New EC at Sumang Walk

[Passerboy]

1k psf is standard for any newish condo in any location that is near mrt so I don't think prive price was driven by high land bid price.

If it was a new Private condo (less than 5 years) near mrt, I would think the resale price is 15xx psf upwards (for those that are more central) and at least 14xx psf upwards (for those less central) in current market.

 

[annetyu]

1k psf is standard for any newish condo in any location that is near mrt so I don't think prive price was driven by high land bid price.

Yup, 1k is fine. But prive will likely sell for lower if not for those new launch pricings.

 

[annetyu]

If it was a new Private condo (less than 5 years) near mrt, I would think the resale price is 15xx psf upwards (for those that are more central) and at least 14xx psf upwards (for those less central) in current market.

You should take a look at actual data from Watertown(punggol), Luxurie&Lafiesta (Sengkang), Jewel@buangkok first.

 

[d5dude]

If it was a new Private condo (less than 5 years) near mrt, I would think the resale price is 15xx psf upwards in current market.

Depends on how near and what area but its definitely not upwards of 1.5k psf, for example cocopalms is nearer to mrt than prive but its still only transacting at around 1.2k psf. La fiesta is also nearer to mrt and its also transacting at 1.2k psf.

1150 psf for new ec thats not even that near to mrt is just crazy.

 

[NiShiZhu]

new ec got resale levy, 5 yr mop and many requirements to qualify, 5 yr resale ec is almost the same thing as pc, no reason for new ec to launch at higher price.

If u buy Resale EC also needs to satisfy 5 year MOP right? (Correct me if I’m wrong)
Resale EC has reduced lease compared to brand new ones.
How can it be same as PC when EC can only sell to foreigners after 10years.
How can sumang EC price lower than Prive which is 7.5 years older? I can’t see the logic.

 

[annetyu]

If u buy Resale EC also needs to satisfy 5 year MOP. (Correct me if I’m wrong)
Resale EC has reduced lease compared to brand new ones.
How can it be same as PC?
How can sumang EC price lower than Prive which is 7.5 years older? I can’t see the logic.

There is no logic in the market now. You have said before sumang is not a good buy but now you seem to imply otherwise. Very confusing market indeed, it needs some more time to settle and correct itself.

 

[NiShiZhu]

There is no logic in the market now. You have said before sumang is not a good buy but now you seem to imply otherwise. Very confusing market indeed, it needs some more time to settle and correct itself.

I’m quite unlike u, I compare things objectively. Though I have make it clear not buying anything during this period of time.
Not implying otherwise nor have any vested interest.
Just comparing objectively betw the 2 ECs.
You don’t agree price moves in tandem?

 

[annetyu]

I’m quite unlike u, I compare things objectively. Though I have make it clear not buying anything during this period of time.
Not implying otherwise nor have any vested interest.
Just comparing objectively betw the 2 ECs.
You don’t agree price moves in tandem?

If property market is doing well, resales and new launch pricing should move in tandem, but are they really moving in "tandem"? I am not even talking about HDB prices which are moving in opposite direction..

When EC was sold for $800psf just 4 years ago, were the resales in punggol lower than $800psf??

I can be as objective as you like and show you actual data.

 

[NiShiZhu]

If property market is doing well, resales and new launch pricing should move in tandem, but are they really moving in "tandem"? I am not even talking about HDB prices which are moving in opposite direction..

When EC was sold for $800psf just 4 years ago, were the resales in punggol lower than $800psf??

I can be as objective as you like and show you actual data.

How do u explain the fact that prive has hit the highest resale transaction volume (128 resale transaction) based on 2018 data at an average pricing of 9xx to 1kpsf?
Are u saying sumang should launch below than something that is 7.5 years older? CDL is running a business, not charity. If u are the CEO of CDL, would u price anything lower than prive for your sumang?

Since We are in sumang thread, let’s talk about these two projects. Let’s not digress.

 

[annetyu]

How do u explain the fact that prive has hit the highest resale transaction volume (128 resale transaction) based on 2018 data at an average pricing of 9xx to 1kpsf.
Are u saying sumang should launch below than something that is 7.5 years older? Since We are in sumang thread, let’s talk about these two projects. Let’s not digress.

The expectations from sumang selling price, along with the fact that it just hit MOP, explain the high volume.

Why can sumang not launch lower than a resale EC? As many and the agents have pointed out, EC after 5 years is almost equivalent to a PC. So shouldn't sumang EC go for lower than a resale condo?

As I said just 4 years ago when EC was going for $800psf, resale punggol condos were above that price... so yes sumang EC can (and should) be priced lower than newer resales.

 

[annetyu]

If u are the CEO of CDL, would u price anything lower than prive for your sumang?

If I were CEO of CDL, I will price it at $1,250psf of course and skin the EC buyers slowly, knowing they will still bite because my sumang is the only available ec now.

However, I am not working for property developer and their profits are none of my business! They should price their projects sensibly!

