Parc Greenwich EC

[halfnode]

batok EC will launch and greenwich will look cheap compared to it.

 

[momoeagle]

For a 1mil loan, assuming loaning for 60% of the property, which means upfront 660k payment (easy for most upgraders I think).

At 1.5% interest rate 30 yrs repayment (means buy by 35 years old I think), it is $3.45k monthly mortgage
With 0.75% raise to 2,25%, this rises to $3.82k.

Add to inflation of utilities as well and monthly maintenance for condo, easily $4.5k per month
Add on normal expenditure, roughly $1k per person minimum, $6.5k.

So household income needs to be at least $6.5k monthly with CPF to stay without any savings.

Given starting pay for certain industries at around $5k to $6k for grads, household with incomes of around $12k before CPF should still be able to manage with $6.34k leftover a month.
Put in childcare costs for 2 kids, car costs, personal entertainment costs, should still able to save ~$1k a month.

The savings only drop near to zero when interest increases to 3.5%, which is the TDSR rate.

 

[Cryophoenix]

do you think it is overpriced?

Overpriced depends on resale outlook. If next time can only sell for similar or lower psf then it's overpriced. If can sell higher, then it's a good deal.

If a person bought at 1.1k to 1.2k psf, next time probably can sell off at 1.4k psf.
If a person bought at 1.4k psf, he will need to assess "next time can I sell off at 1.7k psf? who are the other sellers I'm competing against?" and enter with eyes wide open. Of course, if buying for own stay for next 20 years then it won't matter that much.

 

[sgpropertyblog]

do you think it is overpriced?

u mean Parc Greenwich overpriced? depends on wat u are comparing to?? if you compare to 10yrs ago's pricing, then yes, its way overpriced.. but wat to do, inflation & market move upwards .. those days BTO 2xxK to 3xxK oni... now BTO is from 3XXK to 4xxK lioa.. anyway, last 18 units oni.. Provence last 5 units, Ola last 2 units..

 

[GalacticA]

I think this year probably the only time you can still see ECs launched at 1.2k+psf. I think when the next tamp EC launch in 2023, it will be 1.3k+ psf onwards. The good units for launched ECs already snapped up long ago, left those low floors and poor facing. It's always the same sentiments for new launches, people cry expensive at the launch and then a couple of years later, they change the tone to "so cheap should have bought then".

 

[momoeagle]

I think this year probably the only time you can still see ECs launched at 1.2k+psf. I think when the next tamp EC launch in 2023, it will be 1.3k+ psf onwards. The good units for launched ECs already snapped up long ago, left those low floors and poor facing. It's always the same sentiments for new launches, people cry expensive at the launch and then a couple of years later, they change the tone to "so cheap should have bought then".

That's why annual value and property tax should increase even more to help the poor.
This discrepancy is getting larger and larger.

Is also the reason why businesses are increasing prices. Not just because of rising costs of providing goods and services, but also because of rising costs of living including property prices.

So can expect costs of everything to increase further.
Just don't over leverage.

Personally, while affording 4k mortgage+maintenance isn't something undoable for the next 25 years, it's not something I want to subject myself to. But I guess I'm on the lower income side, so better not try.

 

[sgpropertyblog]

I think this year probably the only time you can still see ECs launched at 1.2k+psf. I think when the next tamp EC launch in 2023, it will be 1.3k+ psf onwards. The good units for launched ECs already snapped up long ago, left those low floors and poor facing. It's always the same sentiments for new launches, people cry expensive at the launch and then a couple of years later, they change the tone to "so cheap should have bought then".

Yealor.. first when Piermont crossed 1k psf, everyone KBKB say who so silly go and buy? now looking back, Piermont seems sooo cheap.. OLA & Parc Greenwich certain units ady hit 13xxpsf le..

 

[batdow]

hdb and ec buy new sure make money after mop

 

[Perishable]

That's why annual value and property tax should increase even more to help the poor.
This discrepancy is getting larger and larger.

Is also the reason why businesses are increasing prices. Not just because of rising costs of providing goods and services, but also because of rising costs of living including property prices.

So can expect costs of everything to increase further.
Just don't over leverage.

