Executive Condo (EC) bubble?

[flashover]

Sengkang Punggol?

My neighbour sold his 5 room at 610k at Punggol

18 years. Beside LRT and 8 mins walk to MRT somemore.

 

[dleodleo]

Sengkang Punggol?

My neighbour sold his 5 room at 610k at Punggol

Sengkang. Moreover my neighbour bought it as a resale at $500k during the peak and spent alot in renovation. End up he sold it at a loss cos he upgrade to resale 3 years old condo. 4 bedrooms at only 1.4m.

$610k recently?

 

[dleodleo]

Fake news! 5rms sold at 1mil recently. just kidding

EC does not favour upgraders. Like your case, even if you can afford the resale levy, 4yrs later when EC TOP, you start selling your flat and it became 350k due to aging will be even worst. On the other hand, accrued interest increased another 4yrs as well.

If thinking to upgrade, only resale private is the better path. Nett downpayment (now is 25%), stamp duty and legal fees.

Buy EC pay resale levy, buy private no need.

if EC selling at 1k psf, with 50k levy is considering $1050psf based on 1000sqft, at this price u can maybe get freehold resale too.

Yes we could never be able to afford cos new condo/EC price keep going up while HDB resale keep dropping.

I should hv bought Esparina or Prive when there's no resale levy and low psf $ and during TOP the mmarket price for 5 room resale in Sengkang was $500K.


I'm considering resale condo too but scare of the "history".

Lesson learnt. Want to buy dun wait...

 

[blessedvillain]

Yes we could never be able to afford cos new condo/EC price keep going up while HDB resale keep dropping.

I should hv bought Esparina or Prive when there's no resale levy and low psf $ and during TOP the mmarket price for 5 room resale in Sengkang was $500K.


I'm considering resale condo too but scare of the "history".

Lesson learnt. Want to buy dun wait...

I totally agreed with you.
When u have the capacity to buy EC or condo for own stay, just go for it. U can’t predict the future. If the EC/Condo fits your criteria, ie location, facilities and neighbourhood, don’t wait.

I think for property flippers or investors, then maybe need to watch out for bubbles, do more research and avoid buying at peak.

 

[PingJun]

No, how many 'timers' does not matter.

Source: http://www.mas.gov.sg/News-and-Publ...-Tightening-Loan-to-Value-Limits.aspx#content

I didn't know that EC is also affected.

I thought that only private property is affected by this.

 

[PingJun]

EC cannot take HDB loan. Must take bank loan. But still subjected to MSR calculation.

I know. But I thought that 25% down-payment is only applicable to private propert. EC is under govt for 1st 5 to 10 years, so I thought that EC is excluded

 

[henrylbh]

18 years. Beside LRT and 8 mins walk to MRT somemore.

You friend sold 400k only? Which block? I just bought a 5rm (D&B) at 440k about same age and besides lrt one stop to mrt or 8 to 10 min walk

 

[henrylbh]

I know. But I thought that 25% down-payment is only applicable to private propert. EC is under govt for 1st 5 to 10 years, so I thought that EC is excluded

That's because loan is from bank and not HDB.

 

[bojangle]

I know. But I thought that 25% down-payment is only applicable to private propert. EC is under govt for 1st 5 to 10 years, so I thought that EC is excluded

so now u know the pros and cons of getting EC.

since the price is now above 1k, it no longer attracts 2nd timer to buy as needs to pay levy. If not mistaken, LTV is mostly lower then 75% for EC.

on top of that, 5yrs later then can sell to locals only and 10yrs later then can privatized.
private do not need huge upfront sum and 3yrs later can sell to anyone. When times are bad, there's an escape route if kena retrench or thinking to downsize.
lastly not to forget..u own a private and not ahem..EC.

 

[peacefulday]

The hdb flat valuation itself play a part. Usually u bto buy high, u can sell high and get low sold low. Vice versa applied to PC and EC new launch as long as dont get in at super peak. Fyi punggol 5rm good location resale sold at $700k+++. Trend is stagnant and still slowly up.

Sengkang Punggol?

