New EC at Sumang Walk

[K|muRa^84]

At the end of the day, developer probably will still make money. It is the poor, powerless, uninformed buyers that have to suffer with high prices and tiny units.

LTV 75% and MSR 30% is really no joke

household income of 10 - 14k also need to think twice

 

[Clazav]

Don't worry for them, they are well informed one. But they still go for it. Everyone has a dream, sometimes it looks illogical to others, but this is what makes human being unique.

At the end of the day, developer probably will still make money. It is the poor, powerless, uninformed buyers that have to suffer with high prices and tiny units.

 

[sgpropertyblog]

Land bid prices again... like that developers can anyhow bid and sure earn $. So what were the psf ppr for the other sites?

Lets see how the ec site in the current land sale sell for...

no la.. developer is a businessman, wont anyhow bid unless they see potential in that project.. total 17 developers bidded for this parcel of land.. whereas other EC land the bid is less than 10..

Anchorvale site - $576 psf ppr
Canberra site - $558 psf ppr
Sumang site - $583 psf ppr.

land price is about the same.. sorry duno how to attach the article here..

 

[sgpropertyblog]

When will it launch?

Launching very soon, targeting end jun/early july.. E-application is now open though..

 

[sgpropertyblog]

Won't be shocked to see sumang sell above 1k psf even though prive is obviously better value, new sale prices haven't been rational for quite a while now, the gap between new sale and resale has been getting bigger and bigger.

yup, estimated selling price ard $1150 psf.. but if compare with all the new launches, still the lowest entry price.. canot compare with resale la.. cos resale the owners bought at much lower price.. Prive owners bought ard $7xxpsf during launch, now they are selling at $10xx psf to you..

 

[1993newbie]

Plus 128 units in Prive change hands for the past 12 months. The highest number of resale transaction for private. With a Average PSF $963.

This year alone, 20 units transacted.

Prive (EC), 5-7 mins walk to Waterway Point and mrt.
Resale Transacting at about 1kpsf.
Prive as a 9 year old condo vs sumang (brand new), how will be the sales like?
For reference.

 

[d5dude]

yup, estimated selling price ard $1150 psf.. but if compare with all the new launches, still the lowest entry price.. canot compare with resale la.. cos resale the owners bought at much lower price.. Prive owners bought ard $7xxpsf during launch, now they are selling at $10xx psf to you..

This is a silly way to think about it. Prive was cheap during launch because it was launched in 2010, before the market rocketed higher, it has nothing to do with resale or new.

Nobody cares how much you paid for a property, if anyone cared the people who bought Pinnacle at Duxton wouldn't have been able to sell their units for more than 100% profit already. The dummies who overpay for these new projects are not going to be able to sell them for a profit next time, I can guarantee you that.

 

[NiShiZhu]

Plus 128 units in Prive change hands for the past 12 months. The highest number of resale transaction for private. With a Average PSF $963.

This year alone, 20 units transacted.

Thanks for pulling out the data and analyse objectively.
Unlike those who only knows how to curse and swear w/o knowing the market trend, demands and accepted price point for certain projects/areas.

Good job, though u r just 26 years old.

 

[annetyu]

Thanks for pulling out the data and analyse objectively.
Unlike those who only knows how to curse and swear w/o knowing the market trend, demands and accepted price point for certain projects/areas.

Good job, though u r just 26 years old.

Notice your favorite statistic is no. of transaction in a project.

I cannot figure out what 1993 didi has analysed. He has simply screenshot some data for us? Could you enlighten us what those data represent?

To me, the high no. of resale is because MOP is just up... just like Esparina. Nothing surprising. Resale price of $963psf is also expected...

 

[NiShiZhu]

Notice your favorite statistic is no. of transaction in a project.

I cannot figure out what 1993 didi has analysed. He has simply screenshot some data for us? Could you enlighten us what those data represent?

To me, the high no. of resale is because MOP is just up... just like Esparina. Nothing surprising. Resale price of $963psf is also expected...

I don’t need to enlighten u anything.
Just ask yourself, would u buy a project if there’s no demand or with poor transaction volume?
He may be only 26 yo but definitely more neutral and objective than many others here.

 

[annetyu]

This is a silly way to think about it. Prive was cheap during launch because it was launched in 2010, before the market rocketed higher, it has nothing to do with resale or new.

Nobody cares how much you paid for a property, if anyone cared the people who bought Pinnacle at Duxton wouldn't have been able to sell their units for more than 100% profit already. The dummies who overpay for these new projects are not going to be able to sell them for a profit next time, I can guarantee you that.

You said it. When Sumang MOP is up, it will be a 5 year old condo. The lease difference from Prive of 7.5 years and other cheap newer condos becomes much less significant.

Those who love data, can go check out the average private non-landed resale prices in Punggol. Is it $1200psf, $950psf or lower?

 

[annetyu]

I don’t need to enlighten u anything.
Just ask yourself, would u buy a project if there’s no demand or with poor transaction volume?
He may be only 26 yo but definitely more neutral and objective than many others here.

High number of transaction has a number of reasons, some of which we would't know. However the main obvious reason is because buyers prefer newer projects and Prive has just finished MOP recently. Besides that and possibly the upcoming business park in punggol, I don't find it attractive living in a condo flanked by HDB at all 4 sides!

I am not sure what 1993 didi is implying but $963psf is very reasonable and supports the argument that Sumang is overpriced.

