Executive Condo (EC) bubble?

[annetyu]

Look at the resale price around that location first. I don't think Punggol has many private resales selling above $1,100 psf, less Watertown and the couple ones very near MRT of course. Most resales are still below $1,000psf. If you wish to pay $1,100psf for EC there then you are not being rationale at all.

 

[skizzer]

Look at the resale price around that location first. I don't think Punggol has many private resales selling above $1,100 psf, less Watertown and the couple ones very near MRT of course. Most resales are still below $1,000psf. If you wish to pay $1,100psf for EC there then you are not being rationale at all.

Absolutely agree with this. Even Parc Centros which is right beside MRT sells at 1,181 psf for latest sale. The two upcoming ECs are no where as accessible as Parc centros and expect consumers to pay 1.1k psf? Plus the EC-Condo discount And the EC ten year restrictions issue

 

[henrylbh]

How can it be? Burn paper money at balcony? wash dishes at car wash bay?

Leave rubbish at lift lobby.
Place unsightly stuff in common areas.
One committed suicide and landed in front of function room
Unsightly parking of (abandoned?) bicycles, though in allocated spaces.
Damage to facilities provided.

 

[captain huat]

Leave rubbish at lift lobby.
Place unsightly stuff in common areas.
One committed suicide and landed in front of function room
Unsightly parking of (abandoned?) bicycles, though in allocated spaces.
Damage to facilities provided.

the commit suicide is where sia?

 

[Solid_snape]

Absolutely agree with this. Even Parc Centros which is right beside MRT sells at 1,181 psf for latest sale. The two upcoming ECs are no where as accessible as Parc centros and expect consumers to pay 1.1k psf? Plus the EC-Condo discount And the EC ten year restrictions issue

Thank you, finally some rational views. Some people just want prices to keep going up and up with no regard for future generations and newcomers. EC is supposed to be subsidized housing and yet the prices are comparable or higher than PC in the surrounding area and it’s supposed to be fine. Jeez.

 

[Clazav]

You are totally right too. But it is these new owners that set the new trend. They will never look at the past because they were probably students that time, so to them, they already missed the train. We say they are irrational because we bought at a lower price and we see how things skyrocketed.

 

[skizzer]

You are totally right too. But it is these new owners that set the new trend. They will never look at the past because they were probably students that time, so to them, they already missed the train. We say they are irrational because we bought at a lower price and we see how things skyrocketed.

It is worse than that though, becoz to me it is clearly more worthwhile to buy Parc centros or Watertown than the Upcominh EC at Sumang or Anchorvale (assuming their prices will be 1-1.1k psf).

 

[Deathstrike]

Leave rubbish at lift lobby.
Place unsightly stuff in common areas.
One committed suicide and landed in front of function room
Unsightly parking of (abandoned?) bicycles, though in allocated spaces.
Damage to facilities provided.

really got one committed suicide?

 

[soufool]

It is worse than that though, becoz to me it is clearly more worthwhile to buy Parc centros or Watertown than the Upcominh EC at Sumang or Anchorvale (assuming their prices will be 1-1.1k psf).

Just another train of thought- it is newer and fresh lease. There is also CPF housing grant for first timers.

ECs aside, new launches are also disproportionate to neighboring slightly older condos in other estates as it is pegged to land purchase price. See park colonial at woodleigh -$1700psf? Resale prices in the vicinity are still averaging $1300psf. Why people still buy leh?

I personally find it puzzling but i guess the market is still cash rich.

 

[skizzer]

Just another train of thought- it is newer and fresh lease. There is also CPF housing grant for first timers.

ECs aside, new launches are also disproportionate to neighboring slightly older condos in other estates as it is pegged to land purchase price. See park colonial at woodleigh -$1700psf? Resale prices in the vicinity are still averaging $1300psf. Why people still buy leh?

I personally find it puzzling but i guess the market is still cash rich.

Good observation. Though I will suggest that that observation could actually makes the EC pricing even more weird. Park colonial is much nearer to woodleigh MRT than the nearby comps.

Whereas in this EC case, the EC location sucks vs Watertown/Parc Centros but are likely to be priced at only a small discount (solely becoz CDL went in at 580 psf ppr). My guess is Sumang EC will sell badly becoz the developer will try to sell the EC at breakeven/profit making prices above 1.1k psf, but will struggle to move much units and this have to offer discounts eventually.

