Punggol Watertown project

[Rainman]

Option 1) Sit on big pile of cpf marnie and feel rich

 

Option 2) buy big big condo at ulu location at low psf. rent out your hougang bto. use the rent to tong the condo and feel song but see no marnie in cpf but hey! marnie in cpf can even smell meh

 

See how lah, this kind of big decision must consult wifey first....

 

small decisions like how many rolls of toilet paper to buy, that one I can decide...haha

[Shor]

Buangkok 4 room selling 550k ??? Oh that's good price.

 

 

buangkok area 4 room already sell 550K. So not surprise at all. I think it is high but apprarently, alot of people doesn't.

 

[Blackyv]

Buangkok 4 room selling 550k ??? Oh that's good price.

 

not a single unit less than 500K...

 

264D Compassvale Bow 11 to 15 92.00 Premium Apartment 2008 $550,000.00 Jan 2012

264A Compassvale Bow 06 to 10 92.00 Premium Apartment 2007 $542,000.00 Dec 2011

264F Compassvale Bow 16 to 20 92.00 Premium Apartment 2008 $560,000.00 Dec 2011

264F Compassvale Bow 11 to 15 92.00 Premium Apartment 2008 $560,000.00 Dec 2011

264F Compassvale Bow 06 to 10 92.00 Premium Apartment 2008 $543,000.00 Dec 2011

264A Compassvale Bow 06 to 10 92.00 Premium Apartment 2007 $530,000.00 Nov 2011

264C Compassvale Bow 01 to 05 92.00 Premium Apartment 2008 $545,000.00 Nov 2011

Edited January 30, 2012 by Blackyv

[Soya]

thanks.. only OA right? cannot touch SA?

cleaned OA for the HDB a while back.. but SA remains quite a tidy sum..yes, over the 60k.

dunno can use to buy or not.. trying to keep cash by my side as much as possible and use cpf instead.

 

aiming for some discount in the coming dip in '12 to '14

 

 

Can use cpf to pay for 2nd property. But muz set aside $65.5k in either SA + OA before can start touching. For example, if ur OA balance is $3k and SA is $65k, the usable OA amt for the 2nd property is $68k-$65.5k = $2.5k only! Pay the rest of the 40% d/p in cash.

[Mazda2gal]

The only reason I can think of it's because my friend is holding 2/3 share and this is his first property. He said though he hasn't applied for the loan, 2 ocbc banker told him shdnt be a problem. I was also baffled. As for the sis financing 2 properties using cpf simultaneously, I'm also quite skeptical.

 

I'm sure the SIS believes whatever the agent said.

 

Anyway I've a distant relative couple who are not even middle income earners, go buy condo want to upgrade fr hdb. In the end no cash for dunno what payment (I dunno the details), quarrel till want to divorce. Last I heard was the husband admitted to IMH for depression few days before CNY. what are these ppl thinking?

[TVT]

Can use cpf to pay for 2nd property. But muz set aside $65.5k in either SA + OA before can start touching. For example, if ur OA balance is $3k and SA is $65k, the usable OA amt for the 2nd property is $68k-$65.5k = $2.5k only! Pay the rest of the 40% d/p in cash.

Sorry but may I ask: this $65K min CPF rule is only applicable to buying private condo/property right? Is is applicable to HDB 2nd timer buying 2nd BTO flat?

 

Any restriction to 1st property purchase?

[Wson]

A friend just bought a unit at WT, 53sq m, unit price 640k+, low floor. His sis kind of pressurized him into buying the unit with her, which she only holds 1/3. Amazing thing is, she heard from agent friend that his family bought 2 units, so she went to showroom and decided to buy a unit, when she has no cash at all, so now my friend has to fork out all the 5% cash. She is still financing her hdb using cpf, and she is also going to finance this WT unit using cpf. Is this possible? but that's what my friend said. Because of his sis's hdb loan, they could only get 60% loan on the WT unit, but he said OCBC can give them 80% loan? When I heard all these, I really worry for my friend, because he did not even go to the showroom and the sis managed to make him commit to a unit, when she herself clearly can't afford it. The sis and husband are not high earners and have to service car loan, hdb loan and feed 3 young kids. When people who can't afford to finance a condo start diving into the market, it really spells trouble.

He told me about the refer a friend and get 1% cashback on their condo purchase, be referred and get 1% discount, stay or work in punggol area and get 1% discount schemes, I can't help but think that using 1% discounts to attract buyers tell me that the developer is too eager to sell. But I must say they are really good at this, because my friend's sis managed to get her boss to buy one unit using the lure of 1% discount, and she got 1% cashback off their unit too. I wonder how many units were sold due to this discount thingy.

 

Anyway I've cashed out of a unit half a yr ago, waiting for a better chance to enter the market again. When he told me about this WT project and asked if I went to take a look, I was not interested at all. I was really shocked when he told me he bought such a unit for investment, to collect rent in future. I stay near punggol and don't see why FT would want to stay there, unless the rent is really competitive. Now I can only wish him good luck and hope I'm wrong.