Personally, while affording 4k mortgage+maintenance isn't something undoable for the next 25 years, it's not something I want to subject myself to. But I guess I'm on the lower income side, so better not try.

The best way to hedge against high inflation is to buy assets like property and gold. For Singaporeans, it is property.

people holding cash will slowly lose their purchasing power unknowingly

 

[elvintay07]

That's why annual value and property tax should increase even more to help the poor.
This discrepancy is getting larger and larger.

Is also the reason why businesses are increasing prices. Not just because of rising costs of providing goods and services, but also because of rising costs of living including property prices.

So can expect costs of everything to increase further.
Just don't over leverage.

Personally, while affording 4k mortgage+maintenance isn't something undoable for the next 25 years, it's not something I want to subject myself to. But I guess I'm on the lower income side, so better not try.

$4k is actually nothing in today’s money. If you say ec buyers, it means both exceeds $14,000 combine. Let’s say $15000 without bonus. Which is $7500 per pax. Their monthly cpf OA should be $1200 if I am not mistaken. Which is about $2,400 in total. You add in $1,600 cash will be about $4,000. Let’s assume the build is 4 years and MOP is 5 years (total 9 years). The first 4 years based on progressive payment is about $$200 a month then goes to $700 a month before $1,500 per month then TOP at $3200 per month and then completion at $4,000 a month.
The first 4 years probably you pay $48,000. Year 5 $36,000 then year 6 to 9 about $48,000 (total $276,000) If you left $276,000 after paying 25% of the downpayment, I think you are relatively safe. That is assume your EC is the first property. If EC is ur 2nd property, you will get another $300k profit for your first HDB. Like that is like balonglong no need to worry about mortgage.
Don’t be frighten off by ppl saying cannot afford. Of course if your combine pay is $8000 and you lao hero wants to buy EC, then you probably have problem.

 

[elvintay07]

By the way, l am not Property Agent. But

u mean Parc Greenwich overpriced? depends on wat u are comparing to?? if you compare to 10yrs ago's pricing, then yes, its way overpriced.. but wat to do, inflation & market move upwards .. those days BTO 2xxK to 3xxK oni... now BTO is from 3XXK to 4xxK lioa.. anyway, last 18 units oni.. Provence last 5 units, Ola last 2 units..

i think I posted in another thread before.
(1) Singapore has little land. Every piece of land you sell will be more and more expensive. You just compare Treasure Crest (400psf) vs Ola ($500++psf). If developers are like ppl in the forum, all of them would have bid for $350psf?
(2) Construction cost getting more expensive. Any Tom, Dick and Harry wants higher pay. If every year construction workers increase pay by 4%, this 4% Kwek Leng Beng absorb or charge to you? Painters no need to up 4%? Goh Cheng Liang every year sell Nippon Paint cheaper? Or mix with more water and sell you?
(3) Then suddenly interest rate increase. Wee family reduce interest rates? Developer pay more interest also pass to you. Then you also pay more interest and you charge to future seller and this continues

In Singapore, you just follow all the ultra rich and you will have crumbs to eat. When Capitaland, Gamuda, City Development, Qing Jian, Guocoland, Fraser, Hoi Hup all increasing their bidding price for land, it means they are bullish. Of course you can argue that you are smarter than experts. It is like in school, you want to follow your classmates that consistently score A or follow those who barely make it to D grades? Just like in the stock market, you want to bet against Buffett, George Soros, you must really know what you are doing.

 

[CaptainSGP]

Yealor.. first when Piermont crossed 1k psf, everyone KBKB say who so silly go and buy? now looking back, Piermont seems sooo cheap.. OLA & Parc Greenwich certain units ady hit 13xxpsf le..

Will North Gaia be the Piermont of 2022 ? First to breach 1400 psf ?