 

[fotoudavid]

I believe the psf for suman at $1100. But the size will be like 850 sqf for 3 bedrooms units... In order to made it sell able and affordable.

 

[dnsfpl]

the main reason why property value usually go up (long term) is because of compound CPF interest

take bto vs sbf for eg, easily up min 5%

 

[skizzer]

the main reason why property value usually go up (long term) is because of compound CPF interest

take bto vs sbf for eg, easily up min 5%

Agree. I do feel that even after factoring in inflation/interest impact/time value of money, this Sumang walk EC will still be overpriced.

 

[Clazav]

In my opinion, sumang ec will sell well.
Other than the usual logical fact like there are a shortage of ec and cheaper alternative of pc, two trends I observed are
1. People usually new places. To you watertown and Parc centro are still new, but to the young people, they are old already.
2. People generally wouldn't mind developer earning a profit, but not the owners of existing condo.

Good observation. Though I will suggest that that observation could actually makes the EC pricing even more weird. Park colonial is much nearer to woodleigh MRT than the nearby comps.

Whereas in this EC case, the EC location sucks vs Watertown/Parc Centros but are likely to be priced at only a small discount (solely becoz CDL went in at 580 psf ppr). My guess is Sumang EC will sell badly becoz the developer will try to sell the EC at breakeven/profit making prices above 1.1k psf, but will struggle to move much units and this have to offer discounts eventually.

 

[PostCountWarrior[+1]]

In my opinion, sumang ec will sell well.
Other than the usual logical fact like there are a shortage of ec and cheaper alternative of pc, two trends I observed are
1. People usually new places. To you watertown and Parc centro are still new, but to the young people, they are old already.
2. People generally wouldn't mind developer earning a profit, but not the owners of existing condo.

ha point 2....

anyway its like there is this ec 'brand' to it that people who do not do research think its cheap. its like bto also, think its cheap.

but actually there are good resale condo if u know where to find. resale hdb after all the grants and waiting time can actually not much diff from bto in same area.

 

[sft1393h]

In 2010 when the 1st EC Prive was launched at avg $680psf in Punggol, similar thread started with analysts, mathematicians, scientists etc bombarded Prive till birds dun even dare to fly near. After 5 years of MOP, the resale price transacted at around $1k psf. Those garang 1st time owners who did not read HWZ are laughing to the bank now. 9 years later, another similar thread surfaced.

 

[Clazav]

When you about to buy the resale condo, then realised that you are paying 300psf more than the launch psf (meaning the owner is going to pocket 300psf), what is your thought? You will want to bargain. But the owner doesn't budge. Because they are financially strong and they can wait somemore. But still, you can look for other units in the same project. Then think about this, if you were to buy that unit, you will be priced out for the next several years because all your neighbours who bought at launch are going to sell lower than you.

;119276493]ha point 2....

anyway its like there is this ec 'brand' to it that people who do not do research think its cheap. its like bto also, think its cheap.

but actually there are good resale condo if u know where to find. resale hdb after all the grants and waiting time can actually not much diff from bto in same area.

 

[annetyu]

In 2010 when the 1st EC Prive was launched at avg $680psf in Punggol, similar thread started with analysts, mathematicians, scientists etc bombarded Prive till birds dun even dare to fly near. After 5 years of MOP, the resale price transacted at around $1k psf. Those garang 1st time owners who did not read HWZ are laughing to the bank now. 9 years later, another similar thread surfaced.

What were the prices for private resales and new launches at punggol at that time?

 

[skizzer]

In my opinion, sumang ec will sell well.
Other than the usual logical fact like there are a shortage of ec and cheaper alternative of pc, two trends I observed are
1. People usually new places. To you watertown and Parc centro are still new, but to the young people, they are old already.
2. People generally wouldn't mind developer earning a profit, but not the owners of existing condo.

Even though I disagree with the sale forecasts, but I agree with ur two pts

 

[sft1393h]

What were the prices for private resales and new launches at punggol at that time?

1st launched in Punggol with land price bidded at $280psf/ppr. No track records of private resale. No news of SIT, Waterway Point, Safra, regional sports hub, Punggol Digital District and the latest Oasis Terrace.