Will the property mkt crashed?

[RadX]

u see alot of PRs and FTs now in SG? Gov is targetting 6million populations here and HDB is not rolling out the flats like in the past. With limited public housing in demand, only option is private. Just think, how to squeeze in 6mil on this little island?

 

 

heng i going to stay sentosa

[Lex250]

heng i going to stay sentosa

 

 

Wa I also goignto stay on island! But northern side...P. Ubin!

[Joseph22]

Its mroe like 3+1 than 4 bedrooms.

 

 

I saw one 5I 4 bedrooms. its actually 1 masterbed room, 2 bed room and 1 studyroom. but the study room is quite big though.

 

However, from what i understand those type are the older generation flat.

[Lex250]

MBT said 1/3 of the HDB resale transaction shows that the transaction prices were at or below valuation.

 

but he did not mention all these transactions belong to 5 room flats. all 3rm or 4rm flats are still asking as high as $30k COV!

 

frankly, i am not willing to pay so high a COV. but sad thing is, there is always ppl willing to pay tat kinda COV! can someone help me understand what this means?

 

 

That means demand for smaller units generally healthy. Or does it? I read yesterday's papers some project in St. Micheals all sold out mainly coz it it a development of small units...average abt 650 sq ft.

 

I guess it means sepculators are targetting these as they are smaller and less pricey. And if such demand does not abate will ti send a soignal to developers to build exculisvely small units? I like my space but I shudder at the htought of living in cramped quarters like those in HKG.

[Yeshe]

heng i going to stay sentosa

 

u can go buy kusu or st john's island also, maybe in the future the land price there will shoot up

[RadX]

u can go buy kusu or st john's island also, maybe in the future the land price there will shoot up

 

 

nb...dun tok so loud can or not...wait one ERP gantry erect there

 

[Kusje]

Buyers' willingness to pay substantial COVs just means that the valuers are not doing a proper job. If valuation is correct, then it should be where demand meets supply.

[Carer]

Buyers' willingness to pay substantial COVs just means that the valuers are not doing a proper job. If valuation is correct, then it should be where demand meets supply.

 

i disagree. i have seen countless flats recently.

 

no matter wat the valuation is, sellers are asking COV above their valuation.

 

valuation is based on average transaction price which leads to even higher valuation. and again, COV will be asked.

 

funny thing abt Sgreans is that they like to chase prices upwards. a very good eg will be COE. remmeber the $100k COE? its crazy.

[JumpySpeedFiend]

Buyers' willingness to pay substantial COVs just means that the valuers are not doing a proper job. If valuation is correct, then it should be where demand meets supply.

 

Basically, the valuation is done using last transacted price of similar units in the region. It is ok if you do not include the COV of transacted units into your computation. If you do, then sellers will be asking for COV above the valuation which to a certain extend, has already factor that in. This will just bring price up and up.

 

For example:

 

Last 3 transacted prices are : 330k (30k COV), 350k (50k COV) and 340k (40k COV)

Based on transacted price, valuation is: 340k.

Seller now calling 360k (20k COV). Although COV is lower, the overall price still increased.

But if we ignore the COV, the valuation should just remain at 300k.

Edited September 15, 2009 by JumpySpeedFiend

[Ano727]

What I don't understand is why would people buy an HDB for more than $700k when you can buy a decent condo with full facilities for less than that.

 

I remember one friend of mine who mentioned she is about to move overseas and looking to sell her 3+1 condo at around that price. Don't want to sell here, so just PM me if you want her details.

[Leepee]

Heard from my agent friends.

 

Gov is giving out PR/Citizens easily. These new PR need a roof to sleep, so they rent, creating a rental demand. These new citizens need a roof to sleep, so they buy up HDB/Condo. Past 5 years...there is a very great new PR/Citizens approval, which drives the housing demand. If the 6million dream were to prevail, then the housing price will only goes up up and away.

The risk is not with the new citizens....its those PR.

They may leave SinCity anytime. They might leave here when they lose confidence in the country.

 

From human nature, when the parents die and not able to give advice/guidance anymore, the children will lose direction and go haywire. Childrens and relatives will fight over the control and $$$ and bring chaos to the house.

 

[Joseph22]

What I don't understand is why would people buy an HDB for more than $700k when you can buy a decent condo with full facilities for less than that.

 

I remember one friend of mine who mentioned she is about to move overseas and looking to sell her 3+1 condo at around that price. Don't want to sell here, so just PM me if you want her details.

 

 

I guess

Those HDB flat that is around 700K region are in the so call premier places. (aka new to town) where else the Condo around the same price will most likely be further away from town. those in the same region will most likely be price in the million region.

I know of one condo around jurong west (nearer to tuas) the asking price is already 700K while similar size hdb flat around there is just 350K

[Gnihc11]

Measures not enough.

[Ahyoo2002]

yup I think the measures are not enough.

 

I had just exercised my option to purchase a property today. I was thinking about forfeiting my 1% and maybe the property prices will drop.

 

After a LOT of thoughts, I decide to go through with it. The price I paid is higher than the 2007 prices... but I think property prices will not fall in the short term because of sky high HDB prices.

 

dunno lah.... I am just too tired from home searching to start over again.

 

There are no measure to stop the sky high HDB price right?

[Picanto]

to summarise

 

if cannot afford, get 3 room flats in lousy location. govt will not allow you to be choosy.

if can afford, the sky is the limit.

[2bfree]

Have, and 5I have a few types also.

 

Some 5I is 3bedroom plus one study room, some 5I is 4 bedrooms. And also have a storeroom.

 

In case some people mistake 5I for EA, no it's not EA, because Hougang EA is 4 bedroom, but the sqm is much bigger.

 

Eg, 5I is 122sqm(+7sqm of recess area if they buy), EA is 137sqm, but both are 4 bedrooms+1 storeroom.

 

Bro, maybe u want to check the latest terms. Those 5Is are old days term....same as 4S, 4NG, 4I all not refered to anymore. Nowadays all simplified terms by sqm. 90sqm< 110sqm< 115< sqm is EA in the HDB projects since 1990s. Not tryin to debate wif u, jus share wif u. I m in the reno line.

Edited September 15, 2009 by 2bfree

[2bfree]

Got.... the whole of jurong area spans 4 MRT stations from east to west

 

Jurong East -> Chinese Garden -> Lakeside -> Jurong West

 

 

ALamak.....Bro, u jus "pit cha" my hopes of fetchin a higher price for my flat in the near future.

[Ahyoo2002]

nope. in fact they keep saying HDB is affordable. The idea is that you are supposed to buy a flat in non-mature estate. They sky high resale prices in mature estates are probably a "bonus" to singaporeans.

 

In a way it is true as almost most first owners of HDB in mature estates are singapore born singaporeans. It is the FT/PR that buys resale HDB. So basically the FTs are paying money to the singaporeans.

 

Not really correct as many people who choose mature estates are because they want to stay nearer to their parents. Hence the one who buy are mainly Singapore born Singaporeans. Correct?