I don't think ppl buy property by looking at transaction volume. Price and location is what matters. Buying property is not the same as playing in the stock market where volume matters.

 

[NiShiZhu]

High number of transaction has a number of reasons, some of which we would't know. However the main obvious reason is because buyers prefer newer projects and Prive has just finished MOP recently. Besides that and possibly the upcoming business park in punggol, I don't find it attractive living in a condo flanked by HDB at all 4 sides!

I am not sure what 1993 didi is implying but $963psf is very reasonable and supports the argument that Sumang is overpriced.

I don't think ppl buy property by looking at transaction volume. Price and location is what matters. Buying property is not the same as playing in the stock market where volume matters.

Yes you are partially right, we cannot just look at transaction volume alone as price point and location are equally important.
Not a fan of EC but I shall reserve my comments till seeing how it performs during launch.
In 2012, Punggol at 11xxpsf was unheard of when Watertown was first launched.
Prive as an EC at 7xxpsf (in 2010) is not really cheap when Parc centros (private) was only launched at 8xxpsf in 2012.
Why suddenly now all accept that Prive at 9xxpsf is consider reasonable?

 

[annetyu]

Yes you are partially right, we cannot just look at transaction volume alone as price point and location are equally important.
Not a fan of EC but I shall reserve my comments till seeing how it performs during launch.
In 2012, Punggol at 11xxpsf was unheard of when Watertown was first launched.
Prive as an EC at 7xxpsf (in 2010) is not really cheap when Parc centros (private) was only launched at 8xxpsf in 2012.
Why suddenly now all accept that Prive at 9xxpsf is consider reasonable?

Ok I am not too sure about the market in sengkang and punggol honestly. I only take notice of these locations 5 years ago so I shall not comment too much.

5 years ago, I rmb projects like riverbank and rivertree in seng kang were under $1000psf. The 2 condos beside sengkang mrt were also just slightly over $1000psf.

Kovan melody 2011 already breached $1000psf but it remained that way for the following years.

 

[NiShiZhu]

Ok I am not too sure about the market in sengkang and punggol honestly. I only take notice of these locations 5 years ago so I shall not comment too much.

5 years ago, I rmb projects like riverbank and rivertree in seng kang were under $1000psf. The 2 condos beside sengkang mrt were also just slightly over $1000psf.

Kovan melody 2011 already breached $1000psf but it remained that way for the following years.

I almost bought riverbank partially also because UOL launch it 100psf plus cheaper than river tree and it’s entry price is reasonably cheap. Both are within walking distance to Seletar mall. But in the end I didn’t commit as I’m skeptical of the rentability at SK.

 

[sgpropertyblog]

This is a silly way to think about it. Prive was cheap during launch because it was launched in 2010, before the market rocketed higher, it has nothing to do with resale or new.

Nobody cares how much you paid for a property, if anyone cared the people who bought Pinnacle at Duxton wouldn't have been able to sell their units for more than 100% profit already. The dummies who overpay for these new projects are not going to be able to sell them for a profit next time, I can guarantee you that.

Yup, u r absolutely correct.. Now when we looked back at Prive launching price, it’s very cheap.. but back then, everyone was also complaining tat Prive is very expensive as those days, $7xx PSF is considered high ady.. so fast forward 10 yrs later ... will we look back and say Sumang EC was launched as cheap price? We’ll never know... but all we can tell for now is , costs of living in Sg has increased over the years.. everything increased, except our pay..

 

[birmingham123]

I remember SK condos which are launched around 4-5 years ago at 1300psf like la fiesta... But now resales at 12xx average... But I will think 1300psf is at the peak that time cause just 1-2 before that, it was still 1100psf for the surrounding condos and 900psf for maybe year 2009-2011 period... Still remember the quartz condo at buangkok only 700psf in 2007, then 2017 selling at 1400psf.. price double so fast !!

 

[Gambler.]

LTV 75% and MSR 30% is really no joke

household income of 10 - 14k also need to think twice

just like rivercove lor. I went the rivercove launch ssrr, already knew i'm priced out of the $950 psf average

their target audience is 2nd timers and HDB upgraders.

1st timer 70% quota is for show nia, after initial launch all go to 2nd timers

 

[annetyu]

I remember SK condos which are launched around 4-5 years ago at 1300psf like la fiesta... But now resales at 12xx average... But I will think 1300psf is at the peak that time cause just 1-2 before that, it was still 1100psf for the surrounding condos and 900psf for maybe year 2009-2011 period... Still remember the quartz condo at buangkok only 700psf in 2007, then 2017 selling at 1400psf.. price double so fast !!

La fiesta launch at $1,300psf?

Since when quartz went for $1,400psf? If so, the buyer has lost big time, now is still only sub $1k psf...

Please don’t confuse others with your misleading statements.

 

[NiShiZhu]

I remember SK condos which are launched around 4-5 years ago at 1300psf like la fiesta... But now resales at 12xx average... But I will think 1300psf is at the peak that time cause just 1-2 before that, it was still 1100psf for the surrounding condos and 900psf for maybe year 2009-2011 period... Still remember the quartz condo at buangkok only 700psf in 2007, then 2017 selling at 1400psf.. price double so fast !!

The quartz was launched in 2006 and 3 bedder was around 5xxk. This translate to 4xx to 5xxpsf. Not 700psf. This project was advertised/endorsed by Chen Li ping back then in advertisement. I visited the showflat.
I don’t recall it transact at 1400psf in 2017 before. Mostly transact at 9xxpsf at most