’s income are pretty stable and thus, loan approval is usually not an issue. In your case, since u are the sole breadwinner. So gotta be extra careful.
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Last edited by NiShiZhu; 11-04-2019 at 10:52 PM..
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Old 11-04-2019, 10:21 PM   #564
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https://www.todayonline.com/singapor...et-cbre-report


Wewwwwwww. Singapore is world’s second-most expensive housing market.

Last edited by 1993newbie; 11-04-2019 at 10:35 PM..
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Old 11-04-2019, 10:35 PM   #565
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https://www.todayonline.com/singapor...et-cbre-report


Wewwwwwww. Singapore ranked second most expensive city to buy a home.
Not forgetting, our property price increase rate is pale in comparison compared to other countries. We are ranked 27th place. With Average price growth only 1.1%.
This ain’t surprising while Singapore remains as an attractive country for business/financial hub, good infrastructure, politically stable and secured country, we also need to thank the govt for our effective CMs.

https://forums.condosingapore.com/sh...ty-market-CBRE
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Old 11-04-2019, 10:41 PM   #566
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Ohh yes ,up moderately still okay de. Let me take a breather and save up again. Maybe another 1 bedder before I turn 30?

For now, save save save. CM lifted or not, only time will tell.

Not forgetting, our property price increase rate is pale in comparison compared to other countries. We are ranked 27th place.
Thanks to our effective CMs.

https://forums.condosingapore.com/sh...ty-market-CBRE
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Old 11-04-2019, 10:46 PM   #567
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Ohh yes ,up moderately still okay de. Let me take a breather and save up again. Maybe another 1 bedder before I turn 30?

For now, save save save. CM lifted or not, only time will tell.
Trust me, CM wonít be lifted.
If this happens, all hell cfm breaks loose.
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Old 11-04-2019, 11:07 PM   #568
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Aite aite. Only way is to save save save. Before 30 that’s the target.

Trust me, CM won’t be lifted.
If this happens, all hell cfm breaks loose.
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Old 11-04-2019, 11:17 PM   #569
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A few impt rules before u invest 2nd prop:
1) u must make sure your current house outstanding loan must be taken care of. (Eg, fully paid, or with saving that can last u for at least 2 years, in case touch wood, u are unemployed for a Long period of time).
2) if pt 1 is taken care of, while u set aside a sum for rainy days, u can then set aside a sum that are available for prop investment. If ur sum set aside for prop investment is not enough, u can find like minded siblings/someone close to u to co-invest together. This is how I started off. Bear in mind, u should not exhaust all your saving just for the sake of buying 2nd prop. Very dangerous. U never know when u need cash.

For example, I share with my Cousin to invest in prop, then years later, usually, I will pick the right time to sell off at a decent profit, then keep repeating a few times. Holding power is impt because it allows you to have control and decide the best time to sell. U need to have a clear enter and exit plan.
Also, try to explore ways to avoid or minimise ABSD.

Until when my funds became sufficient, I can now do it alone w/o the need to co-invest with her anymore.

Of course, need to do lotsa lotsa research to identify property that has good potential for capital gain. (Eg try to read widely, study trend, make comparison between different projects, study masterplan, pay attention to Govt policy and future plans etc)

This is easier in the past but getting tougher now (with more CMs). You canít rush things. But when opportunity came, donít procrastinate.
A lot of beginners die die must buy FH prop. FH prop not necessary always good. U buy the wrong FH also will loss money, likewise, not all LH prop are bad. Always Keep an open mind.

My only advantage is both me and my wifeís income are pretty stable and thus, loan approval is usually not an issue. In your case, since u are the sole breadwinner. So gotta be extra careful.
I had spent lots of time and much patience to hunt for the correct FH property and completed my decoupling successfully to skip the ABSD.

The result is rather sweetening. Managed to save the previous 7% ABSD.

Cannot really imagine guys willingness to pay 12% now.
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Old 11-04-2019, 11:42 PM   #570
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A few impt rules before u invest 2nd prop:
1) u must make sure your current house outstanding loan must be taken care of. (Eg, fully paid, or with saving that can last u for at least 2 years, in case touch wood, u are unemployed for a Long period of time).
2) if pt 1 is taken care of, while u set aside a sum for rainy days, u can then set aside a sum that are available for prop investment. If ur sum set aside for prop investment is not enough, u can find like minded siblings/someone close to u to co-invest together. This is how I started off. Bear in mind, u should not exhaust all your saving just for the sake of buying 2nd prop. Very dangerous. U never know when u need cash.

For example, I share with my Cousin to invest in prop, then years later, usually, I will pick the right time to sell off at a decent profit, then keep repeating a few times. Holding power is impt because it allows you to have control and decide the best time to sell. U need to have a clear enter and exit plan.
Also, try to explore ways to avoid or minimise ABSD.

Until when my funds became sufficient, I can now do it alone w/o the need to co-invest with her anymore.

Of course, need to do lotsa lotsa research to identify property that has good potential for capital gain. (Eg try to read widely, study trend, make comparison between different projects, study masterplan, pay attention to Govt policy and future plans etc)

This is easier in the past but getting tougher now (with more CMs). You canít rush things. But when opportunity came, donít procrastinate.
A lot of beginners die die must buy FH prop. FH prop not necessary always good. U buy the wrong FH also will loss money, likewise, not all LH prop are bad. Always Keep an open mind.

My only advantage is both me and my wifeís income are pretty stable and thus, loan approval is usually not an issue. In your case, since u are the sole breadwinner. So gotta be extra careful.

Bro, very sound advice 👍🏻
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