My neighbour sold his 5 room at 610k at Punggol

 

[dleodleo]

You friend sold 400k only? Which block? I just bought a 5rm (D&B) at 440k about same age and besides lrt one stop to mrt or 8 to 10 min walk

Renjong LRT

 

[henrylbh]

Renjong LRT

I have been searching flats in sengkang for more than 6 months and viewed no less than 30 units, but never bothered with that area

May be his smaller in size (110sm), lower floor and facing main road and hurry to sell?

Consolation I paid 440k for high floor, 122sm and facing inside off compassvale street and allowed to move in early .. about 2 months before completion.

My Hougang 3rm flat (83sm) much older, 36yo and about 8 - 10 minutes to MRT was sold at 353k.

 

[dleodleo]

I have been searching flats in sengkang for more than 6 months and viewed no less than 30 units, but never bothered with that area

May be his smaller in size (110sm), lower floor and facing main road and hurry to sell?

Consolation I paid 440k for high floor, 122sm and facing inside off compassvale street and allowed to move in early .. about 2 months before completion.

My Hougang 3rm flat (83sm) much older, 36yo and about 8 - 10 minutes to MRT was sold at 353k.

Yup is 110sqm. 122sqm is not 5 room leh is Executive flat. Unless those more than 20 years old 5 room flats in Sengkang then hv 120+ sqm. Good buy for u.. congrats!

So u see resale flats in Sengkang has no value liao. How 2nd timers ugrade to EC? Hope govt could review the policy n waive the resale levy.

 

[PingJun]

so now u know the pros and cons of getting EC.

since the price is now above 1k, it no longer attracts 2nd timer to buy as needs to pay levy. If not mistaken, LTV is mostly lower then 75% for EC.

on top of that, 5yrs later then can sell to locals only and 10yrs later then can privatized.
private do not need huge upfront sum and 3yrs later can sell to anyone. When times are bad, there's an escape route if kena retrench or thinking to downsize.
lastly not to forget..u own a private and not ahem..EC.

However, if the buyers were to sell PC, they need at least 2.5 years (30 months?) before they can buy BTO..

EC owners as well. Need at least 30 months before applying BTO after selling the EC.

 

[flashover]

6 months ago but its near mrt and mall

Sengkang. Moreover my neighbour bought it as a resale at $500k during the peak and spent alot in renovation. End up he sold it at a loss cos he upgrade to resale 3 years old condo. 4 bedrooms at only 1.4m.

$610k recently?

 

[henrylbh]

Yup is 110sqm. 122sqm is not 5 room leh is Executive flat. Unless those more than 20 years old 5 room flats in Sengkang then hv 120+ sqm. Good buy for u.. congrats!

So u see resale flats in Sengkang has no value liao. How 2nd timers ugrade to EC? Hope govt could review the policy n waive the resale levy.

Just got rid of my EC to move to 5rm.

Finally quite happy with the upgraded size of 122 compared to EC of 77sm, although there are 2 of us only. 77sm with balcony is simply a pigeon hole to me especially my earlier flats were 163sm and 143sm.

 

[defghijsg]

My sis got rid of her EC to move to 4rm as well - better space and lucky cut also. depends really on what you want for you and your family.

 

[iphone1s]

My sis got rid of her EC to move to 4rm as well - better space and lucky cut also. depends really on what you want for you and your family.

Just got rid of my EC to move to 5rm.

Finally quite happy with the upgraded size of 122 compared to EC of 77sm, although there are 2 of us only. 77sm with balcony is simply a pigeon hole to me especially my earlier flats were 163sm and 143sm.

But.. But...

You got a prestigious address, lifestyle with gym and bbq whereas HDB dwellers need to rent this from the public spaces.

Its a status in life staying in EC.

P.S not i say one..

But want to hear your opinion on this.

 

[PingJun]

Just got rid of my EC to move to 5rm.

Finally quite happy with the upgraded size of 122 compared to EC of 77sm, although there are 2 of us only. 77sm with balcony is simply a pigeon hole to me especially my earlier flats were 163sm and 143sm.

My sis got rid of her EC to move to 4rm as well - better space and lucky cut also. depends really on what you want for you and your family.

I understand that the person selling EC needs 30 months before applying BTO.

Does this apply for resale flat as well?

 

[Pokémon]

I understand that the person selling EC needs 30 months before applying BTO.

Does this apply for resale flat as well?

Not applicable for resale. If you buy a resale flat, you can (must) dispose of your interest in the private residential property within six months of the flat purchase.