 

[8zaoyu]

The best way to hedge against high inflation is to buy assets like property and gold. For Singaporeans, it is property.

people holding cash will slowly lose their purchasing power unknowingly

Ya, do not hold cash savings, will lost value in the long term. Do not do buy ILP insurance nor bank savings products attached to investments too. Best is the biggest HDB flat that you can pay up fully and go AirB whole world wide next time after pandemic. No need to stuck at home

 

[elvintay07]

Ya, do not hold cash savings, will lost value in the long term. Do not do buy ILP insurance nor bank savings products attached to investments too. Best is the biggest HDB flat that you can pay up fully and go AirB whole world wide next time after pandemic. No need to stuck at home

This idea super good

 

[Clazav]

$4k is actually nothing in today’s money. If you say ec buyers, it means both exceeds $14,000 combine. Let’s say $15000 without bonus. Which is $7500 per pax. Their monthly cpf OA should be $1200 if I am not mistaken. Which is about $2,400 in total. You add in $1,600 cash will be about $4,000. Let’s assume the build is 4 years and MOP is 5 years (total 9 years). The first 4 years based on progressive payment is about $$200 a month then goes to $700 a month before $1,500 per month then TOP at $3200 per month and then completion at $4,000 a month.
The first 4 years probably you pay $48,000. Year 5 $36,000 then year 6 to 9 about $48,000 (total $276,000) If you left $276,000 after paying 25% of the downpayment, I think you are relatively safe. That is assume your EC is the first property. If EC is ur 2nd property, you will get another $300k profit for your first HDB. Like that is like balonglong no need to worry about mortgage.
Don’t be frighten off by ppl saying cannot afford. Of course if your combine pay is $8000 and you lao hero wants to buy EC, then you probably have problem.

This just emphasize why people are obsessed with hdb. It is all because of CPF. Just reduce the use of OA for property, property price will start dropping.

 

[8zaoyu]

This just emphasize why people are obsessed with hdb. It is all because of CPF. Just reduce the use of OA for property, property price will start dropping.

Ya, retract the option to use OA for OTP and downpayment, makes people shows sufficient savings first. The queue will be slowed down for high priced over-rated-value over-obsessed pte properties. CPF (social security fund) objective is now forgotten.
A basic 3 bedder bto HDB flat is now near 700k, still can be afforded but by some dual incomes couple with steady employers. Last time old ECs were less than 1k psf, can easily get 1000 sq ft apt. Now how much psf liao, 99 yr leasehold, might as well get a 1.2k psf resale pte condo (plenty to choose from those gongkia who cannot hangon who burnout)

 

[elvintay07]

Ya, retract the option to use OA for OTP and downpayment, makes people shows sufficient savings first. The queue will be slowed down for high priced over-rated-value over-obsessed pte properties. CPF (social security fund) objective is now forgotten.
A basic 3 bedder bto HDB flat is now near 700k, still can be afforded but by some dual incomes couple with steady employers. Last time old ECs were less than 1k psf, can easily get 1000 sq ft apt. Now how much psf liao, 99 yr leasehold, might as well get a 1.2k psf resale pte condo (plenty to choose from those gongkia who cannot hangon who burnout)

Talking cock la. You got a $1-2 mil warchest then you can’t do anything apart from withdrawing at age 55? You want ah?

 

[8zaoyu]

Talking cock la. You got a $1-2 mil warchest then you can’t do anything apart from withdrawing at age 55? You want ah?

$1 mil for downpayment meh, don't need for some lucky HDB folks nowadays with their more than $1 mil sales. EC resales too as I just notice this is on an EC thread
PS: in this homeseekers' thread when I came in, it was seeking home, after getting home, it was flipping home, after that check spies here to say which place worth flipping to. War chests I no need. Most too late, missed the wars in SG property, now no land that is why housing now so expensive, most HDB flats from 1966 in my estate, wait till 99 yr lease finished then replaced all with ECs and pte condos only, no more HDBs, maybe 2 rm-flexis also?

 

[elvintay07]

What I am saying is shouldn’t restrict the usage. It is your money so you should be able to choose how u want to use

 

[8zaoyu]

What I am saying is shouldn’t restrict the usage. It is your money so you should be able to choose how u want to use

Don't kancheong, I am not in the power to restrict, only the "white angels" can. Their grey cells are President Scholars level BUT many shades of grey. 1st time you live in SG meh, to survive, just play stupid 对 人 说 人 话， 对 鬼 说 鬼 话
I wonder whether the white garment come in here in HWZ. I just want them not to bully the forests and the green school fields to put up apts and excessive mrt lines. Should speed up EVs with more charging points so that there will be less emissions from the busy roads and expressways