 

I smell a bubble popping

[Zze121]

Sorry but may I ask: this $65K min CPF rule is only applicable to buying private condo/property right? Is is applicable to HDB 2nd timer buying 2nd BTO flat?

 

Any restriction to 1st property purchase?

Apply on purchase of 2nd property not applicable to HDB 2nd timer, 2nd timer for BTO will have to pay Levy n sales proceeds.

Edited January 30, 2012 by Zze121

[Soya]

Sorry but may I ask: this $65K min CPF rule is only applicable to buying private condo/property right? Is is applicable to HDB 2nd timer buying 2nd BTO flat?

 

Any restriction to 1st property purchase?

 

 

My example is based on pte properties. Not too sure abt hdb rules.....too many of them. But in any case, dun tink one can own 2 hdb flats at the same time so guess that takes care of itself.

[Teoky]

My house in hougang selling at 570k, which I only bought at slightly above 200k... paper rich only.

 

Imagine I upgrade to heartland condo, still got to pay thru my nose.

 

That's why when people post that WT is overpriced, my reaction is based on what ?

 

HDB in Hougang selling at 570k which might be around 500 psf ? What do you expect is a fair price for a condo that has integrated mall/mrt and is an iconic project ? And remember the cost is $752 psf for the land only excluding the development.

[Teoky]

Parc Rosewood was launched over the weekend and units were sold between $925 - $998 psf.

 

Developer paid $367 psf ppr for the land.

 

I would say the location not really that fantastic except that it is near Sports school and Innova Primary and Innova Junior College.

 

MRT is 1km and Causeway Point about 600m away.

[Relacklabrudder]

That's why when people post that WT is overpriced, my reaction is based on what ?

 

HDB in Hougang selling at 570k which might be around 500 psf ? What do you expect is a fair price for a condo that has integrated mall/mrt and is an iconic project ? And remember the cost is $752 psf for the land only excluding the development.

 

 

dun u tink having integrated mall also require a gd location for a gd pricing?

[Relacklabrudder]

got one guy sell 580k

 

 

so it is not 600k la

[Teoky]

dun u tink having integrated mall also require a gd location for a gd pricing?

 

What is a good location to you may be a bad location to others.

 

But having a integrated mall definitely commands premium over one that doesn't have it. The popularity of such projects and the price appreciation they experienced is proof of that.

 

 

[Relacklabrudder]

What is a good location to you may be a bad location to others.

 

But having a integrated mall definitely commands premium over one that doesn't have it. The popularity of such projects and the price appreciation they experienced is proof of that.

 

proxy for gd location, normally is take as proximity to orchard rd. i mean dun tok about geylang la, but in general the closer to orchard, the better price appreciation

[Windwaver]

i went down to the showflat last night. Jam packed.

 

I wont buy it because:

 

1. Overpriced. 2M for a 1190+sf 3room unit before a possible 18% discount and stamp duty rebate. They are offering 2% furniture voucher as well.

2. Out of the way, despite MRT is round the corner.

3. The so called waterway is just a man made thing. Overhyped.

4. Once the mall is up, and if everyone around punggol and Sengkang comes to it, it is gg to cause jams along the 2 lane carraigeways. Despite fact the circulation into the carparks for residents and shoppers are different, if the cars are queueing to go into the commercial carpark, there is possibility the roads will be jammed and you be stuck while trying to get to the residential carpark entrance. (think NEX)

5. The proper condo units, those available has a western facing. Will kena evening sun. Those wont kena sun, will be facing other units in opposite block, that is close by. No privacy.

6. Residential carpark in B3. You will have to park at B3, take a lift to the roof deck of the mall, Then walk to your block and take another lift to your unit. You imagine the trouble if you have to move house, carry heavy things, move old folks or when your friends come to visit (they probably will get lost and you have to spend time directing them).

7. A typical 3rm unit will pay maintainence fee between 300-350. That is expensive.

8. We are looking at 1300 psf if you factor in all the discount. For that location, unless you are not gg to just loiter in punggol all the time (its pretty self sufficient), then its probably not a good buy. The distance to the nearest expressways are not that close by too. I rather get Euhabitat for that matter. I think price wise, not much difference. If you see that Centro which is located just beside AMK hub and MRT is going for around 1500, then it really doesnt make sense to get Punggol.

 

That is my opinion. for those already bought.. feel free to disagree. Anyway, i have a far east unit too. So PM me for buyer refer buyer. You get additional 1% and me too. But i wont take the full 1%, can rebate back some to you. :p

 

Point 5. is exactly the same problem with Centro, that's why also a big no no for me.

 

[Ben5266]

What is a good location to you may be a bad location to others.

 

But having a integrated mall definitely commands premium over one that doesn't have it. The popularity of such projects and the price appreciation they experienced is proof of that.

Eh.. You firstly said good location or not is subjective to others.

Then you said integrated mall is more premium over one without??!!

 

... got mall below means very noisy you know... later it can become a hang out place for FW.... the price will crash!

[Teoky]

Point 5. is exactly the same problem with Centro, that's why also a big no no for me.

 

Actually I think some of the Skypatio may also kena morning sun and possibly afternoon sun !