New EC at Sumang Walk

Merg91

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MAS & the financial experts interviewed by the press could not get many estimates right even for the next month.
Yet our expert here could 'predict' a massive recession 10 years down the road.
 

Passerboy

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The economists are predicting it, not anyone here. JP Morgan, Goldman, UBS etc are giving more and more warning calls recently.

Which expert? I hope you don’t think there are really any experts here. Real experts got no time for this community forum.

I think JPMorgan also predicted average private non landed residential prices to hit $2900psf in 2030 back in 2018. Such calls that states a recession was approaching was made as early as 2017 (but there were only flash fall in the stock market), moreover, I think our country has the technical know how to navigate the waves.
 
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momoeagle

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How that affects property, though, is debatable. The next 2 years will be a very interesting one. Be alert and dyodd.
Highly agree. There is also a recent article on how govt cooling measures had actually resulted in the opposite effect and made developers bid up land prices. Quite interesting.

In summary, because they had to sell the properties within a time limit, there became a supply glut and they are to bid high or en bloc high to get enough land to continue business.
 

momoeagle

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The economists are predicting it, not anyone here. JP Morgan, Goldman, UBS etc are giving more and more warning calls recently.

Which expert? I hope you don’t think there are really any experts here. Real experts got no time for this community forum.
Will take analysts report with a grain of salt. They probably have different motives, including political ones, to say different things.

The common businessman on the streets with a grasp of accounts will be better able to judge the pulse of the economy than most bank analysts. My take.
 

Merg91

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The 'experts' may say anything, but for many, the a home is needed.
Many 'predictions' turn up to be wrong and you end up paying your landlord $40-50k & yet the property price has not crashed.

Singapore govt has done a lot to reduce the risk of a property crash.

How some of us wish to have borrowed a bit more earlier & gotten a cheaper EC/condo.

A home is an asset. But some may agree more to
Robert Kiyosaki. :o
 
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JustTrade

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EC prices are insane now. How can a couple with <14k income afford such prices; maybe most of the buyers are upgraders?
 

runforyourlife

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EC prices are insane now. How can a couple with <14k income afford such prices; maybe most of the buyers are upgraders?

Sure can, with savings. But if no savings den cannot. It’s not meant for everybody, if u want it, you’ll need to save. Else everybody will be able to afford.
 

momoeagle

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EC prices are insane now. How can a couple with <14k income afford such prices; maybe most of the buyers are upgraders?

Yes, you can see that for Sumang, first time buyers account only for a mere 23+% of the first timer slots. And in fact, for majority of the cases, they are better off getting a HDB. 2nd timers usually have a much larger cash buffer, plus earnings from their first HDB BTO.

Imagine a first timer able to afford only a small unit. That's enough for two of them. It is enough if they do not have kids. But what if they have kids? Will it be big enough?

Then the next logical choice will be to either downgrade to a resale HDB, or a new private condo or resale EC. They are not able to purchase any HDB or new launch ECs anymore until they wait 30 months after selling the EC, which is a private property by then.

In the end, $$ still needed and likely negating the minimal monetary gain.

Properties are assets that cannot be easily sold. With so many new launches on the way, by the time you want to sell your unit, people may not even want to buy it. Applies for HDBs as well. We may have a large amount of assets by name, but if unable to monetize it, it is as good as nothing.

Like the old people always said, don't be a slave to your property. I have an interviewee that told me before he quitted his lawyer job because he saw his lawyer colleague buying a very nice condo, but worked so hard at his job to afford it and don't get to enjoy the facilities and view. The one person that enjoys the condo view, but not facilities, was the maid he hired.

Of course, all isn't a problem if there is a large cash buffer to begin with.
 

momoeagle

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Sure can, with savings. But if no savings den cannot. It’s not meant for everybody, if u want it, you’ll need to save. Else everybody will be able to afford.

Highly agreed. Then again, like so many people complaining so hard to save 100k by 30 years old... And here, we are looking at units with almost 300k downpayment + lawyer fees + stamp duty.

Even at 35+ years old, it is not easy to cough up without affecting quality of life :( Then again, I am the incapable type, so probably that's why :s13:
 

runforyourlife

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Highly agreed. Then again, like so many people complaining so hard to save 100k by 30 years old... And here, we are looking at units with almost 300k downpayment + lawyer fees + stamp duty.

Even at 35+ years old, it is not easy to cough up without affecting quality of life :( Then again, I am the incapable type, so probably that's why :s13:

Hmmm the 300k is by stages, would be possible if there’s say 100k savings by both added together yea? Shouldn’t be an issue with the loan thereafter!
 

Merg91

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This EC is still 20-50% than many new private condo.
Lexus @ Toyota price.

Many hdb owners are almost millionaire status.
A block of CityView @BoonKheng has hundreds of millionaires.
 

Passerboy

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EC prices are insane now. How can a couple with <14k income afford such prices; maybe most of the buyers are upgraders?

There are some that says EC could hit average of $1300psf in 5 years (which doesn’t seem too far fetched) with current PC prices. No one saw it crossing $1000 psf 5 years back too, and I think EC is more for upgraders.
 

Passerboy

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This EC is still 20-50% than many new private condo.
Lexus @ Toyota price.

Many hdb owners are almost millionaire status.
A block of CityView @BoonKheng has hundreds of millionaires.

Only higher floor units will command million dollar I guess, can’t be 2nd floor also cross 1 mil. :) this is similar to Pinnacle@Duxton, the price diff between a high floor unit and a low floor one is huge.
 

Merg91

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CityView latest record high $1.2 million.
The lower floor almost 1 million?

It is also the location.
Does the view worth 30-40% more ?

Only higher floor units will command million dollar I guess, can’t be 2nd floor also cross 1 mil. :) this is similar to Pinnacle@Duxton, the price diff between a high floor unit and a low floor one is huge.
 

Passerboy

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CityView latest record high $1.2 million.
The lower floor almost 1 million?

It is also the location.
Does the view worth 30-40% more ?

If u ask me yes (may be subjective), cos the view (of the cityscape) is something you wake up to and return to everyday, that is why there’s a premium tagged to units with good view.

If it’s seafront view whereby even level 2 can enjoy that view that it won’t be worth 30-40% more, but in this case, only higher floor units have that unblocked city view thus I feel it may justify the premium.

Im not sure how much the lower floor at CityView resale prices are, but don’t think it justify 1 mil (800k -900k maybe?)
 

momoeagle

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If u ask me yes (may be subjective), cos the view (of the cityscape) is something you wake up to and return to everyday, that is why there’s a premium tagged to units with good view.

If it’s seafront view whereby even level 2 can enjoy that view that it won’t be worth 30-40% more, but in this case, only higher floor units have that unblocked city view thus I feel it may justify the premium.

Im not sure how much the lower floor at CityView resale prices are, but don’t think it justify 1 mil (800k -900k maybe?)

A quick google search shows that majority of the transacted units were below 1 mil.

But cityview really have good view of city. Was in one of the houses before, lots of wind.

Just that some people say looks like 3 joss sticks :s13:

Got 1 more thing about sea if sea view (not cityview)... Have to consider that humidity from the sea can cause your furniture and building structures to spoil/rust faster than normal. Of course, money solves every of these problems.
 
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momoeagle

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Hmmm the 300k is by stages, would be possible if there’s say 100k savings by both added together yea? Shouldn’t be an issue with the loan thereafter!

Should be near to 175k savings from each party to hit 300k downpayment + stamp duty :(

High property prices is really an excellent way to reduce the excess liquidity in the market.
 
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