 

[NiShiZhu]

The expectations from sumang selling price, along with the fact that it just hit MOP, explain the high volume.

Why can sumang not launch lower than a resale EC? As many and the agents have pointed out, EC after 5 years is almost equivalent to a PC. So shouldn't sumang EC go for lower than a resale condo?

As I said just 4 years ago when EC was going for $800psf, resale punggol condos were above that price... so yes sumang EC can (and should) be priced lower than newer resales.

Since u say older EC until so good, All I need you to do is just to list me one new EC that was launched and priced lower than an older EC (just completes MOP) in the same area throughout the last 2 decades.

Just name one will do since u righteously says new EC can be priced lower than older EC.
I’m will be more than willing to learn from u.

 

[NiShiZhu]

If I were CEO of CDL, I will price it at $1,250psf of course and skin the EC buyers slowly, knowing they will still bite because my sumang is the only available ec now.

However, I am not working for property developer and their profits are none of my business! They should price their projects sensibly!

Precisely that’s my point. Don’t see why there’s a need to debate on this simple logic.

 

[d5dude]

If u buy Resale EC also needs to satisfy 5 year MOP right? (Correct me if I’m wrong)
Resale EC has reduced lease compared to brand new ones.
How can it be same as PC when EC can only sell to foreigners after 10years.
How can sumang EC price lower than Prive which is 7.5 years older? I can’t see the logic.

Resale ec got no 5 yr mop, its basically the same as PC, only difference is you cannot sell to foreigners, which is irrelevant anyway since very few foreigners will buy OCR condos.

Resale ec got shorter lease but a few years isn't going to make any difference, the many restrictions and resale levy more than offset the few extra years of lease from a new ec.

 

[annetyu]

Since u say older EC until so good, All I need you to do is just to list me one new EC that was launched and priced lower than an older EC (just completes MOP) in the same area throughout the last 2 decades.

Just name one will do since u righteously says new EC can be priced lower than older EC.
I’m will be more than willing to learn from u.

I wish I could but there is too few EC projects for me to give you a good comparison. There a hiatus in EC launches fro 2008 till 2013(prive). Not forgetting that 2008 was financial crisis and I am unable to dig up such old data.

Prive is the only EC we can refer to in PK/SK that topped and finished MOP in the last decade. The resale price of Prive EC is the same as any other PC in PG/SK. Therefore, I think we can compare Sumang EC with any other resale punggol condos which are going for $1,050 on avg.

However, in 2014/2015 when those ECs were sold for $800psf ... ... ... there are no new condos in punggol to compare with at all. So, only data we can use for comparison is the discount from private condo launch.. and that discount now is a far cry from in the past...

 

[NiShiZhu]

Resale ec got no 5 yr mop, its basically the same as PC, only difference is you cannot sell to foreigners, which is irrelevant anyway since very few foreigners will buy OCR condos.

Resale ec got shorter lease but a few years isn't going to make any difference, the many restrictions and resale levy more than offset the few extra years of lease from a new ec.

Thanks for clarifying.
But still subject to 3 years SSD right for resale EC.

 

[annetyu]

Precisely that’s my point. Don’t see why there’s a need to debate on this simple logic.

My selling price as a developer was derived from the new launch pricings and nothing to do with prive resales at all.

EC is subsidized public housing and it is not surprising for it to be priced below resales.

 

[NiShiZhu]

I wish I could but there is too few EC projects for me to give you a good comparison. There a hiatus in EC launches fro 2008 till 2013(prive). Not forgetting that 2008 was financial crisis and I am unable to dig up such old data.

Prive is the only EC we can refer to in PK/SK that topped and finished MOP in the last decade. The resale price of Prive EC is the same as any other PC in PG/SK. Therefore, I think we can compare Sumang EC with any other resale punggol condos which are going for $1,050 on avg.

However, in 2014/2015 when those ECs were sold for $800psf ... ... ... there are no new condos in punggol to compare with at all. So, only data we can use for comparison is the discount from private condo launch.. and that discount now is a far cry from in the past...

I do agree developer is rather optimistic.
Look at Canberra EC site, land bid price is 558psf ppr.
Again it will translate to more than 1kpsf again. Sigh, at that kinda location.

 

[birmingham123]

My selling price as a developer was derived from the new launch pricings and nothing to do with prive resales at all.

EC is subsidized public housing and it is not surprising for it to be priced below resales.

Actually, I feel that resales EC is priced too cheap already.. somehow or rather, I feel resales EC should catch up more to price higher than new launch EC rather than the other way..

 

[annetyu]

Actually, I feel that resales EC is priced too cheap already.. somehow or rather, I feel resales EC should catch up more to price higher than new launch EC rather than the other way..

Disagree. What you are saying is exactly what is happening to the market right now. Everything is based off land bids and developer launch pricing...

Resale ECs should catch up with prices of condo of their era, this yes.

Then again, most of these ECs are in such new estates with little basis for comparison.