New EC at Sumang Walk

runforyourlife

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Actually from the words of majority here, it seems Samsung ec is a bad buy. However, not sure why still have so many people buy. maybe those buyers are just cash rich and nothing else to buy. And probably they also does not have much foresight in the property market as well..

Some ppl buy for home stay, not for investment.
 

momoeagle

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We can all tell Merg91 is the saddest one in this forum for whatever reasons. Just let him continue rattling on. Hopefully, this helps to relieve his grief, thats the best we can do for him.
True. Will do some charity for now then.
 

momoeagle

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Actually from the words of majority here, it seems Samsung ec is a bad buy. However, not sure why still have so many people buy. maybe those buyers are just cash rich and nothing else to buy. And probably they also does not have much foresight in the property market as well..

My guess, there are still many around with spare cash from en bloc sale and don't know what else to do with the cash.

For income <$14k and if young, most likely have to take some money from parents. Nothing wrong if parents are willing to and think it's worth.

Even for the more successful businessmen around my age, only 1 or 2 could really afford this comfortably based on their own merit.

All these are guesses. The developers will never release information on the age profile of buyers.

But one thing is sure for Sumang buyers... Everyone buy so expensive around you, so can expect with high likelihood more "polished" families?
 

momoeagle

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I think it is because of the following factors-

1) those buyers want a new EC in Punggol District to be near parents or in laws and upcoming EC in 2020 are in tampines and Canberra which will also be priced in the same range of 11xx psf up
2) the buyers want a reputable developer (Sumang EC is by City Development)

There may be other factors present too, but I would think it is essentially these two factors.

And ECs have deferred payment scheme. It makes it more affordable than PC.
 

birmingham123

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Some ppl buy for home stay, not for investment.

Be it buy for own stay or home stay, currently resales market has more value than this EC since it is alot cheaper. Question are why are all the buyers buying this EC for? I know is not for investment lah, thus I just say they just have money to spend lah.
 

sgpropertyblog

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Actually from the words of majority here, it seems Samsung ec is a bad buy. However, not sure why still have so many people buy. maybe those buyers are just cash rich and nothing else to buy. And probably they also does not have much foresight in the property market as well..

Another man’s meat is another man’s poison.. there is no good buy or bad buy, the one that can help u make money is good buy! But how can we foresee the future pricing? No one can tell.. of cos, we need to do our own research and not only listen to people.. before buying any property, do some research on wats the potential at that area, what transformation / upcoming plans they have in store?who would be your potential buyers if u do want to exit?who are your competitors? Bla bla..

Any property in Sg can sell and will sell, just the matter of how long it takes to sell.. I doubt that those 380++ buyers tat bought Piermont never do their own due diligence before buying.. canot be all of them so rich until nothing else to buy ba??
 

infernolord

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I recalled many years back when there were 5-6 ECs at one time. I was shopping around for my new house, everyone telling me to hold on and wait, prices are coming down, no demand. EC hanging there for 2 yrs cannot sell.
I took the bet. I bargained for my EC with abit more discount and "freebies"
Developer seem to be very ok to give discount as they are very hungry.
A few months later, hundred palms EC saga, everyone chiong to buy.. price now is 1k psf.

I am thinking one should buy if u still have a bargain power and not to follow the trend. If developer and agent are hungry to sell you, mean might be a good time. Right now i only see is a trend, agents are not very hungry.. demand remains high.
 
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Merg91

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Lol with 'expensive' ECs.
That's for people who want Lexus but could afford
Toyota.
If the govt decided anyone can buy Sumang, it would
sell out in 1 hour.

Definitely most EC/condo owners are more 'polished' than many HDB 'lessee'.
The anti society behaviour is definitely a lot less despite there are common toilets /rubbish bins /proper use of recycling bins.

Not sure why. :o
 

Merg91

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Even the 'discount' was probably not that much.
Do you believe you truly got discount other than the
'freebies'?

I recalled many years back when there were 5-6 ECs at one time. I was shopping around for my new house, everyone telling me to hold on and wait, prices are coming down, no demand. EC hanging there for 2 yrs cannot sell.
I took the bet. I bargained for my EC with abit more discount and "freebies" .
 

Passerboy

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Be it buy for own stay or home stay, currently resales market has more value than this EC since it is alot cheaper. Question are why are all the buyers buying this EC for? I know is not for investment lah, thus I just say they just have money to spend lah.

Objectively, I would think the new launch EC is better than the resale nearby since the price is about the same, and this new launch EC is by a reputable developer CDL, and everyone enter at the same pricing.
 

Braun8

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Actually from the words of majority here, it seems Samsung ec is a bad buy. However, not sure why still have so many people buy. maybe those buyers are just cash rich and nothing else to buy. And probably they also does not have much foresight in the property market as well..

Considering that the last EC launch was in April 2018 (15 months ago) and this is the only EC launch in 2019 (no competition), I'd say the sales for this Sumang EC is bad.

15 months is a long time ago, so it's not surpising that there was a big pent-up demand for ECs, moreover this was the only EC launch for this year so there was no competition. Despite all these strong factors going for this Sumang EC, it only sold 48% and still has around 430 unsold units. The poor sales indicate that this Sumang EC is overpriced.
 

Braun8

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And ECs have deferred payment scheme. It makes it more affordable than PC.

You've to pay additional 3% for the deferred payment scheme which makes this EC even more costly. If one needs deferred payment in order to afford this EC, it probably means they can barely afford it and shouldn't buy.
 

Passerboy

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I think there is a good number of resales that are cheaper than sumang.

10 years down the road. 10 year old property and 17 year old property makes little difference and by that time, everyone will have forgotten who the developer was. Just a reminder, the earliest you can sell sumang ec is after 5 years minimum occupation.

I would think 10 year property and 17 years make a lot of diff in this era especially with the smart home package and architecture, and it is easy to know who the developer, especially in some cases where the projects fall short of expectation. It is because Sumang EC can only sell aft 5 years MOP that adds to the margin of safety cos we are looking at prices of EC 8 years later.

Will prices of EC 8 years later still be 11xx psf?
 

momoeagle

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You've to pay additional 3% for the deferred payment scheme which makes this EC even more costly. If one needs deferred payment in order to afford this EC, it probably means they can barely afford it and shouldn't buy.

It is indeed a little more costly compared to normal payment scheme with bank loan. But it really depends on scenarios. It would have been "cheaper" for us.

We have a significant amount in corporate bonds that mature only in 2022. So deferred payment scheme would help tremendously and give us time to slowly offload different kinds of assets to fund the purchase.

I didn't really count the bank interest rate for the amount though to see if it was worth it.
 

momoeagle

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I would think 10 year property and 17 years make a lot of diff in this era especially with the smart home package and architecture, and it is easy to know who the developer, especially in some cases where the projects fall short of expectation. It is because Sumang EC can only sell aft 5 years MOP that adds to the margin of safety cos we are looking at prices of EC 8 years later.

Will prices of EC 8 years later still be 11xx psf?
Let's say the condos are all the same psf but different years.

Will you pay $13xx psf for Sumang walk (10 yr property)
or $13xx psf for Parc Centros (17 yr property)

Parc Centros is even shorter walk to MRT, to bus interchange, and even nearer to a potential upcoming mall beside waterway point.

My thinking. Personally I can't decide between the two.
 

momoeagle

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In addition, we also have to consider. If condo prices are generally on the rise, how much would you really earn if this is your own home? To earn, you have to sell. But then you have to buy back another property.

You will only really pocket the difference if you downgrade.
 
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